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].

Market Overview - The domestic market indices showed a decline, with the Shanghai Composite Index closing at 4,138.76, down 0.64% [4] - The CSI 300 Index experienced a decrease of 0.60%, closing at 4,761.03 [4] Agricultural Sector Insights - The agricultural sector reported a weekly performance with the CSI 300 Index increasing by 2.79% and the agriculture sector rising by 0.98%, ranking 28th among sectors [6] - Pig prices increased week-on-week, with average prices for external three yuan pigs in Sichuan, Guangdong, and Henan at 13.10, 12.86, and 12.93 CNY/kg respectively, showing a mixed trend [6] - The average pork price was 17.97 CNY/kg, up 1.18% from the previous week, while the average wholesale price for piglets rose by 6.45% to 16.50 CNY/kg [6] - The self-breeding and self-raising profit margin was -11.54 CNY per head, a reduction of approximately 23.05 CNY per head from the previous week [6] - The report suggests focusing on Hai Da Group due to favorable conditions in the feed industry and its competitive advantages in the market [6] Livestock Industry Trends - The pig farming industry has entered a loss phase, prompting a new round of capacity reduction driven by market forces and policy adjustments [6] - The number of breeding sows is expected to decrease rapidly, indicating a trend towards capacity reduction in the first half of the year [6] - Companies such as Wen's Foodstuffs, Shennong Group, and New Hope are recommended for investment due to their potential recovery in fundamentals and valuations [6] Poultry Sector Developments - Shengnong Development's breeding chicken business is progressing steadily, with cost control measures leading to reduced production costs [6] - The company is enhancing its revenue structure by increasing its presence in high-value channels [6] Pet Food Market Outlook - The pet food sector is anticipated to continue growing, with increasing penetration rates in pet ownership [6] - The competition is shifting from marketing to research and supply chain efficiency, suggesting a focus on brands that prioritize R&D [6] Coal Industry Analysis - The coal market is maintaining normal production levels, with a gradual recovery in supply as coal mines resume operations [8] - The demand from downstream sectors remains limited, leading to a stable but weak market outlook [8] - Investment recommendations include companies like Yanzhou Coal Mining, Shaanxi Coal and Chemical Industry, and China Shenhua Energy, with a focus on potential recovery in Q4 performance [8]

格隆汇1月14日丨海大集团(002311.SZ)在投资者互动平台表示，公司在东南亚市场针对养殖产业链布 局。技术上通过种苗－饲料－动保联动，实现从源头到终端的效能最大化。服务上，一体化模式将单一 产品供应升级为一站式解决方案。成本上，依托全链条资源整合实现集中采购与当地采购，降低边际成 本并提升抗风险能力。 ...

登录新浪财经APP 搜索【信披】查看更多考评等级 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导性陈述或重大遗 漏。 2026年1月12日，公司收到海大控股的通知，海大控股于当日向香港联交所递交了首次公开发行股票并 在香港联交所主板上市的申请文件（以下统称"A1文件"），且刊登于香港联交所网站 （https://www.hkex.com.hk）。 海大控股本次分拆上市的A1文件是按照香港证券及期货事务监察委员会（以下简称"香港证监会"）和 香港联交所的要求编制和刊发，为草拟版本，并未定稿，且A1文件所载资料和信息可能会适时作出更 新及修订。 三、风险提示 自《分拆预案》披露以来，公司稳步有序推进海大控股本次分拆上市的相关工作，截至本公告披露日， 本次分拆上市仍在推进过程中，尚需通过香港证监会、香港联交所的审核及取得相关部门的批准或同 意，能否以及何时通过或取得该等审核、批准或同意均存在不确定性，敬请广大投资者注意投资风险。 公司将按照相关法律、法规、部门规章、规范性文件及深圳证券交易所相关业务规则的要求，继续对本 次分拆上市的进展情况及时履行信息披露义务。 特此公告。 广东海大集 ...

