宁波乐惠国际工程装备股份有限公司 关于使用暂时闲置募集资金进行现金管理的进展公告 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个别及连带责任。 证券代码：603076 证券简称：乐惠国际 公告编号：2025-036 重要内容提示： ●委托理财受托方：中国农业银行股份有限公司 ●本次委托理财金额：2,900 万元 ●委托理财产品名称："汇利丰"2025 年第 5763 期对公定制人民币结构性 存款产品 ●委托理财期限：63 天 ●履行的审议程序：宁波乐惠国际工程装备股份有限公司（以下简称"公司" 或"乐惠国际"）于 2024 年 11 月 19 日召开了第四届董事会第一次会议、第四届 监事会第一次会议，审议通过了《关于使用暂时闲置募集资金进行现金管理的议 案》，同意公司及其子公司（含控股子公司）在确保不影响募集资金投资项目建 设和募集资金使用的情况下，使用最高不超过人民币 18,000 万元的暂时闲置非 公开发行股票募集资金进行现金管理。期限为 12 个月，资金额度在期限内根据 募集资金闲置情况循环使用。 一、本次委托理财概况 （一）委 ...

Summary of Lehui International Conference Call Company Overview - **Company**: Lehui International - **Industry**: Craft Beer Key Points and Arguments 1. **Sales Growth and Pricing Strategy**: Lehui International maintains a unit price of over 15,000 yuan per ton for beer, achieving a year-on-year sales growth of 35% through services, rebates, and incentive measures, indicating strong market competitiveness [2][4] 2. **Channel Expansion**: The company is actively expanding its convenience store channels, deepening cooperation with FamilyMart, and positioning craft beer as a new growth point within the CVS system, reflecting a strategic adjustment in channel strategy and enhanced market penetration [2][6] 3. **Patent Protection and Brand Recognition**: To combat product design imitation, Lehui International is actively applying for patent protection and enhancing brand recognition through market education and advertising investments [2][8] 4. **Franchise Model for Taverns**: The company has shifted its tavern strategy from direct operation to a franchise model, increasing recruitment efforts to reduce heavy asset operations while expanding self-controlled sales channels [2][10] 5. **Financial Performance**: In Q1 2025, the Jin Guang segment reported revenue of approximately 33 to 36 million yuan, with EBITDA exceeding 2 million yuan, significantly reducing losses through cost reduction and sales growth [2][13] 6. **Innovative Operations in Dining**: Lehui International has innovated its dining operations by increasing franchise fees, opening ODM business, and deploying draft beer machines, with about 2,000 machines already placed in Q1 2025 [2][14] 7. **Production Capacity and Future Plans**: The company has a total production capacity of 38,000 tons, with new factories in Changchun and Kunming expected to be operational by April 2027, although capital expenditures have been delayed due to low current capacity utilization [2][22] Additional Important Insights 1. **Sales Channel Distribution**: Last year's sales channels included KA channels and distributors, each accounting for about 40% of total sales, with taverns at 10-12% and e-commerce at 5%. The company plans to maintain these channels in 2025 [4] 2. **Distributor Policies**: The company did not adjust rebate policies for distributors last year, allowing high-quality distributors to benefit from increased rebates based on their purchase volumes [5] 3. **E-commerce Strategy**: Lehui International has been focusing on e-commerce, collaborating with top influencers for live-stream sales, and plans to continue evaluating partnerships that align with brand values [12] 4. **Market Trends**: The market for private brands and small factory OEM production is growing rapidly, with increasing demand for quality and consistency, where Lehui International holds a competitive advantage [24] 5. **New Product Development**: The company has launched a new flavor, Honeydew 2, for online sales and plans to continue developing new flavors, particularly in the fruit beer category [25] This summary encapsulates the key insights from the conference call, highlighting Lehui International's strategic initiatives, financial performance, and market positioning within the craft beer industry.

