Core Viewpoint - The report highlights Haida Group's strong performance in H1 2025, with a significant increase in feed sales and revenue growth, leading to a "buy" rating for the company [1][2]. Financial Performance - In H1 2025, Haida Group reported revenue of 58.831 billion yuan, a year-on-year increase of 12.5%, with contributions from feed, agricultural products, raw material trading, and animal health products [2]. - The net profit attributable to shareholders was 2.639 billion yuan, up 24.16% year-on-year, while the net profit after deducting non-recurring items was 2.654 billion yuan, reflecting a 30.57% increase [2]. - In Q2 2025, revenue reached 33.202 billion yuan, a 14% increase year-on-year, with a net profit of 1.356 billion yuan, up 7.26% [2]. Feed Sales and Growth - Total feed sales in H1 2025 increased by 25% year-on-year, reaching 14.7 million tons, with internal consumption at 1.05 million tons (up 7%) and external sales at 13.65 million tons (up 26%) [3]. - The feed business generated revenue of 47.139 billion yuan, accounting for 80.13% of total revenue, with a gross margin of 9.79% [3]. - The company aims for a total feed sales target of 51.5 million tons by 2030, with a mid-term goal of 7.2 million tons in overseas markets [3]. Agricultural Products and Livestock - Agricultural product sales reached 9.735 billion yuan in H1 2025, a 15.59% increase, with a gross margin of 20.26% [4]. - The company is adopting a light-asset and risk-controlled breeding model, leading to significant profitability in pig farming [4]. - The company is also focusing on specialized aquaculture, particularly shrimp farming, to enhance competitive advantages [4]. Investment Outlook - Haida Group is positioned as a leading player in the feed industry, with significant growth in production capacity and stable growth across its value chain, including animal health and breeding [5]. - EPS forecasts for 2025 and 2026 are 2.96 yuan and 3.43 yuan, respectively, with corresponding PE ratios of 19 times and 16 times [5].