<p><em>該公司已申請在香港上市，定位為全球收入增長帶動動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>圖片來源：Bamboo Works</em></p>
<h4><strong>關鍵要點：</strong></h4>
<ul>
<li>海大，作為中國農業巨頭廣東海大集團的分拆公司，已申請在香港上市，承銷商為摩根大通和中金公司</li>
<li>該公司將所有高質量的動物飼料及相關產品銷售至中國以外，避免了其本國經濟放緩的影響</li>
</ul>
<p>隨着全球收入的增長，肉類和魚類的需求不斷增加，供應現代養殖和水產養殖基礎飼料的公司可以在盈利方面佔據有利位置。</p>
<p>其中一個競爭者，<strong>海大國際控股有限公司</strong>，希望通過在香港上市來增加其資金，向投資者提供一個技術驅動的農業業務，紮根於一些全球增長最快的市場。這家動物飼料製造商是從中國農業巨頭廣東海大集團分拆而來，上週提交了其 IPO 申請，並以摩根大通和中金公司作為承銷商。聘請如此知名的交易商表明它希望通過此次股票發行籌集大量資金。</p>
<p>雖然海大是眾多尋求在香港 IPO 復興中獲利的公司之一，但由於兩個原因，該公司在近 400 個當前上市申請者中脱穎而出。</p>
<p>首先，海大希望讓每個人都知道它與技術息息相關，這使其與傳統農業企業區分開來，並使其成為快速擴張的農業科技行業的一部分。在其 536 頁的 IPO 文件中，“技術” 一詞出現了 130 次，包括其使命中提到的 “用技術賦能農業”。</p>
<p>海大的核心業務聽起來並不算高科技，主要集中在為蝦、魚、雞和豬等水生動物生產飼料。它以 “育種 - 飼料 - 動物健康” 的一體化模式提供這些產品，旨在為農民提供從高質量牲畜到優化飼料和動物疾病預防產品的一站式服務。這些產品的相互關聯性幫助海大留住客户並提高其利潤率。</p>
<p>而且，技術在所有三個業務領域中都發揮着重要作用。先進的親本選擇和遺傳管理使海大能夠培育出具有更強疾病抵抗力和更快生長速度的魚和蝦。該公司還利用技術製造更能增強動物健康的飼料，提高自身的生產效率。此外，它還開發環境調節劑、益生菌、免疫增強劑和其他保健產品，以提高動物生長和養殖的效率。</p>
<p>海大還以其所有收入均來自中國以外而聞名，體現了其名稱中的 “國際” 部分。這使得公司免受中國經濟狀況變化的影響，這也是許多中國公司希望在經濟放緩後實現的目標。在這種氣候下，許多中國公司將全球擴張計劃作為重要的地理多元化戰略，而海大已經實現了這一目標。</p>
<h4><strong>穩健的財務狀況</strong></h4>
<p>海大的全球、以技術為中心的戰略似乎正在奏效，基於其穩健的財務表現。去年前三個季度，其收入同比增長三分之一，達到 112 億元人民幣（16 億美元），增速快於 2024 年全年 27% 的年增長率，當年銷售總額為 114 億元人民幣。</p>
<p>更重要的是，該公司的盈利能力正在改善。其毛利率從 2023 年的 12.9% 上升至去年前三個季度的 16.8%。在其 IPO 文件中引用的第三方研究顯示，海大的採購成本低於行業平均水平，而其優越的毛利率得益於其雙重採購模式，結合了集中和本地化的採購策略，以及配方創新。</p>
<p>海大的穩健利潤率使其盈利能力舒適，且其淨利潤增長速度遠快於收入。去年前三個季度，其利潤同比增長 58%，達到 7.98 億元人民幣，已經遠超 2024 年全年的數字。</p>
<p>結果顯示，海大正在利用全球對動物飼料日益增長的需求，隨着人口增長和收入增加，肉類和魚類消費也在上升。特別是海大的專長——水產飼料的全球市場預計將在 2025 年至 2029 年間以每年 3.9% 的速度增長，該公司在其 IPO 招股説明書中引用了第三方研究。</p>
<p>海大的銷售主要集中在亞洲、中東和南美的發展中市場。越南是其最大市場，2023 年佔其總收入的 71%。去年這一比例降至不到 60%，這是其戰略努力更好地實現銷售地理多元化的結果。同時，厄瓜多爾和埃及的銷售大幅增長，去年前三個季度合計佔海大總收入的 20% 以上。該公司在印度、孟加拉國和印度尼西亞也設有生產基地。</p>
<p>但海大的風險也不少，以至於在其招股説明書中專門為此話題撰寫了超過 50 頁。該公司特別容易受到商品價格波動的影響，價格飆升可能迅速侵蝕甚至抹去其利潤。此外，疾病爆發和自然災害等事件可能會對其客户造成毀滅性影響，壓制其產品需求。</p>
<p>該公司對越南及其他少數新興市場的高度依賴使其面臨一系列風險，如地區經濟衰退、政治不穩定、貨幣波動和監管變化。另一個顯著的警示信號是，海大通過不屬於其客户的銀行賬户結算了相當大比例的銷售額，海大表示這是越南和埃及普遍的做法。這使得公司可能面臨對其自身及其客户的欺詐、洗錢和逃税的潛在指控。</p>
<p>與海大可比的上市公司包括 <strong>新希望六和</strong>（000876.SZ），這是一家大型綜合飼料和養殖企業。新希望的股價在過去五年中損失了近 60% 的價值，這可能反映了投資者對中國經濟健康狀況不穩的擔憂，這可能削弱消費者對肉類和農產品的需求。但即便在下滑之後，新希望的市盈率（P/E）仍高達 40 以上，儘管其市銷率（P/S）卻慘淡至 0.3。</p>
<p>海大並不像新希望那樣依賴中國，儘管它也面臨許多新興市場的類似不確定性。不過，其更為多元化的地理佈局，加上對技術的關注，使其成為一個吸引人的投資機會，尤其是在針對新興市場的動物蛋白生產現代化方面。</p>
<p><em>要訂閲 Bamboo Works 每週的免費通訊，請點擊</em> 這裏</p>
<p><strong><em>Benzinga 免責聲明：本文來自一位未付費的外部貢獻者。它不代表 Benzinga 的報道，並且未經過內容或準確性的編輯。</em></strong></p>

