Investment Rating - The investment rating for the company is "Accumulate" with a target price of 68.80 CNY [7]. Core Insights - The company has shown robust performance in its main business, with a steady opening of the second growth curve, and the ongoing equity acquisitions are expected to continuously enhance profits [2]. - In 2025, the company achieved a total revenue of 4.775 billion CNY, a year-on-year increase of 2.9%, and a net profit attributable to shareholders of 226 million CNY, up 34.4% year-on-year [13]. - The company increased its equity stake in Nanfu batteries to 46.02%, which generated a net profit of 938 million CNY after excluding non-recurring gains and losses, achieving a completion rate of 102.6% for performance commitments [13]. Financial Performance - The gross profit margin for 2025 was 49.4%, an increase of 0.6 percentage points year-on-year, while the net profit margin was 18.5%, up 1.1 percentage points year-on-year [4]. - The company’s sales, management, R&D, and financial expense ratios for 2025 were 18.6%, 7.7%, 2.6%, and 0.7%, respectively, with year-on-year changes of +0.1, +2.6, -0.4, and +0.2 percentage points [4]. - The projected earnings per share (EPS) for 2026, 2027, and 2028 are 1.72 CNY, 2.10 CNY, and 2.45 CNY, respectively, reflecting year-on-year growth of 96.8%, 22.0%, and 16.6% [13]. Revenue Breakdown - In 2025, the revenue from alkaline batteries, acid batteries, other batteries, and other products was 3.94 billion CNY, 370 million CNY, 210 million CNY, and 250 million CNY, respectively, with year-on-year changes of +10.0%, +6.9%, +3.6%, and -50.6% [13]. - Domestic and overseas revenues were 3.63 billion CNY and 1.14 billion CNY, with year-on-year changes of -5.5% and +43.9% [13]. Shareholder Returns - The company plans to issue shares to specific investors to raise no more than 300 million CNY, which will not exceed 20% of the net assets at the end of the previous year, and intends to distribute a cash dividend of 1.2 CNY per 10 shares [13].

事件：公司发布 2025 年年报。公司 2025 年实现营业总收入 47.7 亿元， 同比增长 2.9%；实现归母净利润 2.3 亿元，同比增长 34.4%。其中， 2025Q4 单季营业总收入为 11.7 亿元，同比增长 11.7%；归母净利润为 0.5 亿元，同比增长 182.9%，利润增速较快主要系公司持有南孚电池权益 比例进一步提升所致，2025 年 11 月公司完成了对安孚能源的全资控股， 目前安孚科技持有南孚电池 46%股权。 南孚超额完成业绩承诺，海外 OEM 业务显著放量。1）分公司：南孚电池 25 年实现收入 47.7 亿元，同比+2.9%，净利润 9.9 亿元，同比+8.1%， 超额完成业绩承诺。2）分业务：2025 年碱性、碳性、其他电池、其他收 入分别同比+10.0%、+6.9%、+3.6%、-50.6%，毛利率分别同比-3.3pct、 +0.2pct、+5.5pct、+20.3pct。3）分区域：2025 年内销、外销收入分别 同比-5.5%、+43.9%，外销 OEM 增长显著，毛利率分别同比+4.8pct、- 2.9pct。内销毛利率提升主要系暂停低毛利率红牛代理业务，外销毛利率 ...

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分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 。 海外監管公告 本公告乃烟台北方安德利果汁股份有限公司（「本公司」）根據《香港聯合交易所有限公司證券上市 規則》第 13.10B 條作出。 茲載列本公司於二零二六年三月五日在上海證券交易所網站刊發之《關於變更簽字註冊會計師的公 告》，僅供參閱。 承董事會命 烟台北方安德利果汁股份有限公司 董事長 证券代码：605198 证券简称：安德利 公告编号：2026-003 烟台北方安德利果汁股份有限公司 关于变更签字注册会计师的公告 王安 中國烟台，二零二六年三月五日 於本公告日期，本公司執行董事為王安先生、張輝先生、王萌女士及王艷輝先生，非執行董事為劉宗 宜先生及張偉先生，獨立非執行董事為龔凡先生、王雁女士及王常青先生。 *僅供識別 1 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者 重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 烟台北方安德利果汁股份有限公司（以下简称" ...

