Company and Industry Summary Company: Quan Yang Quan Key Changes and Developments 1. **Shift in Growth Strategy** The company has transitioned from steady growth to a focus on high-quality and rapid development. The new management has set higher expectations for growth, aiming for increases in sales, revenue, and profit. The performance forecast indicates a projected sales growth of approximately 34% by 2025, suggesting a significant acceleration in growth targets for the coming years [2][2][2] 2. **Focus on Core Business** The company is prioritizing its mineral water business and has announced the divestment of its landscaping business. This strategic move is expected to enhance investment in the mineral water sector while actively reducing losses from non-core operations, leading to a more focused asset structure [3][3][3] 3. **Improvement in Subsidiary Management** Management adjustments are being made to enhance the oversight of subsidiaries. The company plans to strengthen the assessment criteria from headquarters, which is anticipated to improve operational efficiency and internal effectiveness [3][3][3] Core Insights - The company's growth strategy is optimistic, with high product quality and a strong market foundation in Northeast China. Key markets for expansion include Liaoning and Beijing, along with plans to penetrate weaker markets in East and South China. The strategy for sustained growth is clear, supported by the divestment of loss-making assets and internal management optimization, which is expected to lead to continuous improvement in revenue and profitability [3][3][3]

Core Viewpoint - The company has approved the use of temporarily idle self-owned funds to purchase government bond reverse repos, with a limit of up to 300 million RMB for a period of 12 months [1][2]. Group 1: Investment Decision - On March 28, 2025, the company's board of directors and supervisory board approved the proposal to use temporarily idle self-owned liquid funds for purchasing government bond reverse repo products [1]. - The investment limit is set at a daily balance not exceeding 300 million RMB, which can be recycled within the effective period of the resolution [1]. - The investment period is valid for 12 months from the date of board approval, with the authorization for decision-making granted to the company's chairman and authorized personnel [1]. Group 2: Implementation and Management - The finance department of the company is responsible for organizing the specific implementation and management of the investment [1]. - The authorization period for this investment decision is from March 28, 2025, to March 27, 2026 [1]. Group 3: Current Status - As of the date of this announcement, the company and its subsidiaries have utilized temporarily idle self-owned funds for purchasing government bond reverse repos in January 2026 [1].

吉林泉阳泉股份有限公司 关于使用暂时闲置自有资金购买国债逆回购的 进展公告 本公司及董事会全体成员保证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、准确和完整承担法律责任。 证券代码：600189 证券简称：泉阳泉 公告编号：临 2026-006 截至本公告披露日，公司及控股子公司 2026 年 1 月份使用暂时闲置自有资 金购买国债逆回购情况如下： | 序 | 产品 | 金额 | | 购买日 | | | | 到期日 | | | 年化收益率 （未扣除交 | 产品 | | 取得收益 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 号 | 名称 | （万元） | | | | | | | | | 易费用） | 期限 | | （元） | | 1 | GC028 | 5,028.20 | 2025 | 年 12 | 月 | 11 日 | 2026 | 年 01 | 月 | 08 日 | 1.6000% | 28 | 天 | 61,715.99 | | ...

Investment Rating - The investment rating for the agriculture, forestry, animal husbandry, and fishery industry is "Positive" (maintained) [1] Core Insights - The report highlights that supply pressure for pigs is postponed, leading to a risk of price decline before and after the Spring Festival. The average price of live pigs in China as of January 23, 2026, is 12.92 CNY/kg, with a week-on-week increase of 0.15 CNY/kg but a year-on-year decrease of 2.40 CNY/kg [3][11] - The white feather chicken sector has transitioned from losses to profits, with prices slightly declining but profitability improving due to stable feed costs and weak supply elasticity [4][23] Summary by Sections Supply and Demand Observations - The average weight of pigs remains high, and the utilization rate of secondary fattening barns has increased to 38%, creating a short-term support effect on prices. However, the risk of price decline exists due to potential supply release around the Spring Festival [11][12] - The demand side shows that the price of white strips has recovered to 17.15 CNY/kg, with the price difference between lean and fat pigs expanding, indicating improved slaughtering profits but weak volume performance [11][12] Market Performance - From January 19 to January 23, the agricultural sector underperformed the market by 0.43 percentage points, with the Shanghai Composite Index rising by 0.84% and the agricultural index by 0.40% [5][27] - Key stocks such as Jingji Zhino (up 29.47%), Quanyuan (up 13.57%), and Honghui Fruits and Vegetables (up 9.94%) led the gains in the agricultural sector [5][27] Key News - As of the end of 2025, the number of breeding sows in China was 39.61 million, a decrease of 1.16 million, or 2.9%, which is within the normal holding capacity [33] - The Ministry of Finance announced that a guiding document to promote the high-quality development of agricultural insurance will be issued in 2026 [4][33] Price Tracking - As of January 23, 2026, the average price of live pigs is 12.97 CNY/kg, with a week-on-week increase of 0.19 CNY/kg. The average price of piglets is 23.54 CNY/kg, up 1.55 CNY/kg from the previous week [35] - The average price of white feather chicken is 7.50 CNY/kg, down 1.19% week-on-week, while the average price of chicken seedlings is 2.20 CNY, down 19.71% [38][35]

饮料乳品 泉阳泉：剥离非主业轻装上阵，聚焦矿泉水主业提质增效 泉阳泉（600189.SH） 证券研究报告/公司点评报告 2026 年 01 月 25 日 | 公司盈利预测及估值 | 买入（上调） | 评级： | 指标 | 2023A | 2024A | 2025E | 2026E | 2027E | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 营业收入（百万元） | 1,122 | 1,198 | 1,274 | 1,450 | 1,722 | 分析师：何长天 | 增长率 | -12% | 7% | 6% | 14% | 19% | yoy% | | 归母净利润（百万元） | -457 | 6 | 15 | 20 | 30 | 执业证书编号：S0740522030001 | 增长率 | -900% | 101% | 137% | 40% | 47% | yoy% | | Email：hect@zts.com.cn | 每股收益（元） | -0.64 | 0.0 ...

