Investment Rating - The report maintains an "Outperform" rating for the company [1][5]. Core Insights - Despite a decline in revenue for the third quarter, the company continues to maintain good profit expansion, with a high growth trend observed in the first three quarters of 2025. The company is expected to continue gaining market share in the future [1][5]. - Both domestic and international markets have shown rapid growth, with the domestic market growing by 21.12% to RMB 379 million and the international market growing by 32.37% to RMB 936 million in the first three quarters of 2025 [3][9]. - The company has plans for capacity expansion, including new plants and production lines, which are expected to enhance future market share [5][9]. Financial Summary - The total revenue for 2025 is projected to be RMB 1.837 billion, with a year-on-year growth of 29.5%. The net profit attributable to shareholders is expected to reach RMB 378 million, reflecting a growth of 44.8% [4][5]. - The earnings per share (EPS) forecast for 2025-2027 is projected at RMB 1.11, RMB 1.33, and RMB 1.61 respectively, while the book value per share (BPS) is expected to be RMB 8.47, RMB 9.37, and RMB 10.45 [5][9]. - The company’s gross profit margin (GPM) for the first three quarters of 2025 was 24.38%, with a slight decrease of 1.14 percentage points compared to the previous year [5][9]. Capacity Expansion Plans - The company has established a plant in Xinjiang Aksu in 2023 and signed a strategic cooperation agreement in May 2024 for further capacity investment in Shaanxi Province. Additionally, plans are in place to invest in a juice processing line in Liaoning Province, which is expected to process 120,000 tons of apples and pears annually, generating approximately RMB 200 million in revenue [5][9].

Core Insights - The article highlights the top and bottom AH share premium rates as of October 31, with Northeast Electric (00042) leading at 847.37% and Ningde Times (03750) at -16.62% [1][2][3] Top AH Share Premium Rates - Northeast Electric (00042) has a premium rate of 847.37% with H-share priced at HKD 0.285 and A-share at CNY 2.25 [2][3] - Hongye Futures (03678) follows with a premium rate of 249.09%, H-share at HKD 3.850 and A-share at CNY 11.22 [2][3] - Andeli Juice (02218) also has a premium rate of 249.06%, with H-share at HKD 15.960 and A-share at CNY 46.51 [2][3] Bottom AH Share Premium Rates - Ningde Times (03750) shows a premium rate of -16.62%, with H-share at HKD 558.500 and A-share at CNY 388.77 [2][3] - China Merchants Bank (03968) has a premium rate of 0.70%, with H-share at HKD 48.640 and A-share at CNY 40.89 [2][3] - Heng Rui Pharmaceutical (01276) has a premium rate of 2.18%, with H-share at HKD 75.200 and A-share at CNY 64.15 [2][3] Top AH Share Deviation Values - Changfei Optical Fiber (06869) has the highest deviation value at 30.17%, with H-share at HKD 35.820 and A-share at CNY 85 [1][2] - Fudan Zhangjiang (01349) follows with a deviation value of 25.11%, H-share at HKD 3.270 and A-share at CNY 9.31 [1][2] - Shandong Molong (00568) has a deviation value of 22.49%, with H-share at HKD 4.100 and A-share at CNY 7.24 [1][2] Bottom AH Share Deviation Values - CNOOC Services (02883) has the lowest deviation value at -12.82%, with H-share at HKD 7.570 and A-share at CNY 14.39 [4] - First Tractor Company (00038) follows with a deviation value of -11.21%, H-share at HKD 7.830 and A-share at CNY 13.04 [4] - COSCO Shipping Energy (01138) has a deviation value of -10.47%, with H-share at HKD 11.000 and A-share at CNY 13.49 [4]

