香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何部份內容而產生或因倚賴 該等內容而引致的任何損失承擔任何責任。 YIHAI INTERNATIONAL HOLDING LTD. 頤海國際控股有限公司 （於開曼群島註冊成立的有限公司） （股份代號：1579） 截至2025年6月30日止六個月 中期業績 頤海國際控股有限公司（「本公司」）董事會（「董事會」）欣然宣佈本公司及其附屬 公司（「本集團」或「我們」）截至2025年6月30日止六個月（「報告期」）的未經審計 綜合中期業績，連同2024年同期的比較數字。 本集團財務摘要 1 • 截至2025年6月30日止六個月的收入為人民幣2,927.4百萬元，而截至2024 年6月30日止六個月為人民幣2,926.9百萬元，維持穩定。 • 截至2025年6月30日止六個月的毛利為人民幣865.0百萬元，較截至2024年 6月30日止六個月的人民幣877.5百萬元減少1.4%。 • 截至2025年6月30日止六個月的經營利潤為人民幣430.5百萬元，較截至 2024年6月30日止 ...

热衷科技成长股的葛卫东，突然"喝起了"黄酒。 会稽山（601579）半年报显示，截至6月30日，葛卫东新进为会稽山前十大流通股东。此外，葛贵莲也新进成为公司前十大流通股东，二者合计持股数量 超过1800万股。从会稽山股价走势看，从今年3月底到5月底，区间最大涨幅一度超过150%。 大手笔买入 会稽山半年报显示，截至6月30日，葛卫东成为会稽山新进前十大流通股东，持股数量为497.15万股。值得注意的是，葛贵莲同样大手笔买入会稽山，持 股数量为1380.2万股。梳理发现，葛卫东与葛贵莲是亲属关系。天眼查数据显示，葛卫东、葛贵莲均是上海混沌投资有限公司的股东。 | 股东名称 | 股东 股 | 持股数量(股) | 占息股本比 | 占无限售流通股 | 较上期持股变动 | | --- | --- | --- | --- | --- | --- | | | | | 例(%) | 比例(%) | 数(股) | | 中建信(浙江)创业投资有限公司 | 投资公司 | 149.158.200 | 31.11 | 31.11 | 不变 | | 浙江中国轻纺城集团股份有限公司 | 其它 | 102.000.000 | 21.27 | ...

格隆汇8月13日丨颐海国际(01579.HK)宣布，本公司将于2025年8月25日（星期一）举行董事会会议，其 中议程包括审议及批准本公司及其附属公司截至2025年6月30日止六个月的中期业绩及其刊发，以及考 虑派发中期股息的建议（如有）。 ...

（於開曼群島註冊成立的有限公司） 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因倚 賴該等內容而引致的任何損失承擔任何責任。 YIHAI INTERNATIONAL HOLDING LTD. 頤海國際控股有限公司 董事長 施永宏 香港，2025年8月13日 於本公告日期，本公司執行董事為施永宏先生、郭強先生、孫勝峰先生、舒萍女 士及趙曉凱先生；本公司非執行董事為張勇先生；以及本公司獨立非執行董事為 崔勁女士、王新先生及李平女士。 （股份代號：1579） 董事會召開日期 頤海國際控股有限公司（「本公司」）之董事會（「董事會」）謹此宣佈，本公司將於 2025年8月25日（星期一）舉行董事會會議，其中議程包括審議及批准本公司及其 附屬公司截至2025年6月30日止六個月之中期業績及其刊發，以及考慮派發中期 股息之建議（如有）。 承董事會命 頤海國際控股有限公司 ...

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年7月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 頤海國際控股有限公司 呈交日期: 2025年8月1日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01579 | 說明 | 不適用 | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 5,000,000,000 | USD | | 0.00001 USD | | 50,000 | | 增加 / 減少 (-) | | | 0 | | | USD | | 0 | | 本月底結存 | | | 5,000,000,000 | USD | | 0.00001 USD | | 50,000 | 本月底法定/註冊股本總額： USD 50,0 ...

Core Viewpoint - CICC has downgraded the profit forecast for Yihai International (01579) for 2025 and 2026 by 9% and 7% to 790 million and 890 million respectively, due to the impact of related parties [1] Group 1: Revenue and Growth Expectations - For 1H25, third-party revenue is expected to grow in the single digits year-on-year, with hot pot base material expected to see high single-digit growth due to price adjustments and new product launches [2] - The company anticipates a 30% year-on-year growth in overseas revenue for the first half of 2025, indicating strong performance in international markets [2] Group 2: Profitability and Cost Management - The gross profit margin for 1H25 is expected to remain stable year-on-year, with overall net profit margin and net profit also projected to be flat compared to the previous year [3] - Increased logistics costs due to overseas business development are expected to impact overall sales expense ratios, although government subsidies and foreign exchange gains may offset some of these costs [3] Group 3: Strategic Adjustments and Future Outlook - The company is implementing a channel refinement strategy to enhance revenue growth in the second half of the year, focusing on direct sales and improving coverage in key accounts [4] - Long-term growth potential is anticipated from the expansion of overseas markets and the development of other B-end businesses, with expectations for double-digit revenue growth in the second half of the year [4]