登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：600189证券简称：泉阳泉公告编号：2026-005 吉林泉阳泉股份有限公司 关于非独立董事辞任的公告 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。 一、非独立董事提前辞任情况 ■ 二、辞任对公司的影响 根据《公司法》《公司章程》的相关规定，赵志华先生的辞任未导致公司董事会及专业委员会成员人数 低于法定最低人数，不会对公司董事会正常运作和公司经营产生影响，其辞任申请自送达公司董事会之 日起生效。 赵志华先生担任公司董事期间，勤勉尽责，恪尽职守，为公司发挥了积极作用，公司董事会及公司对其 在担任董事期间为公司做出的贡献表示衷心的感谢！ 三、后续补选工作安排 公司将按照中国证监会、上海证券交易所相关法律法规及《公司章程》等相关规定，在赵志华先生离任 后的60日内完成董事及专业委员会委员的补选工作，并及时履行信息披露义务。 特此公告。 吉林泉阳泉股份有限公司 董事会 二〇二六年一月二十四日 ...

北京商报讯（记者 孔文燮） 1月23日，泉阳泉发布公告称，赵志华因个人原因，辞去董事、战略委员会 委员职务。辞职后，赵志华将担任公司子公司总经理。 ...

证券代码： 600189 证券简称： 泉阳泉 公告编号： 2026-005 根据《公司法》《公司章程》的相关规定，赵志华先生的辞任未导致公司董 事会及专业委员会成员人数低于法定最低人数，不会对公司董事会正常运作和公 司经营产生影响，其辞任申请自送达公司董事会之日起生效。 赵志华先生担任公司董事期间，勤勉尽责，恪尽职守，为公司发挥了积极作 用，公司董事会及公司对其在担任董事期间为公司做出的贡献表示衷心的感谢！ 三、后续补选工作安排 公司将按照中国证监会、上海证券交易所相关法律法规及《公司章程》等相 关规定，在赵志华先生离任后的 60 日内完成董事及专业委员会委员的补选工作， 并及时履行信息披露义务。 吉林泉阳泉股份有限公司 关于非独立董事辞任的公告 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。 | | | | | | | 是否继续在 上市公司及 | 具体 | 是否存在 未履行完 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 姓名 | 辞任职务 | | 辞 ...

Core Viewpoint - The stock of Quan Yang Quan has shown significant growth in recent trading sessions, with a year-to-date increase of 20.12% and a notable rise of 12.16% over the last five trading days [1] Group 1: Stock Performance - As of January 22, the stock price of Quan Yang Quan reached 8.30 CNY per share, with a market capitalization of 5.936 billion CNY [1] - The stock has experienced a trading volume of 33.74 million CNY, with a turnover rate of 0.58% [1] - The stock has been on the "Dragon and Tiger List" once this year, with a net buy of 26.83 million CNY on January 19 [1] Group 2: Financial Performance - For the period from January to September 2025, Quan Yang Quan reported a revenue of 1.022 billion CNY, reflecting a year-on-year growth of 13.68% [2] - The net profit attributable to the parent company for the same period was 24.67 million CNY, marking a 15.20% increase compared to the previous year [2] Group 3: Shareholder Information - As of September 30, 2025, the number of shareholders for Quan Yang Quan was 40,000, a decrease of 6.64% from the previous period [2] - The average number of circulating shares per shareholder increased by 7.12% to 17,864 shares [2] - The company has distributed a total of 800 million CNY in dividends since its A-share listing, with no dividends paid in the last three years [3]

Group 1: Earnings Reports Overview - As of January 22, 31 companies have released their earnings reports for 2025, with earnings forecasts being more accurate than preliminary announcements [1] - The highest revenue reported was by Poly Developments, achieving 308.26 billion yuan, a year-on-year decrease of 1.09% [1][3] - Other notable companies in terms of revenue include Industrial Bank and CITIC Bank, with revenues of 212.74 billion yuan and 212.48 billion yuan, respectively [1][3] Group 2: Revenue Growth - Among the companies that reported earnings, 21 experienced year-on-year revenue growth, with the highest growth rate of 37.18% reported by Siyuan Electric, which achieved 21.21 billion yuan in revenue [1][2] - CITIC Securities and Beiding Co. followed with revenue growth rates of 28.75% and 26.04%, respectively [1][2] Group 3: Profitability Analysis - All companies that released earnings reports were profitable, with eight companies reporting net profits exceeding 10 billion yuan [2] - The highest net profit was recorded by Industrial Bank at 77.47 billion yuan, reflecting a year-on-year increase of 0.34% [2][3] - The largest increase in net profit was seen in Quanyuan Spring, which reported a net profit of 0.15 billion yuan, up 147.89% year-on-year [2]