Core Insights - The report highlights a rebound in pork prices during the consumption peak season, with the average price of lean pigs at 12.49 CNY/kg, up 2.6% week-on-week but down 22.7% year-on-year [6][14]. - The report emphasizes the growth potential of leading feed companies expanding overseas, suggesting a focus on their international business growth [6][16]. Livestock Farming - The average price of 6.5 kg piglets has risen to 330 CNY/head, reflecting a 7.5% week-on-week increase, indicating a positive outlook among farmers for pork prices in the second half of the year [6][14]. - Major recommended companies in the livestock sector include Wen's Food Group and Muyuan Foods, with attention also on Dekang Agriculture and New Hope [6][14]. - The report notes that the industry is in a "tug-of-war" state, with companies possessing cost advantages having a significant competitive edge [6][14]. Dairy Industry - The current price of fresh milk in major production areas is 3.02 CNY/kg, down 0.3% week-on-week and 3.2% year-on-year, while some regions see prices rebounding to 3.3-3.4 CNY/kg [15]. - The report anticipates a continued upward trend in beef prices due to supply constraints, recommending companies like Yuran Dairy and Modern Dairy [15]. Feed and Animal Health - Prices for common and specialty fish and shrimp have continued to rise, driven by tight supply and increased demand as the Spring Festival approaches [16]. - The report suggests that leading feed companies are likely to see market share growth due to their comprehensive advantages, with a focus on international expansion [16]. - In the animal health sector, companies are expanding into pet healthcare, with recommendations for companies like Keqian Biological and Princely Biological [16]. Agricultural Sector - The report indicates that the domestic corn price is 2364 CNY/ton, up 0.5% week-on-week, while soybean meal prices are at 3196 CNY/ton, down 0.9% [18][44]. - The report highlights the importance of biotechnology advancements and industry consolidation in the seed sector, recommending companies like Suqian Agricultural Development and Beidahuang [18]. Market Performance - The agricultural sector underperformed the market by 2.7 percentage points, with the animal health sector showing a 1.2% increase [22]. - The report notes that the livestock sector is experiencing a recovery in profitability, with self-bred pigs showing a profit of 7.39 CNY/head [24].

1月12日，海大国际控股有限公司（以下简称"海大国际"）在港交所递交招股书，联席保荐人为摩根大 通、中金公司和广发证券。 此次赴港上市，核心目标在于借助国际资本市场扩大全球影响力，强化新兴市场竞争优势。海大国际凭 借在技术、产品及服务方面的核心竞争优势，以饲料业务为基石，为畜牧行业全价值链提供全面的综合 解决方案。 上市前的股权架构显示，海大国际为海大集团全资持有，后者通过数家全资子公司合计持股100%。此 次分拆后，海大国际将拥有独立融资能力，为海外扩张提供资本支撑。 | | | 截至12月31日止年度 | | | | 截至9月30日止九個月 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 2023年 | | 2024年 | | 2024年 | | 2025年 | | | | 金額 | 收入百分比 | 更題 | 收入百分比 | 金额 | 收入百分比 | 要讀 | 收入百分比 | | | | | | (人民幣千元,百分比除外) | | | | | | | | | | | (未經審核) | | | | | 收入 | 9,024, ...

Core Viewpoint - The company, Haida International Holdings Limited, has submitted a significant IPO application to the Hong Kong Stock Exchange, showcasing strong revenue and profit growth, but faces underlying financial vulnerabilities and operational risks. Group 1: Financial Performance - Revenue increased from 9.025 billion RMB in 2023 to 11.178 billion RMB in the first nine months of 2025, while net profit rose from 360 million RMB to 869 million RMB, indicating substantial growth [1][2] - Despite revenue and profit growth, the net profit margin remains below 8%, highlighting a weak profitability foundation and significant exposure to raw material price fluctuations and industry cycles [2][4] - Administrative expenses as a percentage of revenue increased from 2.8% to 3.6%, suggesting potential management inefficiencies or cost control issues during expansion [2] Group 2: Business Structure and Market Position - The company primarily focuses on the feed business, which accounted for 96.9% of total revenue, indicating a high dependency on a single business line [5][6] - The aquaculture feed segment constitutes approximately 66-68% of total revenue, reflecting the company's reliance on this core area for growth [5][7] - The company has established a leading position in emerging markets, particularly in Asia (excluding East Asia), Africa, and Latin America, with significant production bases in six countries [1][4] Group 3: Growth Challenges - The company's growth is heavily reliant on the feed industry, making it vulnerable to commodity price fluctuations, regional policies, and breeding cycle variations [4][8] - The lack of diversification in its business structure limits the potential for higher profitability and exposes the company to cyclical risks [5][8] - The financial data suggests that growth is primarily driven by existing product sales rather than high-value products or new market breakthroughs, indicating limited room for profit margin improvement [7][8]

