Financial Performance - The company's operating revenue for Q1 2025 was CNY 794,029,725.84, representing a 37.77% increase compared to CNY 576,333,115.25 in the same period last year[5] - Net profit attributable to shareholders reached CNY 101,000,541.11, a significant increase of 105.19% from CNY 49,223,278.93 year-on-year[5] - The basic earnings per share (EPS) was CNY 0.0610, reflecting a 122.63% increase from CNY 0.0274 in the previous year[5] - Operating profit for Q1 2025 was ¥140,313,466.13, compared to ¥66,663,340.33 in Q1 2024, reflecting a significant growth[21] - Net profit for Q1 2025 was ¥107,143,810.21, up from ¥50,597,085.17 in Q1 2024, indicating a 111.5% increase[21] - Basic and diluted earnings per share for Q1 2025 were both ¥0.0610, compared to ¥0.0274 in Q1 2024, representing a 122.3% increase[22] Cash Flow - The net cash flow from operating activities was negative at CNY -321,135,607.08, a decline of 283.58% compared to CNY 174,927,725.12 in the same period last year[5] - The total cash inflow from operating activities was 663,617,492.27, while total cash outflow was 984,753,099.35, resulting in a net cash flow from operations of -321,135,607.08[26] - Total cash inflow from investment activities was 4,506,935.31, while cash outflow was 44,804.73, resulting in a net cash flow of 4,462,130.58, contrasting with a negative cash flow of -198,159,457.69 in the previous period[26] - Cash inflow from financing activities amounted to 30,000,000.00, while cash outflow totaled 74,103,432.42, leading to a net cash flow of -44,103,432.42, compared to a positive net cash flow of 181,502,498.66 previously[27] - The ending balance of cash and cash equivalents was 767,803,385.10, down from 798,763,621.12 in the previous period, reflecting a decrease in liquidity[27] - The company reported a significant increase in cash payments for purchasing goods and services, totaling 758,020,533.87, compared to 434,028,509.46 previously[26] Assets and Liabilities - Total assets at the end of the reporting period were CNY 3,478,538,468.48, down 4.42% from CNY 3,639,292,952.43 at the end of the previous year[6] - Total current assets as of March 31, 2025, amount to ¥2,265,075,400.46, a decrease from ¥2,397,943,150.99 as of December 31, 2024[15] - Total liabilities decreased from ¥2,123,553,737.57 to ¥1,882,927,548.56, a reduction of 11.3%[17] - Current liabilities decreased from ¥1,619,568,725.66 to ¥1,413,292,429.74, a decline of 12.7%[16] - Non-current assets totaled ¥1,213,463,068.02, down from ¥1,241,349,801.44, a decrease of 2.3%[16] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 194,791[10] - The largest shareholder, Wuhu Lian Tai Investment Management Center, holds 180,509,529 shares, accounting for 10.0% of total shares[11] - The second largest shareholder, Zhoukou Zhongkong Investment Co., Ltd., holds 166,666,666 shares, representing 9.29% of total shares[11] - The company repurchased 28,588,700 shares, representing 1.59% of total share capital[12] - The company has no known related party relationships among the top shareholders[12] Research and Development - Research and development expenses increased to ¥9,765,011.44 in Q1 2025 from ¥5,831,085.27 in Q1 2024, a rise of 67.5%[21] Future Outlook - The company plans to implement new accounting standards starting in 2025, which may impact future financial reporting[27] Revenue Growth Factors - The company attributed the revenue growth to increased sales of main products and higher service fees from computing power products[8] - The company reported a non-recurring gain of CNY 817,656.68 after accounting for various non-operating income and expenses[8]

莲花控股股份有限公司（以下简称"公司"）第九届监事会第十八次会议于 2025 年 4 月 18 日发出会议通知，于 2025 年 4 月 28 日以通讯方式召开。本次会 议应出席监事 3 人，实际出席监事 3 人，会议由监事会主席刘俊先生主持，会议 的召开符合《公司法》及《公司章程》的有关规定。会议审议并表决通过了以下 议案： 一、审议通过《2024 年度监事会工作报告》 具体详见公司于同日在指定信息披露媒体披露的《2024 年度监事会工作报 告》。 表决结果：同意 3 票，反对 0 票，弃权 0 票。 证券代码：600186 证券简称：莲花控股 公告编号：2025—027 莲花控股股份有限公司 第九届监事会第十八次会议决议公告 本公司监事会及全体监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。 本议案尚需提交公司股东大会审议通过。 二、审议通过《2024 年度财务决算报告》 监事会认为，公司 2024 年度财务决算报告的编制符合相关法律法规及规范 性文件的要求，真实反映了公司的财务状况和整体运营情况。 表决结果：同意 3 票，反对 0 票，弃权 ...

