Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company achieved a revenue of 588.3 billion yuan in the first half of 2025, representing a year-on-year growth of 12.5%, with a net profit attributable to the parent company of 26.4 billion yuan, up 24.2% year-on-year [3][4] - The company is close to achieving its annual feed sales growth target, with an external sales increase of approximately 284 million tons in the first half of 2025, nearing the annual target of over 300 million tons [4][8] - The overseas feed sales maintained a high growth rate of 40% year-on-year, indicating strong market expansion [5][6] Summary by Sections Financial Performance - In the first half of 2025, the company reported a gross profit margin of 9.79% in its feed business, showing a slight year-on-year increase [5] - The company’s net profit for the first half of 2025 was 26.5 billion yuan, reflecting a 30.6% increase after excluding non-recurring items [3] - The projected revenue for 2025-2027 is expected to reach 1397.9 billion yuan, 1580.6 billion yuan, and 1790.8 billion yuan, with year-on-year growth rates of 22.0%, 13.1%, and 13.3% respectively [8][10] Market Position - The company’s feed sales volume reached approximately 14.7 million tons in the first half of 2025, a year-on-year increase of about 25% [5] - The company’s market share in the industrial feed sector has further increased, with total national industrial feed production reaching 158.5 million tons, up 7.7% year-on-year [5] Product Segmentation - The company’s poultry feed external sales were about 7.3 million tons, growing approximately 24% year-on-year, while pig feed external sales increased by about 43% to 3.4 million tons [5][6] - The company is actively developing a comprehensive service system for pig farming groups, which has led to rapid growth in feed product sales to these clients [7] Future Outlook - The company expects to see steady growth in pig slaughtering volumes, with projections of 660 million heads in 2025, 693 million in 2026, and 728 million in 2027, reflecting year-on-year growth of 10%, 5%, and 5% respectively [8] - The company aims to enhance its competitive advantage by expanding its service offerings across the entire aquaculture value chain, including high-quality seedling and health management services [6][8]

Investment Rating - The industry investment rating is maintained as "Increase" [6] Core Viewpoints - The agricultural sector outperformed the market by 1.93 percentage points during the week of July 21-25, 2025, with the index closing at 2,855.04, reflecting a weekly increase of 3.62% [1][15] - The pig farming sector is experiencing a decline in prices, with the average price of pigs at 14.15 yuan/kg, down 0.84% week-on-week and down 26.15% year-on-year [2] - The report emphasizes the importance of cost control for listed pig farming companies to navigate the pig cycle effectively [4] Summary by Sections 1. Market Review - The agricultural sector's index increased by 3.62%, ranking 9th among 31 sectors [1][15] - The breeding sector showed the best performance with a 5.27% increase, followed by planting, fishery, feed, agricultural product processing, and animal health sectors [17] 2. Industry Dynamics 2.1 Pig Farming - The profit from self-breeding pigs is 62.16 yuan/head, down 28.73 yuan/head week-on-week, while the profit from purchased piglets is -71.39 yuan/head, down 52.73 yuan/head [2] 2.2 Poultry - Chicken chick prices have rebounded, with an average price of 1.93 yuan/chick, up 40.88% week-on-week, and white feather chicken prices at 6.70 yuan/kg, up 4.69% [3] 2.3 Agricultural Products - Wheat and rice prices have increased, with wheat at 2,444.56 yuan/ton (up 0.20%) and rice at 2,912.00 yuan/ton (up 0.69%), while soybean meal prices have decreased to 2,964.00 yuan/ton (down 0.07%) [3] 3. Investment Recommendations - The report suggests focusing on the pig farming sector, particularly companies with strong cost control such as Muyuan Foods, Wens Foodstuff Group, and others [4] - For poultry, it recommends looking at integrated industry leaders like Shennong Development and Lihua Stock [4] - In the feed sector, it highlights Haida Group and Hefeng Stock as key players benefiting from the recovery in livestock inventory [4] - For agricultural products, it suggests monitoring Suqian Agricultural Development and Beidahuang [4]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expectation that the stock will outperform the market index by more than 15% in the next six months [6]. Core Insights - The company reported a total revenue of 58.831 billion yuan for the first half of 2025, representing a year-on-year growth of 12.5%. The net profit attributable to shareholders was 2.639 billion yuan, up 24.16% year-on-year, aligning with expectations [2]. - The company's feed sales reached a historical high of approximately 14.7 million tons in the first half of 2025, with a year-on-year increase of about 25%. The overseas feed sales grew by approximately 40% [4]. - The gross margin improved by 0.58 percentage points to 11.73%, with the feed business gross margin increasing by 0.03 percentage points to 9.79% [4]. - The company is actively pursuing an internationalization strategy, expanding into Southeast Asia, Africa, and South America, with a focus on markets like Vietnam, Indonesia, Egypt, and Ecuador [4]. Summary by Sections Financial Performance - The company achieved a total revenue of 58.831 billion yuan in H1 2025, a 12.5% increase year-on-year. The net profit was 2.639 billion yuan, reflecting a 24.16% growth [2]. - The projected earnings per share (EPS) for 2025 and 2026 are 3.00 yuan and 3.45 yuan, respectively, with corresponding price-to-earnings (PE) ratios of 18 and 16 [5]. Sales and Market Expansion - Feed sales reached approximately 14.7 million tons, with a 25% year-on-year increase. The company is on track to meet its annual sales target [4]. - The company is expanding its international presence, with significant growth in overseas sales, particularly in poultry, pig, and aquaculture feeds [4]. Profitability Metrics - The overall gross margin increased to 11.73%, with the feed business gross margin at 9.79%. The net profit margin improved to 4.71% [4].

