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 case highlights the complexities of property division in rural divorce cases, where emotional ties often outweigh financial considerations, and practical solutions are necessary for resolution [4]. Group 1: Case Background - The case involves a divorce property division dispute over 53 poultry, including 29 chickens, 22 geese, and 2 ducks, rather than traditional assets like real estate or savings [2]. - The couple, both rural residents, primarily relied on farming and livestock for income, with no significant assets other than a self-built house [2]. Group 2: Mediation Process - The judge proposed a specific distribution plan for the poultry, suggesting that the geese be divided by size and the ducks split evenly, while addressing the challenge of the odd number of chickens [3]. - The resolution involved cooking the extra chicken together, symbolizing a cooperative approach to their separation [3]. Group 3: Emotional and Social Dynamics - The case reflects a trend in rural divorce cases where property is simple but emotional ties are complex, necessitating a solution that both parties can accept [4]. - Despite the legal proceedings, the couple maintained a basic level of friendship, with the male party offering transportation to the female party after mediation [4].

Core Insights - The goose industry in Linzi County, Heilongjiang Province, is being promoted as a key driver for local economic development, with a projected total industry output value exceeding 800 million yuan in 2024, contributing to a 3.5% growth in the overall agricultural output [1][2] Group 1: Industry Development - Linzi County has established a "leading enterprise + cooperative + farmer" development model for white goose farming, with one large-scale breeding base of one million geese and two bases of 500,000 geese each [2] - The county plans to hatch 8 million goose chicks this year, with the total breeding scale expected to exceed 4 million geese [2] Group 2: Technological and Quality Improvements - The local government promotes green and scientific farming practices, introducing high-quality breeding geese and standardizing breeding techniques to enhance the quality of the geese [1][2] - The establishment of a modern slaughter line at Heilongjiang Zhonglin Tianheng Food Co., Ltd. allows for the processing capacity of over 6 million poultry annually, including geese and chickens [2] Group 3: Culinary and Cultural Integration - The "Iron Pot Goose" dish has become a renowned culinary specialty in Linzi, attracting many food enthusiasts due to its unique taste and preparation methods [2] - Linzi County is implementing six major projects to support the comprehensive development of the goose industry, including breeding, processing, culinary tourism, and local brand cultivation [2]