Investment Rating - The investment rating for the company is "Buy" (maintained) [6] Core Views - The company reported a revenue of 58.831 billion yuan for the first half of 2025, representing a year-on-year growth of 12.50%, and a net profit attributable to shareholders of 2.639 billion yuan, up 24.16% year-on-year. A cash dividend of 2.00 yuan per 10 shares (tax included) is proposed for all shareholders [4][12] - The company's feed sales volume increased significantly, with external sales reaching approximately 13.65 million tons in the first half of 2025, a year-on-year increase of 26%. The breakdown includes aquatic feed sales of about 2.8 million tons (up 16%), poultry feed sales of about 7.3 million tons (up 24%), and pig feed sales of about 3.4 million tons (up 43%). The overseas sales also saw a year-on-year increase of approximately 40% [14] - The company is focusing on improving breeding levels and has seen stable development in its seedling and animal health businesses. The pig breeding business is adopting a model that mitigates risks and locks in profits, while shrimp farming is strategically timed to compete with traditional products [15] Summary by Sections Financial Performance - In the first half of 2025, the company's feed sales gross margin was 10.04% (year-on-year stable), while the breeding business gross margin was 20.26% (up 3.37 percentage points). The company's sales, management, R&D, and financial expenses were 1.418 billion, 1.796 billion, 426 million, and 149 million yuan, respectively, with year-on-year changes of +12.57%, +20.68%, +6.48%, and -30.37% [13] - The company expects revenue for 2025-2027 to be 128.599 billion, 147.750 billion, and 161.161 billion yuan, with year-on-year growth rates of 12.21%, 14.89%, and 9.08%. The net profit attributable to shareholders is projected to be 5.025 billion, 5.455 billion, and 6.137 billion yuan, with growth rates of 11.57%, 8.56%, and 12.50% respectively [16][17] Market Position - The company has further increased its market share due to the growth in feed sales and the increase in downstream inventory. The absolute increase in feed sales volume in the first half of 2025 is close to the company's target for the entire year [14] - The company is expected to maintain strong growth in its main business, leading to an upward revision of its earnings forecast for 2026-2027 [16]

Investment Rating - The report assigns an "Accumulate" rating for the company, marking the first coverage of the stock [6]. Core Viewpoints - The company has over 30 years of experience in the specialized aquatic feed sector, focusing on the research and sales of feed for marine species such as shrimp, golden pompano, and sea bass. In 2024, the feed sales volume is expected to reach 787,100 tons, with specialized aquatic feed accounting for 70% of this volume. The company is a core player in the domestic specialized aquatic feed market, with over 71% of its revenue coming from the South China region [4][11]. - The recovery of the downstream aquaculture market is anticipated to drive a rebound in feed demand, as prices for major aquatic products like grass carp, crucian carp, and California sea bass remain at high levels, leading to increased stocking and feeding activities [12][15]. - The company is enhancing its credit management and fund recovery measures to address the impact of bad debts, which have increased significantly due to market conditions. The efficiency of fund recovery is gradually improving [13][38]. Summary by Sections Company Overview - The company has established itself as a leader in the specialized aquatic feed industry, leveraging over 30 years of technical expertise and market presence. It has developed a competitive edge through its "Three Highs and Three Lows" strategy, which focuses on high quality, health, and growth while minimizing protein content, waste, and feed conversion ratios [11][22]. Market Conditions - The aquaculture market is showing signs of recovery, with expectations for increased feed production in 2025. The prices of key aquatic products are projected to remain high, which will likely boost stocking and feeding activities, thereby increasing feed demand [12][52]. Financial Performance - The company's revenue has experienced fluctuations, with a projected recovery in 2025. The report forecasts revenues of 67.78 billion, 74.07 billion, and 77.11 billion yuan for 2025, 2026, and 2027, respectively, with net profits expected to reach 1.31 billion, 1.83 billion, and 2.26 billion yuan during the same period [14][78]. Strategic Initiatives - The company is actively expanding its market presence both domestically and internationally, particularly in Vietnam, where it has established a production base to meet the growing demand for aquatic feed. This strategic move is expected to enhance its growth potential in the region [74][77].

