一图解码：海大控股赴港IPO 全球农业科技领军者 业绩稳增

Core Viewpoint - Haida Holdings, a spin-off from Haida Group, has submitted its prospectus to the Hong Kong Stock Exchange for a planned IPO, aiming to leverage its technological advantages in the global agricultural sector, particularly in feed production and aquaculture solutions [3][4]. Company Overview - Haida Holdings is a technology-driven global agricultural enterprise with a proven track record of rapid growth, focusing on providing comprehensive solutions across the entire value chain of the livestock industry [5][6]. - The company primarily operates in Asia (excluding East Asia), Africa, and Latin America, utilizing advanced agricultural technologies and extensive industry resources to modernize livestock farming practices [3][6]. Financial Performance - For the nine months ending September 30, 2025, Haida Holdings reported revenues of approximately RMB 11.177 billion, representing a year-on-year growth of about 33.3%, and a net profit attributable to shareholders of approximately RMB 798 million, up 58.0% year-on-year [3][15][18]. - The company's feed sales volume reached 2.507 million tons, with year-on-year growth rates of 38.4% for 2025 and 47.4% for 2024 [5][6]. Market Position - According to Frost & Sullivan, Haida Holdings is the second-largest aquaculture feed supplier in Asia (excluding East Asia) by production volume, with an output of 1 million tons in 2024, and the third-largest feed supplier in Vietnam with a production of 1.7 million tons [3][6]. - The company has a total annual production capacity of approximately 4.8 million tons, supported by 17 production bases across six countries [6]. Use of IPO Proceeds - The net proceeds from the IPO are planned to be allocated as follows: 70% for expanding and optimizing the manufacturing network, 10% for repaying certain bank loans, 10% for upgrading the global sales and service network, and 10% for working capital and general corporate purposes [4][5]. Competitive Advantages - Haida Holdings has established a strong competitive edge in the aquaculture sector, with its aquaculture feed products accounting for 67.2% of total revenue and contributing 80.3% of total gross profit [12][18]. - The company has successfully implemented an integrated service value chain strategy in its aquaculture business, providing a comprehensive solution that includes feed, seedlings, and veterinary services [13][14].