Core Viewpoint - The Shandong Provincial Animal Husbandry and Veterinary Bureau announced the delegation of 12 provincial administrative power matters related to feed and feed additive production to 22 entrusted entities, effective from December 15, 2025 [1]. Group 1: Delegation of Administrative Powers - The delegation includes the approval of enterprises engaged in the production of concentrated feed, compound feed, and feed additives [2]. - The entrusted entities include 16 municipal agricultural and rural bureaus, as well as specific administrative service bureaus from Jinan, Weihai, and Linyi, among others [1][2]. Group 2: Specific Administrative Matters - The administrative matters delegated involve the production licensing of concentrated feed, compound feed, and single feed, as well as the production of premix feed additives [2]. - The administrative penalties for providing false information or other deceptive practices related to feed production will also be handled by the entrusted entities [2].

Group 1 - The company, Yuehai Feed, announced a board meeting on November 28, 2025, to approve a proposal for a comprehensive credit facility application for 2026, not exceeding RMB 4.975 billion [1] - The company and its wholly-owned subsidiaries will provide joint liability guarantees for the credit facility, with the total guarantee amount also not exceeding RMB 4.975 billion, pending shareholder approval [1] - As of November 28, 2025, the total guarantee balance for the company and its subsidiaries is approximately RMB 1.051 billion, representing 40.8% of the latest audited net assets attributable to the parent company [1] Group 2 - The company's revenue for the first half of 2025 is entirely derived from the feed industry, with a market capitalization of RMB 5.7 billion [2]

数据来源于沪深交易所、公开资料等。 申万宏源证券指出，2025年白羽肉鸡继续承压，黄羽肉鸡陷入亏损重启产能去化；2026年肉鸡养殖供给 端波动有望收敛，经济复苏或拉动需求改善。生猪养殖2025年周期持续向下，25Q4进入亏损周期，预 计2026H1迎来价格底部。牧业方面，2023-2024年深度亏损驱动肉牛产能去化，但生产周期较长，2025 年前三季度供给仍惯性增长，预计2026年开启供给收缩并延续至2027年。宠物食品行业2025年景气延续 但出口承压，2026年头部企业市占率提升逻辑将延续。 国信证券指出，农林牧渔行业景气度分化：1）肉牛及原奶看好国内牧业大周期反转，海内外景气有望 共振上行；2）生猪行业反内卷有序推进，产能收缩下龙头成本优势凸显；3）禽类供给波动有限，需求 复苏带动行情回暖；4）饲料行业工业化加深，龙头技术优势扩大；5）宠物行业受益人口结构变化持续 成长。 农牧渔ETF（159275）及其联接基金（联接A：013471，联接C：013472）被动跟踪农牧渔指数，该指 数前十大权重股分别为牧原股份、温氏股份、海大集团、梅花生物、新希望、大北农、生物股份、圣农 发展、北大荒、隆平高科。 11 ...

Core Insights - The analysis indicates that pig farming profits are more sensitive to feed price fluctuations, suggesting prioritization in hedging strategies, while egg production profits are primarily driven by the egg cycle, with feed hedging serving as a supplementary tool [1][4] Feed Price Correlation Analysis - High positive correlation exists between soybean meal and rapeseed meal (0.89 to 0.94), making them optimal for arbitrage pairing; corn also shows a strong correlation with soybean meal (0.64 to 0.78), indicating shared feed demand cycles [2] - Pig farming costs show weak to moderate positive correlations with corn and soybean meal (0.37 to 0.46 and 0.20 to 0.35, respectively), while egg production costs have slightly stronger correlations (0.37 to 0.64) due to shorter production cycles [2] - Profitability analysis reveals that pig farming profits have a moderate negative correlation with corn and soybean meal prices (-0.37 and -0.31), indicating that raw material prices are key variables affecting farming profits [2][3] Hedging Strategy Recommendations - The first strategy involves a "short farming profit" hedging approach, where selling pig futures and buying soybean meal and corn futures can mitigate losses from declining farming profits [5][7] - The second strategy enhances the first by adding a small long position in egg futures to cover risks associated with unexpected declines in pig prices, leveraging the consumption substitution relationship between eggs and pigs [8] - A "long feed cost + short farming profit" procurement locking strategy is proposed for traders to hedge against rising procurement costs while securing trade profits, regardless of price fluctuations [9]

