海大集团拟赴港上市 海外成饲料巨头新竞技场

Group 1 - Hai Da Group is accelerating its globalization strategy by planning to integrate its overseas feed, seed, and animal health businesses into a subsidiary, Hai Da International Holdings, and aims for an IPO on the Hong Kong Stock Exchange [1][2] - The subsidiary will focus on independent operations in Asia (excluding East Asia), Africa, and Latin America, which are seen as new growth markets for the company [1][8] - The company intends to maintain at least a 75% ownership stake in Hai Da International Holdings for a minimum of five years post-IPO, with a maximum of 25% of shares to be issued [2][3] Group 2 - Hai Da Group's feed business has faced challenges due to increased domestic competition and raw material price fluctuations, with revenue growth rates declining from 43.39% in 2021 to -4.82% in 2024 [4] - In contrast, overseas sales have become a significant growth driver, with overseas feed sales reaching 171,000 tons in 2023, a 24% increase year-on-year, and projected to grow to 236,000 tons in 2024, a 40% increase [4][5] - The revenue from overseas markets accounted for 9.42% and 12.51% of total revenue in 2023 and 2024, respectively, with a notable increase in the first half of 2025 [4][5] Group 3 - The company has identified "internationalization" as a core strategy for future growth, with a target of 7.2 million tons in overseas feed sales by 2030 [5][6] - Hai Da Group's revenue for the first three quarters of the year reached 96.094 billion yuan, a 13.24% increase year-on-year, with net profit attributable to shareholders at 4.142 billion yuan, up 14.31% [5][6] - The company is focusing on expanding its presence in Southeast Asia, particularly Vietnam, which has become its largest overseas market, with sales growth rates of 25%-30% [7][8] Group 4 - The strategic shift to focus on Africa and Latin America is seen as a move to tap into relatively untapped markets, with potential for growth due to lower competition compared to domestic markets [8] - The African market is characterized by rapid population growth and increasing demand for animal protein, while Latin America has a solid livestock foundation but requires improvements in farming efficiency [8] - To succeed in these regions, the company is advised to implement a "global standard, local adaptation" strategy, hiring local management and respecting cultural differences [8]