<p><em>该公司已申请在香港上市，定位为全球收入增长带动动物蛋白需求上升的主要受益者</em></p>
<p><img src="https://imageproxy.pbkrs.com/https://contributor-assets.benzinga.com/wp-content/uploads/2026/01/21052222/%E5%B1%8F%E5%B9%95%E6%88%AA%E5%9B%BE_21-1-2026_13211_thebambooworks.com_-1024x679.jpeg?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://contributor-assets.benzinga.com/wp-content/uploads/2026/01/21052222/%E5%B1%8F%E5%B9%95%E6%88%AA%E5%9B%BE_21-1-2026_13211_thebambooworks.com_-1024x679.jpeg"/></p>
<p><em>图片来源：Bamboo Works</em></p>
<h4><strong>关键要点：</strong></h4>
<ul>
<li>海大，作为中国农业巨头广东海大集团的分拆公司，已申请在香港上市，承销商为摩根大通和中金公司</li>
<li>该公司将所有高质量的动物饲料及相关产品销售至中国以外，避免了其本国经济放缓的影响</li>
</ul>
<p>随着全球收入的增长，肉类和鱼类的需求不断增加，供应现代养殖和水产养殖基础饲料的公司可以在盈利方面占据有利位置。</p>
<p>其中一个竞争者，<strong>海大国际控股有限公司</strong>，希望通过在香港上市来增加其资金，向投资者提供一个技术驱动的农业业务，扎根于一些全球增长最快的市场。这家动物饲料制造商是从中国农业巨头广东海大集团分拆而来，上周提交了其 IPO 申请，并以摩根大通和中金公司作为承销商。聘请如此知名的交易商表明它希望通过此次股票发行筹集大量资金。</p>
<p>虽然海大是众多寻求在香港 IPO 复兴中获利的公司之一，但由于两个原因，该公司在近 400 个当前上市申请者中脱颖而出。</p>
<p>首先，海大希望让每个人都知道它与技术息息相关，这使其与传统农业企业区分开来，并使其成为快速扩张的农业科技行业的一部分。在其 536 页的 IPO 文件中，“技术” 一词出现了 130 次，包括其使命中提到的 “用技术赋能农业”。</p>
<p>海大的核心业务听起来并不算高科技，主要集中在为虾、鱼、鸡和猪等水生动物生产饲料。它以 “育种 - 饲料 - 动物健康” 的一体化模式提供这些产品，旨在为农民提供从高质量牲畜到优化饲料和动物疾病预防产品的一站式服务。这些产品的相互关联性帮助海大留住客户并提高其利润率。</p>
<p>而且，技术在所有三个业务领域中都发挥着重要作用。先进的亲本选择和遗传管理使海大能够培育出具有更强疾病抵抗力和更快生长速度的鱼和虾。该公司还利用技术制造更能增强动物健康的饲料，提高自身的生产效率。此外，它还开发环境调节剂、益生菌、免疫增强剂和其他保健产品，以提高动物生长和养殖的效率。</p>
<p>海大还以其所有收入均来自中国以外而闻名，体现了其名称中的 “国际” 部分。这使得公司免受中国经济状况变化的影响，这也是许多中国公司希望在经济放缓后实现的目标。在这种气候下，许多中国公司将全球扩张计划作为重要的地理多元化战略，而海大已经实现了这一目标。</p>
<h4><strong>稳健的财务状况</strong></h4>
<p>海大的全球、以技术为中心的战略似乎正在奏效，基于其稳健的财务表现。去年前三个季度，其收入同比增长三分之一，达到 112 亿元人民币（16 亿美元），增速快于 2024 年全年 27% 的年增长率，当年销售总额为 114 亿元人民币。</p>
<p>更重要的是，该公司的盈利能力正在改善。其毛利率从 2023 年的 12.9% 上升至去年前三个季度的 16.8%。在其 IPO 文件中引用的第三方研究显示，海大的采购成本低于行业平均水平，而其优越的毛利率得益于其双重采购模式，结合了集中和本地化的采购策略，以及配方创新。</p>
<p>海大的稳健利润率使其盈利能力舒适，且其净利润增长速度远快于收入。去年前三个季度，其利润同比增长 58%，达到 7.98 亿元人民币，已经远超 2024 年全年的数字。</p>
<p>结果显示，海大正在利用全球对动物饲料日益增长的需求，随着人口增长和收入增加，肉类和鱼类消费也在上升。特别是海大的专长——水产饲料的全球市场预计将在 2025 年至 2029 年间以每年 3.9% 的速度增长，该公司在其 IPO 招股说明书中引用了第三方研究。</p>
<p>海大的销售主要集中在亚洲、中东和南美的发展中市场。越南是其最大市场，2023 年占其总收入的 71%。去年这一比例降至不到 60%，这是其战略努力更好地实现销售地理多元化的结果。同时，厄瓜多尔和埃及的销售大幅增长，去年前三个季度合计占海大总收入的 20% 以上。该公司在印度、孟加拉国和印度尼西亚也设有生产基地。</p>
<p>但海大的风险也不少，以至于在其招股说明书中专门为此话题撰写了超过 50 页。该公司特别容易受到商品价格波动的影响，价格飙升可能迅速侵蚀甚至抹去其利润。此外，疾病爆发和自然灾害等事件可能会对其客户造成毁灭性影响，压制其产品需求。</p>
<p>该公司对越南及其他少数新兴市场的高度依赖使其面临一系列风险，如地区经济衰退、政治不稳定、货币波动和监管变化。另一个显著的警示信号是，海大通过不属于其客户的银行账户结算了相当大比例的销售额，海大表示这是越南和埃及普遍的做法。这使得公司可能面临对其自身及其客户的欺诈、洗钱和逃税的潜在指控。</p>
<p>与海大可比的上市公司包括 <strong>新希望六和</strong>（000876.SZ），这是一家大型综合饲料和养殖企业。新希望的股价在过去五年中损失了近 60% 的价值，这可能反映了投资者对中国经济健康状况不稳的担忧，这可能削弱消费者对肉类和农产品的需求。但即便在下滑之后，新希望的市盈率（P/E）仍高达 40 以上，尽管其市销率（P/S）却惨淡至 0.3。</p>
<p>海大并不像新希望那样依赖中国，尽管它也面临许多新兴市场的类似不确定性。不过，其更为多元化的地理布局，加上对技术的关注，使其成为一个吸引人的投资机会，尤其是在针对新兴市场的动物蛋白生产现代化方面。</p>
<p><em>要订阅 Bamboo Works 每周的免费通讯，请点击</em> 这里</p>
