Core Viewpoint - Haida Group, a listed company in A-shares and a producer of animal and fish feed, is reportedly planning to arrange a Hong Kong listing with investment banks [2] Group 1: Company Overview - Haida Group was established in 1998 and currently employs over 40,000 staff [2] - The company operates across the entire modern agricultural and animal husbandry industry chain, including animal nutrition, breeding, veterinary vaccines, smart farming, and food processing [2] - Haida Group was listed in 2009 [2] Group 2: Listing Plans - The company is in discussions with China International Capital Corporation, GF Securities, and JPMorgan regarding the Hong Kong listing [2] - The listing could potentially occur as early as next year [2] - Haida Group previously announced plans to spin off its wholly-owned subsidiary, Haida International Holdings Limited, for a separate listing on the Hong Kong Stock Exchange [2] Group 3: Business Focus - The spun-off business will focus on the production and sales of feed in Asia (excluding East Asia), Africa, and Latin America [2] - The subsidiary will also provide supporting products such as seedlings and veterinary products [2]

Core Insights - Louis Dreyfus Group launched its first specialty feed protein production line in Tianjin, marking a significant step in its strategic plan to enhance its product portfolio and expand downstream value chain [1] - The new production line signifies the company's commitment to sustainable growth in the Chinese market, providing high-quality specialty feed protein to improve animal health and production efficiency [1] - The investment decision in the specialty feed protein sector is based on a thorough understanding of the advantages and characteristics of the Chinese market [1][2] Group 1 - The specialty feed protein market in China is experiencing significant growth due to rising meat consumption and increasing demand for diverse protein products [2] - The new production line utilizes proprietary fermentation technology developed at the Shanghai global R&D center, enhancing the protein content, palatability, and digestibility of soybean meal [2] - The company aims to not only serve the Chinese market but also expand its products to other Asian markets, seeking broader development opportunities [2] Group 2 - Louis Dreyfus Group operates three global R&D centers located in Shanghai, San Francisco, and Munich, each focusing on different aspects of food and nutrition based on local market conditions [3] - The Shanghai center emphasizes food ingredient applications, animal nutrition, and feed supply, while the San Francisco center focuses on food research and the Munich center on human nutrition and health [3] - The three R&D centers collaborate and share resources across various fields to enhance innovation and product development [3]

Investment Rating - The investment rating for the company is "Buy" with a target price based on the last closing price of 7.41 [1][4]. Core Insights - The company has shown growth in its pig farming business while reducing costs, and its feed sales continue to grow [1][4]. - For the first three quarters of 2025, the company achieved revenue of 13.61 billion, a year-on-year increase of 4%, but the net profit attributable to shareholders decreased by 27.2% to 411 million [3][4]. - The company expects further cost optimization in production efficiency and other expenses [3]. Revenue and Profitability - In Q3 2025, the company reported revenue of 4.764 billion, a decline of 6.49% year-on-year, with a net profit of 73.46 million, down 74.58% [3]. - The total number of pigs sold in the first three quarters was 2.2823 million, an increase of 6.46% year-on-year [3]. - The comprehensive cost of pig farming in Q3 was 12.78 yuan/kg, down from 13 yuan/kg in the first half of the year [3]. Feed Business Performance - The feed business achieved sales of 2.12 million tons in the first three quarters, a year-on-year increase of 3.62%, with Q3 sales reaching 776,000 tons, up 11.8% [4]. - Pig feed sales increased by 18% to 462,300 tons, while poultry feed sales grew by 8% to 165,500 tons [4]. Profit Forecast and Investment Recommendations - Due to the anticipated decline in pig prices, the profit forecasts for 2025 and 2026 have been lowered, with expected net profits of 585 million and 979 million respectively [4]. - The earnings per share (EPS) are projected to be 0.43 yuan for 2025 and 0.72 yuan for 2026, with corresponding price-to-earnings (PE) ratios of 17.23x and 10.29x [4].

