Financial Performance - In the first three quarters of 2025, the company achieved a revenue of CNY 96.094 billion, representing a year-on-year growth of 13.24% [1] - The net profit attributable to shareholders reached CNY 4.142 billion, with a year-on-year increase of 14.31% [1] Spin-off Plans - The company plans to spin off its subsidiary, Haida Holdings, for listing on the Hong Kong Stock Exchange [1] - Prior to the spin-off, the company will restructure the equity of its overseas subsidiaries related to feed, seedlings, and animal health products under Haida Holdings [1] - This spin-off is a strategic move to enhance the company's international influence and global market competitiveness, aligning with the national "Belt and Road" initiative [1] Strategic Goals - The company aims to achieve a sales target of 51.5 million tons of feed by 2030, focusing on increasing domestic capacity utilization and market share while expanding overseas [2] - The overseas feed sales volume is projected to reach 7.2 million tons by 2030, with the spin-off expected to accelerate this growth [3] Operational Insights - The company reported a 40% year-on-year increase in overseas feed sales in the first half of the year, maintaining strong growth into the third quarter [2] - The feed production capacity utilization has improved due to strong sales growth [2] Future Outlook - The company plans to adopt a light asset model for future expansion in livestock feed production, rather than relying primarily on acquisitions [2] - The overall cost of pig farming is expected to continue improving as the company focuses on team capability building and innovative asset-light models [3] - The company anticipates that most aquaculture species will maintain profitability or break-even next year, despite some external impacts [2]

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company is expected to achieve a feed sales increase of over 5 million tons, with plans for a spin-off listing to support overseas development [4][6] - For the first three quarters of 2025, the company reported a net profit attributable to shareholders of 4.14 billion yuan, a year-on-year increase of 14.3% [3] - The company has established a competitive advantage in overseas markets, particularly in Southeast Asia, Africa, and Latin America, with a focus on feed, seed, and animal health products [5][7] Financial Performance Summary - For the first nine months of 2025, the company achieved revenue of 96.09 billion yuan, a year-on-year increase of 13.2%, and a net profit of 4.14 billion yuan, a year-on-year increase of 14.3% [3] - The company’s feed sales volume for the first half of 2025 was approximately 14.7 million tons, a year-on-year increase of 25% [5] - The company’s projected revenue for 2025-2027 is expected to grow significantly, with main business revenue reaching 141.48 billion yuan in 2025, 159.84 billion yuan in 2026, and 181.16 billion yuan in 2027, representing year-on-year growth of 23.5%, 13.0%, and 13.3% respectively [9] Spin-off and Strategic Focus - The company has announced a plan to spin off its subsidiary, Haida International Holdings, for listing on the Hong Kong Stock Exchange, which will allow it to focus on overseas market development [6][7] - Post-spin-off, the company will maintain a controlling stake in Haida International Holdings and will concentrate on expanding its operations in Asia (excluding East Asia), Africa, and Latin America [7] Future Projections - The company’s feed sales volume is projected to reach 29.53 million tons in 2025, 32.46 million tons in 2026, and 35.67 million tons in 2027, with respective year-on-year growth rates of 20.9%, 9.9%, and 9.9% [9] - The net profit attributable to shareholders is expected to be 5.01 billion yuan in 2025, 5.80 billion yuan in 2026, and 6.22 billion yuan in 2027, with year-on-year growth rates of 11.3%, 15.7%, and 7.3% respectively [9]

