研报掘金丨开源证券：海大集团饲料主业快速增长，维持“买入”评级

Core Viewpoint - The report from Kaiyuan Securities highlights the rapid growth of Haida Group's feed business, strong performance in overseas markets, and maintains a "buy" rating [1] Feed Business Performance - In H1 2025, the feed business revenue reached 47.139 billion yuan, representing a year-on-year increase of 14.02%, with a gross margin of 9.79%, up by 0.03 percentage points [1] - Total feed sales volume in H1 2025 was 14.7 million tons, including 1.05 million tons for internal breeding use, marking a year-on-year growth of approximately 25% [1] - The absolute increase in export sales is close to the full-year target for 2025, with market share further increasing [1] Overseas Market Expansion - In H1 2025, the overseas feed export volume grew by 40% year-on-year, with existing regions developing steadily and active exploration of new areas [1] Focus on Breeding and Innovation - The company continues to focus on building capabilities in pig farming teams and innovating a light-asset model, leading to controllable overall breeding risks and considerable profitability as team expertise improves and models evolve [1]