海大集团 20250821 摘要 海大集团通过持续研发投入，尤其是在水产养殖动物营养需求数据库方 面的建设，保持了在农业板块的领先地位，研发投入占利润比重均值约 为 26%。 海大集团在水产预混料领域连续 21 年保持国内销量第一，水产配合饲 料和禽类饲料的复合增速分别达到 19%和 20%，猪类饲料复合增速更 是高达 31%，位居行业前列。 海大集团通过期货工具对玉米、豆粕等主要饲料原材料进行套期保值， 有效控制了成本，使得其饲料成本比行业平均低 3.9%，奠定了高性价 比产品的基础。 公司提供包括种苗、养殖模式技术、疫病防控等全流程服务，增强用户 粘性，确保养殖户实现超额利润，并依托卓越的原材料采购能力与研发 能力，进一步确保用户成功并获取超额收益。 特种水产品如鲈鱼、桂鱼等年复合增速显著高于普通水产品，且对高质 量水产料接受程度更高，随着消费结构升级，特种水产品占比提升，带 动了水产料渗透率的提升。 Q&A 海大集团的核心竞争力是什么？ 海大集团的核心竞争力在于其高性价比的产品和全流程服务体系。公司通过扁 平化管理和有效激励机制，持续打造竞争壁垒，支撑其快速增长。此外，公司 重视研发投入，从 2008 ...

Core Viewpoint - Shennong Group has shown significant financial recovery and growth in 2024, with a revenue of 5.584 billion yuan, a 43.51% increase year-on-year, and a net profit of 687 million yuan, compared to a loss of 401 million yuan in the previous year [1] Group 1: Financial Performance - In Q1 2025, Shennong Group achieved a net profit of 229 million yuan, marking a continued turnaround from previous losses [1] - The company has reported five consecutive quarters of substantial improvement in net profit since Q1 2024 [1] Group 2: Feed Business Expansion - Shennong Group operates six feed production bases in Yunnan and Guangxi, with a total annual production capacity exceeding 1.5 million tons [2] - In 2024, the company sold 600,500 tons of feed, with 689,000 tons for export and 531,600 tons sold to its internal breeding enterprises [2] Group 3: New Production Facilities - The newly completed Shilin feed production base has a designed annual capacity of 180,000 tons, making it the largest premix feed and teaching feed production facility in Yunnan [3] - The integration of complex feed production into this facility allows other plants to focus on simpler feed types, enhancing overall production efficiency [3] Group 4: Digital Transformation - Shennong Group has implemented an SAP system to improve internal operational efficiency in the feed business, enhancing planning and execution across various stages of production [4] Group 5: Livestock Breeding Profitability - The livestock breeding segment generated 3.798 billion yuan in revenue in 2024, a year-on-year increase of 81.34%, accounting for 68.02% of total revenue [5] - The company sold 2.2715 million pigs in 2024, a 49.40% increase from 2023 [5] Group 6: Cost Management - The complete cost of breeding in March 2024 was approximately 12 yuan per kilogram, lower than many comparable listed companies [6] - The company plans to expand its breeding scale to 3.2 to 3.5 million pigs by 2025, with expectations of further cost reductions [7] Group 7: Slaughtering and Food Processing - Shennong Group has established a full industry chain from feed production to slaughtering and food processing, which helps mitigate the impact of the "pig cycle" on operations [8] - In 2024, the slaughtering and food processing segment generated 1.473 billion yuan in revenue, a 19.6% increase, representing 26.38% of total revenue [8]