保留,我们整体来说我们2025年也是我们上市公司重整完了以后的第一个完整年度,整个全年我们营收大概是85到89个亿这个区间吧,跟24年基本持平。 那我们利润呢我们规模的净利润大概是一个亿左右吧这个我们也发了这个业绩的预告在会上就跟大家简单的回顾一下那么扣费的这个情况是亏4到4.5个亿里面主要的一个是集体的坏账跟这个资产减值的这个大概是两亿左右那么我们这个整个的这个经营呢我们几个事业部 因为我们整个澳农生物的业务的结构我们是我们原有的业务基本上完整保留的一个重整的案例我们整个的业务板块三大业务板块饲料还有我们养猪还有屠宰跟食品基本上还是保留的比较好的原来的整个的建制只是说把我们一些 原来相对低产低效的一些单位和一些这个区域我们在重整的过程中在这一块的这个资产和业务上做了一些剥离所以我们25年整个的业务相对营收相对24年基本上是一个恢复也是一个这个持平的一个状态这个也跟我们这个有关系因为毕竟24年虽然有些经营单位他的经营的这个绩效不是很好但是他的 营收啊包括他的这个业务的体量还在这个表内25年我们就把这块拨出去了那实际上从我们留下来的单位的来看我们整个的这个经营的情况是增长的但是因为有24年的一个基数的影响我们整 ...

李小林：农牧业 地区差异给中小 企业生存空间， 众望深耕区域市 场┃穗风不惑_ 南方+_南方plus 势而上，谱写奋 进史诗。依托技 术创新，穗风动 物营养星火燎 原，从本土走向 世界。浪潮之 中，广州市饲料 行业协会激荡四 十年，成为行业 发展标杆。为总 结协会及广州饲 料行业发展成 果，洞察行业走 势，南方农村报 推出"穗风·不 惑"系列报道。 以协会为镜，观 行业之变；以广 州为窗，察饲界 之势。敬请垂 注。 "农牧业地区差 异给中小企业生 存和发展的空 间，关键是要找 到自己的定 位。"广州市饲 料行业协会常务 副会长、众望饲 料董事长李小林 说。 从广州市饲料研 究所旗下企业起 步，经改制成为 股份制公司，众 望饲料20多年历 经风雨，走上一 条稳健发展道 路。从预混料、 浓缩料逐步转向 以猪料业务为核 心，同时依托合 编者按：四十年 栉风沐雨，羊城 饲界潮涌珠江。 改革开放以来， 广州饲料产业乘 作养殖、专业育 肥的轻资产模式 探索养殖路径， 众望以区域性、 高知名度的定位 在江西、福建等 细分市场深耕， 成为观察广州中 小饲料企业发展 的生动样本。 广州市饲料行业协会常务副会长、众望董事长李小林 ...

唐人神（002567.SZ）2月10日在投资者互动平台表示，采用低蛋白日粮技术，2025年猪料蛋白比2024年 下降了1个百分点，其中外销猪料和内供猪料分别少用了3.45万吨和3.24万吨豆粕，分别节约成本大约 1200万元和1120万元。如果杂粕价格有优势会进一步降低豆粕用量，但日粮蛋白不会进一步降低。 （文章来源：每日经济新闻） 每经AI快讯，有投资者在投资者互动平台提问：公司2025年通过低蛋白日粮技术减少豆粕用量约多少 万吨？能否请您量化说明，这项技术去年为公司自身养殖业务和饲料外销业务分别带来了多少元/吨的 饲料成本节约？公司是否有进一步降低豆粕用量的中期目标？ ...

来源：问董秘 免责声明：本信息由新浪财经从公开信息中摘录，不构成任何投资建议；新浪财经不保证数据的准确 性，内容仅供参考。 感谢您的提问。采用低蛋白日粮技术，2025年猪料蛋白比2024年下降了1个百分点，其中外销猪料和内 供猪料分别少用了3.45万吨和3.24万吨豆粕，分别节约成本大约1200万和1120万。如果杂粕价格有优势 会进一度降低豆粕用量，但日粮蛋白不会进一步降低。 查看更多董秘问答>> 公司2025年通过低蛋白日粮技术减少豆粕用量约多少万吨？能否请您量化说明，这项技术去年为公司自 身养殖业务和饲料外销业务分别带来了多少元/吨的饲料成本节约？公司是否有进一步降低豆粕用量的 中期目标？ 董秘回答(唐人神SZ002567)： 投资者提问： ...

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 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 - 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 - The price of fish meal in the main market remains high, with prices reaching 17,000-18,000 yuan/ton, a significant increase of 5,000 yuan/ton from the beginning of the year [3] - The auction for imported soybeans has resumed, with a total transaction volume of 397,043 tons and a high transaction rate of 77.5%, indicating strong demand [5] - The average auction price for soybeans was 3,935.3 yuan/ton, showing a price advantage compared to currently imported soybeans [5] Group 2 - In December, multiple feed companies have raised prices for shrimp and crab feed by 300-500 yuan/ton, reflecting the rising costs of raw materials [6][10][13] - The price adjustments for livestock feed have also been widespread, with companies like New Hope and Chia Tai announcing increases ranging from 50 to 175 yuan/ton [39][44][50] - The price hikes are attributed to the continuous rise in raw material prices, particularly corn and soybean [39][50][58]