Core Viewpoint - Haida Group is planning to arrange a listing in Hong Kong, potentially as early as next year, with discussions ongoing regarding the scale and timing of the issuance [1] Company Overview - Haida Group was established in 1998 and was listed in Shenzhen in 2009, employing over 40,000 staff [1] - The company operates across the entire modern agricultural and animal husbandry industry chain, including animal nutrition, breeding, veterinary vaccines, smart farming, and food processing [1] Financial Performance - For the first three quarters of 2025, Haida Group reported a revenue of 96.094 billion yuan, representing a year-on-year increase of 13.24% [1] - The net profit attributable to shareholders was 4.142 billion yuan, up 14.31% year-on-year [1] - The net profit attributable to shareholders, excluding non-recurring gains and losses, was 4.177 billion yuan, reflecting an 18.71% year-on-year growth [1] - The basic earnings per share stood at 2.49 yuan [1] Upcoming Developments - In October, Haida Group announced plans to spin off its controlling subsidiary, Haida Holdings, for a listing on the main board of the Hong Kong Stock Exchange [1]

Group 1 - The core point of the article is that Haida Group has selected banks to arrange for its Hong Kong listing, potentially as early as next year, with ongoing discussions regarding the details of the issuance scale and timing [1] - Haida Group was listed in Shenzhen in 2009 and was established in 1998, employing over 40,000 staff and covering a full industry chain in modern agriculture and animal husbandry, including animal nutrition, breeding, vaccines, smart farming, and food processing [1] - The company reported a revenue of 96.094 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 13.24%, with a net profit attributable to shareholders of 4.142 billion yuan, up 14.31% year-on-year [1] Group 2 - The net profit excluding non-recurring gains and losses for the same period was 4.177 billion yuan, reflecting an 18.71% year-on-year growth, with basic earnings per share at 2.49 yuan [1] - In October, Haida Group announced plans to spin off its controlling subsidiary, Haida Holdings, for a listing on the main board of the Hong Kong Stock Exchange [1]

Group 1 - Company Hai Da Group (002311.SZ) is arranging for a Hong Kong listing, with discussions involving China International Capital Corporation, GF Securities, and JPMorgan [1] - The company was listed in Shenzhen in 2009 and was established in 1998, employing over 40,000 staff and covering the entire modern agricultural and animal husbandry industry chain [1] - For the first three quarters of 2025, Hai Da Group reported revenue of 96.094 billion yuan, a year-on-year increase of 13.24%, and a net profit attributable to shareholders of 4.142 billion yuan, up 14.31% [1] Group 2 - The company plans to spin off its subsidiary, Hai Da Holdings, for a listing on the Hong Kong Stock Exchange [1] - The net profit excluding non-recurring gains and losses was reported at 4.177 billion yuan, reflecting an 18.71% year-on-year growth [1] - Basic earnings per share were reported at 2.49 yuan [1]

Core Viewpoint - Haida Group announced a share repurchase plan of 1 billion to 1.6 billion CNY to enhance investor confidence and optimize corporate governance after its market value fell below 100 billion CNY [1][4]. Group 1: Share Repurchase Plan - The company plans to repurchase shares using self-raised funds, with a total amount between 1 billion and 1.6 billion CNY, at a price not exceeding 62.00 CNY per share [1][4]. - 1 billion CNY of the repurchased shares will be used for cancellation and reduction of registered capital, while any amount exceeding this will be allocated for employee stock ownership plans [1][4]. - The repurchase period is set for five months following the approval by the shareholders' meeting [4]. Group 2: Financial Metrics - As of September 30, 2025, Haida Group reported total assets of 50.816 billion CNY, current assets of 25.255 billion CNY, and net assets attributable to shareholders of 25.269 billion CNY [4]. - The maximum repurchase amount of 1.6 billion CNY would represent approximately 3.15% of total assets, 6.34% of current assets, and 6.33% of net assets [4]. - The estimated number of shares to be repurchased ranges from approximately 16.13 million shares (0.97% of total shares) at the lower limit to about 25.81 million shares (1.55% of total shares) at the upper limit [4]. Group 3: Recent Stock Performance - Haida Group's stock price has decreased by 12.50% since September 15, significantly outpacing the sector's decline of 7.25% [5]. - As of October 28, the stock closed at 56.69 CNY, down 2.56%, with a total market capitalization of 94.3 billion CNY [1][6]. Group 4: Business Performance - For the first three quarters of 2025, Haida Group achieved revenue of 96.094 billion CNY, a year-on-year increase of 13.24%, and a net profit attributable to shareholders of 4.142 billion CNY, up 14.31% [7]. - The company reported a third-quarter revenue of 37.263 billion CNY, reflecting a 14.43% year-on-year growth [7]. - The overseas market has become a significant growth driver, with revenue from international markets reaching 8.218 billion CNY in the first half of 2025, a 10.87% increase year-on-year [7][8]. Group 5: Strategic Initiatives - Haida Group plans to spin off its subsidiary Haida Holdings for a listing on the Hong Kong Stock Exchange, focusing on feed, seed, and veterinary products in overseas markets [9]. - This strategic move aligns with the national "Belt and Road" initiative and aims to enhance the company's global competitiveness and influence [9].