证券代码：605198 证券简称：安德利 公告编号：2026-003 烟台北方安德利果汁股份有限公司 关于变更签字注册会计师的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者 重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 烟台北方安德利果汁股份有限公司（以下简称"公司"）于2025年3月26日召开第 八届董事会第二十九次会议、于2025年5月16日召开2024年年度股东大会审议通过了 《关于续聘2025年度会计师事务所的议案》，同意续聘致同会计师事务所（特殊普通 合伙）（以下简称"致同所"）负责公司2025年度财务审计和内部控制审计工作。具 体内容详见公司于2025年3月27日、2025年5月17日披露于上海证券交易所官网 （www.sse.com.cn）的《关于续聘2025年度会计师事务所的公告》(公告编号：2025- 021)、《2024年年度股东大会决议公告》(公告编号：2025-037)。 公司于近日收到致同所出具的《关于变更签字注册会计师的函》，现将具体情况 公告如下： 一、本次变更签字注册会计师的情况 致同所作为公司2025年度财务审计机构及内部控制审计机 ...

呈交日期: 2026年3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 | | | 63,652,000 | RMB | | 1 | RMB | | 63,652,000 | | 增加 / 減少 (-) | | | | | | | RMB | | | | 本月底結存 | | | 63,652,000 | RMB | | 1 | RMB | | 63,652,000 | | 2. 股份分類 | 普通股 | 股份類別 | A | | 於香港聯交所上市 (註1) | | 否 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券 ...

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) 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: 2026年2月28日 狀態: 新提交 呈交日期: 2026年3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 | | | 63,652,000 | RMB | | 1 | RMB | | 63,652,000 | | 增加 / 減少 (-) | | | | | | | RMB | | | | 本月底結存 | | | 63,652,000 | RMB | | 1 | RMB | | 63,6 ...

Investment Rating - The report maintains an "Accumulate" rating for the company [5][11]. Core Views - The company has successfully acquired high-quality machinery from Yantai Haisheng Fruit Industry, which is expected to enhance its production capacity and market share in the future [2][11]. - The acquisition includes production lines with processing capacities of 40 tons and 15 tons per hour, increasing the number of production lines from 20 to 22 [11]. - The company anticipates an additional annual production capacity of approximately 10,000 tons of concentrated juice from this acquisition [11]. - The report highlights the company's ongoing expansion efforts, including new facilities in Xinjiang and Shaanxi, and plans for further investments in Liaoning [11]. Financial Summary - Total revenue is projected to grow from 876 million in 2023 to 2,202 million in 2027, with a compound annual growth rate (CAGR) of approximately 15.1% [4][12]. - Net profit attributable to the parent company is expected to increase from 256 million in 2023 to 435 million in 2027, reflecting a CAGR of about 18.5% [4][12]. - Earnings per share (EPS) is forecasted to rise from 0.76 yuan in 2023 to 1.30 yuan in 2027 [4][12]. - The report estimates a price-to-earnings (P/E) ratio of 53.52 for 2023, decreasing to 31.44 by 2027 [4][12]. Market Data - The current stock price is 40.42 yuan, with a target price set at 51.48 yuan, indicating a potential upside [5][11]. - The company's market capitalization stands at 13,508 million yuan, with a total share count of 334 million [6][11]. - The stock has traded within a 52-week range of 32.39 to 61.93 yuan [6][11].