Core Viewpoint - The company, Haida International Holdings Limited, has submitted a significant IPO application to the Hong Kong Stock Exchange, aiming to leverage its strong growth in the agricultural technology sector, particularly in feed production, while facing underlying financial performance concerns [1][2]. Financial Performance - Revenue increased from 9.025 billion RMB in 2023 to 11.177 billion RMB in the first nine months of 2025, while net profit rose from 360 million RMB to 869 million RMB during the same period [2][5]. - Despite revenue and profit growth, the net profit margin remains below 8%, indicating a weak profitability foundation influenced by raw material prices and industry cycles [2][7]. - Administrative expenses as a percentage of revenue increased from 2.8% to 3.6%, suggesting potential management efficiency decline or cost control issues during expansion [2][4]. Business Structure - The company's revenue is heavily reliant on its feed business, which accounted for 96.9% of total revenue by the first nine months of 2025, indicating a lack of diversification [4][5]. - The aquaculture feed segment constitutes approximately 66-68% of total revenue, highlighting the company's vulnerability to fluctuations in global feed raw material prices and livestock industry cycles [4][6]. Growth Dynamics - The company’s growth model is characterized by "refined management-driven growth," relying on cost control and operational efficiency rather than brand premium or structural barriers [7]. - The increase in gross margin from 12.9% to 16.8% reflects effective supply chain management and operational optimization, but the growth is constrained by the industry's inherent characteristics of strong operations and weak branding [7]. Market Position - Haida International is positioned as a leading player in the Asian aquaculture feed market, ranking second in Asia (excluding East Asia) and third in Vietnam, with an annual production capacity exceeding one million tons [1][4]. - The company aims to enhance its global agricultural value chain through this IPO, focusing on technology integration and capacity expansion [1].

来源：新浪港股-好仓工作室 3%收入增速领跑行业 毛利率连年提升至16.8% 海大国际作为一家技术驱动型全球化农业企业，近年业绩呈现高速增长态势。财务数据显示，公司2023 年、2024年及截至2024年、2025年9月30日止九个月的总收入分别为人民币90.25亿元、114.17亿元、 83.87亿元及111.77亿元。2024年同比增长26.5%，而截至2025年9月30日止九个月则同比大幅增长 33.3%，增速显著领先全球同行。 与收入增长相对应的是公司盈利能力的稳步提升。同期毛利分别为人民币11.68亿元、17.30亿元、12.74 亿元及18.74亿元，2024年同比增长48.1%，截至2025年9月30日止九个月同比增长47.0%。毛利率分别达 12.9%、15.2%、15.2%及16.8%，呈现连年上升态势，显示出公司在成本控制和产品定价方面的持续优 化。 净利率表现同样亮眼，从2023年的4.0%提升至2024年的6.4%，2025年前九月进一步增至7.8%，年化股 本回报率高达25.9%，反映出公司优秀的资产运营效率和股东回报能力。 饲料业务贡献96.9%收入 水產料为核心增长引擎 公司业务 ...

Core Viewpoint - Haida Holdings, a spin-off from Haida Group, has submitted its prospectus to the Hong Kong Stock Exchange for a planned IPO, aiming to leverage its technological advantages in the global agricultural sector, particularly in feed production and aquaculture solutions [3][4]. Company Overview - Haida Holdings is a technology-driven global agricultural enterprise with a proven track record of rapid growth, focusing on providing comprehensive solutions across the entire value chain of the livestock industry [5][6]. - The company primarily operates in Asia (excluding East Asia), Africa, and Latin America, utilizing advanced agricultural technologies and extensive industry resources to modernize livestock farming practices [3][6]. Financial Performance - For the nine months ending September 30, 2025, Haida Holdings reported revenues of approximately RMB 11.177 billion, representing a year-on-year growth of about 33.3%, and a net profit attributable to shareholders of approximately RMB 798 million, up 58.0% year-on-year [3][15][18]. - The company's feed sales volume reached 2.507 million tons, with year-on-year growth rates of 38.4% for 2025 and 47.4% for 2024 [5][6]. Market Position - According to Frost & Sullivan, Haida Holdings is the second-largest aquaculture feed supplier in Asia (excluding East Asia) by production volume, with an output of 1 million tons in 2024, and the third-largest feed supplier in Vietnam with a production of 1.7 million tons [3][6]. - The company has a total annual production capacity of approximately 4.8 million tons, supported by 17 production bases across six countries [6]. Use of IPO Proceeds - The net proceeds from the IPO are planned to be allocated as follows: 70% for expanding and optimizing the manufacturing network, 10% for repaying certain bank loans, 10% for upgrading the global sales and service network, and 10% for working capital and general corporate purposes [4][5]. Competitive Advantages - Haida Holdings has established a strong competitive edge in the aquaculture sector, with its aquaculture feed products accounting for 67.2% of total revenue and contributing 80.3% of total gross profit [12][18]. - The company has successfully implemented an integrated service value chain strategy in its aquaculture business, providing a comprehensive solution that includes feed, seedlings, and veterinary services [13][14].