<p><strong><em>Benzinga 免责声明：本文来自一位未付费的外部贡献者。它不代表 Benzinga 的报道，并且未经过内容或准确性的编辑。</em></strong></p>

华安中证申万食品饮料ETF

华夏中证细分食品饮料产业主题ETF

海大集团

招商国证食品饮料ETF

<p>海大国际控股有限公司是广东海大集团的分拆公司，已申请在香港上市，旨在利用全球对动物蛋白日益增长的需求。该公司得到摩根大通和中金公司的支持，专注于技术驱动的农业解决方案，主要生产高质量的水产动物和牲畜饲料。由于所有收入均来自中国以外，海大在国内经济波动中相对独立。该公司报告称，去年前三个季度收入增长 33%，达到 112 亿元人民币（16 亿美元），盈利能力显著改善</p>

<p><em>The company has filed for a Hong Kong IPO, positioning itself as a key beneficiary of growing demand for animal protein as global incomes rise</em></p>
<div class="lb-trans"><p><em>该公司已申请在香港上市，定位为全球收入增长带动动物蛋白需求上升的主要受益者</em></p>
</div><p><img src="https://imageproxy.pbkrs.com/https://contributor-assets.benzinga.com/wp-content/uploads/2026/01/21052222/%E5%B1%8F%E5%B9%95%E6%88%AA%E5%9B%BE_21-1-2026_13211_thebambooworks.com_-1024x679.jpeg" alt="" original-src="https://contributor-assets.benzinga.com/wp-content/uploads/2026/01/21052222/%E5%B1%8F%E5%B9%95%E6%88%AA%E5%9B%BE_21-1-2026_13211_thebambooworks.com_-1024x679.jpeg"/></p>
<p><em>Image Credit: Bamboo Works</em></p>
<div class="lb-trans"><p><em>图片来源：Bamboo Works</em></p>
</div><h4><strong>Key Takeaways:</strong></h4>
<div class="lb-trans"><h4><strong>关键要点：</strong></h4>
</div><ul>
<li>Haid, a spinoff of Chinese agricultural giant Guangdong Haid Group, has filed for a Hong Kong IPO, backed by underwriting majors JPMorgan and CICC</li>
<li>The company sells all of its high-quality animal feed and related products outside China, insulating it from the economic slowdown in its home country</li>
</ul>
<div class="lb-trans"><ul>
<li>海大，作为中国农业巨头广东海大集团的分拆公司，已申请在香港上市，承销商为摩根大通和中金公司</li>
<li>该公司将所有高质量的动物饲料及相关产品销售至中国以外，避免了其本国经济放缓的影响</li>
</ul>
</div><p>As appetites for meat and fish grow globally with rising incomes, companies that supply feed that forms the backbone of modern husbandry and aquaculture can be in pole position to fatten their bottom lines.</p>
<div class="lb-trans"><p>随着全球收入的增长，肉类和鱼类的需求不断增加，供应现代养殖和水产养殖基础饲料的公司可以在盈利方面占据有利位置。</p>
</div><p>One such contender, <strong>Haid International Holdings Ltd.</strong>, is looking to fatten its coffers with a Hong Kong listing, offering investors a technology-focused agricultural business with growing roots in some of the world's fastest-growing markets. The animal feed maker, which has been spun off from Chinese agricultural giant Guangdong Haid Group, made its IPO filing last week, boasting JPMorgan and CICC as underwriters. The hiring of such big-name dealmakers suggests that it's looking to raise a substantial amount from this share sale.</p>
<div class="lb-trans"><p>其中一个竞争者，<strong>海大国际控股有限公司</strong>，希望通过在香港上市来增加其资金，向投资者提供一个技术驱动的农业业务，扎根于一些全球增长最快的市场。这家动物饲料制造商是从中国农业巨头广东海大集团分拆而来，上周提交了其 IPO 申请，并以摩根大通和中金公司作为承销商。聘请如此知名的交易商表明它希望通过此次股票发行筹集大量资金。</p>
</div><p>While Haid is among many companies seeking to capitalize on a renaissance for IPOs in Hong Kong, the company stands out from the crowd of nearly 400 current listing applicants for two reasons.</p>