Investment Rating - Industry Rating: Outperform the market (maintained rating) [11] Core Views - The report emphasizes the growth potential in the feed sector, particularly highlighting Haida Group's performance and its plans for overseas expansion through the spin-off of its subsidiary [3][15]. - The report identifies opportunities in the animal health sector, focusing on the need for innovation to overcome competition and the potential growth in the pet health market [3][16]. - The swine sector is under pressure due to low prices, but there is an expectation of capacity reduction, which could benefit strong companies in the long run [4][17][18]. - The pet sector is experiencing rapid growth, with a focus on domestic brands and high revenue growth companies [5][19][20]. - The dairy and beef sectors are anticipated to enter a new cycle after significant capacity reduction, with potential price increases expected [6][21]. - The poultry sector is facing challenges with breeding stock shortages and demand fluctuations, but there are opportunities for companies that can adapt [7][22][24]. Summary by Sections Feed Sector - Haida Group reported Q3 revenue of 3.726 billion yuan, up 14.43% year-on-year, with a net profit of 1.504 billion yuan, up 0.34% [3][15]. - The company plans to spin off its subsidiary for independent operations in Asia, Africa, and Latin America, enhancing its overseas competitiveness [3][15]. Animal Health Sector - The report stresses the importance of new product development to break through market saturation, particularly in the traditional livestock vaccine market [3][16]. - The pet health market is expected to grow due to increasing pet ownership and spending [3][16]. Swine Sector - The average price of live pigs is currently 11.32 yuan/kg, with significant losses reported in the industry [4][17]. - The report suggests focusing on leading companies with strong profitability as the market stabilizes [4][18]. Pet Sector - The pet economy is booming, with significant growth in domestic brands and high revenue growth companies [5][19]. - Key recommendations include pet food companies like Guibao Pet and Zhongchong Co., and pet medical companies like Ruipu Biology [5][20]. Dairy and Beef Sector - The dairy sector is expected to see a price turning point after a period of capacity reduction, with current milk prices at 3.04 yuan/kg [6][21]. - The beef sector may also see price increases, with a focus on companies that can leverage their resources effectively [6][21]. Poultry Sector - The report highlights the need to monitor breeding stock shortages and demand changes, particularly in the white chicken market [7][22]. - Recommendations include focusing on companies that can adapt to these changes, such as Shengnong Development [7][22][24]. Seed Sector - The report anticipates a shift towards biotechnology and transgenic crops, with leading companies expected to gain a competitive edge [10][27]. - Key recommendations include companies like Longping High-tech and Dabeinong [10][28].

风险提示 畜禽价格不及预期；畜禽疫病大规模爆发；原材料价格大幅波动；假设条件变化影响测 算结果。 国家/地区 中国 行业 农业行业 报告发布日期 2025 年 10 月 19 日 看好（维持） 农业行业 行业研究 | 行业周报 9 月猪企出栏减量，均重回升 ——东方证券农林牧渔行业周报（20251013-20251019） 核心观点 投资建议与投资标的 投资建议：（1）看好生猪养殖板块，近期政策与市场合力推动生猪养殖行业产能去化， 助力未来板块业绩长期提升，相关标的：牧原股份(002714，买入)、温氏股份(300498， 买入)、神农集团(605296，未评级)、巨星农牧(603477，未评级)等。（2）后周期板块， 生猪存栏量回升提振饲料、动保需求，若本轮生猪去产能顺畅，产业链利润有望逐步向 下游传导，驱动动保板块上行，相关标的：海大集团(002311，未评级)、瑞普生物 (300119，未评级)等。（3）种植链，当前粮价上行趋势已确立，种植&种业基本面向好， 大种植投资机会凸显，相关标的：苏垦农发(601952，未评级)、北大荒(600598，未评 级)、海南橡胶(601118，未评级)、隆平高科(00 ...

Core Viewpoint - The company, Haida Group, is planning to spin off its subsidiary, Haida International Holdings, for a public listing on the Hong Kong Stock Exchange, aiming to enhance its overseas market share and capitalize on growth opportunities in the feed industry amid increasing competition and pressure in the breeding industry [1][3]. Financial Performance - For the first three quarters of 2025, Haida Group reported a record revenue of 96.094 billion yuan, a year-on-year increase of 13.24%, and a net profit attributable to shareholders of 4.142 billion yuan, up 14.31% year-on-year [1]. - The company's cash flow from operating activities decreased by 35.79% to 5.017 billion yuan, attributed to increased cash payments for goods and services due to business scale growth [1]. - As of the end of Q3, accounts receivable rose significantly by 141.53% to 5.134 billion yuan, with prepayments increasing by 106.24%, reflecting business scale growth and seasonal demand [1]. Quarterly Insights - In Q3 alone, Haida Group achieved a revenue of 37.263 billion yuan, with year-on-year and quarter-on-quarter growth rates exceeding 12% [2]. - The net profit growth rate for Q3 showed a slowdown year-on-year to 0.34%, while the quarter-on-quarter growth rate improved from 5.76% to 10.89% [2]. Product and Market Dynamics - The company’s feed products include various types for livestock and aquaculture, with significant growth in aquaculture feed sales since Q2 2025, driven by improved profitability in aquaculture and a decrease in raw material prices [2]. - Despite a contraction in profitability from pig farming, strong sales growth in aquaculture and domestic pig feed contributed to overall profitability in Q3, with external feed sales estimated to have grown by 15% to 20% year-on-year [2]. Strategic Initiatives - The spin-off of Haida International Holdings is part of a strategy to enhance financing channels and promote overseas business growth, with the company retaining at least 75% ownership for five years post-listing [3]. - Haida Group's overseas revenue reached 8.217 billion yuan in the first half of the year, marking a 15.08% increase, with a 40% rise in external feed sales [3]. Regional Focus - Haida International Holdings will focus on independent operations in Asia (excluding East Asia), Africa, and Latin America, aligning with the company's international development strategy [4]. - Vietnam is identified as the largest overseas market for Haida Group, with projected sales growth of 25% to 30% in 2024, while Indonesia is expected to see over 40% growth [4]. Market Positioning - The company is strategically avoiding the highly competitive East Asian aquaculture feed market, targeting relatively untapped markets in Africa and Latin America, which present lower competition levels compared to domestic markets [5]. - As of the latest closing date, Haida Group's stock price was 61.09 yuan, reflecting a year-to-date increase of 27.32% and a total market capitalization of 101.6 billion yuan [5].

