国信证券发布海大集团研报，持续进化的农牧白马，海外扩张有望打造业绩增长新曲线

Group 1 - The core viewpoint of the report highlights Haida Group's strong position in the agricultural and animal husbandry industry, emphasizing its nearly thirty years of experience and integrated business model centered around feed production [2] - The company has successfully expanded its operations upstream and downstream, establishing a closed-loop industrial chain that includes feed, seedlings, animal health, breeding, and processing [2] - Haida Group's stock structure is relatively concentrated, which may influence its governance and decision-making processes [2] Group 2 - The feed business has shown impressive performance both domestically and internationally, with a projected total sales growth rate of 25% year-on-year for the first half of 2025 [2] - The synergy between the feed business and the agricultural products and animal health segments is contributing to steady growth in these areas [2] - The company possesses significant soft power advantages, with an excellent management team and an efficient organizational structure that supports stable development [2] Group 3 - Haida Group is recognized as a high-quality growth stock in the agricultural sector, with its management team being a core component of its success [2] - The company has established a highly efficient organizational system that integrates procurement, research and development, sales, and production, which helps maintain excess profitability compared to the industry [2]