Investment Rating - The investment rating for the company is "Accumulate" with a target price of 51.48 CNY [1][5]. Core Insights - The company has successfully acquired a batch of high-quality machinery from Yantai Haisheng Fruit Industry, which is expected to enhance its production capacity and market share in the future [2][11]. - The company anticipates an additional annual production capacity of approximately 10,000 tons of concentrated juice following the acquisition [11]. - The company is expanding its production facilities, with plans to establish a new production line in Liaoning Province, which will process 120,000 tons of apples and pears annually, generating an estimated annual output value of around 200 million CNY [11]. Financial Summary - Total revenue is projected to grow from 876 million CNY in 2023 to 2,202 million CNY by 2027, reflecting a compound annual growth rate (CAGR) of approximately 15.1% [4][12]. - Net profit attributable to the parent company is expected to increase from 256 million CNY in 2023 to 435 million CNY in 2027, with a notable growth rate of 31.5% in 2023 [4][12]. - Earnings per share (EPS) is forecasted to rise from 0.76 CNY in 2023 to 1.30 CNY in 2027 [4][12]. - The return on equity (ROE) is projected to improve from 10.1% in 2023 to 12.8% in 2027 [4][12]. Market Data - The company's current market price is 40.42 CNY, with a 52-week price range of 32.39 CNY to 61.93 CNY [6]. - The total market capitalization is approximately 13.51 billion CNY [6]. - The company has a net asset value per share of 8.18 CNY, resulting in a price-to-book (P/B) ratio of 4.9 at the current price [7].

Core Viewpoint - The report highlights the current premium rates of AH shares, indicating significant disparities among various companies, with some showing extremely high premiums while others exhibit negative premiums, suggesting potential investment opportunities and market inefficiencies [1][2][3][4]. Group 1: Top AH Premium Rates - Northeast Electric (00042) leads with a premium rate of 757.14%, followed by Beijing Jingcheng Machinery Electric (00187) at 285.62% and Sinopec Oilfield Service (01033) at 282.18% [1]. - The top ten AH stocks by premium rates show a wide range, with the lowest being Goldstone Investment (02009) at 185.88% [1]. Group 2: Bottom AH Premium Rates - The bottom three AH stocks by premium rates include Contemporary Amperex Technology (03750) at -15.66%, Zhaoyi Innovation (03986) at -10.47%, and China Merchants Bank (03968) at -4.17% [2]. - This indicates a potential undervaluation in these stocks compared to their A-share counterparts [2]. Group 3: Top AH Deviation Values - Leading in deviation values, Xian Dao Intelligent (00470) has a deviation of 42.09%, followed by China Duty Free Group (01880) at 21.67% and Zhaoyan New Drug (06127) at 20.63% [3]. - These high deviation values suggest that these stocks may be trading significantly above their historical averages, indicating potential overvaluation [3]. Group 4: Bottom AH Deviation Values - Northeast Electric (00042) has the lowest deviation value at -50.71%, indicating a significant drop from its historical premium rates [4]. - Other companies with low deviation values include Shandong Molong (00568) at -29.48% and Zhaoyi Innovation (03986) at -29.19%, suggesting they may be undervalued compared to their historical performance [4].

Group 1 - The article highlights the top three companies with the highest AH premium rates: Northeast Electric (00042) at 785.25%, Beijing Jingcheng Machinery Electric (00187) at 291.45%, and Sinopec Oilfield Service (01033) at 284.04% [1] - The bottom three companies with the lowest AH premium rates are CATL (03750) at -16.62%, WuXi AppTec (02359) at -6.17%, and China Merchants Bank (03968) at -3.27% [1] - The article provides a detailed ranking of the top ten and bottom ten AH stocks based on their premium rates and deviation values, indicating significant disparities in market valuations between A-shares and H-shares [1][2] Group 2 - The top three companies with the highest deviation values are Beijing Jingcheng Machinery Electric (00187) at 23.16%, Dongjiang Environmental Protection (00895) at 18.78%, and Zhongzhou Securities (01375) at 16.54% [1] - Conversely, the companies with the lowest deviation values include Morning Paper (01812) at -52.60%, Junda Co., Ltd. (02865) at -34.18%, and Changfei Optical Fiber Cable (06869) at -34.18% [1][2] - The article emphasizes that the deviation value represents the difference between the current premium rate and the average premium rate over the past 30 days, providing insights into market trends [2]