華安中證申萬食品飲料ETF

華夏中證細分食品飲料產業主題ETF

海大集團

招商國證食品飲料ETF

<p>海大國際控股有限公司是廣東海大集團的分拆公司，已申請在香港上市，旨在利用全球對動物蛋白日益增長的需求。該公司得到摩根大通和中金公司的支持，專注於技術驅動的農業解決方案，主要生產高質量的水產動物和牲畜飼料。由於所有收入均來自中國以外，海大在國內經濟波動中相對獨立。該公司報告稱，去年前三個季度收入增長 33%，達到 112 億元人民幣（16 億美元），盈利能力顯著改善</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>該公司已申請在香港上市，定位為全球收入增長帶動動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>圖片來源：Bamboo Works</em></p>
</div><h4><strong>Key Takeaways:</strong></h4>
<div class="lb-trans"><h4><strong>關鍵要點：</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，作為中國農業巨頭廣東海大集團的分拆公司，已申請在香港上市，承銷商為摩根大通和中金公司</li>
<li>該公司將所有高質量的動物飼料及相關產品銷售至中國以外，避免了其本國經濟放緩的影響</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>隨着全球收入的增長，肉類和魚類的需求不斷增加，供應現代養殖和水產養殖基礎飼料的公司可以在盈利方面佔據有利位置。</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>其中一個競爭者，<strong>海大國際控股有限公司</strong>，希望通過在香港上市來增加其資金，向投資者提供一個技術驅動的農業業務，紮根於一些全球增長最快的市場。這家動物飼料製造商是從中國農業巨頭廣東海大集團分拆而來，上週提交了其 IPO 申請，並以摩根大通和中金公司作為承銷商。聘請如此知名的交易商表明它希望通過此次股票發行籌集大量資金。</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>雖然海大是眾多尋求在香港 IPO 復興中獲利的公司之一，但由於兩個原因，該公司在近 400 個當前上市申請者中脱穎而出。</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，海大希望讓每個人都知道它與技術息息相關，這使其與傳統農業企業區分開來，並使其成為快速擴張的農業科技行業的一部分。在其 536 頁的 IPO 文件中，“技術” 一詞出現了 130 次，包括其使命中提到的 “用技術賦能農業”。</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>海大的核心業務聽起來並不算高科技，主要集中在為蝦、魚、雞和豬等水生動物生產飼料。它以 “育種 - 飼料 - 動物健康” 的一體化模式提供這些產品，旨在為農民提供從高質量牲畜到優化飼料和動物疾病預防產品的一站式服務。這些產品的相互關聯性幫助海大留住客户並提高其利潤率。</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，技術在所有三個業務領域中都發揮着重要作用。先進的親本選擇和遺傳管理使海大能夠培育出具有更強疾病抵抗力和更快生長速度的魚和蝦。該公司還利用技術製造更能增強動物健康的飼料，提高自身的生產效率。此外，它還開發環境調節劑、益生菌、免疫增強劑和其他保健產品，以提高動物生長和養殖的效率。</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>海大還以其所有收入均來自中國以外而聞名，體現了其名稱中的 “國際” 部分。這使得公司免受中國經濟狀況變化的影響，這也是許多中國公司希望在經濟放緩後實現的目標。在這種氣候下，許多中國公司將全球擴張計劃作為重要的地理多元化戰略，而海大已經實現了這一目標。</p>
</div><h4><strong>Solid financials</strong></h4>