Group 1 - The company has announced a share repurchase plan with an amount not less than 1 billion yuan and not exceeding 1.6 billion yuan, aimed at capital reduction and implementing an equity incentive plan [1] - The repurchase is expected to be at least 25,806,451 shares, accounting for 1.55% of the total share capital, based on the upper limit; at the lower limit, it is expected to be at least 16,129,033 shares, accounting for 0.97% [1] - The company has notified creditors that they can request debt repayment or provide guarantees within 45 days of the announcement, with the declaration period starting from November 15 for a specific timeframe [1]

Group 1 - The company, Guangdong Yuehai Feed Group Co., Ltd., announced that its controlling shareholder, Zhanjiang Shrimp Feed Co., Ltd., has pledged 4.66 million shares, bringing the total pledged shares to 91.16 million, which accounts for 34.45% of its holdings [1] - As of January to June 2025, the company's revenue composition is entirely from the feed industry, with a 100.0% share [1] Group 2 - The market capitalization of Yuehai Feed is currently 5.8 billion yuan [2]

Core Viewpoint - Haida Group plans to repurchase shares worth between 1 billion to 1.6 billion yuan to enhance investor confidence and optimize corporate governance [2][5]. Share Repurchase Plan - The company announced a share repurchase plan on October 28, intending to buy back shares using self-raised funds, with a total amount not less than 1 billion yuan and not exceeding 1.6 billion yuan, at a price not exceeding 62.00 yuan per share [5]. - The repurchased shares will be used for cancellation to reduce registered capital and for implementing equity incentive plans or employee stock ownership plans, with 1 billion yuan specifically allocated for cancellation [5]. - The repurchase period is set for five months following the approval by the shareholders' meeting [5]. Financial Metrics - As of September 30, 2025, Haida Group reported total assets of 50.816 billion yuan, current assets of 25.255 billion yuan, and net assets attributable to shareholders of 25.269 billion yuan [5]. - If the maximum repurchase amount of 1.6 billion yuan is considered, it would account for approximately 3.15% of total assets, 6.34% of current assets, and 6.33% of net assets [5]. - The estimated number of shares to be repurchased ranges from approximately 16.13 million shares (0.97% of total shares) at the lower limit to about 25.81 million shares (1.55% of total shares) at the upper limit [5]. Recent Performance - Haida Group's stock price has declined by 12.50% since September 15, significantly more than the sector's decline of 7.25%, indicating a potential positive impact from the repurchase plan on market confidence [6]. - The last share repurchase plan was announced in November 2023, where the company repurchased shares worth 300 million yuan for equity incentive plans [6]. Business Growth - Haida Group operates across the entire modern agricultural and animal husbandry industry chain, ranking 87th among China's top 500 private enterprises in 2023 [8]. - In 2024, the company achieved a feed sales volume of 26.52 million tons, a year-on-year increase of approximately 9% [8]. - For the first three quarters of 2025, Haida Group reported revenue of 96.094 billion yuan, a year-on-year growth of 13.24%, and a net profit attributable to shareholders of 4.142 billion yuan, up 14.31% [8]. International Expansion - The overseas market has become a significant growth driver for Haida Group, with overseas revenue reaching 8.218 billion yuan in the first half of 2025, a year-on-year increase of 10.87%, accounting for 13.97% of total revenue [8]. - The gross margin for overseas operations stands at 15.08%, significantly higher than domestic levels [8]. Spin-off Plans - On October 17, Haida Group announced plans to spin off its subsidiary Haida Holdings for a listing on the Hong Kong Stock Exchange, focusing on feed, seed, and veterinary products in Asia (excluding East Asia), Africa, and Latin America [10]. - This spin-off is part of the company's strategy to enhance its international influence and competitiveness, aligning with national initiatives such as the Belt and Road Initiative [10].