Market Overview - The feed sector experienced a decline of 1.07% on July 29, with Lude Environment leading the drop [1] - The Shanghai Composite Index closed at 3609.71, up 0.33%, while the Shenzhen Component Index closed at 11289.41, up 0.64% [1] Individual Stock Performance - Lude Environment (688156) closed at 20.02, down 2.58% with a trading volume of 34,800 shares and a transaction value of 69.87 million [1] - Other notable declines include: - Lusi Co. (832419) down 2.18% to 21.56 - Zhongchong Co. (002891) down 1.95% to 54.19 - Bangji Technology (603151) down 1.86% to 24.78 [1] Capital Flow Analysis - The feed sector saw a net outflow of 201 million from institutional investors, while retail investors contributed a net inflow of 96.49 million [1] - Specific stock capital flows include: - Jin Xin Nong (002548) with a net inflow of 10.17 million from institutional investors [2] - He Feng Co. (603609) with a net inflow of 5.69 million from institutional investors [2] - Petty Co. (300673) experienced a net outflow of 54,400 from institutional investors [2]

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - 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%, and a net profit attributable to shareholders of 2.639 billion yuan, up 24.16% year-on-year [1] - The feed sales volume reached 14.7 million tons, a year-on-year increase of approximately 25%, nearing the annual target for 2025 [1] - The company is on track to meet its 2030 sales target of 51.5 million tons, with significant growth in various feed segments, including a 43% increase in pig feed sales [1] - The company is expanding its overseas market presence, with feed sales outside China growing over 40% year-on-year in the first half of 2025 [1] Financial Performance - The company expects net profits of 4.963 billion yuan, 5.692 billion yuan, and 6.714 billion yuan for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 10.2%, 14.7%, and 18.0% [2] - The projected P/E ratio for 2025 is 19 times [2] - Financial indicators show a revenue forecast of 129.547 billion yuan for 2025, with a growth rate of 13% year-on-year [4] Business Segments - The seedling business generated 770 million yuan in revenue, while the animal health business achieved 460 million yuan in revenue in the first half of 2025 [2] - The company is focusing on building capabilities in pig farming and innovating a light-asset model, which is expected to yield considerable profits [2]