<div class="lb-trans"><p>虽然海大是众多寻求在香港 IPO 复兴中获利的公司之一，但由于两个原因，该公司在近 400 个当前上市申请者中脱颖而出。</p>
</div><p>Firstly, Haid wants everyone to know it is all about technology, which sets it apart from conventional agricultural businesses and makes it a part of the fast-expanding agtech sector. The word &#34;technology&#34; appears 130 times in its 536-page IPO document, including in its stated mission of &#34;empowering agriculture with technology.&#34;</p>
<div class="lb-trans"><p>首先，海大希望让每个人都知道它与技术息息相关，这使其与传统农业企业区分开来，并使其成为快速扩张的农业科技行业的一部分。在其 536 页的 IPO 文件中，“技术” 一词出现了 130 次，包括其使命中提到的 “用技术赋能农业”。</p>
</div><p>Haid's core business doesn't necessarily sound very high-tech, centered primarily on producing feed for aquatic animals like shrimp and fish, as well as chickens and pigs. It offers those under an integrated &#34;breeding-feed-animal health&#34; model, with a goal of offering farmers a one-stop shop for everything from high-quality livestock to optimized feed and products for animal disease prevention. The interconnectedness of these products helps Haid retain customers and enhance its margins.</p>
<div class="lb-trans"><p>海大的核心业务听起来并不算高科技，主要集中在为虾、鱼、鸡和猪等水生动物生产饲料。它以 “育种 - 饲料 - 动物健康” 的一体化模式提供这些产品，旨在为农民提供从高质量牲畜到优化饲料和动物疾病预防产品的一站式服务。这些产品的相互关联性帮助海大留住客户并提高其利润率。</p>
</div><p>And technology plays an important role across all three business lines. Advanced broodstock selection and genetic management enable Haid to breed fish and shrimp with improved disease resistance and faster growth rates. The company also uses technology to make feed that better enhances animal health and improve its own production efficiency. In addition, it develops environmental conditioners, probiotics, immune enhancers, and other healthcare products to make animal growth and husbandry more efficient.</p>
<div class="lb-trans"><p>而且，技术在所有三个业务领域中都发挥着重要作用。先进的亲本选择和遗传管理使海大能够培育出具有更强疾病抵抗力和更快生长速度的鱼和虾。该公司还利用技术制造更能增强动物健康的饲料，提高自身的生产效率。此外，它还开发环境调节剂、益生菌、免疫增强剂和其他保健产品，以提高动物生长和养殖的效率。</p>
</div><p>Haid is also notable for generating all of its revenue outside China, living up to the &#34;international&#34; part of its name. This insulates the company from changes in economic conditions in China, something a lot of companies in the country want to achieve these days as the nation's economy slows after years of rapid growth and demand for many products softens. In this climate, many Chinese companies are playing up their global expansion plans as an important geographic diversification strategy – something Haid has already done.</p>
<div class="lb-trans"><p>海大还以其所有收入均来自中国以外而闻名，体现了其名称中的 “国际” 部分。这使得公司免受中国经济状况变化的影响，这也是许多中国公司希望在经济放缓后实现的目标。在这种气候下，许多中国公司将全球扩张计划作为重要的地理多元化战略，而海大已经实现了这一目标。</p>
</div><h4><strong>Solid financials</strong></h4>
<div class="lb-trans"><h4><strong>稳健的财务状况</strong></h4>
