日前，引汉济渭工程2025年鱼类增殖放流活动在洋县和宁陕县举行。活动向黄金峡水库库区和三河 口水库库区投放青鱼、草鱼、鲢鱼、鳙鱼、鳡鱼等13类鱼种共计65万尾。 陕西省引汉济渭工程建设有限公司相关负责人介绍，自2020年11月鱼类增殖站试运行以来，公司已 连续5年实施科学放流，累计投放鱼苗219万余尾，有效促进汉江流域水生生物资源恢复与水生态平衡。 引汉济渭工程在实现水资源优化配置的同时，持续加强秦岭地区生态保护。目前，黄金峡水利枢纽 和三河口水利枢纽已投产发电，秦岭输水隧洞全线贯通，并初步实现向西安先期供水，工程的供水、发 电、防洪、抗旱和生态保护等功能全面发挥。（记者 徐颖） 本次放流的鱼苗全部由引汉济渭工程鱼类增殖放流站自主繁育，涵盖鳜鱼、大眼鳜、翘嘴鲌、赤眼 鳟等具有重要生态价值的物种。放流前，所有鱼苗均经过严格的疫病检测和科学驯化。 引汉济渭工程始终坚持生态优先、绿色发展，严格落实环保"三同时"制度。在一期工程建设中，同 步建成黄金峡鱼类增殖站、生态鱼道、人工鱼巢等生态保护设施，黄金峡鱼道的过鱼效果获得国家相关 部门的高度评价。 ...

Core Viewpoint - The company, Haida Group, engaged with investors during an online event on September 19, 2025, discussing various aspects of its business development and future goals. Group 1: Business Goals and Performance - The company aims to achieve a feed sales target of 51.5 million tons by 2030, with 14.7 million tons already realized in the first half of 2025. The short-term goal is to reach an additional 3 million tons by 2025, and the overseas feed sales are expected to reach 7.2 million tons by 2030 [2] - The company reported a revenue of 770 million yuan from its seedling business, primarily from shrimp seedlings, but did not disclose the revenue breakdown or future growth expectations for the next three years [2] - Poultry feed sales increased by 24%, despite the overall losses in the poultry farming industry, showcasing the company's ability to leverage its R&D and professional advantages to meet diverse consumer needs [2] Group 2: Competitive Advantages and Cost Structure - The company's core competitive advantage lies in its R&D-driven superior feed products, quality seedling solutions, and a technical service system that creates value for customers and enhances customer loyalty [2] - The cost structure for pig farming includes costs for piglets and fattening, with a decrease in fattening costs due to falling raw material prices, although the company did not specify the advantages of its "light asset model" compared to industry averages [2] - The company is leading innovations in front-end pig feed products, integrating various technologies to promote animal growth and health [2] Group 3: Aquaculture and Shrimp Feed Growth - Aquaculture feed sales grew by 16%, driven by the "seedling + feed + medicine + management" approach for South American white shrimp, although specific growth figures were not provided [2]

Group 1: Feed Business Goals - The target feed sales volume for 2030 is 51.5 million tons, with a short-term goal of an increase of 3 million tons by 2025 [2] - In the first half of 2025, 14.7 million tons of feed sales have already been achieved [2] - The overseas feed sales volume is expected to reach 7.2 million tons by 2030 [2] Group 2: Aquaculture and Shrimp Farming - The survival rate and yield per acre of factory-farmed shrimp have significantly improved compared to traditional methods, leading to reduced costs [3] - The company’s shrimp seed business generated revenue of 770 million yuan, with a focus on shrimp and fish seed sales [3] Group 3: Poultry and Pig Feed Performance - Poultry feed sales increased by 24%, despite the overall industry facing losses and intense competition [3] - The company achieved a 43% increase in pig feed sales, with technological advantages in front-end feed products [4] - The cost of pig farming using a "light asset model" has improved due to advancements in breeding and resource allocation [4] Group 4: Water Feed and Overall Strategy - Water feed sales increased by 16%, with effective management solutions for South American white shrimp [4] - The company provides a comprehensive solution for farmers, including seeds, feed, medicine, and management guidance, enhancing its core competitiveness [4]