2026年1月12日，分拆自海大集团(002311.SZ)的海大国际控股有限公司 Haid International Holdings Limited(以下简称"海大国际")在港交所递交招股书，拟香 港主板IPO上市。 海大国际招股书链接： https://www1.hkexnews.hk/app/sehk/2026/108067/documents/sehk26011200895_c.pdf 主要业务 海大国际，作为一家技术驱动型的全球化农业企业，于2012年收购越南海外工厂而正式开展业务，凭藉公司在技术、产品及服务方面的核心竞争优势，以 饲料业务为基石，为畜牧行业全价值链提供全面的综合解决方案。公司的核心市场为亚洲(不含东亚，下同)、非洲及拉丁美洲。 根据弗若斯特沙利文的资料，于2024年按产量计，海大国际是亚洲第二大水产料供货商，水产料产量达100万吨，也是越南第三大饲料供货商，饲料产品 产量达170万吨。 海大国际通过涵盖饲料、种苗与动保的整套产品与服务，全面满足养殖业领域的各种需求，基于严格研发提供专业化产品，并为本土化养殖及运营效率提 供深度支持。 饲料业务：是公司的主要产品，提供科学配比的饲料 ...

据港交所1月12日披露，海大国际控股有限公司(简称：海大国际)向港交所主板递交上市申请，摩根大通、中金公司（601995）、广发证券为其联席保荐 人。 公司简介 招股书显示，海大国际是一家技术驱动型的全球化农业企业，以饲料业务为基石，为畜牧行业全价值链提供全面的综合解决方案。公司的核心市场为亚洲 (不含东亚)、非洲及拉丁美洲。 根据弗若斯特沙利文的资料，2024年，按产量计，公司是亚洲(不含东亚)第二大水产料供应商，水产料产量达100万吨；按产量计，亦是越南第三大饲料供 应商，饲料产品产量达170万吨。 公司通过涵盖饲料、种苗与动保的整套产品与服务，全面满足养殖业领域的各种需求。其中，饲料是公司的主要产品。公司的饲料产品种类丰富，拥有水产 料、禽料、猪料生产线。 截至2026年1月5日，公司的饲料生产基地分布于六个国家，分别为越南、印度、印度尼西亚、埃及、孟加拉国及厄瓜多尔。 于往绩记录期间，公司的收入来自销售饲料产品，主要包括水产料、禽料及猪料；种苗产品，包括虾苗及鱼苗；及动物保健品，包括环境改良剂及多种动物 保健产品。 | | | 截至12月31日止年度 | | | | 截至9月30日止九個月 | | | ...

智通财经APP获悉，据港交所1月12日披露，海大国际控股有限公司(简称：海大国际)向港交所主板递交上市申请，摩根大通、中金公司、广发证券为其联席 保荐人。 公司简介 招股书显示，海大国际是一家技术驱动型的全球化农业企业，以饲料业务为基石，为畜牧行业全价值链提供全面的综合解决方案。公司的核心市场为亚洲 (不含东亚)、非洲及拉丁美洲。 根据弗若斯特沙利文的资料，2024年，按产量计，公司是亚洲(不含东亚)第二大水产料供应商，水产料产量达100万吨；按产量计，亦是越南第三大饲料供 应商，饲料产品产量达170万吨。 公司通过涵盖饲料、种苗与动保的整套产品与服务，全面满足养殖业领域的各种需求。其中，饲料是公司的主要产品。公司的饲料产品种类丰富，拥有水产 料、禽料、猪料生产线。 截至2026年1月5日，公司的饲料生产基地分布于六个国家，分别为越南、印度、印度尼西亚、埃及、孟加拉国及厄瓜多尔。 于往绩记录期间，公司的收入来自销售饲料产品，主要包括水产料、禽料及猪料；种苗产品，包括虾苗及鱼苗；及动物保健品，包括环境改良剂及多种动物 保健产品。 | | | 截至12月31日止年度 | | | | 截至9月30日止九個月 | | ...

Group 1 - Haid International Holdings Limited has submitted a listing application to the Hong Kong Stock Exchange, with J.P. Morgan, CICC, and GF Securities as joint sponsors [1] - The company is a technology-driven global agricultural enterprise, primarily focused on feed business, providing comprehensive solutions for the entire value chain of the livestock industry [1] - Key markets for the company include Asia (excluding East Asia), Africa, and Latin America [1] Group 2 - According to Frost & Sullivan, in 2024, Haid International is projected to be the second-largest aquaculture feed supplier in Asia (excluding East Asia) with a production volume of 1 million tons [1] - The company is also the third-largest feed supplier in Vietnam, with a feed product output of 1.7 million tons [1]