Core Viewpoint - Haid International Holdings Limited, a spin-off from Haid Group, has submitted its IPO application to the Hong Kong Stock Exchange, aiming for a listing on the main board [2][14]. Business Overview - Haid International is a technology-driven global agricultural enterprise that commenced operations in 2012 after acquiring a factory in Vietnam. The company focuses on providing comprehensive solutions across the entire value chain of the livestock industry, with a core market in Asia (excluding East Asia), Africa, and Latin America [15][17]. - According to Frost & Sullivan, Haid International is the second-largest supplier of aquaculture feed in Asia, with a production capacity of 1 million tons, and the third-largest feed supplier in Vietnam, producing 1.7 million tons of feed products [15][17]. Revenue Sources - The company's revenue is derived from the sale of: 1. Feed products, including aquaculture feed, poultry feed, and pig feed 2. Seed products, including shrimp and fish seeds 3. Animal health products, including environmental modifiers and various animal health products [5][17]. Financial Performance - For the fiscal years ending December 31, 2023, 2024, and the first nine months of 2025, Haid International reported revenues of RMB 9.025 billion, RMB 11.417 billion, and RMB 11.177 billion, respectively. Corresponding net profits were RMB 360 million, RMB 735 million, and RMB 869 million [9][21]. - The gross profit margins for these periods were 12.9%, 15.2%, and 16.8%, indicating a positive trend in profitability [10][22]. Market Presence - The company’s revenue distribution by region shows that Vietnam accounted for 70.6% of total revenue in 2023, followed by Indonesia (11.4%), Ecuador (9.4%), and Egypt (1.4%) [18][22]. Management Team - The board of directors consists of 9 members, including 3 executive directors, 3 non-executive directors, and 3 independent non-executive directors, with key figures such as Zhang Guijun (General Manager) and Xue Hua (Chairman) [9][21]. IPO Underwriters - The IPO is being managed by a team including J.P. Morgan, CICC, and GF Securities as joint sponsors, with Ernst & Young as the auditor [10][22].

Investment Rating - The report maintains an investment rating of "Buy" for the agricultural sector, specifically highlighting companies such as Hai Da Group, Shengnong Development, and Wen's Shares [3]. Core Insights - The agricultural sector has shown a mixed performance, with the Shanghai and Shenzhen 300 Index increasing by 2.79% and the agricultural sector rising by 0.98% during the week of January 5 to January 11 [2][12]. - The report emphasizes the recovery in the pig farming industry, with a new round of capacity reduction expected. The average price of pigs has increased, and losses in pig farming have narrowed [2][22]. - The feed industry is experiencing a structural recovery, with most raw material prices at cyclical lows, and companies like Hai Da Group are expected to benefit from this trend [3]. Summary by Sections 1. Agricultural Sector Weekly Review - The agricultural sector ranked 28th among all sectors, with top-performing sub-industries including aquaculture, animal health, and poultry farming [2][12]. - Notable gainers in the agricultural sector include companies like Dahu Co. and Zhongshui Fisheries, with increases of 17.83% and 16.07% respectively [12]. 2. Industry Data 2.1 Pig Farming - As of January 9, the average price of pigs in Sichuan, Guangdong, and Henan was 13.10, 12.86, and 12.93 CNY/kg respectively, with an overall average pork price of 17.97 CNY/kg [22]. - Self-breeding pig farming reported a loss of 11.54 CNY per head, a reduction of approximately 23.05 CNY from the previous week [22]. 2.2 Poultry Farming - The weekly price for white feather broilers was 7.64 CNY/kg, a decrease of 1.04% from the previous week, while the profit from broiler farming was 0.45 CNY per bird, down 23.73% [37]. 2.3 Feed Processing - The average price of fattening pig feed was 3.36 CNY/kg, remaining stable, while chicken feed prices also held steady at 3.45 CNY/kg [43]. 2.4 Aquaculture - As of January 9, the price of sea cucumbers was 120.00 CNY/kg, reflecting a 33.33% increase, while shrimp prices remained stable at 320.00 CNY/kg [49]. 2.5 Planting and Grain Processing - As of January 9, corn prices were 2,351.86 CNY/ton, showing a slight decrease of 0.18%, while soybean prices remained stable at 4,048.42 CNY/ton [58].

证券代码：002311 证券简称：海大集团 公告编号：2026-002 广东海大集团股份有限公司 关于分拆所属子公司海大国际控股有限公司至 香港联交所主板上市的进展公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 一、本次分拆上市事项的基本情况 广东海大集团股份有限公司（以下简称"海大集团"或"公司"）分拆所属 子公司海大国际控股有限公司（英文名称 Haid International Holdings Limited，以 下简称"海大控股"）至香港联合交易所有限公司（以下简称"香港联交所"） 主板上市（以下简称"本次分拆上市"）。 公司分别于 2025 年 10 月 16 日和 2025 年 11 月 14 日召开第七届董事会第三 次会议和 2025 年第四次临时股东会，审议通过了《关于分拆所属子公司海大国 际控股有限公司至香港联交所主板上市符合相关法律、法规规定的议案》《关于 分拆所属子公司海大国际控股有限公司在香港联交所主板上市方案的议案》《关 于<广东海大集团股份有限公司关于分拆所属子公司海大国际控股有限公司至香 港联交所主板上市的预案>的议案》等 ...