Core Viewpoint - Andeli is a leading enterprise in the concentrated juice sector in China, showcasing significant investment value due to its full industry chain advantages and strong financial performance [1]. Financial Performance - In Q3 2025, Andeli achieved a revenue of 1.321 billion yuan, ranking third among six companies in the industry, surpassing the industry average of 971 million yuan and the median of 864 million yuan [2]. - The company's net profit for the same period was 284 million yuan, ranking second in the industry, exceeding the industry average of 91 million yuan and the median of 36 million yuan [2]. Profitability and Debt Management - As of Q3 2025, Andeli's debt-to-asset ratio was 6.24%, an increase from 4.95% year-on-year, but significantly lower than the industry average of 39.87%, indicating strong debt management [3]. - The gross profit margin for Q3 2025 was 24.38%, slightly down from 25.53% year-on-year, yet still above the industry average of 12.02%, reflecting robust profitability [3]. Shareholder Information - As of September 30, 2025, the number of A-share shareholders decreased by 23.79% to 7,003, while the average number of circulating A-shares held per account increased by 31.22% to 38,600 [5]. Management Compensation - The chairman, Wang An, received a salary of 80,000 yuan in 2024, unchanged from 2023, while the president, Zhang Hui, saw a reduction in salary to 26,700 yuan, down by 174,800 yuan from the previous year [4]. Future Outlook - Guotai Junan Securities maintains an "overweight" rating for Andeli, forecasting EPS of 1.17, 1.47, and 1.79 yuan per share for 2025-2027, with a target price of 53.40 yuan per share based on a 6x PB for 2025E [6]. - The company is expected to continue high growth, with a 39.18% year-on-year increase in apple juice production in 2024 and a 28.6% increase in inventory by the end of 2024 [6]. - Andeli is expanding its production capacity with new facilities planned in Xinjiang, Shaanxi, and Liaoning, which will enhance its market share [6].

Core Insights - Company Andeli (605198.SH) reported a total operating revenue of 1.32 billion yuan for Q3 2025, ranking 15th among disclosed peers [1] - The net profit attributable to shareholders was 284 million yuan, with net cash inflow from operating activities amounting to 841 million yuan [1] Financial Metrics - The latest debt-to-asset ratio is 6.24%, an increase of 1.30 percentage points compared to the same period last year [3] - The latest gross profit margin is 24.38%, a decrease of 1.14 percentage points year-on-year [3] - The return on equity (ROE) stands at 10.38% [3] - The diluted earnings per share (EPS) is 0.82 yuan [3] - The total asset turnover ratio is 0.46 times, ranking 15th among disclosed peers [3] - The inventory turnover ratio is 1.08 times, ranking 19th among disclosed peers [3] Shareholder Structure - The number of shareholders is 7,021, with the top ten shareholders holding 315 million shares, accounting for 92.22% of the total share capital [3] - The top shareholders include: - Hong Kong Central Clearing (Agent) Co., Ltd. - 20.9% - Donghua Fruit Industry Co., Ltd. - 17.2% - Shandong Andeli Group Co., Ltd. - 14.2% - Chengdu Unified Enterprise Food Co., Ltd. - 12.4% - China Pingan Investment Holdings Limited - 11.5% - Guangzhou Unified Enterprise Co., Ltd. - 6.25% - Qu Hao - 5.86% - Yantai Xing'an Investment Center (Limited Partnership) - 3.38% - Zhao Yiqun - 0.26% - Basic Pension Insurance Fund 903 Portfolio - 0.09% [3]

Group 1 - The core point of the article is that Andeli reported significant growth in its financial performance for the first three quarters of 2025, with revenue and net profit both showing substantial year-on-year increases [1] Group 2 - For the first three quarters, Andeli achieved revenue of approximately 1.321 billion yuan, representing a year-on-year increase of 28.88% [1] - The company reported a net profit attributable to shareholders of approximately 284 million yuan, which is a year-on-year increase of 43.38% [1]