格隆汇7月30日｜东莞证券研报指出，海大集团2025年上半年实现归母净利润26.39亿元，同比增长 24.16%，业绩符合预期。上半年公司饲料销量创历史同期新高，公司实现饲料销量约1470万吨（含内 部养殖耗用量约105万吨），同比增长约25%，外销增量绝对值已接近2025年全年目标。公司是国内饲 料龙头，持续推进国际化战略。未来国内市场将稳步推进产能利用率及市占率提升，加快海外市场拓展 和产能布局。维持对公司的"买入"评级。 ...

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].

Core Insights - The concentrated feed industry in China is experiencing a decline in production, with a projected output of 12.94 million tons in 2024, representing an 8.8% year-on-year decrease, primarily due to reduced demand from the livestock sector and rising raw material costs [1][11][19] - The average prices of concentrated feed are also on a downward trend, with specific prices for fattening pig feed at 5 CNY/kg (down 4.4%), layer chicken feed at 3.54 CNY/kg (down 4.4%), and broiler feed at 4.13 CNY/kg (down 5.5%) in the first half of 2025 [13][19] Industry Overview - Concentrated feed, also known as protein supplement feed, is a processed feed with moisture content below 12%, providing essential nutrients like proteins, minerals, and vitamins, and is characterized by high nutritional density and energy content [1][3] - The industry is currently in an adjustment phase, influenced by a decrease in livestock farming demand and increased raw material prices, leading to a shift towards mixed feed [1][11] Industry Policies - The Chinese government has introduced several policies to promote the development of the concentrated feed industry, including initiatives for healthy farming practices and the comprehensive utilization of agricultural by-products [5][6][22] - Key policies include the promotion of low-protein diets and support for the exploration and efficient use of new feed resources [6][22] Industry Chain - The concentrated feed industry chain consists of upstream raw materials (corn, sorghum, fish meal, etc.), midstream production processes, and downstream applications in livestock farming [7][11] Competitive Landscape - Large feed companies dominate the market due to their advantages in brand, scale, and technology, while small and medium enterprises face challenges in technology and market share [15][19] - Major players in the industry include New Hope Liuhe, Haida Group, and Beijing Dabeinong Technology Group [15][19] Development Trends - The industry is expected to see advancements in technology and product innovation, with a focus on personalized and high-end market demands [21] - There is a push for green development in response to stricter environmental regulations, encouraging companies to reduce pollution and improve resource efficiency [22] - The internationalization of the concentrated feed industry is accelerating, with opportunities for growth in export markets driven by initiatives like the Belt and Road [24]

Group 1: Fixed Income and Wealth Management - The report discusses the changes and challenges in the wealth management sector, highlighting that the scale of wealth management has seen a slowdown in growth due to high base effects and diminishing yield advantages [3][4]. - In the asset allocation, there has been a notable decrease in bond investments, while deposits and public funds have seen significant increases [5]. - The report indicates that there was a total reduction of 0.27 trillion yuan in bond holdings, primarily in credit bonds and certificates of deposit, while there was an increase in interest rate bonds [6]. Group 2: Home Appliances and Consumer Goods - The report identifies the potential for the new electronic cigarette (HNB) market to reach a scale of 10 billion USD if the US and China markets open up, driven by high concentration and regulatory barriers [7]. - The sweeping machine market is experiencing significant growth, with companies like Roborock achieving substantial sales increases during promotional events, although price competition is expected to persist [8]. - The report notes that the domestic appliance sector is benefiting from a government-backed replacement program, with an investment of 300 billion yuan in 2025 expected to drive appliance consumption significantly [10]. Group 3: Agriculture, Forestry, Animal Husbandry, and Fishery - The report on Haida Group indicates that the company achieved a revenue of 58.831 billion yuan in the first half of 2025, representing a year-on-year growth of 12.5%, with a net profit of 2.639 billion yuan, up 24.16% [13]. - The feed sales volume reached 14.7 million tons, a year-on-year increase of approximately 25%, with significant growth in pig feed driven by industry recovery and strategic adjustments [14]. - The company is expanding its overseas market presence, with a reported growth of over 40% in feed exports in the first half of 2025, leveraging its competitive advantages from the domestic market [14].