Financial Performance - The company's operating revenue for 2024 reached CNY 2,646,440,493, representing a 25.98% increase compared to CNY 2,100,722,929 in 2023[22]. - The net profit attributable to shareholders for 2024 was CNY 202,582,840, a 55.92% increase from CNY 129,927,433 in 2023[22]. - The net cash flow from operating activities surged to CNY 652,264,004, marking a significant increase of 781.19% compared to CNY 74,020,658 in 2023[22]. - Total assets increased by 49.42% to CNY 3,639,292,900 from CNY 2,435,684,000 in 2023[22]. - The company's net assets attributable to shareholders rose to CNY 1,697,120,428, reflecting a 10.31% increase from CNY 1,538,472,106 in 2023[22]. - The diluted earnings per share for 2024 was 0.12 RMB, reflecting a 71.43% increase from 0.07 RMB in 2023[23]. - The weighted average return on equity rose to 12.35%, up by 3.56 percentage points from 8.79% in 2023[23]. - The net profit after deducting non-recurring gains and losses was 203.28 million RMB, marking a 72.36% increase year-on-year[32]. Market Expansion and Product Development - The company is focused on expanding its market presence and enhancing product development strategies[22]. - New product developments, such as Lianhua Matsutake Fresh and premium brewed soy sauce, received positive consumer recognition[32]. - The company is advancing its "brand revival strategy" and expanding both online and offline channels[32]. - The company has expanded its product offerings, including new products like mushroom-flavored seasoning and zero-additive soy sauce, enhancing its market share[35]. - The company is focusing on expanding its product categories to capture opportunities in the compound seasoning market, leveraging its strong production foundation and brand advantages[66]. Sales and Revenue Channels - Online sales revenue surged by 165.68% to CNY 202.70 million, while offline sales increased by 23.44% to CNY 2.441 billion[49]. - The company operates over 30 subsidiaries and 2,800 distributors, with sales channels covering more than 70 countries and regions[38]. - The company achieved significant improvements in brand recognition and customer satisfaction, with its products receiving multiple awards, including the "Golden Flavor Award" in 2024[36]. Research and Development - Research and development expenses rose by 41.26% to CNY 40.59 million as the company increased investment in new product development[45]. - The number of R&D personnel is 186, constituting 17.99% of the total workforce[59]. - The company is committed to leveraging AI and big data technologies to improve market responsiveness and operational efficiency[34]. Corporate Governance and Compliance - The company held 7 shareholder meetings during the reporting period, ensuring all shareholders can exercise their rights equally[93]. - The board of directors convened 18 times, maintaining compliance with governance regulations and enhancing decision-making quality[94]. - A transparent performance evaluation and incentive mechanism for senior management has been established[95]. - The company adheres to strict information disclosure standards, ensuring timely and accurate reporting to investors[95]. - The company has a structured approach to managing compliance and risk, with a dedicated chief compliance officer since April 2024[106]. Environmental and Social Responsibility - The company invested a total of 95,428.61 yuan in environmental protection during the reporting period[139]. - The company implemented carbon reduction measures, successfully reducing carbon dioxide equivalent emissions by 0.2 tons[143]. - The company made a total donation of 860,000 yuan for public welfare projects, including 100,000 yuan to a charity event in November 2024[144]. Financial Management and Investments - The total amount of raised funds is 99,354.52 million CNY, with a net amount of 97,590.28 million CNY[165]. - The company has approved a reduction in the investment scale for the "Wheat Flour Series Products Project" and will proceed with project completion[166]. - The company plans to temporarily use up to 200 million yuan of idle raised funds to supplement working capital, with a usage period not exceeding 12 months[173]. Risks and Challenges - The company has outlined potential risks in its report, advising investors to be cautious[8]. - The company has faced challenges in the seasoning industry due to market saturation and increased competition, impacting profit margins[170]. - The company has conducted a thorough analysis and decided on strategic adjustments to align with current market conditions[170].