Core Viewpoint - The agricultural sector in China is at a critical juncture where technological advancements are reshaping cost structures, leading to a "survival of the fittest" scenario by 2026, with leading companies emerging as core assets that can navigate through cycles and focus on high-quality growth [1] Group 1: Industry Dynamics - The agricultural sector is experiencing a structural adjustment due to traditional overcapacity and capital misallocation, resulting in many inefficient entities facing debt and management crises [1] - New agricultural technologies, such as gene editing and precision feeding, are being rapidly adopted, allowing leading companies to expand market share and drive the industry towards higher efficiency and quality [1][2] - In the pig farming sector, leading companies have stabilized production costs at the lower end of the industry cost curve, while smaller firms struggle to upgrade technologically, widening the cost gap [2] Group 2: Technological Advancements - Leading companies are leveraging breeding technology to enhance efficiency, with examples including the collaboration between Muyuan and Topigs Norsvin to improve breeding performance [3] - Digital solutions, such as AI precision feeding and IoT environmental sensing, are becoming essential for large-scale farms, significantly improving production efficiency and management [4] Group 3: Market Trends and Pricing - The protein market is expected to enter a phase of capacity reduction by 2026, with structural price increases anticipated for beef and dairy products, while pork supply pressures are expected to persist [5] - The average price of feed ingredients like soybean meal and corn is at a low point, but potential upward pressure exists due to various uncertainties, impacting the midstream farming and feed sectors [6] Group 4: Capital and Investment Landscape - The capital landscape is shifting, with a significant reduction in external capital entering the industry, leading to a deep restructuring phase [7] - The industry is facing high vacancy rates and low rental costs, allowing capable companies to adopt lighter asset models and transition from production-focused to service-oriented business models [7]

Core Insights - China's grain production reached a historical high of 14.2975 trillion jin in 2025, marking a 1.2% increase from the previous year, reinforcing the country's agricultural production capacity and food security [2] - The agricultural sector has maintained a steady and positive momentum, contributing to high-quality economic and social development [1] Group 1: Grain Production - In 2025, the national grain yield was 14,297.5 billion jin, an increase of 167.5 billion jin from the previous year, with a per mu yield of 399.1 kg, up by 1.1% [2] - Despite adverse weather conditions in some regions, favorable climatic conditions in most agricultural areas supported crop growth and yield [2] - High-standard farmland construction has been prioritized, with quality assurance measures enhancing farmer satisfaction [2] Group 2: Agricultural Technology - Agricultural technology support has strengthened, with over 95% of crop varieties being independently bred, and domestic seed sources for livestock and aquaculture exceeding 80% and 85% respectively [4] - The introduction of new agricultural machinery and technology has broken foreign monopolies, enhancing productivity in hilly and mountainous areas [4] Group 3: Smart Agriculture - The development of smart agriculture is a key focus, with the implementation of 14 standards and the promotion of AI technologies in agriculture [5] - Various innovative agricultural technologies, such as robotic systems for pest control and crop monitoring, have been showcased to enhance agricultural efficiency [5] Group 4: Rural Industry Development - The rural industry is evolving with a focus on deep processing of agricultural products, aiming to increase processing rates and shift from raw material sales to product and service sales [6] - By 2025, over 100,000 large-scale agricultural processing enterprises are expected to generate approximately 18 trillion yuan in revenue [6] - The cultivation of rural industry leaders has led to the establishment of over 180 industrial clusters with outputs exceeding 10 billion yuan [6] Group 5: Regional Development Initiatives - Local governments are actively developing unique rural resources and optimizing industrial structures, with significant investments in specialized agricultural towns [7] - Green and brand-oriented strategies are emphasized to enhance agricultural quality and efficiency, with a focus on sustainable practices and brand building [7]

Group 1 - The core viewpoint of the article is that Haida International Holdings has submitted its prospectus to the Hong Kong Stock Exchange, aiming to enhance its global strategy by integrating its overseas feed, seed, and animal health businesses [1][2] - Haida International Holdings is a technology-driven global agricultural enterprise, primarily focused on feed business, providing comprehensive solutions for the entire value chain of the livestock industry, with core markets in Asia (excluding East Asia), Africa, and Latin America [1] - According to Frost & Sullivan, Haida International Holdings is the second-largest aquaculture feed supplier in Asia (excluding East Asia) by production volume, with an output of 1.0 million tons, and the third-largest feed supplier in Vietnam, with a production volume of 1.7 million tons [1] Group 2 - The total revenue for Haida International Holdings for the years 2023, 2024, and the nine months ending September 30, 2025, are 9.024 billion, 11.417 billion, 8.386 billion, and 11.177 billion respectively, with a year-on-year growth of 26.5% for 2024 and 33.3% for the nine months ending September 30, 2025 [1][2] - The gross profit for the same periods is 1.168 billion, 1.73 billion, 1.274 billion, and 1.873 billion respectively, with a year-on-year growth of 48.1% for 2024 and 47.0% for the nine months ending September 30, 2025 [2] - The gross profit margins for the years 2023, 2024, and the nine months ending September 30, 2025, are 12.9%, 15.2%, 15.2%, and 16.8% respectively [2]