</div><p>Haid's global, technology-focused strategy seems to be working, based on its solid financial performance. In the first nine months of last year, its revenue jumped by a third year-on-year to 11.2 billion yuan ($1.6 billion), faster than the 27% annual growth it recorded for all of 2024, when its sales totaled 11.4 billion yuan.</p>
<div class="lb-trans"><p>海大的全球、以技术为中心的战略似乎正在奏效，基于其稳健的财务表现。去年前三个季度，其收入同比增长三分之一，达到 112 亿元人民币（16 亿美元），增速快于 2024 年全年 27% 的年增长率，当年销售总额为 114 亿元人民币。</p>
</div><p>More importantly, the company's profitability has been improving. Its gross profit margin climbed from 12.9% in 2023 to 16.8% in the first three quarters of last year. Citing third-party research in its IPO document, Haid says its procurement costs are below industry averages, while its superior gross profit margin owes to its dual-procurement model, which combines centralized and localized buying strategies, and formulation innovation.</p>
<div class="lb-trans"><p>更重要的是，该公司的盈利能力正在改善。其毛利率从 2023 年的 12.9% 上升至去年前三个季度的 16.8%。在其 IPO 文件中引用的第三方研究显示，海大的采购成本低于行业平均水平，而其优越的毛利率得益于其双重采购模式，结合了集中和本地化的采购策略，以及配方创新。</p>
</div><p>Haid's solid margins make it comfortably profitable, with its bottom line growing much faster than its revenue. In the first nine months of last year, its profit increased 58% year-on-year to 798 million yuan, already well exceeding the figure for all of 2024.</p>
<div class="lb-trans"><p>海大的稳健利润率使其盈利能力舒适，且其净利润增长速度远快于收入。去年前三个季度，其利润同比增长 58%，达到 7.98 亿元人民币，已经远超 2024 年全年的数字。</p>
</div><p>The results show Haid is riding growing demand for animal feed across the world as population expansion and growing incomes boost meat and fish consumption. Particularly, the global market for aquatic feed, Haid's specialty, is projected to grow at an annual clip of 3.9% from 2025 to 2029, the company said in its IPO prospectus, citing third-party research.</p>
<div class="lb-trans"><p>结果显示，海大正在利用全球对动物饲料日益增长的需求，随着人口增长和收入增加，肉类和鱼类消费也在上升。特别是海大的专长——水产饲料的全球市场预计将在 2025 年至 2029 年间以每年 3.9% 的速度增长，该公司在其 IPO 招股说明书中引用了第三方研究。</p>
</div><p>Haid's sales are squarely focused on developing markets in Asia, the Middle East and South America. Vietnam is its largest market, accounting for as much as 71% of its total revenue back in 2023. It reduced that proportion to a little less than 60% last year, a result of strategic efforts to better diversify its sales geographically. At the same time, sales in Ecuador and Egypt have grown substantially, together making up more than 20% of Haid's total revenue during the first nine months of last year. The company also has production bases in India, Bangladesh and Indonesia.</p>
<div class="lb-trans"><p>海大的销售主要集中在亚洲、中东和南美的发展中市场。越南是其最大市场，2023 年占其总收入的 71%。去年这一比例降至不到 60%，这是其战略努力更好地实现销售地理多元化的结果。同时，厄瓜多尔和埃及的销售大幅增长，去年前三个季度合计占海大总收入的 20% 以上。该公司在印度、孟加拉国和印度尼西亚也设有生产基地。</p>
