HAID GROUP(002311)2025-04-23 00:54Financial Performance - In 2024, the company achieved a revenue of CNY 114.601 billion, a slight decrease of 1.31% year-on-year, with a net profit of CNY 4.504 billion, an increase of 64.30% year-on-year [2] - In Q1 2025, the company reported a revenue of CNY 25.629 billion, a year-on-year increase of 10.60%, and a net profit of CNY 1.282 billion, up 48.99% year-on-year [2] Feed Sales and Market Share - In 2024, the company sold 26.52 million tons of feed, including approximately 2.1 million tons for internal use, representing a year-on-year growth of about 9% [2] - Domestic feed sales reached 22.06 million tons, a year-on-year increase of about 5%, while overseas feed sales were 2.36 million tons, up approximately 40% [2] - In Q1 2025, feed sales were approximately 5.95 million tons, reflecting a year-on-year growth of about 25% [2] Livestock Business - The company marketed approximately 6 million fat pigs in 2024, successfully turning around its pig farming business to profitability [2] - The company is focusing on a light-asset risk control model for its pig farming operations, which has yielded positive results [3] Industry Trends and Challenges - The aquaculture industry is experiencing favorable pricing for most fish species, with specific increases noted for certain varieties [3] - The exit of smallholders from the pig farming market is a significant trend, prompting the company to target family farms with strong profitability and larger-scale farming operations [3] - The feed industry is facing intensified competition, particularly in poultry feed, with smaller companies struggling to survive [4] Supply Chain and Raw Material Procurement - The company maintains a secure and controllable supply chain for feed raw materials, primarily sourcing corn domestically and soybeans from South America [3] - The company has a robust research and development team focused on animal nutrition and feed formulation, allowing it to adapt to fluctuations in raw material prices [3] Future Outlook - The company is exploring a light-asset, low-risk pig farming model, which is becoming increasingly clear [4] - Plans for overseas capital expenditures will proceed cautiously, with ongoing assessments in multiple countries [4]