Core Viewpoint - He Feng Co., Ltd. shows a stable performance in stock trading and financing activities, with significant growth in revenue and net profit in the first half of 2025, indicating potential investment opportunities in the company [1][2]. Group 1: Stock Performance and Financing - On October 20, He Feng's stock rose by 0.13%, with a trading volume of 36.57 million yuan [1]. - The financing buy-in amount for He Feng on the same day was 3.91 million yuan, while the financing repayment was 3.50 million yuan, resulting in a net financing buy of 0.42 million yuan [1]. - As of October 20, the total balance of margin trading for He Feng was 140 million yuan, with the financing balance accounting for 1.92% of the circulating market value, indicating a high level compared to the past year [1]. Group 2: Business Overview - He Feng Co., Ltd. was established on March 27, 2003, and listed on August 8, 2014, with its main business involving feed and feed raw material trading, poultry, and pig farming, as well as animal pharmaceuticals and pet medical services [1]. - The revenue composition of He Feng includes poultry industry (38.68%), feed products (35.89%), feed raw materials (13.84%), pig industry (9.47%), and others (2.12%) [1]. Group 3: Financial Performance - For the first half of 2025, He Feng achieved an operating income of 17.41 billion yuan, representing a year-on-year growth of 16.27% [2]. - The net profit attributable to the parent company was 233 million yuan, showing a remarkable year-on-year increase of 784.44% [2]. Group 4: Shareholder Information - As of June 30, 2025, the number of shareholders for He Feng was 21,600, a decrease of 6.86% from the previous period [2]. - The average circulating shares per person increased by 6.55% to 42,164 shares [2]. - The total cash dividends distributed by He Feng since its A-share listing amounted to 1.007 billion yuan, with 158 million yuan distributed in the last three years [3].

Group 1 - Hai Da Group is accelerating its globalization strategy by planning to integrate its overseas feed, seed, and animal health businesses into a subsidiary, Hai Da International Holdings, and aims for an IPO on the Hong Kong Stock Exchange [1][2] - The subsidiary will focus on independent operations in Asia (excluding East Asia), Africa, and Latin America, which are seen as new growth markets for the company [1][8] - The company intends to maintain at least a 75% ownership stake in Hai Da International Holdings for a minimum of five years post-IPO, with a maximum of 25% of shares to be issued [2][3] Group 2 - Hai Da Group's feed business has faced challenges due to increased domestic competition and raw material price fluctuations, with revenue growth rates declining from 43.39% in 2021 to -4.82% in 2024 [4] - In contrast, overseas sales have become a significant growth driver, with overseas feed sales reaching 171,000 tons in 2023, a 24% increase year-on-year, and projected to grow to 236,000 tons in 2024, a 40% increase [4][5] - The revenue from overseas markets accounted for 9.42% and 12.51% of total revenue in 2023 and 2024, respectively, with a notable increase in the first half of 2025 [4][5] Group 3 - The company has identified "internationalization" as a core strategy for future growth, with a target of 7.2 million tons in overseas feed sales by 2030 [5][6] - Hai Da Group's revenue for the first three quarters of the year reached 96.094 billion yuan, a 13.24% increase year-on-year, with net profit attributable to shareholders at 4.142 billion yuan, up 14.31% [5][6] - The company is focusing on expanding its presence in Southeast Asia, particularly Vietnam, which has become its largest overseas market, with sales growth rates of 25%-30% [7][8] Group 4 - The strategic shift to focus on Africa and Latin America is seen as a move to tap into relatively untapped markets, with potential for growth due to lower competition compared to domestic markets [8] - The African market is characterized by rapid population growth and increasing demand for animal protein, while Latin America has a solid livestock foundation but requires improvements in farming efficiency [8] - To succeed in these regions, the company is advised to implement a "global standard, local adaptation" strategy, hiring local management and respecting cultural differences [8]