Group 1 - The Iranian government plans to launch hundreds of fisheries, mining, and port development projects nationwide to expand production, create jobs, and attract foreign investment [2] - In the fisheries sector, 155 projects will be initiated across 27 provinces with a total investment of approximately $4.25 million, focusing on cold-water fish farming, shrimp farming, and fish feed production among others [2] - The fisheries projects are expected to yield an annual increase of 10,136 tons of fish fry and 24 million juvenile fish upon completion [2] Group 2 - In the mining sector, 12 projects with a total investment of $2.3 billion will be launched, including iron and zinc projects and a copper power plant [2] - The port and maritime sector will see the initiation of 270 projects with a total investment of about $3.4 billion, focusing on port equipment upgrades and dock expansions [2]

Investment Rating - The investment rating for the company is "Outperform the Market" (maintained) [2][32]. Core Viewpoints - The company, Haida Group, is positioned as a high-quality asset in the agricultural and animal husbandry sector, with a focus on expanding its business from feed production to a comprehensive agricultural industry chain [3][32]. - The company aims to achieve a total feed sales volume of 14.7 million tons by the first half of 2025, representing a year-on-year increase of 25%, significantly exceeding the national growth rate of 7.7% [3]. - The company is actively responding to the "Belt and Road" initiative, expanding its international market presence, with overseas feed sales expected to grow by 40% to 2.4 million tons in 2024 [3][9]. - The management team is noted for its significant advantages, focusing on stable core business operations while exploring new business opportunities within the multi-trillion yuan agricultural market [3][32]. Summary by Sections Company Overview - Haida Group has been deeply involved in the agricultural and animal husbandry industry for nearly 30 years, establishing a closed-loop industrial chain that includes feed, seedlings, animal health, breeding, and processing [4]. - The company reported a revenue of 58.83 billion yuan in the first half of 2025, a year-on-year increase of 12.5%, with a net profit of 2.64 billion yuan, up 24.2% [4][8]. Business Segments - The feed segment achieved a revenue of 47.14 billion yuan in the first half of 2025, with a gross margin of 9.79% [8]. - The company’s feed sales volume reached 14.7 million tons in the first half of 2025, marking a 25% increase compared to the previous year, and its market share rose from 8.41% in 2024 to 9.27% [8][9]. - The agricultural product sales segment reported a revenue of 9.735 billion yuan, with a gross margin of 20.26% [10]. Future Growth and Projections - The company aims for a total feed sales volume of over 30 million tons by 2025, with a mid-term goal of reaching 51.5 million tons by 2030 [9]. - The projected net profits for 2025, 2026, and 2027 are 5.161 billion yuan, 5.868 billion yuan, and 6.665 billion yuan, respectively, with corresponding EPS of 3.10 yuan, 3.53 yuan, and 4.01 yuan [3][30][32]. - The company is expected to maintain a compound annual growth rate (CAGR) of 20% in overseas markets from 2024 to 2030 [3][9]. Management and Operational Efficiency - The company has established a highly efficient organizational structure that integrates procurement, research and development, sales, and production, which enhances its responsiveness to market demands [16][24]. - The management team has demonstrated a strong ability to maintain high asset turnover rates, with an average ROE of 19% from 2017 to 2024 [16][18].

Core Viewpoint - The Lingdong Reservoir, also known as Dong Lake, plays a crucial role in water resource management, irrigation, and ecological protection for the local population and agriculture in Lingshan County, despite facing challenges such as drought and water level fluctuations [2][3][6]. Group 1: Reservoir Management and Operations - The Lingdong Reservoir has a total dam length of 1,824 meters and a total capacity of 169 million cubic meters, with an effective capacity of 79 million cubic meters [2]. - The reservoir is currently under strict management to protect water sources, prohibiting feeding fish and fishing without approval, ensuring sustainable aquatic life [2]. - Despite recent drought conditions leading to the lowest water level in 60 years, the reservoir continues to supply between 100,000 to 500,000 cubic meters of water daily for irrigation, flood control, and drinking water for over 500,000 residents and 180,000 acres of farmland [2]. Group 2: Historical Significance and Development - The Lingdong Reservoir has been a vital resource for the local community for over 60 years, addressing historical issues of flooding and drought that have affected the region [3][5]. - The construction of the reservoir began in 1958, following significant government support, and was completed after five years of hard work by local residents, marking a significant achievement in water management [5]. - The reservoir has since contributed to local economic development, particularly in aquaculture, with the local fish seedling industry producing over 10 billion fry annually and generating an annual output value of 300 million yuan [6]. Group 3: Future Prospects and Regional Impact - The Lingdong Reservoir is an integral part of the Beibu Gulf water resource allocation project, which aims to provide reliable water supply for nearly 14 million people in regions including Nanning, Qinzhou, Beihai, and Yulin [6]. - The reservoir is expected to continue playing a significant role in regional development and ecological protection, enhancing water resource management in conjunction with other infrastructure projects [6].