Core Viewpoint - Haida Group plans to repurchase shares worth between 1 billion to 1.6 billion yuan to enhance investor confidence and optimize corporate governance [1][4]. Group 1: Share Repurchase Plan - The company announced a share repurchase plan on October 28, intending to buy back shares using self-raised funds, with a total amount not less than 1 billion yuan and not exceeding 1.6 billion yuan, at a price not exceeding 62.00 yuan per share [4]. - Of the repurchased shares, 1 billion yuan will be used for cancellation to reduce registered capital, while any amount exceeding this will be allocated for equity incentive plans and/or employee stock ownership plans [1][4]. - The repurchase period is set to be within five months after the shareholders' meeting approval [4]. Group 2: Financial Metrics - As of September 30, 2025, Haida Group reported total assets of 50.816 billion yuan, current assets of 25.255 billion yuan, and net assets attributable to shareholders of 25.269 billion yuan [4]. - If the maximum repurchase amount of 1.6 billion yuan is considered, it would represent approximately 3.15% of total assets, 6.34% of current assets, and 6.33% of net assets [4]. - The estimated number of shares to be repurchased at the maximum amount is at least 25.81 million shares, accounting for 1.55% of the total share capital [4]. Group 3: Recent Stock Performance - Since September 15, Haida Group's stock price has decreased by 12.50%, significantly more than the sector's decline of 7.25% [5]. - The stock closed at 56.69 yuan per share on October 28, down 2.56% [1]. Group 4: Business Performance - For the first three quarters of 2025, Haida Group achieved 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% [7]. - The overseas market has become a significant growth driver, with revenue from international regions reaching 8.218 billion yuan in the first half of 2025, a year-on-year increase of 10.87%, accounting for 13.97% of total revenue [7][8]. Group 5: Future Plans - Haida Group plans to spin off its subsidiary Haida Holdings for a listing on the Hong Kong Stock Exchange, focusing on feed, seed, and veterinary products in Asia (excluding East Asia), Africa, and Latin America [9]. - This spin-off is part of the company's strategy to enhance its global presence and competitiveness, aligning with national initiatives [9].

Group 1 - The core viewpoint of the article is that Haida Group plans to repurchase shares worth between 1 billion to 1.6 billion yuan to enhance investor confidence and optimize corporate governance [2][5][9] - The repurchase will be conducted using self-raised funds, with a maximum price of 62.00 yuan per share, and the repurchase period is set for five months after the shareholders' meeting approval [9][10] - As of October 28, Haida Group's stock price was 56.69 yuan, down 2.56%, with a total market capitalization of 943 billion yuan [5][10] Group 2 - Haida Group's total assets as of September 30, 2025, were 50.816 billion yuan, with net assets attributable to shareholders at 25.269 billion yuan [9] - The repurchase amount, if at the upper limit of 1.6 billion yuan, would represent approximately 3.15% of total assets, 6.34% of current assets, and 6.33% of net assets [9] - The expected number of shares to be repurchased at the upper limit is at least 25.81 million shares, accounting for 1.55% of the total share capital [10] Group 3 - In the first three quarters of 2025, Haida Group achieved revenue of 96.094 billion yuan, a year-on-year increase of 13.24%, and a net profit of 4.142 billion yuan, up 14.31% [13] - The overseas market has become a significant growth driver, with revenue from overseas regions reaching 8.218 billion yuan, a year-on-year increase of 10.87%, accounting for 13.97% of total revenue [13] - The company plans to spin off its subsidiary Haida Holdings for a listing on the Hong Kong Stock Exchange, focusing on feed, seed, and veterinary products in Asia (excluding East Asia), Africa, and Latin America [15]

Group 1 - The company announced a share repurchase plan to be approved at the fourth meeting of the seventh board of directors on October 28, 2025 [1] - The total amount for the share repurchase will not be less than RMB 1 billion and not exceed RMB 1.6 billion [1] - RMB 1 billion of the repurchased shares will be used for capital reduction, while any amount exceeding RMB 1 billion will be allocated for employee stock incentive plans [1] Group 2 - For the first half of 2025, the company's revenue composition was 83.45% from the feed industry and 16.55% from the seedling industry [1] - The current market capitalization of the company is RMB 94.3 billion [1]