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].

Core Insights - The company has demonstrated strong revenue growth, with total revenues for 2023, 2024, and the first nine months of 2025 reaching RMB 90.25 billion, RMB 114.17 billion, and RMB 111.77 billion respectively, reflecting a year-on-year growth of 26.5% for 2024 and 33.3% for the first nine months of 2025 [1][9] - The gross profit margin has consistently improved, reaching 16.8% by the first nine months of 2025, with gross profits of RMB 18.74 billion, indicating effective cost control and pricing strategies [1][9] - The company’s net profit margin has also increased from 4.0% in 2023 to 7.8% in the first nine months of 2025, showcasing strong asset efficiency and shareholder returns [1][9] Revenue Breakdown - The feed business is the core segment, contributing 96.9% of total revenue, with aquaculture feed being the primary growth driver, accounting for 67.2% of total revenue [2] - The company ranks as the second-largest aquaculture feed supplier in Asia (excluding East Asia) with a market share of 6.5%, and it leads the Vietnamese market with a 19.2% share [2] - The seed and animal health segments are smaller but growing rapidly, with animal health revenue increasing by 80.1% year-on-year in the first nine months of 2025 [2] Market Presence - The company derives 59.8% of its revenue from the Vietnamese market, with Indonesia and Ecuador contributing 11.9% and 13.2% respectively [3] - The company has a low customer concentration risk, with sales to the top five customers accounting for only 7.1% of total revenue in the first nine months of 2025 [3] Supplier Dynamics - The company maintains a moderate supplier concentration, with purchases from the top five suppliers representing 25.6% of total procurement in the first nine months of 2025 [4] - A unique dual procurement model combines centralized and localized purchasing, allowing the company to optimize costs [5] Financial Management - The company has a significant proportion of third-party payments, which accounted for 22.0% of total revenue in the first nine months of 2025, raising potential compliance risks [6] - The management team has extensive industry experience, averaging over 12 years, which supports operational effectiveness [7] Environmental and Regulatory Considerations - The company faces environmental regulations that may increase operational costs, with total greenhouse gas emissions reaching 138,031 tons CO₂e in 2025 [10]

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].

Core Viewpoint - Haid International Holdings Limited, a spin-off from Haid Group, has submitted its IPO application to the Hong Kong Stock Exchange, aiming for a listing on the main board [2][14]. Business Overview - Haid International is a technology-driven global agricultural enterprise that commenced operations in 2012 after acquiring a factory in Vietnam. The company focuses on providing comprehensive solutions across the entire value chain of the livestock industry, with a core market in Asia (excluding East Asia), Africa, and Latin America [15][17]. - According to Frost & Sullivan, Haid International is the second-largest supplier of aquaculture feed in Asia, with a production capacity of 1 million tons, and the third-largest feed supplier in Vietnam, producing 1.7 million tons of feed products [15][17]. Revenue Sources - The company's revenue is derived from the sale of: 1. Feed products, including aquaculture feed, poultry feed, and pig feed 2. Seed products, including shrimp and fish seeds 3. Animal health products, including environmental modifiers and various animal health products [5][17]. Financial Performance - For the fiscal years ending December 31, 2023, 2024, and the first nine months of 2025, Haid International reported revenues of RMB 9.025 billion, RMB 11.417 billion, and RMB 11.177 billion, respectively. Corresponding net profits were RMB 360 million, RMB 735 million, and RMB 869 million [9][21]. - The gross profit margins for these periods were 12.9%, 15.2%, and 16.8%, indicating a positive trend in profitability [10][22]. Market Presence - The company’s revenue distribution by region shows that Vietnam accounted for 70.6% of total revenue in 2023, followed by Indonesia (11.4%), Ecuador (9.4%), and Egypt (1.4%) [18][22]. Management Team - The board of directors consists of 9 members, including 3 executive directors, 3 non-executive directors, and 3 independent non-executive directors, with key figures such as Zhang Guijun (General Manager) and Xue Hua (Chairman) [9][21]. IPO Underwriters - The IPO is being managed by a team including J.P. Morgan, CICC, and GF Securities as joint sponsors, with Ernst & Young as the auditor [10][22].

