海大拆分海外业务赴港上市，2030年海外饲料销量目标720万吨，将聚焦亚非拉地区

Core Viewpoint - Haida Group is accelerating its international expansion by planning to spin off its overseas feed, seed, and animal health businesses into a subsidiary, Haida International Holdings, and aims for its listing on the Hong Kong Stock Exchange [1][2]. Group 1: Business Strategy - The spin-off will allow Haida International to independently operate in Asia (excluding East Asia), Africa, and Latin America, focusing on feed production and sales, along with providing seed and animal health products [1][2]. - Haida Group will retain absolute control over Haida International, committing to maintain at least a 75% shareholding for five years post-spin-off [2]. - The move aligns with China's "Belt and Road" initiative and aims to optimize global layout, enhance international financing channels, and improve overall valuation [2][5]. Group 2: Financial Performance - Haida Group's feed business has faced growth pressure due to intensified domestic competition and raw material price fluctuations, with revenue growth rates from 2021 to 2024 showing a decline from 43.39% to -4.82% [4]. - In contrast, overseas feed sales have become a new growth driver, with sales reaching 171,000 tons in 2023, a 24% increase year-on-year, and projected to rise to 236,000 tons in 2024, a growth of approximately 40% [4][5]. - 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]. Group 3: Market Expansion - Haida Group has identified internationalization as a core strategy, with a target of achieving 7.2 million tons in overseas feed sales by 2030 [5]. - The company is focusing on Southeast Asia, particularly Vietnam, which has become its largest overseas market, with sales growth rates of 25%-30% [8][9]. - The strategy includes targeting relatively untapped markets in Africa and Latin America, where demand for high-quality feed and farming technology is expected to grow significantly [9].