Macro and Strategy - June financial data shows a significant rebound in credit, with new social financing reaching 4.20 trillion yuan, exceeding expectations of 3.71 trillion yuan, and new RMB loans at 2.24 trillion yuan, surpassing the forecast of 1.84 trillion yuan [8][9][10] - The M2 money supply grew by 8.3% year-on-year, indicating a recovery in domestic economic momentum as private sector balance sheet expansion improves [8][9] - The "seesaw effect" between government financing and corporate loans has weakened, suggesting a shift in credit dynamics as local governments approach their annual debt targets [9][10] Retail Industry - The jewelry market is projected to grow steadily, with the market size reaching 728 billion yuan in 2024, reflecting a compound annual growth rate of 3.6% since 2019 [11][12] - The top five companies in the jewelry sector hold a market share of 41.4%, indicating increasing industry concentration as consumer preferences shift towards quality and design [11][12] - The retail sector is benefiting from the recent Amazon Prime Day, which generated an estimated $24.1 billion in sales, a 30% increase year-on-year, highlighting the growth potential in cross-border e-commerce [13][14] Food and Beverage Industry - The food and beverage sector saw a 0.92% increase, underperforming the Shanghai Composite Index by 0.17 percentage points [14] - The liquor market is stabilizing, with major brands focusing on brand positioning and market health, while the overall demand remains under pressure [15][16] - Recommendations include leading brands like Kweichow Moutai and Wuliangye, which have shown resilience and potential for recovery [15][16] Construction and Building Materials - The construction materials sector is expected to improve due to a shift towards healthy competition and urban renewal initiatives, with a focus on technological innovation [17][18] - Cement prices have stabilized, with a slight decrease of 0.4% week-on-week, while demand remains steady despite seasonal fluctuations [17][18] - Recommendations include companies like Three Trees and China National Building Material, which are well-positioned to benefit from domestic demand [18] Computer Industry - The AI ASIC market is rapidly expanding, with a projected market size growth from $14.8 billion in 2024 to $83.8 billion by 2030, reflecting a compound annual growth rate of 33.5% [19][20] - The price advantage of AI ASIC chips over GPUs is significant, with average prices of $5,236 compared to $8,001 for GPUs, making them more attractive for specific applications [19][20] - Companies like Google and Amazon are accelerating their development of ASIC chips, indicating strong future demand in this sector [21] Home Appliances - The home appliance sector is experiencing stable growth in domestic sales, driven by government subsidies, while exports face challenges due to high bases and tariff impacts [22][23] - White goods are seeing a slight increase in domestic sales, with air conditioning units showing a 9.5% growth in domestic shipments [22][23] - Recommendations include leading brands such as Midea and Gree, which are expected to maintain strong performance [22][23] Pharmaceutical Industry - Merck's acquisition of Verona for $10 billion aims to enhance its portfolio with a new COPD treatment, indicating strong growth potential in respiratory therapies [27][28] - WuXi AppTec is projected to achieve a 102% increase in net profit for the first half of 2025, reflecting robust operational performance [29] - The pharmaceutical sector is showing resilience, with a focus on innovative treatments and strategic acquisitions [27][28] Coal Industry - The coal market is expected to stabilize as domestic production increases and imports decrease, with a projected production of 4.85 billion tons in 2025, a 2% increase year-on-year [31][32] - Demand for coal is anticipated to improve in the second half of the year, particularly for non-electric uses such as chemical production [33] - Recommendations include leading coal companies like China Shenhua and China Coal Energy, which are well-positioned to benefit from market dynamics [34] Electronics Industry - The electronics sector is experiencing positive momentum, with a 0.93% increase in stock performance, driven by strong demand in the optical and semiconductor segments [34] - The industry is expected to see significant catalysts in the coming months, particularly in the context of AI and cloud computing advancements [34] - Companies involved in ASIC development are likely to benefit from the ongoing trends in computing and data processing [34]