Core Viewpoint - Haid Group is accelerating its overseas expansion through a spin-off listing of its subsidiary, Haid International Holdings Limited, on the Hong Kong Stock Exchange, which will serve as the core entity for its global ambitions [1][3]. Group 1: Spin-off and Financial Performance - Haid Group announced plans to spin off Haid International Holdings Limited, which was established just one month prior, to focus on overseas operations [1][5]. - The company reported impressive Q3 results with total 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% [3][8]. - The spin-off reflects deep changes in the domestic feed industry, with market concentration rising to 65% and increasing competition among the top 20 feed companies [3][7]. Group 2: Strategic Rationale for Spin-off - The spin-off is a tactical choice to overcome financing constraints and a strategic move to optimize global resource allocation [3][7]. - Haid Group aims to consolidate its overseas assets related to feed, seedlings, and animal health products under Haid International Holdings [5]. - The company plans to focus on independent operations in Asia (excluding East Asia), Africa, and Latin America [5][7]. Group 3: Financial Data of Haid International Holdings - Haid International Holdings is projected to have simulated consolidated revenues of 7.06 billion yuan, 9.097 billion yuan, and 11.704 billion yuan for the years 2022, 2023, and 2024, respectively [6]. - The net profits for the same years are expected to be 290 million yuan, 530 million yuan, and 750 million yuan [6]. - By the end of 2024, total assets are projected to reach 6.4 billion yuan, with net assets of 3.83 billion yuan [6]. Group 4: Market Expansion and Future Growth - The overseas feed industry presents significant growth potential, with a competitive landscape that remains relatively fragmented [7]. - Haid Group has been expanding its overseas footprint, particularly in Southeast Asia, Central Asia, South Asia, Africa, and Latin America, enhancing its market share and industry position [7][10]. - The company aims to increase its overseas feed sales proportion from 13% in 2024 to over 20% [10][11].

Investment Rating - The report maintains a "Recommended" rating for the agricultural, forestry, animal husbandry, and fishery industry [9][62]. Core Views - The swine sector is undergoing deepening regulation, with a focus on value reassessment opportunities. The report suggests that the price of pigs may face downward pressure in the short term due to increased market supply, but regulatory measures are expected to stabilize prices in the long run [1][16]. - The poultry sector is anticipated to improve, with data indicating a rise in the number of breeding stock and a shift towards self-breeding [2][27]. - The animal health sector is seeing a potential improvement in competitive dynamics, particularly with the progress of clinical trials for African swine fever vaccines, which could enhance market conditions [3][35]. - The pet economy is thriving, with domestic brands gaining strength and the market expected to continue its rapid growth [9][55]. Summary by Sections Swine - The swine industry is in a regulatory phase aimed at controlling prices through capacity reduction. The average price of pigs is reported at 11.02 yuan/kg, with a weekly decrease of 0.87 yuan/kg. The number of breeding sows is stable at 40.38 million heads [15][16]. - Recommended companies include Muyuan Foods and Wens Foodstuffs, with additional attention on Dekang Agriculture, Shennong Group, and Juxing Agriculture [1][16]. Poultry - The poultry sector shows signs of improvement, with a total of 80.33 thousand sets of breeding stock updated in the first three quarters of 2025. The report highlights a shift towards self-breeding, with self-bred stock accounting for 59% [2][27]. - Recommended companies in this sector are Shennong Development and Lihua Stock [2][27]. Animal Health - The competitive landscape in the animal health sector is expected to improve, supported by government initiatives to optimize the veterinary drug industry. The report notes that clinical trials for African swine fever vaccines are underway, which could lead to commercialization [3][35]. - Recommended companies include Kexin Biological and Ruipu Biological, with additional focus on Huisheng Biological, Zhongmu Biological, and others [3][35]. Planting - The report indicates a declining pig-to-grain price ratio, with the current ratio at 4.95. The prices of corn and soybean meal have shown slight fluctuations, with corn priced at 2181 yuan/ton [39][44]. - Companies to watch include Suqian Agricultural Development, Longping High-Tech, and Denghai Seeds [7][44]. Feed - Feed prices are experiencing fluctuations, with the price for fattening pig feed at 3.34 yuan/kg. The report notes a year-on-year increase in industrial feed production [45][46]. - Recommended companies include Haida Group and He Feng Shares [45][46]. Pets - The pet market is projected to reach 300.2 billion yuan in 2024, with a year-on-year growth of 7.5%. The report highlights the increasing consumption per pet, with dogs averaging 2961 yuan and cats 2020 yuan annually [55][56]. - Recommended companies in the pet food sector include Guibao Pet, Zhongchong Shares, and Petty Shares, with Ruipu Biological in the pet medical sector [9][55].

