Core Viewpoint - Haida Group (002311.SZ) continues to experience growth in performance, with a projected net profit of between 2.5 billion and 2.8 billion yuan for the first half of 2025, representing a year-on-year increase of 17.64% to 31.76% [1][2] Business Performance - The main drivers for Haida Group's performance increase are significant growth in feed sales and substantial profits from pig farming operations [1][2] - The company achieved a revenue of 25.629 billion yuan in Q1 2025, with a net profit of 1.282 billion yuan, indicating an expected net profit of between 1.218 billion and 1.518 billion yuan for Q2 2025 [2] - The company focuses on its core feed business, aiming to enhance domestic feed capacity utilization and market share, with an expected feed export volume of approximately 13.65 million tons for the first half of 2025, a year-on-year increase of 26% [2][3] Financial Stability - Despite market fluctuations, Haida Group has maintained strong profitability, with net profits of 2.957 billion yuan and 2.741 billion yuan in 2022 and 2023, respectively [3] - In 2024, the company reported a revenue of 114.601 billion yuan, a slight decline of 1.31% year-on-year, but net profit surged by 64.3% to 4.504 billion yuan [3] - As of March 2025, the company's debt-to-asset ratio stood at 46.12%, with cash reserves of 3.542 billion yuan [3] International Expansion - Haida Group has been actively expanding its international presence, with a focus on Southeast Asia, Africa, and South America [5] - In 2024, the company achieved an overseas feed export volume of 2.36 million tons, a year-on-year increase of approximately 40% [5][6] - The company aims to reach a short-term target of over 3 million tons in export growth by 2025 and a mid-term target of 51.5 million tons in total sales by 2030 [6] Product and Market Strategy - The core business segments of Haida Group include feed, quality animal breeding, and animal health, which together account for over 80% of the company's revenue [2][4] - The company has seen a steady increase in feed sales, with a total of 26.52 million tons sold in 2024, marking a year-on-year growth of approximately 9% [4] - The company is also expanding its production capacity in key overseas markets, with significant growth in Vietnam and Indonesia, where feed sales are expected to increase by 25-30% and over 40%, respectively, in 2024 [5][6]

Group 1 - The company reported a slight decrease in revenue of 1.31% year-on-year, totaling 114.601 billion yuan, while net profit attributable to shareholders increased by 64.30% to 4.504 billion yuan [5][12][14] - The company’s core business includes feed, quality animal seedlings, animal health products, and aquaculture, with feed, seedlings, and animal health products accounting for over 80% of revenue [4][5] - The profit distribution plan proposes a cash dividend of 11.00 yuan per 10 shares (including tax), with no bonus shares or capital reserve conversion [2][9][12] Group 2 - The company has established a light asset, low-risk breeding model, focusing on pig farming and shrimp aquaculture, optimizing costs and controlling risks [5][4] - The company’s total distributable profit as of December 31, 2024, is 16.199 billion yuan, with the mother company’s distributable profit at 5.345 billion yuan [12][14] - The expected total cash dividend distribution is approximately 1.830 billion yuan, accounting for 40.63% of the annual net profit attributable to shareholders [14][15] Group 3 - The company anticipates daily related transactions with its controlling shareholder and other related parties, estimating a total of 607.31 million yuan for 2025 [19][20] - The actual amount of related transactions in 2024 was 465.06 million yuan, indicating a significant increase in expected transactions for the upcoming year [19][20] - The company’s controlling shareholder, Guangzhou Haihao Investment Co., Ltd., holds 54.73% of the shares, ensuring a strong influence over company operations [24][25]