</div><p>But risks for Haid are also abundant, to the point where it dedicated more than 50 pages to this topic in its prospectus. The company is particularly vulnerable to fluctuations in commodity prices, where a spike can quickly erode or even wipe out its margins. Additionally, events like disease outbreaks and natural disasters can devastate its customers, crushing demand for its products.</p>
<div class="lb-trans"><p>但海大的风险也不少，以至于在其招股说明书中专门为此话题撰写了超过 50 页。该公司特别容易受到商品价格波动的影响，价格飙升可能迅速侵蚀甚至抹去其利润。此外，疾病爆发和自然灾害等事件可能会对其客户造成毁灭性影响，压制其产品需求。</p>
</div><p>The company's heavy reliance on Vietnam and just a few other emerging markets also exposes it to a range of risks like regional economic downturns, political instability, currency fluctuations and regulatory changes. Another notable red flag is that Haid settles a significant share of its sales via bank accounts that don't belong to its customers, which it says is a prevalent practice in Vietnam and Egypt. That leaves the company susceptible to potential accusations of fraud, money laundering and tax evasion against both itself and its customers.</p>
<div class="lb-trans"><p>该公司对越南及其他少数新兴市场的高度依赖使其面临一系列风险，如地区经济衰退、政治不稳定、货币波动和监管变化。另一个显著的警示信号是，海大通过不属于其客户的银行账户结算了相当大比例的销售额，海大表示这是越南和埃及普遍的做法。这使得公司可能面临对其自身及其客户的欺诈、洗钱和逃税的潜在指控。</p>
</div><p>Listed companies that are comparable to Haid include <strong>New Hope Liuhe</strong> (000876.SZ), a large integrated feed and farming business. New Hope's shares have lost nearly 60% of their value in the past five years, probably reflecting investor concerns about China's wobbly economic health that can weaken consumer appetites for meat and agricultural products. But even after the slump, New Hope still commands a lofty price-to-earnings (P/E) ratio of more than 40, although its price-to-sales (P/S) ratio is a dismal 0.3.</p>
<div class="lb-trans"><p>与海大可比的上市公司包括 <strong>新希望六和</strong>（000876.SZ），这是一家大型综合饲料和养殖企业。新希望的股价在过去五年中损失了近 60% 的价值，这可能反映了投资者对中国经济健康状况不稳的担忧，这可能削弱消费者对肉类和农产品的需求。但即便在下滑之后，新希望的市盈率（P/E）仍高达 40 以上，尽管其市销率（P/S）却惨淡至 0.3。</p>
</div><p>Haid isn't reliant on China like New Hope, though it is exposed to many of the similar uncertainties that come with emerging markets. Still, its more diversified geographical outlay, combined with its technology focus, can make it an appealing play on the modernization of animal protein production targeting emerging markets.</p>
<div class="lb-trans"><p>海大并不像新希望那样依赖中国，尽管它也面临许多新兴市场的类似不确定性。不过，其更为多元化的地理布局，加上对技术的关注，使其成为一个吸引人的投资机会，尤其是在针对新兴市场的动物蛋白生产现代化方面。</p>
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</div><p><strong><em>Benzinga Disclaimer: This article is from an unpaid external contributor. It does not represent Benzinga’s reporting and has not been edited for content or accuracy.</em></strong></p>
<div class="lb-trans"><p><strong><em>Benzinga 免责声明：本文来自一位未付费的外部贡献者。它不代表 Benzinga 的报道，并且未经过内容或准确性的编辑。</em></strong></p>
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海大集团在动物蛋白需求日益增长的背景下申请香港 IPO