莲花控股（600186）公告，2025年第一季度营业收入为7.94亿元，同比增长37.77%；净利润为1.01亿 元，同比增长105.19%。 ...

Core Viewpoint - Lianhua Holdings has terminated contracts with Shanghai X State-owned Enterprise for high-performance computing services and with CⅨ Company for server leasing due to changes in objective circumstances, with a compensation payment of 2 million yuan involved [1] Group 1 - The contract with Shanghai X State-owned Enterprise was terminated due to changes in objective circumstances, resulting in a compensation payment of 2 million yuan [1] - The leasing contract with CⅨ Company was also terminated because CⅨ failed to establish a delivery schedule [1] - The termination of these contracts will not affect the company's operational independence and has not had a significant adverse impact on its business and financial status [1]

金融界4月29日消息，上证指数低开震荡，中证食品主题指数 (食品主题，931728)报1013.94点。 从中证食品主题指数持仓样本的行业来看，调味品与食用油占比41.76%、其他食品占比31.62%、休闲 食品占比16.80%、肉制品占比9.82%。 资料显示，指数样本每半年调整一次，样本调整实施时间分别为每年6月和12月的第二个星期五的下一 交易日。权重因子随样本定期调整而调整，调整时间与指数样本定期调整实施时间相同。在下一个定期 调整日前，权重因子一般固定不变。特殊情况下将对指数进行临时调整。当样本退市时，将其从指数样 本中剔除。样本公司发生收购、合并、分拆等情形的处理，参照计算与维护细则处理。 从指数持仓来看，中证食品主题指数十大权重分别为：海天味业（14.08%）、双汇发展（9.82%）、安 琪酵母（7.63%）、金龙鱼（6.52%）、新诺威（5.88%）、安井食品（5.57%）、中炬高新（4.36%）、 莲花控股（4.29%）、汤臣倍健（3.95%）、涪陵榨菜（3.77%）。 从中证食品主题指数持仓的市场板块来看，上海证券交易所占比51.83%、深圳证券交易所占比 48.17%。 数据统计显示，中 ...

证券研究报告·公司深度研究·调味发酵品Ⅱ 从调味品到算力，莲花向"星"别样红 2025 年 04 月 21 日 莲花控股（600186） 买入（首次） | [Table_EPS] 盈利预测与估值 | 2022A | 2023A | 2024E | 2025E | 2026E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 1,691 | 2,101 | 2,659 | 3,215 | 3,803 | | 同比（%） | (6.83) | 24.23 | 26.55 | 20.94 | 18.29 | | 归母净利润（百万元） | 46.20 | 129.93 | 206.74 | 269.14 | 338.86 | | 同比（%） | 4.13 | 181.26 | 59.12 | 30.18 | 25.91 | | EPS-最新摊薄（元/股） | 0.03 | 0.07 | 0.12 | 0.15 | 0.19 | | P/E（现价&最新摊薄） | 248.94 | 88.51 | 55.62 | 42.73 | 33.94 | ◼ 盈利预测与投 ...

证券研究报告·公司深度研究·调味发酵品Ⅱ 莲花控股（600186） 从调味品到算力，莲花向"星"别样红 2025 年 04 月 21 日 买入（首次） | [Table_EPS] 盈利预测与估值 | 2022A | 2023A | 2024E | 2025E | 2026E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 1,691 | 2,101 | 2,659 | 3,215 | 3,803 | | 同比（%） | (6.83) | 24.23 | 26.55 | 20.94 | 18.29 | | 归母净利润（百万元） | 46.20 | 129.93 | 206.74 | 269.14 | 338.86 | | 同比（%） | 4.13 | 181.26 | 59.12 | 30.18 | 25.91 | | EPS-最新摊薄（元/股） | 0.03 | 0.07 | 0.12 | 0.15 | 0.19 | | P/E（现价&最新摊薄） | 248.94 | 88.51 | 55.62 | 42.73 | 33.94 | [Table_T ...

