HAID GROUP(002311)2025-03-03 00:58Group 1: Business Performance - In 2024, the company's total feed sales reached approximately 26.5 million tons, a year-on-year increase of about 9% [2] - External sales of poultry feed were approximately 12.7 million tons, up about 12% year-on-year [2] - External sales of pig feed were approximately 5.6 million tons, showing a slight decline of about 3% year-on-year [2] - External sales of aquatic feed reached approximately 5.8 million tons, a year-on-year increase of about 11% [2] - International feed sales reached approximately 2.4 million tons, a significant year-on-year increase of about 40% [2] Group 2: Future Goals - The short-term target for feed business is to achieve an additional 3 million tons by 2025 [4] - The mid-term target is to reach 51.5 million tons in sales by 2030, including 5 million tons for self-use and overseas sales [4] - The overseas feed sales target for 2030 is projected to reach 7.2 million tons [4] Group 3: International Expansion - The largest overseas feed sales region is Vietnam, with sales also occurring in Indonesia, Ecuador, and Egypt [5] - The company plans to expand into Southeast Asia, focusing on Indonesia, Bangladesh, and Malaysia, and into North and East Africa from Egypt [7] Group 4: Cost Management and Operations - The company is focusing on building its own breeding pig system, which is gradually taking shape [8] - The comprehensive breeding costs have shown significant improvement due to the integration of feed research and scale advantages [9] - The company is exploring a light-asset, low-risk, and stable pig breeding model [10] Group 5: Market Trends and Challenges - The company anticipates that the prices of some raw materials will gradually rise, influenced by macroeconomic factors [12] - The feed industry is experiencing intense competition, with ongoing consolidation and a shift towards companies that emphasize technological innovation and service [13] Group 6: Capital Expenditure - Future capital expenditures will focus on overseas capacity construction and expansion, while domestic efforts will be directed towards upgrading and modifying existing capacities [14] Group 7: Product Development - The company is expanding its seedling offerings beyond the competitive South American white shrimp to include tilapia, grass carp, and other traditional species [15]