买入（维持） 收入保持较快增长 公 海大集团（002311）2025 年三季报点评 2025 年 10 月 20 日 投资要点： 司 点 农林牧渔行业 事件：公司发布了2025年三季报。公司2025年前三季度实现总营业收入960.94 亿元，同比增长13.24%；实现归母净利润41.42亿元，同比增长14.31%；实现 扣非后归母净利润41.77亿元，同比增长18.71%。业绩符合预期。 评 本报告的风险等级为中风险。 本报告的信息均来自已公开信息，关于信息的准确性与完整性，建议投资者谨慎判断，据此入市，风险自担。 请务必阅读末页声明。 S0340513040002 资料来源：东莞证券研究所，iFind 分析师：魏红梅 SAC 执业证书编号： 点评： 投资建议：预计公司2025—2026年EPS分别为3.07元和3.47元，对应PE 分别为20倍和18倍。公司是国内饲料龙头，持续推进核心能力建设、规 模扩张及国际化战略，竞争优势有望不断增强。维持对公司的"买入" 评级。 风险提示：竞争加剧、原材料价格波动、汇率波动、国际化战略推进不 及预期等风险。 电话：0769-22119462 邮箱：whm2@dgzq. ...

Core Viewpoint - Haida Group (002311) announced on October 20 that it has a well-established capacity layout for livestock and poultry feed, and the company plans to expand its capacity using a light asset model [1] Group 1 - The company has a comprehensive capacity layout for livestock and poultry feed [1] - Future expansion will focus on a light asset model [1]

证券日报网讯海大集团（002311）10月20日发布公告，在公司回答调研者提问时表示，截至目前，公司 资产负债率按计划逐步下降。未来，公司将根据实际经营情况以更丰富的利润分配方式回馈股东。 ...

Core Viewpoint - The company reported an increase in feed production capacity utilization year-on-year, attributed to strong growth in feed sales [1] Group 1 - The company, Haida Group, announced on October 20 that its feed sales have shown good growth [1] - The increase in feed sales has positively impacted the company's feed production capacity utilization rate [1]

证券日报网讯海大集团（002311）10月20日发布公告，在公司回答调研者提问时表示，公司三季度饲料 销量延续上半年良好的增长态势。公司将紧咬战略目标——2030年达到5150万吨销售总量，稳步提升国 内产能利用率和市场份额，进一步加快海外饲料业务的拓展。 ...

Market Overview - The feed sector experienced a decline of 2.12% on October 20, with Hai Da Group leading the drop [1] - The Shanghai Composite Index closed at 3863.89, up 0.63%, while the Shenzhen Component Index closed at 12813.21, up 0.98% [1] Individual Stock Performance - Hai Da Group's stock price fell by 6.02% to 57.41, with a trading volume of 201,400 shares and a total transaction value of 1.174 billion [2] - Tianma Technology and Guai Bao Pet Products also saw declines of 3.82% and 2.12%, respectively [2] - Other notable stocks in the feed sector included Baiyang Co., which rose by 1.86%, and Boen Group, which increased by 1.80% [1] Capital Flow Analysis - The feed sector saw a net outflow of 80.8455 million from institutional investors, while retail investors contributed a net inflow of 118 million [2] - The capital flow data indicates that major stocks like Dabeinong and Aonong Biological experienced varying levels of net inflow and outflow from different investor categories [3]