Core Viewpoint - Haida Group plans to repurchase shares worth between 1 billion to 1.6 billion yuan to enhance investor confidence and optimize corporate governance [1][4]. Group 1: Share Repurchase Plan - The company announced a share repurchase plan on October 28, intending to buy back shares using self-raised funds, with a total amount not less than 1 billion yuan and not exceeding 1.6 billion yuan, at a price not exceeding 62.00 yuan per share [4]. - Of the repurchased shares, 1 billion yuan will be used for cancellation to reduce registered capital, while any amount exceeding this will be allocated for equity incentive plans and/or employee stock ownership plans [1][4]. - The repurchase period is set to be within five months after the shareholders' meeting approval [4]. Group 2: Financial Metrics - As of September 30, 2025, Haida Group reported total assets of 50.816 billion yuan, current assets of 25.255 billion yuan, and net assets attributable to shareholders of 25.269 billion yuan [4]. - If the maximum repurchase amount of 1.6 billion yuan is considered, it would represent approximately 3.15% of total assets, 6.34% of current assets, and 6.33% of net assets [4]. - The estimated number of shares to be repurchased at the maximum amount is at least 25.81 million shares, accounting for 1.55% of the total share capital [4]. Group 3: Recent Stock Performance - Since September 15, Haida Group's stock price has decreased by 12.50%, significantly more than the sector's decline of 7.25% [5]. - The stock closed at 56.69 yuan per share on October 28, down 2.56% [1]. Group 4: Business Performance - For the first three quarters of 2025, Haida Group achieved revenue of 96.094 billion yuan, a year-on-year increase of 13.24%, and a net profit attributable to shareholders of 4.142 billion yuan, up 14.31% [7]. - The overseas market has become a significant growth driver, with revenue from international regions reaching 8.218 billion yuan in the first half of 2025, a year-on-year increase of 10.87%, accounting for 13.97% of total revenue [7][8]. Group 5: Future Plans - Haida Group plans to spin off its subsidiary Haida Holdings for a listing on the Hong Kong Stock Exchange, focusing on feed, seed, and veterinary products in Asia (excluding East Asia), Africa, and Latin America [9]. - This spin-off is part of the company's strategy to enhance its global presence and competitiveness, aligning with national initiatives [9].

Core Viewpoint - The investor relations event held on September 19, 2025, focused on the core businesses of Xianfeng Holdings, particularly in the fields of copper-clad laminates and animal health vaccines, attracting significant market attention [1][2]. Group 1: Copper-Clad Laminate Business - Investors showed particular interest in the performance of the copper-clad laminate business since July, focusing on aspects such as product gross margin, customer resources, cost control, and product qualification rates [3]. - The company reported a gross margin improvement in the first half of the year through customer structure optimization and product structure upgrades, achieving a production value of approximately 350 million [3]. - There was no clear indication from the company regarding the mass production of the high-speed M8 copper-clad laminate or the status of mid-to-high-end customers [3]. - The company has established a joint venture with Jiangxi Hangyu to integrate their copper-clad laminate businesses, leveraging complementary strengths for high-performance production [3]. Group 2: Animal Health Vaccine and Other Business Situations - The animal health vaccine business is currently operating normally, and the company is actively working on market expansion, internal cost control, and quality improvement to enhance operational performance [4]. - The company is monitoring the potential auction of 114.15 million shares held by the controlling shareholder and will fulfill its information disclosure obligations regarding any changes [4]. - Despite reporting a loss in the net profit excluding non-recurring items, the company aims to improve its operational situation by expanding market reach and enhancing cost efficiency across all business areas [4]. - The main business focus remains on copper-clad laminates, which are part of the new productivity electronic information industry [4].

Group 1: Business Performance - The core business of copper-clad laminates has shown improvement in gross profit margin, customer resources, cost control, and product qualification rate compared to the first half of the year, achieving a profit of over 200,000 in the first half of 2025 [2][3] - The company has implemented customer structure optimization and product structure upgrades, resulting in a certain degree of gross margin improvement in the first half of the year [3] - The company’s copper-clad laminate business generated an output value of approximately 350 million in the first half of 2025 [3] Group 2: Operational Strategies - The company is actively exploring the market and will further enhance cost control and quality improvement to boost operational efficiency [3][4] - The company is currently engaged in a joint venture with Jiangxi Hangyu to produce high-performance copper-clad laminates, leveraging complementary resources [3] - The company plans to maintain focus on its core business of copper-clad laminates and will not abandon its animal vaccine business, which is operating normally [2][3] Group 3: Investor Relations - The company assures that it will fulfill its information disclosure obligations regarding any changes in the shareholding of its controlling shareholder [3] - The company has not engaged in PCB business and is focused on its core operations [4] - The company is committed to improving its operational status through various measures, despite reporting a loss in its interim results [4]