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]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has shown rapid growth in its feed business, with significant performance in overseas markets. The revenue for H1 2025 reached 58.831 billion yuan, a year-on-year increase of 12.50%, while the net profit attributable to the parent company was 2.639 billion yuan, up 24.16% year-on-year. The second quarter of 2025 saw revenue of 32.2 billion yuan, a 14.00% increase year-on-year, and a net profit of 1.356 billion yuan, up 7.26% year-on-year. The company plans to distribute a cash dividend of 2 yuan for every 10 shares, totaling 333 million yuan. Due to the better-than-expected sales growth in pig and poultry feed, the profit forecasts for 2025-2027 have been slightly adjusted upwards [1][5]. Financial Performance Summary - In H1 2025, the feed business generated revenue of 47.139 billion yuan, a year-on-year increase of 14.02%, with a gross margin of 9.79%. The total feed sales reached 14.7 million tons, a growth of approximately 25% year-on-year. The external sales of poultry feed were 7.3 million tons, up 24% year-on-year, while pig feed external sales were 3.4 million tons, a 43% increase year-on-year. The external sales of aquatic feed reached 2.8 million tons, a 16% increase year-on-year. The overseas feed external sales increased by 40% year-on-year, indicating robust growth in established regions and active expansion into new areas [5][6]. Profitability and Growth Projections - The company's breeding business revenue for H1 2025 was 9.735 billion yuan, a year-on-year increase of 15.59%, with a gross margin of 20.26%. The animal health business generated revenue of 464 million yuan, a slight decrease of 0.35% year-on-year, while the seed business revenue was 770 million yuan, up 10% year-on-year. The company is focusing on building its breeding team capabilities and innovating its asset-light model, which has led to controllable risks and considerable profitability [6][9]. Earnings Forecast - The profit forecasts for the company are as follows: for 2025, 5.148 billion yuan; for 2026, 5.739 billion yuan; and for 2027, 6.172 billion yuan. The corresponding earnings per share (EPS) are projected to be 3.09 yuan, 3.45 yuan, and 3.71 yuan respectively. The current stock price corresponds to price-to-earnings (P/E) ratios of 17.7, 15.9, and 14.8 for the years 2025, 2026, and 2027 respectively [1][7].

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]

（文章来源：每日经济新闻） 东莞证券7月28日发布研报称，给予海大集团（002311.SZ，最新价：54.84元）买入评级。评级理由主 要包括：1）公司饲料销量保持较快增长；2）毛利率净利率均有所提升；3）持续推进国际化战略。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。 ...

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]

北京商报讯（记者 郭秀娟 实习记者 王悦彤） 7月29日，海大集团在投资者互动平台回答投资者提问 称，公司海外业务采取当地建厂当地销售的方式。目前在东南亚地区，公司以越南为核心，积极拓展印 尼、孟加拉、马来西亚等市场；在非洲，以埃及作为桥头堡，逐步向北非、东非市场延伸；在南美地 区，公司在厄瓜多尔也建立了业务布局，并已组建团队开拓周边国家。 ...

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]