Group 1: Core Perspective - The article discusses the transformation of D Town's fishing industry and the role of external capital in revitalizing rural economies, emphasizing the importance of capital infusion for sustainable development [1][12]. Group 2: Collective Economy and Strong Village Companies - The rapid urbanization has led to significant government investment in rural areas, with D Town attracting external companies like T Company through favorable policies, which include land and tax incentives [2][3]. - Strong village companies represent a fusion of collective economic structures and external capital, aiming for mutual benefits between villages and enterprises, thereby enhancing local economic growth [2][3]. Group 3: Village Vitality and Industrial Revitalization - T Company provides comprehensive support to local farmers, including technical guidance and guaranteed purchase of fish, which encourages more residents to engage in aquaculture and revitalizes the local economy [6][7]. - The establishment of T Company has led to the modernization of D Town's fishing industry, promoting a shift from traditional practices to a more organized and scalable approach, thus increasing local income [6][7][8]. Group 4: Capital Infusion and Farmer Benefits - Capital infusion helps connect farmers with larger markets, reducing risks associated with traditional farming methods and providing more stable income opportunities [10][11]. - However, there are concerns regarding the potential exploitation of farmers, as capital-driven practices may prioritize profit over local interests, leading to increased costs for resources like fish fry [11][12]. Group 5: Conclusion - The article concludes that while capital infusion is a viable solution for addressing funding shortages in rural development, it is crucial to ensure that farmers' interests are protected to achieve long-term stability and growth in rural areas [12].

Core Insights - The article highlights the development of the aquaculture industry in Dancheng County, Henan Province, focusing on the establishment of the Kangquan Ecological Aquaculture Base, which utilizes modern farming techniques to enhance productivity and economic benefits [1][2]. Group 1: Aquaculture Development - Dancheng County has revitalized 21,500 acres of abandoned ponds and idle land to promote modern aquaculture, aiming to increase agricultural efficiency, rural vitality, and farmers' income [1]. - The Kangquan Ecological Aquaculture Base employs an "ecological multi-layer mixed breeding" model, resulting in an increase of approximately 2,000 pounds per acre in yield and a 19% improvement in economic benefits compared to traditional methods [1]. - The county has successfully applied for a provincial-level fishery industry demonstration park project and collaborates with local research institutions to promote modern aquaculture technologies [1]. Group 2: Industry Management and Support - Dancheng County established a Fishery Development Association, involving 98 aquaculture households and cooperatives, which has positively impacted over 1,000 farmers [2]. - A fishery big data management platform has been created to monitor aquaculture conditions remotely and provide online expert diagnosis and services, enhancing the digital management of the industry [2]. - The county has implemented a development plan for the aquaculture industry, committing at least 20 million yuan annually to support enterprises with strong income-generating capabilities and offering financial incentives for top-performing towns in aquaculture development [2].

Core Insights - The report highlights the significant trends in agricultural production during the spring plowing season, emphasizing the digital transformation of logistics and the clustering of agricultural material industries [1][6] - The rise of specialty agriculture is leading to an accelerated expansion of aquaculture into inland regions, reflecting a shift in agricultural practices [1][6] Group 1: Agricultural Material Transportation - The report indicates a trend towards the clustering of agricultural machinery transportation, with large equipment production becoming centralized while smaller and specialty machinery is developing regionally [2][4] - Key provinces for agricultural machinery transportation include Hebei, Shandong, Inner Mongolia, Jiangsu, Xinjiang, and Henan, with cities like Cangzhou and Xingtai showing high transportation volumes [4][5] - The report notes that the digitalization of road freight is enhancing the efficiency of spring agricultural material transportation, linking multiple industries [1][6] Group 2: Aquaculture Expansion - The report outlines the growing trend of aquaculture moving inland, with regions like Northwest, North China, and Northeast China starting to cultivate shrimp, crabs, and fish in saline-alkali lands [6][8] - Significant transportation volumes for fish fry are reported from provinces such as Fujian, Guangdong, Hubei, and Jiangsu, with specific cities like Zhangzhou and Xiamen being prominent [6][7] - The data indicates that the transportation of crab fry is concentrated in provinces like Jiangsu, Liaoning, and Anhui, with cities such as Nantong and Suzhou leading in transportation volumes [7][8]