Core Insights - Andeli (605198.SH) reported its Q3 2025 results, revealing that as of October 29, 2025, eight institutional investors held a total of 223 million shares, representing 65.41% of the company's total equity [1] - The proportion of shares held by institutional investors decreased by 1.15 percentage points compared to the previous quarter [1] Institutional Holdings - The institutional investors include Donghua Fruit Industry Co., Ltd., Shandong Andeli Group Co., Ltd., Chengdu Unified Enterprise Food Co., Ltd., China Pingan Investment Holdings Limited, Guangzhou Unified Enterprise Co., Ltd., Yantai Xing'an Investment Center (Limited Partnership), Hong Kong Central Clearing (Agent) Co., Ltd., and the Basic Pension Insurance Fund 903 Combination [1] - The number of public funds that did not disclose holdings this quarter totaled 42, including Southern Core Growth Mixed A, Southern Innovation Growth Mixed A, Southern Preferred Value Mixed A, Tianhong CSI Food and Beverage ETF, and Southern Innovation Selected One-Year Open Mixed Initiation A [1] Foreign Investment - One foreign fund, Hong Kong Central Clearing (Agent) Co., Ltd., reduced its holdings compared to the previous quarter, with a slight decrease in shareholding percentage [2] - A new foreign institution, Donghua Fruit Industry Co., Ltd., was disclosed this quarter, while the same institution was not reported in the previous quarter [2]

Core Viewpoint - Andeli Juice (605198) reported significant growth in revenue and net profit for the first three quarters of 2025, indicating strong operational performance and market demand [1] Financial Performance - The company achieved a revenue of 1.321 billion RMB, representing a year-on-year increase of 28.88% [1] - Net profit attributable to shareholders reached 283 million RMB, marking a year-on-year growth of 43.38% [1] - After excluding non-recurring gains and losses, the net profit was 276 million RMB, reflecting a year-on-year increase of 37.67% [1] - Basic earnings per share stood at 0.82 RMB [1]

Core Insights - The company reported a revenue of 373 million yuan for Q3 2025, a year-on-year decrease of 5.06%, while net profit attributable to shareholders was 83 million yuan, an increase of 29.00% [1] - The decline in revenue is attributed to high shipments in Q2, but the company expects rapid revenue growth for the full year [1] - Domestic market revenue for Q3 was 106 million yuan, up 13.9% year-on-year, while international market revenue was 263 million yuan, down 11.5% year-on-year, indicating seasonal fluctuations [1] Financial Performance - Gross margin improved to 25.53%, an increase of 3.22 percentage points year-on-year [2] - The expense ratio decreased, primarily due to a reduction in financial expenses, with a total expense ratio of 5.02%, down 0.53 percentage points year-on-year [2] - Net profit margin for Q3 was 22.14%, up 5.85 percentage points year-on-year, driven by lower credit impairment losses [2] Capacity Expansion and Market Position - The company is expanding production capacity and diversifying its product matrix, which is expected to enhance market share [2] - Recent expansions in Akesu and Yan'an, along with new projects for decolorized and deacidified concentrated juice and NFC juice, will better meet customer demand and drive revenue growth [2] Investment Outlook - Projected revenues for 2025-2027 are 1.894 billion, 2.175 billion, and 2.393 billion yuan, representing year-on-year growth rates of 33.56%, 14.86%, and 10.00% respectively [3] - Expected net profits for the same period are 399 million, 438 million, and 490 million yuan, with growth rates of 52.92%, 9.96%, and 11.89% respectively [3] - The projected price-to-earnings ratios for 2025-2027 are 39.9, 36.3, and 32.4 times [3]

Core Viewpoint - Andeli Juice (02218.HK) reported significant growth in revenue and net profit for the first three quarters of 2025, indicating strong operational performance and market demand [1] Financial Performance - The company achieved a revenue of 1.321 billion RMB, representing a year-on-year increase of 28.88% [1] - Net profit attributable to shareholders reached 283 million RMB, marking a year-on-year increase of 43.38% [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 276 million RMB, reflecting a year-on-year increase of 37.67% [1] - Basic earnings per share stood at 0.82 RMB [1]

Core Viewpoint - Andeli Juice (02218) reported a significant increase in revenue and net profit for the first three quarters of 2025, driven by a rise in customer orders and sales of concentrated juice [1] Financial Performance - The company's operating revenue reached approximately 1.321 billion yuan, representing a year-on-year growth of 28.88% [1] - The net profit attributable to shareholders was about 284 million yuan, showing a year-on-year increase of 43.38% [1] - Basic earnings per share stood at 0.82 yuan [1] Sales Growth Drivers - The increase in net profit is primarily attributed to a substantial rise in the sales volume of concentrated juice due to increased customer orders during the period from January to September 2025 [1]