HAID GROUP(SZ:002311) Chang Jiang Shang Bao·2025-10-19 23:31Core Viewpoint - Haida Group continues to show growth in operating performance despite a challenging market environment, demonstrating resilience and strong financial health [2][3][4]. Financial Performance - For the first three quarters of 2025, Haida Group achieved operating revenue of 96.094 billion yuan, a year-on-year increase of 13.24%, and a net profit attributable to shareholders of over 4.1 billion yuan, up 14.31% [2][4]. - In Q3 2025, the net profit attributable to shareholders was 1.504 billion yuan, a slight increase of 0.34% year-on-year, indicating a slowdown in growth compared to previous quarters [2][5]. - The company reported record highs in revenue and net profit for the first three quarters of 2025, with all key metrics showing double-digit growth [4][5]. Business Segments - Haida Group primarily engages in the production and sale of aquatic and livestock feed, high-quality aquatic animal seedlings, animal health products, and pig farming, with feed being the core business [5][6]. - In the first half of 2025, the company achieved a historical high in feed sales, reaching approximately 14.7 million tons, a year-on-year increase of about 25% [6]. Debt and Financial Health - As of September 30, 2025, Haida Group's total interest-bearing debt was 2.123 billion yuan, down from 3.252 billion yuan at the beginning of the year, indicating improved financial health [10]. - The company had cash and cash equivalents of 2.857 billion yuan, sufficient to cover its interest-bearing liabilities, along with approximately 4 billion yuan in financial products [10][11]. Strategic Initiatives - Haida Group plans to spin off its subsidiary Haida International Holdings Limited for a listing on the Hong Kong Stock Exchange, aiming to optimize its global layout and enhance international competitiveness [3][12]. - The company is actively seeking growth opportunities overseas, with revenue from international markets reaching 10.935 billion yuan and 14.339 billion yuan in 2023 and 2024, respectively [11][12].