三季度饲料销量延续上半年良好增长态势，泉果基金调研海大集团

Core Insights - The company Hai Da Group has been actively engaged in a research survey conducted by Quan Guo Fund, focusing on its operational performance and future strategies [1][2]. Financial Performance - For the first three quarters of 2025, the company achieved a revenue of 96.094 billion, representing a year-on-year growth of 13.24%. The net profit attributable to shareholders was 4.142 billion, reflecting a year-on-year increase of 14.31% [2]. Business Strategy - The company plans to spin off its subsidiary Hai Da Holdings for a listing on the Hong Kong Stock Exchange. This move is part of the company's strategy to enhance its international influence and global competitiveness, aligning with the national "Belt and Road" initiative [3]. - The restructuring of overseas subsidiaries related to feed, seedlings, and animal health products is currently underway to facilitate this spin-off [3]. Sales and Production Goals - The company aims to achieve a sales target of 51.5 million tons of feed by 2030, with a focus on increasing domestic capacity utilization and market share while expanding overseas operations [4]. - The feed production capacity utilization has improved year-on-year due to strong sales growth [5]. International Expansion - In the first half of the year, overseas feed sales increased by approximately 40%, with the company actively exploring new regions for growth [6]. - The spin-off is expected to accelerate the development of the company's overseas feed business, with a target of reaching 7.2 million tons in overseas feed sales by 2030 [10]. Dividend and Financial Management - The company is gradually reducing its debt ratio and plans to implement a more diverse profit distribution strategy to reward shareholders based on actual operating conditions [9]. Management Efficiency - The spin-off aims to streamline the domestic and international structure, enhancing management efficiency and establishing a specialized management team to support market development [11].