Guangdong Haida Group Co., Ltd. (Haida Group) announced on April 28 that its feed sales reached a record high in 2025, with a revenue increase of 12.1% year-on-year. However, the net profit attributable to the parent company decreased by 4.97%. Haida Group attributed this to a significant year-on-year decrease in profit from the company’s pig breeding business in 2025, exceeding 900 million yuan.
On April 28, the company known as the “China Feed King,” Haida Group, released its “2025 Annual Report.” The annual report showed that in 2025, “operating income was 128,468,230,914.96 yuan, an increase of 12.10% year-on-year; net profit attributable to shareholders of the listed company was 4,280,330,734.08 yuan, a decrease of 4.97% year-on-year; net profit attributable to shareholders of the listed company after deducting non-recurring gains and losses was 4,279,400,457.60 yuan, a decrease of 5.72% year-on-year.”
Additionally, the net cash flow generated from operating activities decreased by 21.71% year-on-year, and basic earnings per share declined by 4.80%.
The decline in various financial data led to a 1.14% year-on-year decrease in total assets.
The annual report indicated that profit from the pig breeding business of Haida Group decreased by over 900 million yuan year-on-year. The report attributed this to the continued decline in pig prices throughout 2025, remaining below breeding costs after September; furthermore, over 40% of piglets in the company’s breeding were purchased externally, and in 2025, the high price of piglets further squeezed the profit from pig breeding.
Overall, the pig breeding industry in China experienced a turn from profit to loss in 2025. According to monitoring by Zhuo Chuang Information, the average profit for self-bred pigs in 2025 was only 74.96 yuan per head, a year-on-year decrease of as much as 78.42%.
Furthermore, according to Jiemian News on April 21, pig companies were losing 300 to 500 yuan for every pig sold, and this situation had been ongoing for six months. In April, the average price of live pigs in China dropped to 8.67 yuan per kilogram, a decrease of over 41% compared to the previous year, with some regions falling below 8 yuan per kilogram, the lowest price since June 2010.
In the first quarter of 2026, Haida Group continued to face the dilemma of increasing revenue without increasing profits. According to the “2026 First Quarter Report” released on the 28th, operating income increased by 13.19% year-on-year, but the net profit attributable to shareholders of the listed company decreased by 30.82% year-on-year, and the net profit attributable to shareholders of the listed company after deducting non-recurring gains and losses plummeted by 55.51%.
According to the first quarter financial report, the main increase in operating income for Haida Group came from investment income primarily from futures. In the first quarter, investment income was 284 million yuan, a 721.26% increase compared to the same period last year, which was 34.62 million yuan. Haida Group stated, “The increase in the profit from closing futures positions mainly contributed to this.”
The Daily Economic News believes that in the first quarter, Haida Group’s total income related to futures exceeded 320 million yuan. If gains from non-core businesses such as futures investment were excluded, the profit data for Haida Group in the first quarter would face even greater challenges.
Public information shows that Guangdong Haida Group Co., Ltd. was established in 1998, headquartered in Guangzhou, Guangdong, and is an agricultural and animal husbandry company with core businesses in feed, seeds, biopharmaceuticals, smart farming, food distribution, and finance.
In February 2026, with an estimated value of 98 billion yuan, Haida Group ranked 154th in the Hurun China 500, earning the title of “China Feed King.”