Core Viewpoint - Haida Group continues to show growth in operating performance despite a challenging market environment, demonstrating resilience and strong financial health [2][3][4]. Financial Performance - For the first three quarters of 2025, Haida Group achieved operating revenue of 96.094 billion yuan, a year-on-year increase of 13.24%, and a net profit attributable to shareholders of over 4.1 billion yuan, up 14.31% [2][4]. - In Q3 2025, the net profit attributable to shareholders was 1.504 billion yuan, a slight increase of 0.34% year-on-year, indicating a slowdown in growth compared to previous quarters [2][5]. - The company reported record highs in revenue and net profit for the first three quarters of 2025, with all key metrics showing double-digit growth [4][5]. Business Segments - Haida Group primarily engages in the production and sale of aquatic and livestock feed, high-quality aquatic animal seedlings, animal health products, and pig farming, with feed being the core business [5][6]. - In the first half of 2025, the company achieved a historical high in feed sales, reaching approximately 14.7 million tons, a year-on-year increase of about 25% [6]. Debt and Financial Health - As of September 30, 2025, Haida Group's total interest-bearing debt was 2.123 billion yuan, down from 3.252 billion yuan at the beginning of the year, indicating improved financial health [10]. - The company had cash and cash equivalents of 2.857 billion yuan, sufficient to cover its interest-bearing liabilities, along with approximately 4 billion yuan in financial products [10][11]. Strategic Initiatives - Haida Group plans to spin off its subsidiary Haida International Holdings Limited for a listing on the Hong Kong Stock Exchange, aiming to optimize its global layout and enhance international competitiveness [3][12]. - The company is actively seeking growth opportunities overseas, with revenue from international markets reaching 10.935 billion yuan and 14.339 billion yuan in 2023 and 2024, respectively [11][12].

Core Viewpoint - Dayu Biological is increasing its investment in pig farming despite ongoing pressure in the pig breeding industry, aiming to extend its industrial chain and stabilize its feed sales channels [2][4]. Company Summary - Dayu Biological's wholly-owned subsidiary, Shanxi Dayu Animal Husbandry Co., Ltd., plans to invest 50 million yuan in its other subsidiary, Puxian Dayu Smart Animal Husbandry Industry Development Co., Ltd., raising its registered capital from 30 million yuan to 80 million yuan [2]. - The company primarily focuses on the research, production, and sales of feed additives, feed, and veterinary drugs, and has faced performance fluctuations since its listing on the Beijing Stock Exchange in 2022, recording its first loss in 2023 [2]. - Financial data shows Dayu Biological's revenue for 2022, 2023, and 2024 was 157 million yuan, 161 million yuan, and 123 million yuan respectively, with net profits of 18.15 million yuan, -2.09 million yuan, and -23.94 million yuan [2]. Industry Summary - The pig farming industry is undergoing structural changes, with a trend towards large-scale operations replacing smallholder farms, impacting Dayu Biological's sales of feed and additives [3]. - The company is adopting a "company + farmer" model to address challenges from the changing structure of downstream farming, having established a fully-owned subsidiary for pig farming in 2024 with an investment of 100 million yuan [3]. - As of August 2025, the national breeding sow inventory reached 40.38 million heads, indicating high production capacity, while pig prices remain low, affecting the profitability of many listed pig companies [4].

Core Viewpoint - The article discusses the exemption of value-added tax (VAT) for various types of feed products in China, highlighting the categories of feed that qualify for this exemption and the relevant policies governing it [2][3][4]. Summary by Categories Types of Feed Eligible for VAT Exemption - Single bulk feed, mixed feed, compound feed, premix feed, and concentrated feed are all exempt from VAT [4]. - Single bulk feed includes products derived from a single source such as bran, distiller's grains, fish meal, and various types of oilseed meals, excluding soybean meal [5]. Definitions of Feed Categories 1. **Single Bulk Feed**: Products derived from a single animal, plant, microorganism, or mineral source, including bran, fish meal, and certain oilseed meals [5]. 2. **Mixed Feed**: Composed of two or more single bulk feeds, grains, and feed additives, with a minimum of 95% of the total being single bulk feeds and grains [5]. 3. **Compound Feed**: Formulated to meet the nutritional needs of specific animals at different growth stages, excluding water [5]. 4. **Premix Feed**: A uniform mixture providing essential trace elements and vitamins required for animal growth, consisting of various components [5]. 5. **Concentrated Feed**: A mixture of protein, premix feed, and minerals [5]. Relevant Policies - The article references several official notifications regarding the VAT exemption for feed products, including the Ministry of Finance and the State Administration of Taxation's guidelines [6][9].