证券研究报告 | 行业周报 gszqdatemark 2025 06 15 年 月 日 食品饮料 周观点：安井通过港交所聆讯，大众品推新持续驱动 分析师 黄越 投资建议：1、白酒：短期批价承压，行业逐步筑底，龙头持续夯基，中 长期价值凸显，建议关注"优势龙头、红利延续、强势复苏"三条主线： 1）优势龙头，头部酒企份额持续提升：贵州茅台、五粮液、山西汾酒、 古井贡酒；2）红利延续，高确定性区域酒：今世缘（江苏格局红利）、迎 驾贡酒（洞藏大单品红利）等；3）受益复苏与风险偏好提升，弹性标的： 泸州老窖、水井坊、舍得酒业、老白干酒、港股珍酒李渡、酒鬼酒等。2、 大众品：统一重回汽水赛道，安井通过港交所聆讯，行业推新持续驱动， 建议寻找高成长与强复苏两条主线：1）高景气或高成长逻辑：盐津铺子、 东鹏饮料、燕京啤酒、珠江啤酒、三只松鼠、百润股份、有友食品、好想 你等，港股农夫山泉、华润饮料、卫龙美味等。2）政策受益或复苏改善： 青岛啤酒、海天味业、新乳业、伊利股份、重庆啤酒、安琪酵母、仙乐健 康、安井食品、立高食品等，港股 H&H 国际控股等。 白酒：短期批价承压，行业筑底蓄力。本周洋河股份召开股东大会，管理 层坦诚分 ...

Core Points - Lehui International (603076) closed at 31.66 yuan on June 13, 2025, down 14.78% from last week's 37.15 yuan [1] - The company's market capitalization is currently 3.821 billion yuan, ranking 97th out of 177 in the specialized equipment sector and 3633rd out of 5150 in the A-share market [1] Trading Information Summary - Lehui International appeared on the Shanghai and Shenzhen Stock Exchange's "Dragon and Tiger List" for the second time in five trading days due to a price drop deviation of 7% [1][3] Company Announcements Summary - The wholly-owned subsidiary of Lehui International, Ningbo San Shi Kilometer Investment Co., Ltd., has established a limited partnership named Ningbo Jiu Hai Enterprise Management Partnership (Limited Partnership) with a total scale of 20 million yuan, with San Shi Kilometer Investment contributing 5 million yuan, accounting for 25% [1] - The partnership will primarily engage in enterprise management and information consulting services, with a duration of 7 years. This investment will not significantly impact the company's normal operations or financial status [1] - The company is utilizing up to 180 million yuan of idle raised funds for cash management, with the latest structured deposit of 18 million yuan at Zheshang Bank, with a term of 91 days and expected annualized returns of 1.0%, 1.90%, or 2.65% [1] - Over the past twelve months, the company has invested a total of 390 million yuan in entrusted wealth management, recovering 262 million yuan in principal and earning 3.0368 million yuan, with 128 million yuan in principal yet to be recovered [1]

证券代码：603076 证券简称：乐惠国际 公告编号：2025-035 宁波乐惠国际工程装备股份有限公司 关于使用暂时闲置募集资金进行现金管理的进展公告 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个别及连带责任。 重要内容提示： ●委托理财受托方：浙商银行股份有限公司 ●本次委托理财金额：1,800 万元 ●委托理财产品名称：浙商银行单位结构性存款（EEQ25023UT）、浙商银 行单位结构性存款（EEQ25023DT） ●委托理财期限：91 天 ●履行的审议程序：宁波乐惠国际工程装备股份有限公司（以下简称"公司" 或"乐惠国际"）于 2024 年 11 月 19 日召开了第四届董事会第一次会议、第四届 监事会第一次会议，审议通过了《关于使用暂时闲置募集资金进行现金管理的议 案》，同意公司及其子公司（含控股子公司）在确保不影响募集资金投资项目建 设和募集资金使用的情况下，使用最高不超过人民币 18,000 万元的暂时闲置非 公开发行股票募集资金进行现金管理。期限为 12 个月，资金额度在期限内根据 募集资金闲置情况循环使用。 一、公 ...