Core Viewpoint - Haida International Holdings Limited has submitted a listing application to the Hong Kong Stock Exchange, with J.P. Morgan, CICC, and GF Securities acting as joint sponsors [1]. Company Overview - Haida International is a technology-driven global agricultural enterprise, primarily focused on feed business, providing comprehensive solutions for the entire value chain of the livestock industry. Its core markets include Asia (excluding East Asia), Africa, and Latin America [3]. - According to Frost & Sullivan, by 2024, Haida International is the second-largest aquaculture feed supplier in Asia (excluding East Asia) with a production volume of 1 million tons, and the third-largest feed supplier in Vietnam with a production volume of 1.7 million tons [3]. - The company offers a complete range of products and services covering feed, seedlings, and animal health, with feed being its main product. The feed product lines include aquaculture feed, poultry feed, and pig feed [3]. - As of January 5, 2026, the company's feed production bases are located in six countries: Vietnam, India, Indonesia, Egypt, Bangladesh, and Ecuador [3]. Financial Data - For the fiscal years ending December 31, 2023, 2024, and the nine months ending September 30, 2025, the company achieved revenues of approximately RMB 9.025 billion, RMB 11.417 billion, and RMB 11.177 billion, respectively [7]. - The net profit for the same periods was approximately RMB 360 million, RMB 735 million, and RMB 869 million [8]. - The gross profit margins for the fiscal years were 12.9%, 15.2%, and 16.8% respectively [10]. Industry Overview - Asia (excluding East Asia) has abundant aquatic resources, creating favorable conditions for aquaculture. Countries like Thailand, Vietnam, and Indonesia are significant aquaculture bases globally [12]. - Vietnam is the second-largest market for feed in Asia (excluding East Asia), with the aquaculture feed segment being the fastest-growing category. The market size is expected to grow from 4 million tons in 2020 to 4.5 million tons by 2024, with a compound annual growth rate (CAGR) of 3.0% [12]. - The aquaculture feed industry is experiencing significant consolidation, with the market share of the top five companies in Vietnam increasing from 28.1% in 2020 to 47.0% in 2024, and projected to reach 60.5% by 2029 [12]. - Indonesia holds the third-largest market share in the feed market in Asia (excluding East Asia) at 13.5%, with a CAGR of 3.3% expected from 2020 to 2024 [14]. Competitive Landscape - In 2024, Haida International is projected to produce 1,011 thousand tons of aquaculture feed, ranking second in the market share in Asia (excluding East Asia) [17]. - The top five companies in the aquaculture feed market account for 31.9% of the total market share [18].

Company Overview - Haida International Holdings Limited is a technology-driven global agricultural enterprise, primarily focused on feed business, providing comprehensive solutions for the entire value chain of the livestock industry [4] - The company is the second-largest aquaculture feed supplier in Asia (excluding East Asia) by production volume, with an output of 1 million tons, and the third-largest feed supplier in Vietnam, with a production of 1.7 million tons [4] - The company offers a complete range of products and services, including feed, seedlings, and animal health products, with feed being the main product [4] Financial Performance - For the fiscal year 2023, the company reported revenues of approximately RMB 9.025 billion, with projections of RMB 11.417 billion for 2024 and RMB 11.177 billion for the nine months ending September 30, 2025 [8] - The net profit for the fiscal year 2023 was approximately RMB 360 million, expected to rise to RMB 735 million in 2024 and RMB 869 million for the nine months ending September 30, 2025 [9] - The gross profit margins for the fiscal years 2023, 2024, and the nine months ending September 30, 2025, were 12.9%, 15.2%, and 16.8%, respectively [11] Market Dynamics - The aquaculture feed market in Asia (excluding East Asia) is experiencing significant growth, with Vietnam being the second-largest market in the region, driven by the expansion of aquaculture and sustained market demand [13] - The market size for aquaculture feed is projected to grow from 4.0 million tons in 2020 to 4.5 million tons by 2024, with a compound annual growth rate (CAGR) of 3.0% [13] - The concentration of the aquaculture feed industry in Vietnam is increasing, with the top five companies' market share expected to rise from 28.1% in 2020 to 47.0% by 2024 [13] Competitive Position - In 2024, the company is projected to produce 1,011 thousand tons of aquaculture feed, ranking second in the market with a market share of 6.5% [18][19] - The company operates in a competitive landscape where the top five companies account for 31.9% of the market share [19] Board of Directors - The board of directors will consist of nine members, including three executive directors, three non-executive directors, and three independent non-executive directors [21] Shareholding Structure - As of January 5, 2026, Guangdong Haida holds 100% of the issued share capital of the company through Value Stone BVI, which is owned by various subsidiaries of Guangdong Haida [24]

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]