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [2] Core Views - The company reported a 12.50% year-on-year increase in revenue for the first half of 2025, reaching 588.31 billion yuan, and a 24.16% increase in net profit, amounting to 2.639 billion yuan [7] - The feed business showed strong growth, with a 14.02% increase in revenue to 471.39 billion yuan in the first half of 2025, driven by increased demand from downstream farming [7] - The company is expanding its overseas market presence, achieving a 40% year-on-year increase in overseas sales [7] - The company is focused on providing integrated solutions for farmers, including feed, seed, and veterinary products, with a positive growth outlook [7] Financial Performance Summary - Revenue projections for 2023A to 2027E are as follows: 116,117 million yuan (2023A), 114,601 million yuan (2024A), 126,830 million yuan (2025E), 140,169 million yuan (2026E), and 154,843 million yuan (2027E) [6][8] - Net profit projections are: 2,741 million yuan (2023A), 4,504 million yuan (2024A), 5,105 million yuan (2025E), 5,648 million yuan (2026E), and 6,190 million yuan (2027E) [6][8] - The company’s EPS is expected to grow from 1.66 yuan in 2023A to 3.72 yuan in 2027E [6][8] - The projected PE ratios are 27.1 (2023A), 18.1 (2024A), 18.0 (2025E), 16.3 (2026E), and 14.8 (2027E) [6][8] Market Performance - The company’s stock performance over the last 12 months shows a decline of 19%, while the benchmark index (CSI 300) has seen a decline of 6% [4]

Investment Rating - The report maintains a "Buy" rating for the company [6][4]. Core Views - The company achieved a revenue of 58.8 billion RMB in 2025H1, representing a year-over-year increase of 12.5%, and a net profit attributable to shareholders of 2.64 billion RMB, up 24.2% year-over-year [1][2]. - The growth in profitability is primarily driven by gains from pig futures hedging and strong growth in overseas feed business, with domestic aquaculture and pig feed businesses showing signs of recovery [1][2]. - The report anticipates continued domestic and international growth in the feed business, leading to an upward revision of the target price to 66.4 RMB, reflecting a 22x PE valuation for 2025 [4][6]. Summary by Sections Financial Performance - In 2025H1, the company's feed external sales increased by 26% year-over-year to 13.65 million tons, with significant growth in aquaculture feed (16%), pig feed (43%), and poultry feed (24%) [2]. - The overseas feed business maintained a high growth rate of 40%, with a gross margin increase of 2.54 percentage points to 15.1%, significantly higher than the average gross margin of the main business [2]. Market Outlook - The company is actively expanding into the feed markets in Asia, Africa, and Latin America, with a target of achieving 7.2 million tons in overseas feed sales by 2030, indicating a compound annual growth rate (CAGR) of approximately 20% [3]. - The domestic feed business is expected to recover starting in 2025, supported by rising prices in aquaculture due to declining stocking volumes and a rebound in pig inventory [3]. Profit Forecast - The report maintains profit forecasts for 2025, 2026, and 2027 at 5.02 billion RMB, 5.48 billion RMB, and 7.04 billion RMB, respectively [4][10]. - The estimated earnings per share (EPS) for 2025 is projected at 3.02 RMB, with a return on equity (ROE) of 19.69% [10][16].

2025年7月29日，海大集团(002311.SZ)发布2025年半年度报告。截至2025年7月28日，共有274个机构投 资者披露持有海大集团A股股份，合计持股量达12.41亿股，占海大集团总股本的74.58%。其中，前十 大机构投资者包括广州市海灏投资有限公司、香港中央结算有限公司、中国工商银行股份有限公司-景 顺长城新兴成长混合型证券投资基金、中国工商银行股份有限公司-华泰柏瑞沪深300交易型开放式指数 证券投资基金、中国银行股份有限公司-景顺长城鼎益混合型证券投资基金(LOF)、招商银行股份有限公 司-兴全合润混合型证券投资基金、全国社保基金一零六组合、中国建设银行股份有限公司-易方达沪深 300交易型开放式指数发起式证券投资基金、全国社保基金一零九组合、阿布达比投资局，前十大机构 投资者合计持股比例达65.37%。相较于上一季度，前十大机构持股比例合计下跌了2.31个百分点。 外资态度来看，本期较上一季度持股减少的外资基金共计2个，包括香港中央结算有限公司、阿布达比 投资局，持股减少占比达2.09%。 以上内容与数据，与有连云立场无关，不构成投资建议。据此操作，风险自担。 公募基金方面，本期较上一期 ...

