Ge Long Hui A P P·2025-08-01 07:25Core Insights - The report from Dongxing Securities highlights that Haida Group's market share in the feed industry continues to increase, with both domestic and international growth expected [1] Feed Sales Performance - In the first half of 2025, the company achieved feed sales of 14.7 million tons, including 1.05 million tons for internal breeding use, representing a year-on-year growth of 25% [1] - The increase in exports is nearing the annual target, indicating strong performance in international markets [1] Swine Breeding Strategy - The company employs a light asset operation model focusing on "purchasing piglets, company + family farms, profit locking, and risk hedging," which optimizes breeding costs and contributes significantly to profitability in the first half of 2025 [1] Aquaculture Management - In aquaculture, the company has achieved significant cost reductions through professional management and technological iterations in industrialized shrimp farming [1] Profitability Metrics - The gross profit margin for agricultural product sales steadily increased, reaching 20.26% in the first half of 2025 [1] Future Outlook - The company plans to steadily enhance capacity utilization in the domestic market while actively expanding in overseas markets, aiming to achieve a strategic target of 51.5 million tons by 2030 [1] - The report suggests that the company's feed business is progressing well both domestically and internationally, with animal health and seedling sectors supporting feed operations, and the light asset breeding model mitigating risks, indicating a long-term competitive advantage [1]