Core Insights - The apple futures sector experienced a decline of 2.32% on November 11, with Andeli leading the drop [1] - The Shanghai Composite Index closed at 4002.76, down 0.39%, while the Shenzhen Component Index closed at 13289.0, down 1.03% [1] Sector Performance - The closing prices and percentage changes for key stocks in the apple futures sector are as follows: - Honghui Fruits and Vegetables: 10.41, +1.07% - Guotou Zhonglu: 21.12, -0.28% - ST Langyuan: 6.15, -0.32% - Xinyangfeng: 16.49, -0.48% - Great Wall Electric: 10.50, -3.05% - Andeli: 41.48, -8.03% [1] Capital Flow - The apple futures sector saw a net outflow of 109 million yuan from main funds, while retail funds had a net inflow of 71.61 million yuan [1] - The detailed capital flow for individual stocks indicates: - Guotou Zhonglu: Main funds -68,000 yuan, retail funds -105,450 yuan - ST Langyuan: Main funds -2.38 million yuan, retail funds +95,270 yuan - Honghui Fruits and Vegetables: Main funds -13.61 million yuan, retail funds +2.96 million yuan - Xinyangfeng: Main funds -23.36 million yuan, retail funds +1.62 million yuan - Great Wall Electric: Main funds -33.74 million yuan, retail funds +2.17 million yuan - Andeli: Main funds -35.68 million yuan, retail funds +419,840 yuan [2]

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10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: 烟台北方安德利果汁股份有限公司 (於中華人民共和國註冊成立之股份有限公司) 呈交日期: 2025年11月5日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | | 於香港聯交所上市 (註1) | 是 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 02218 | 說明 | 安德利果汁 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 70,664,000 | RMB | | | 1 RMB | | 70,664,000 | | 增加 / 減少 (-) | | | | | | | RMB | | | | 本月底結存 | | | 70,664,000 | RMB | | | 1 RMB | | 70 ...

Core Viewpoint - The stock of Andeli has experienced fluctuations, with a year-to-date increase of 66.18% but a recent decline in the last five trading days by 1.75% [1] Financial Performance - For the period from January to September 2025, Andeli achieved a revenue of 1.321 billion yuan, representing a year-on-year growth of 28.88% [2] - The net profit attributable to the parent company for the same period was 284 million yuan, showing a year-on-year increase of 43.38% [2] Stock Market Activity - As of November 10, Andeli's stock price was 45.40 yuan per share, with a market capitalization of 15.49 billion yuan [1] - The stock has been on the龙虎榜 four times this year, with the most recent appearance on September 12, where it recorded a net buy of -15.99 million yuan [1] Shareholder Information - As of September 30, 2025, Andeli had 7,021 shareholders, a decrease of 23.74% from the previous period [2] - The average number of circulating shares per shareholder increased by 31.22% to 38,631 shares [2] Dividend Distribution - Since its A-share listing, Andeli has distributed a total of 234 million yuan in dividends, with 198 million yuan distributed over the last three years [3] Institutional Holdings - As of September 30, 2025, the Southern Core Growth Mixed A fund has exited the list of the top ten circulating shareholders of Andeli [3]

Core Viewpoint - Andeli's stock price has shown significant volatility, with a year-to-date increase of 69.11%, but recent trading indicates a slight decline in the short term [1][2]. Financial Performance - For the period from January to September 2025, Andeli achieved a revenue of 1.321 billion yuan, representing a year-on-year growth of 28.88%. The net profit attributable to shareholders was 284 million yuan, reflecting a year-on-year increase of 43.38% [2]. Stock Market Activity - As of November 7, Andeli's stock price was 46.20 yuan per share, with a market capitalization of 15.763 billion yuan. The stock experienced a net outflow of 2.4567 million yuan in principal funds, with significant selling pressure observed [1]. - The stock has appeared on the "龙虎榜" (a list of stocks with significant trading activity) four times this year, with the most recent appearance on September 12, where it recorded a net buy of -15.9912 million yuan [1]. Shareholder Information - As of September 30, the number of shareholders for Andeli was 7,021, a decrease of 23.74% from the previous period. The average number of circulating shares per shareholder increased by 31.22% to 38,631 shares [2][3]. Dividend Distribution - Since its A-share listing, Andeli has distributed a total of 234 million yuan in dividends, with 198 million yuan distributed over the past three years [3].

I. 法定/註冊股本變動 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10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: 烟台北方安德利果汁股份有限公司 (於中華人民共和國註冊成立之股份有限公司) 呈交日期: 2025年11月5日 | 1. 股份分類 | 普通股 | 股份類別 | H | | | 於香港聯交所上市 (註1) | 是 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 02218 | 說明 | 安德利果汁 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 70,664,000 | RMB | | | 1 RMB | | 70,664,000 | | 增加 / 減少 (-) | | | | | | | RMB | | | | 本月底結存 | | | 70,664,000 | RMB | | | 1 RMB | | 70 ...

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]