Group 1: WuXi AppTec Financial Performance - WuXi AppTec reported a revenue of 20.799 billion yuan for the first half of 2025, representing a year-on-year increase of 20.64% [2] - The net profit attributable to shareholders reached 8.561 billion yuan, showing a significant growth of 101.92% compared to the previous year [2][3] - The total profit increased by 96.20% year-on-year, driven by the focus on CRDMO business model and improved operational efficiency [1][2] Group 2: Haida Group Financial Performance - Haida Group achieved a revenue of 588.31 billion yuan in the first half of 2025, marking a 12.50% increase year-on-year [6] - The net profit attributable to shareholders was 26.39 billion yuan, reflecting a growth of 24.16% compared to the same period last year [6] - The company plans to distribute a cash dividend of 2 yuan per 10 shares to all shareholders [6] Group 3: Shandong Gold's H-Share Listing - Shandong Gold's subsidiary, Shanjin International, plans to issue H-shares and apply for listing on the Hong Kong Stock Exchange [9] - The listing aims to enhance global strategic layout and accelerate overseas business development [9] Group 4: Xinwei Technology Fundraising - Lexin Technology's non-public offering has been approved, aiming to raise up to 1.778 billion yuan for various technology projects [10] - The funds will be used for the development and industrialization of Wi-Fi 7 router chips and AI edge chips [10] Group 5: Zhonghua Equipment Acquisition - Zhonghua Equipment plans to issue shares to acquire 100% equity of two companies, enhancing its capabilities in rubber machinery and chemical equipment [13] - The transaction is expected to constitute a major asset restructuring [13] Group 6: Company Leadership Changes - Jiangshan Co. elected Wang Li as the new chairman and appointed Meng Changchun as the new general manager following leadership adjustments [22] - The previous chairman, Xue Jian, will continue to provide consulting and advisory services as the honorary chairman [22]

Investment Rating - Investment rating: Positive (maintained) [4] Core Viewpoints - The report emphasizes the high-quality development of the pig industry, recommending "platform + ecological" service-oriented enterprises like Dekang Agriculture and Animal Husbandry [4][18] - The Ministry of Agriculture held a meeting on July 23 to promote high-quality development in the pig industry, focusing on reducing breeding capacity, controlling new production capacity, and enhancing the competitiveness of the entire industry chain [6][60] - The report indicates that the pig price is currently at 14.1 CNY/kg, with a slight decrease in average weight to 128.48 kg, and a 15 kg piglet priced at 542 CNY/head, reflecting weak demand and a slight price drop [5][17] Summary by Sections 1. Pig Industry - The latest pig price is 14.1 CNY/kg, with a slight decrease in average weight to 128.48 kg, and a 15 kg piglet priced at 542 CNY/head. Weak demand has led to a slight price drop, with a 0.8% decrease in the national pig inventory in June, indicating a potential reduction in pig output in July and August [5][17] - The Ministry of Agriculture's meeting emphasized high-quality development, including reducing breeding capacity, strengthening disease prevention, and promoting resource utilization [6][18] - The report suggests that companies with cost advantages and strong connections with farmers may enjoy excess profits and valuation premiums, recommending Dekang Agriculture and Animal Husbandry and leading pig farming companies like Muyuan Foods and Wens Foodstuffs [18] 2. Poultry Industry - The price of chicken seedlings in Yantai is 2.5 CNY/chick, up 39% month-on-month but down 28% year-on-year. The price of broiler chickens is 3.43 CNY/kg, up 3.9% month-on-month but down 11.4% year-on-year. Demand pressure is easing, and if supply contracts in Q3, prices may rebound [19] - The report highlights the ongoing contradiction of "high capacity, weak consumption" in the white feather chicken industry, with losses forcing breeding farms to reduce capacity [19] 3. Feed Industry - The report recommends Haida Group due to the recovery of the industry, improved management effects, and increased capacity utilization, which is expected to lead to growth in volume and profit [21] 4. Pet Industry - In June, exports of dog and cat food decreased by 13.8% year-on-year, totaling 29,000 tons, with revenue of 820 million CNY (approximately 110 million USD), down 20.2% year-on-year [22][24] - The report notes that while there are concerns about export fluctuations due to tariff uncertainties, long-term prospects remain positive for domestic brands like Guibao and Zhongchong [24] 5. Agricultural Products - The report discusses uncertainties in soybean imports for Q4 and the upward trend in rubber prices, with natural rubber prices breaking through 15,000 CNY/ton [28]