Core Viewpoint - The article discusses the significant downturn in the computing power infrastructure sector, driven by AI technology iterations and reduced capital expenditures from major players, leading to a supply-demand imbalance in the industry [2][3][5]. Group 1: Industry Trends - Several companies, including Feilixin, Lianhua Holdings, and Jinjis Co., have terminated multi-million yuan computing power leasing contracts, indicating a broader trend of supply-demand imbalance in the industry [3]. - IDC companies like GDS Holdings and Runze Technology are facing a "prisoner's dilemma," with many top firms' debt ratios exceeding the 65% warning line [4]. - Recent regulatory scrutiny of IDC industry REITs reflects concerns about the quality of underlying assets and growth expectations in the sector [5][27]. Group 2: Market Dynamics - The global market is undergoing a paradigm shift in computing power development, with companies like Microsoft scaling back their AI data center investments [8]. - High-frequency trading reports indicate a systematic revaluation of the AI infrastructure sector, with a notable decline in the "Energy + AI" investment portfolio since January [9]. - The anticipated peak in global data center capacity has been moved up to 2025, with supply-demand dynamics expected to improve between 2024 and 2027, although average utilization rates will remain above historical averages [10]. Group 3: Operational Challenges - In China, the computing power scale reached 246 EFLOPS by mid-2024, with intelligent computing power applications growing over 65% year-on-year, yet the average cabinet utilization remains low at 20%-30% [11]. - Many companies that ventured into computing power leasing in 2023 have since reversed course, with significant contract terminations reported [14][15]. - The low utilization rates and declining rental prices have led to many intelligent computing centers struggling to cover operational costs, with little hope for investment returns [16]. Group 4: Regulatory Environment - Recent government-led initiatives aim to assess computing power resources, targeting the chaotic expansion of data centers [6][17]. - The regulatory focus on the industry highlights structural issues such as supply-demand imbalances and resource misallocation, suggesting a shift towards quality improvement in infrastructure construction [18][19]. Group 5: Financial Risks - The high debt levels in the IDC sector are concerning, with companies like GDS Holdings and Runze Technology reporting debt ratios of 67.86% and 66.02%, respectively [23]. - The reliance on debt financing for expansion poses significant risks, especially with long project payback periods and imbalances between short-term debt pressures and long-term cash flow generation [24]. - Regulatory feedback on REIT projects indicates a cautious approach towards growth expectations in the data center industry, emphasizing the need for sustainable cash flow and operational stability [28]. Group 6: Future Outlook - The industry faces a dual pressure of supply-demand dynamics and stringent regulatory scrutiny, making it crucial for IDC companies to balance short-term survival with long-term growth [30]. - There are mixed opinions on whether the industry will see a reversal in growth trends, with some experts noting strong customer loyalty and ongoing demand, while others remain concerned about excess computing power and resource constraints [31][32]. - Overall, the narrative of high growth in the computing power sector is retreating, but the long-term outlook may lead to a healthier supply-demand balance if companies can find equilibrium between financial stability and technological advancement [33].

高级管理人员薪酬管理办法 （2025年4月修订） 第一条 为健全莲花控股股份有限公司（以下简称"公司"）激励机制，全面 改善上市公司经营管理水平，充分调动高级管理人员的积极性，提升公司核心竞 争力，确保公司经营规划的实现，根据《中华人民共和国公司法》《上市公司治 理准则》等有关法律、法规及《公司章程》的规定，结合本公司实际，特制定本 办法。 第二条 本方案适用于公司高级管理人员，即由董事会聘任的公司首席执行 官、高级副总裁、董事会秘书、各职能首席官等。 董事、监事依据相关办法领取津贴；董事、监事在公司有任职的，根据其所 在岗位领取相应岗位薪酬、进行岗位考核、发放。 第三条 薪酬确定原则 莲花控股股份有限公司 （一）坚持薪酬与公司长远利益相结合、促进公司持续健康发展的原则； 第四条 公司董事会负责审定公司《高级管理人员薪酬管理办法》；董事会薪 酬与考核委员会是对高级管理人员进行绩效考核以及确定薪酬方案的管理机构。 薪酬与考核委员会对董事会负责，审核高级管理人员薪酬和绩效考核相关制度， 并根据董事会审议通过的《高级管理人员薪酬管理办法》对执行情况进行监督。 董事长根据董事会审议通过的《高级管理人员薪酬管理办法》， ...