Core Viewpoint - The company has announced a price increase for various feed products starting from October 18, 2025, due to current raw material market conditions [3][6][40]. Price Adjustment Details - Shrimp feed and loach feed series will increase by 200 yuan per ton [5][19][42]. - Sea bass and yellowfin tuna series will also see a price increase of 200 yuan per ton [5][19][42]. - The price for fish series, including sunfish and California sea bass, will rise by 300 yuan per ton [5][19][42]. - High-end fish feed, including fish苗宝 and other premium series, will increase by 500 yuan per ton [5][19][42]. - Specific products like whale feed will see an increase of 600 yuan per ton [7][22]. Industry Response - Other companies in the industry, such as Tongwei, Aohua, and Hengxing, are expected to follow suit with similar price increases, with some products seeing hikes up to 600 yuan per ton [22].

Core Viewpoint - Haid Group plans to spin off its subsidiary Haid International Holdings Limited for listing on the Hong Kong Stock Exchange, maintaining control over the subsidiary post-separation [1]. Group 1: Company Structure and Control - Haid International Holdings Limited was established on September 17, 2025, indicating it is a newly formed entity [3]. - Rickworth Investments Limited currently holds 100% of Haid Holdings, with Xuehua as the actual controller [4]. - Haid Group's major shareholder is Guangzhou Haihao Investment Co., Ltd., also controlled by Xuehua [4]. Group 2: Business Focus and Financial Projections - The spin-off will involve restructuring overseas subsidiaries related to feed, seed, and animal health products under Haid Holdings, which will focus on operations in Asia (excluding East Asia), Africa, and Latin America [6]. - Financial projections for Haid Holdings show revenues of 7.068 billion, 9.097 billion, and 11.704 billion yuan for 2022, 2023, and 2024, respectively, with net profits of 294 million, 531 million, and 755 million yuan for the same years [6]. Group 3: Recent Financial Performance - In Q3 2025, Haid Group reported revenues of 37.263 billion yuan, a year-on-year increase of 14.43%, and a net profit of 1.504 billion yuan, up 0.34% [6][8]. - For the first three quarters of 2025, the net profit attributable to shareholders was 4.142 billion yuan, reflecting a 14.31% increase year-on-year [8].

Core Insights - Hefei Shanquofu Fishing Gear Co., Ltd. has been established with a registered capital of 10,000 RMB [1] - The company is engaged in various business activities including wholesale and retail of sports goods and equipment, internet sales, and pet food and supplies [1] Company Overview - The legal representative of the company is Zhang Fucai [1] - The business scope includes general projects such as outdoor products sales and fishing gear sales, excluding licensed operations [1]

Core Insights - Haida Group reported a revenue of 37,263,255,284.21 yuan for Q3 2025, representing a year-on-year growth of 14.43% [1] - The net profit attributable to shareholders of the listed company was 1,503,886,685.05 yuan, showing a slight increase of 0.34% year-on-year [1] Financial Performance - Revenue for Q3 2025: 37.26 billion yuan, up 14.43% compared to the previous year [1] - Net profit for Q3 2025: 1.50 billion yuan, an increase of 0.34% year-on-year [1]

Group 1 - The company plans to spin off its controlling subsidiary, Haida Holdings, to list on the main board of the Hong Kong Stock Exchange [1] - Prior to the spin-off, the company intends to restructure the equity of its overseas subsidiaries related to feed, seedling, and animal health products under Haida Holdings, with the restructuring currently in progress [1] - After the spin-off, the company's shareholding structure will not undergo significant changes, and it will maintain absolute control over Haida Holdings, committing to hold at least 75% of Haida Holdings' shares for five years post-listing [1] Group 2 - The spin-off entity, Haida Holdings, will focus on independently operating feed, seedling, and animal health businesses in Asia (excluding East Asia), Africa, and Latin America [1]