Investment Rating - The report maintains an "Outperform the Market" rating for the food and beverage sector [4][5][73]. Core Views - The liquor sector is showing signs of bottoming out, with a focus on the mid-year performance of the sector. The overall sentiment is improving due to policy expectations aimed at boosting domestic demand, leading to a recovery in the liquor sector after significant declines [2][11][13]. - The beer and beverage segments are entering a peak season, with expectations for strong mid-year performance. Companies like Yanjing Beer and Zhujiang Beer are projected to achieve substantial profit growth due to cost reduction and efficiency improvements [14][15][20]. - The report emphasizes the importance of consumer engagement and market health for liquor companies, suggesting a shift towards internationalization and targeting younger demographics [2][11][13]. Summary by Sections Liquor Sector - The liquor index rose by 1.4% this week, with major brands like Kweichow Moutai and Wuliangye focusing on brand strength and service enhancement. The sector is expected to recover from low valuations, although demand pressures remain significant [2][11][13]. - Recommended stocks include Kweichow Moutai, Shanxi Fenjiu, and Luzhou Laojiao, which have demonstrated strong risk resilience [2][11][13]. Consumer Goods - The beer segment is expected to benefit from seasonal demand, with Yanjing Beer and Zhujiang Beer forecasting a 40% to 50% increase in net profit for the first half of 2025 [14][15]. - The snack sector is experiencing volatility, with a recommendation for companies with strong performance certainty, such as Wei Long and Yan Jin [16]. - In the condiment sector, leading companies are expected to show resilience, with a focus on policy developments that could enhance the restaurant industry's vitality [17]. Frozen Foods and Dairy - Frozen food companies are actively developing new products to cater to both B2B and B2C markets, with a focus on convenience and smaller packaging [18]. - The dairy sector is anticipated to see a gradual recovery in demand, supported by favorable policies and improved supply dynamics [19]. Beverages - The beverage industry is entering a peak season, with leading companies like Dongpeng Beverage expected to continue expanding their market presence [20].

Core Insights - The report indicates a stabilization in food and beverage demand, with signs of recovery becoming increasingly clear [1] - The core conclusion emphasizes a transition between old and new market dynamics, prioritizing market share [4] Industry Review - The food and beverage industry faced pressure in Q2 due to seasonal consumption declines and policy impacts, with significant differentiation among segments. Notably, the liquor and beer sectors were most affected, while beverages and snacks continued to show good growth [6] - Alcoholic beverages, particularly high-end liquor, are undergoing adjustments due to policy changes, while lower-alcohol options are experiencing growth. The report suggests monitoring long-term trading opportunities in the liquor sector [6][12] - The beverage sector remains robust, with double-digit growth expected in categories like electrolyte water and coconut water. The report highlights the upcoming IPO of a coconut water brand, projecting an 80% revenue growth for 2024 [6] - The snack industry is transitioning from channel expansion to category-driven growth, with strong momentum expected to continue into 2026 [6] - The restaurant supply chain is experiencing weak demand, but signs of stabilization are emerging, particularly in basic condiments and frozen prepared foods [6] Investment Recommendations - The report recommends focusing on sectors sensitive to policy changes, such as liquor, beer, and dairy products, with specific stock picks including Guizhou Moutai and Yanjing Beer [6] - It suggests selecting strong individual stocks with clear market share gains or strong earnings certainty, such as Dongpeng Beverage and Haitian Flavoring [6] - High dividend yields are highlighted as a significant safety net in the current weak market environment, with Chongqing Beer being a notable example [6] Liquor Sector Analysis - The liquor index has underperformed the broader market, with a 12% decline year-to-date, primarily due to weakening consumer demand and increased competition [12] - The report notes that the performance of individual liquor stocks has diverged, with some brands gaining market share while others struggle [13] - Guizhou Moutai's price has seen a significant decline, with a year-on-year drop exceeding 20%, impacting overall sector valuations [12][19] Profitability Forecasts - The report anticipates that many companies will struggle to meet their growth targets in 2025, with a general downward revision of revenue growth expectations [44] - It highlights that the external environment remains uncertain, putting pressure on demand, and companies are focusing on inventory reduction and sales promotion [45]

Group 1 - FWD Group, a life insurance company founded by Li Zeqiang, experienced a weak debut in the dark market, with a drop of 6.6% and a share price of HKD 38, raising approximately HKD 29.534 billion in net proceeds from the global offering [1] - The market's mixed reception of FWD Group's valuation reflects short-term concerns despite its long-term growth potential backed by Li Zeqiang [1] Group 2 - Hong Kong Exchanges and Clearing announced the appointment of Fan Wenchao as Managing Director and Head of Fixed Income and Currency Products, and Ni Jiyue as Managing Director and Head of OTC Clearing Platform [2] - The new management aims to enhance the fixed income and currency product ecosystem and improve services to meet global investor needs, thereby promoting the long-term development of Hong Kong's fixed income market [2] Group 3 - Rongda Technology is facing a lawsuit from Xiamen Top Electronics for alleged trade secret infringement, with a claim for damages totaling 200 million yuan [3] - This legal challenge may pressure Rongda Technology's reputation and stock price, particularly as a newly listed company, impacting investor confidence [3] Group 4 - Yihai International announced that independent non-executive director Peng Long is under investigation for serious violations of discipline and law [4] - This situation poses a challenge to Yihai International's corporate image and may affect investor confidence, highlighting the importance of corporate governance and compliance [4] Group 5 - The Hang Seng Index closed at 23916.06, down 0.64%, while the Hang Seng Tech Index and the National Enterprises Index also saw declines of 0.33% and 0.45%, respectively [5]