新股前瞻｜营收百亿后的隐忧：海大国际的“微利”与“单一”困局

Core Viewpoint - The company, Haida International Holdings Limited, has submitted a significant IPO application to the Hong Kong Stock Exchange, aiming to leverage its strong growth in the agricultural technology sector, particularly in feed production, while facing underlying financial performance concerns [1][2]. Financial Performance - Revenue increased from 9.025 billion RMB in 2023 to 11.177 billion RMB in the first nine months of 2025, while net profit rose from 360 million RMB to 869 million RMB during the same period [2][5]. - Despite revenue and profit growth, the net profit margin remains below 8%, indicating a weak profitability foundation influenced by raw material prices and industry cycles [2][7]. - Administrative expenses as a percentage of revenue increased from 2.8% to 3.6%, suggesting potential management efficiency decline or cost control issues during expansion [2][4]. Business Structure - The company's revenue is heavily reliant on its feed business, which accounted for 96.9% of total revenue by the first nine months of 2025, indicating a lack of diversification [4][5]. - The aquaculture feed segment constitutes approximately 66-68% of total revenue, highlighting the company's vulnerability to fluctuations in global feed raw material prices and livestock industry cycles [4][6]. Growth Dynamics - The company’s growth model is characterized by "refined management-driven growth," relying on cost control and operational efficiency rather than brand premium or structural barriers [7]. - The increase in gross margin from 12.9% to 16.8% reflects effective supply chain management and operational optimization, but the growth is constrained by the industry's inherent characteristics of strong operations and weak branding [7]. Market Position - Haida International is positioned as a leading player in the Asian aquaculture feed market, ranking second in Asia (excluding East Asia) and third in Vietnam, with an annual production capacity exceeding one million tons [1][4]. - The company aims to enhance its global agricultural value chain through this IPO, focusing on technology integration and capacity expansion [1].