Group 1 - The stock price of Tiankang Biological on July 29 closed at 6.50 yuan, down 0.11 yuan, a decrease of 1.66% from the previous trading day [1] - The trading volume on that day was 293,400 hands, with a transaction amount of 190 million yuan, and a turnover rate of 2.15% [1] - Tiankang Biological's main business includes feed, veterinary drugs, pig farming, and slaughter processing within the agricultural and animal husbandry industry chain [1] Group 2 - The company is a significant agricultural and animal husbandry enterprise in the Xinjiang region, involved in multiple fields such as feed production and animal vaccines [1] - According to the company's statement on the investor interaction platform, the cost of pig farming has decreased to 13 yuan per kilogram by early 2025, which is at an industry-leading level [1] - The company maintains cost control stability through optimizing feed formulas, improving production efficiency, and enhancing industry chain collaboration, while actively expanding sales in markets outside Xinjiang [1]

Group 1 - The core viewpoint of the report is that Haida Group (002311.SZ) is rated as a "buy" due to strong performance indicators [2] - The company achieved record-high feed sales, indicating robust demand and effective market strategies [2] - The expansion into overseas markets is accelerating, contributing positively to the company's growth prospects [2] Group 2 - The recovery in pig prices is expected to enhance profitability in the breeding business, providing a favorable outlook for the company's financial performance [2] - The seedling and animal health business is progressing steadily, indicating diversification and stability in revenue streams [2]

Financial Performance - The company achieved a revenue of 58.83 billion yuan in the first half of 2025, representing a year-on-year growth of 12.50% [2] - The net profit attributable to shareholders was 2.639 billion yuan, with a significant increase compared to the previous year [2] - Feed sales reached approximately 1.47 million tons, marking a historical high for the same period, with a year-on-year growth of about 25% [2] - Overseas feed sales increased by approximately 40% in the first half of the year [2] Business Operations - The company is implementing a risk-hedging operational model in pig farming, focusing on "purchasing piglets, company + family farms, locking in profits" [2] - In aquaculture, the main species farmed are shrimp and other specialty aquatic products, with a controlled scale for fish farming [2] - The poultry farming and slaughtering business, which was exploratory, recorded losses due to low poultry meat prices in the first half of the year [2] Strategic Goals - The company aims to achieve a total sales volume of 51.5 million tons by 2030, with a focus on increasing domestic capacity utilization and market share [3] - The successful overseas sales growth is attributed to strong product capabilities driven by R&D innovation and a comprehensive service system [3] Industry Outlook - The current market for freshwater fish is favorable, with good profitability; shrimp and crab farming yields stable production [4] - The company plans to continue investing in the core businesses of animal health and seedling production, which are essential for intensive animal farming [4] Investor Engagement - The investor relations activity included a performance briefing attended by various asset management firms, with a total of 157 participants [5][6][7]

农林牧渔/饲料 海大集团（002311.SZ） 饲料主业快速增长，海外市场表现亮眼 2025 年 07 月 29 日 投资评级：买入（维持） | 日期 | 2025/7/29 | | --- | --- | | 当前股价(元) | 54.84 | | 一年最高最低(元) | 64.28/34.13 | | 总市值(亿元) | 912.40 | | 流通市值(亿元) | 911.73 | | 总股本(亿股) | 16.64 | | 流通股本(亿股) | 16.63 | | 近 3 个月换手率(%) | 32.95 | 股价走势图 数据来源：聚源 -40% -20% 0% 20% 40% 60% 2024-07 2024-11 2025-03 2025-07 海大集团 沪深300 相关研究报告 《生猪业务贡献利润，海外饲料增长 亮眼—公司信息更新报告》-2025.4.23 《海外饲料增长超预期，生猪养殖业 务贡献可观利润—公司信息更新报 告》-2024.10.21 《猪周期反转业绩改善，饲料短期承 压长期增长无忧—公司信息更新报 告》-2024.7.31 陈雪丽（分析师） 朱本伦（联系人） chenxueli@k ...