<div class="lb-trans"><h4><strong>穩健的財務狀況</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、以技術為中心的戰略似乎正在奏效，基於其穩健的財務表現。去年前三個季度，其收入同比增長三分之一，達到 112 億元人民幣（16 億美元），增速快於 2024 年全年 27% 的年增長率，當年銷售總額為 114 億元人民幣。</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，該公司的盈利能力正在改善。其毛利率從 2023 年的 12.9% 上升至去年前三個季度的 16.8%。在其 IPO 文件中引用的第三方研究顯示，海大的採購成本低於行業平均水平，而其優越的毛利率得益於其雙重採購模式，結合了集中和本地化的採購策略，以及配方創新。</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>海大的穩健利潤率使其盈利能力舒適，且其淨利潤增長速度遠快於收入。去年前三個季度，其利潤同比增長 58%，達到 7.98 億元人民幣，已經遠超 2024 年全年的數字。</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>結果顯示，海大正在利用全球對動物飼料日益增長的需求，隨着人口增長和收入增加，肉類和魚類消費也在上升。特別是海大的專長——水產飼料的全球市場預計將在 2025 年至 2029 年間以每年 3.9% 的速度增長，該公司在其 IPO 招股説明書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>海大的銷售主要集中在亞洲、中東和南美的發展中市場。越南是其最大市場，2023 年佔其總收入的 71%。去年這一比例降至不到 60%，這是其戰略努力更好地實現銷售地理多元化的結果。同時，厄瓜多爾和埃及的銷售大幅增長，去年前三個季度合計佔海大總收入的 20% 以上。該公司在印度、孟加拉國和印度尼西亞也設有生產基地。</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>但海大的風險也不少，以至於在其招股説明書中專門為此話題撰寫了超過 50 頁。該公司特別容易受到商品價格波動的影響，價格飆升可能迅速侵蝕甚至抹去其利潤。此外，疾病爆發和自然災害等事件可能會對其客户造成毀滅性影響，壓制其產品需求。</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>該公司對越南及其他少數新興市場的高度依賴使其面臨一系列風險，如地區經濟衰退、政治不穩定、貨幣波動和監管變化。另一個顯著的警示信號是，海大通過不屬於其客户的銀行賬户結算了相當大比例的銷售額，海大表示這是越南和埃及普遍的做法。這使得公司可能面臨對其自身及其客户的欺詐、洗錢和逃税的潛在指控。</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>與海大可比的上市公司包括 <strong>新希望六和</strong>（000876.SZ），這是一家大型綜合飼料和養殖企業。新希望的股價在過去五年中損失了近 60% 的價值，這可能反映了投資者對中國經濟健康狀況不穩的擔憂，這可能削弱消費者對肉類和農產品的需求。但即便在下滑之後，新希望的市盈率（P/E）仍高達 40 以上，儘管其市銷率（P/S）卻慘淡至 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>海大並不像新希望那樣依賴中國，儘管它也面臨許多新興市場的類似不確定性。不過，其更為多元化的地理佈局，加上對技術的關注，使其成為一個吸引人的投資機會，尤其是在針對新興市場的動物蛋白生產現代化方面。</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 免責聲明：本文來自一位未付費的外部貢獻者。它不代表 Benzinga 的報道，並且未經過內容或準確性的編輯。</em></strong></p>
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海大集團在動物蛋白需求日益增長的背景下申請香港 IPO