Group 1 - A new company, Sheyang New Hope Biotechnology Co., Ltd., has been established with a registered capital of 20 million yuan [1] - The legal representative of the new company is Wang Min, and its business scope includes feed production, feed additive production, and aquaculture [1] - The company is wholly owned by Shandong New Hope Liuhe Group Co., Ltd., which is a subsidiary of New Hope Liuhe (000876) [1]

Core Insights - The article highlights the successful collaboration between Nantong Shengda Feed Co., Ltd. and Hai'an Rural Commercial Bank, showcasing how financial support has facilitated the company's growth and modernization in the feed production industry [3][4]. Group 1: Company Overview - Nantong Shengda Feed Co., Ltd. has evolved from a small startup in 2005 to a leading player in the feed production industry, producing a wide range of high-quality feed products for livestock and aquaculture [4]. - The company has implemented advanced automation and production techniques, including the introduction of state-of-the-art equipment from Jiangsu Muyang Group, enhancing efficiency and product quality [4]. Group 2: Financial Support and Growth - Hai'an Rural Commercial Bank has played a crucial role in the company's development by providing timely financial assistance, enabling the expansion of production lines and the acquisition of modern equipment [3][4]. - The financial backing has allowed the company to achieve significant sales growth, with projected sales reaching nearly 300 million yuan in the first half of 2025 [4]. Group 3: Industry Trends - The feed production industry is undergoing a transformation, with a trend towards the elimination of smaller producers in favor of larger, more diversified companies [4]. - The demand for innovation and modernization in production processes is driving companies to seek financial support for upgrades and automation [4].

Group 1 - A new company, Sheyang New Hope Biotechnology Co., Ltd., has been established with a registered capital of 20 million RMB [1] - The legal representative of the company is Wang Min [1] - The business scope includes feed production, feed additive production, and aquaculture [1] Group 2 - The company is wholly owned by Shandong New Hope Liuhe Group Co., Ltd., which is under the New Hope Group [1]

Group 1: Company Overview and Strategy - Shanghai Meinong Biological Technology Co., Ltd. focuses on "product leadership, value service, and partner growth" as its core value proposition [2] - The company implements a product strategy of "diversified species and products, full-process nutrition" to enhance product development and innovation [2][4] Group 2: Financial Performance - In the first half of 2025, the company reported revenue and profit growth, with feed additive revenue increasing by over 60% year-on-year, significantly contributing to overall performance [3] - Domestic and international business revenues both experienced growth, with international business revenue increasing by over 20% in the first half of 2025 [6] Group 3: Project Development - The company’s wholly-owned subsidiary, Leiling Meinong, is on track to complete its 100,000-ton corn protein deep processing project by the end of 2025 [3][4] - The project aims to alleviate the domestic protein resource shortage by utilizing corn by-products, aligning with national policies for diversified food supply systems [4][5] Group 4: Product Planning and Market Strategy - The project will launch corn concentrated protein and corn enzymatic protein products, enhancing nutritional value and meeting market demands [5] - The company has established a robust market network across over 20 provinces in China and several countries worldwide, supporting the promotion of its new products [5] Group 5: Research and Innovation - The company emphasizes innovation, achieving breakthroughs in feed additives and enzymatic protein feed materials, including a new gut health product and enhanced protein digestibility solutions [8][9] - Collaborative research with academic institutions aims to address industry challenges and expand product applications, creating new business opportunities [10]