调研速递|海大集团接受Cephei等172家机构调研 业绩与分拆要点曝光

Core Insights - Guangdong Haid Group Co., Ltd. held a performance briefing on October 18-19, 2025, attracting participation from 172 institutions, including Cephei Capital Management (Hong Kong) Limited [1] - The company reported a strong performance for the first three quarters of 2025, achieving a revenue of 96.094 billion yuan, a year-on-year increase of 13.24%, and a net profit attributable to shareholders of 4.142 billion yuan, up 14.31% year-on-year [1] Business Highlights and Spin-off Dynamics - The company plans to spin off its subsidiary Haid Holdings for a listing on the Hong Kong Stock Exchange, with ongoing restructuring of relevant subsidiaries to enhance global competitiveness and market influence [2] - The company aims for a total feed sales target of 51.5 million tons by 2030, with a focus on increasing domestic capacity utilization and market share while expanding overseas [3] - The overseas feed sales saw a year-on-year growth of approximately 40% in the first half of the year, with continued growth in the third quarter [3] - The company is shifting towards a light-asset expansion model for poultry feed production, while the aquaculture sector is expected to maintain profitability or break-even in most species [3] - The spin-off is intended to enhance international influence, broaden financing channels, and improve overall value and capital structure [3]