证券代码：603076 证券简称：乐惠国际 公告编号：2025-034 宁波乐惠国际工程装备股份有限公司 关于子公司参与设立有限合伙企业的公告 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个别及连带责任。 重要内容提示： 一、对外投资概述 近日，宁波乐惠国际工程装备股份有限公司（以下简称"公司"）全资子公 司宁波三十公里投资有限公司（以下简称"三十公里投资"）与广州久赢私募股 权投资基金管理有限公司、杭州酒与诗商贸有限公司、广州久勤企业咨询有限公 司以及自然人边晓红女士、林敬伟先生签署了宁波酒嗨企业管理合伙企业（有限 合伙）合伙协议（以下简称"合伙协议"或"本协议"），共同投资设立宁波酒 嗨企业管理合伙企业（有限合伙）(暂定名，以市场监督管理局核准登记的名称 为准)，通过合法经营实现资产增值。合伙企业规模 2000 万元，其中宁波三十公 里投资有限公司作为有限合伙人认缴出资 500 万元，占比 25%。后续该合伙企业 不会纳入公司合并报表范围。 1 投资标的名称：宁波酒嗨企业管理合伙企业（有限合伙）(暂定名，以市场 监督管理局核准登记 ...

Core Viewpoint - Lehui International (603076) experienced a significant decline of 8.81% in its stock price, with a trading volume of 5.81 billion yuan and a turnover rate of 12.79% on the day of the report [2] Trading Activity - The stock was listed on the Shanghai Stock Exchange due to a daily price deviation of -8.37%, with a net sell-off of 14.50 million yuan from brokerage seats [2] - The top five brokerage seats accounted for a total transaction volume of 130 million yuan, with buying transactions amounting to 57.88 million yuan and selling transactions totaling 72.38 million yuan, resulting in a net sell-off of 14.50 million yuan [2] - The largest buying brokerage was Huatai Securities Co., Ltd. with a purchase amount of 31.88 million yuan, while the largest selling brokerage was Guotai Junan Securities Co., Ltd. with a selling amount of 23.13 million yuan [2][3] Capital Flow - The stock saw a net outflow of 33.98 million yuan in principal funds, with a net outflow of 0.88 million yuan from large orders and a net outflow of 33.11 million yuan from major orders [2] - Over the past five days, the net outflow of principal funds reached 79.44 million yuan [2] Margin Trading Data - As of June 9, the latest margin trading balance for the stock was 17.70 million yuan, with a financing balance of 17.70 million yuan and a securities lending balance of 0.40 million yuan [3] - The financing balance increased by 7.44 million yuan over the past five days, representing a growth of 72.65%, while the securities lending balance increased by 974 yuan, reflecting a growth of 32.47% [3] Financial Performance - In the first quarter, the company reported a revenue of 206 million yuan, a year-on-year decrease of 5.87%, while the net profit was 8.94 million yuan, showing a year-on-year increase of 160.61% [3]

关于子公司参与设立有限合伙企业的公告 证券代码：603076 证券简称：乐惠国际 公告编号：2025-034 宁波乐惠国际工程装备股份有限公司 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个别及连带责任。 重要内容提示： 一、对外投资概述 1.广州久赢私募股权投资基金管理有限公司 近日，宁波乐惠国际工程装备股份有限公司（以下简称"公司"）全资子公 司宁波三十公里投资有限公司（以下简称"三十公里投资"）与广州久赢私募股 权投资基金管理有限公司、杭州酒与诗商贸有限公司、广州久勤企业咨询有限公 司以及自然人边晓红女士、林敬伟先生签署了宁波酒嗨企业管理合伙企业（有限 合伙）合伙协议（以下简称"合伙协议"或"本协议"），共同投资设立宁波酒 嗨企业管理合伙企业（有限合伙）(暂定名，以市场监督管理局核准登记的名称 为准)，通过合法经营实现资产增值。合伙企业规模 2000 万元，其中宁波三十公 里投资有限公司作为有限合伙人认缴出资 500 万元，占比 25%。后续该合伙企业 不会纳入公司合并报表范围。 （一）普通合伙人的基本信息如下： 类型：有限责任 ...

Core Viewpoint - Lehui International (603076) announced that its wholly-owned subsidiary, Ningbo Thirty Kilometers Investment Co., Ltd., has invested 5 million yuan, accounting for 25%, to establish Ningbo Jiu Hai Enterprise Management Partnership (Limited Partnership) with a total scale of 20 million yuan [1] Investment Details - The investment aims to enhance the company's investment capabilities and achieve asset appreciation through the sale of "Fresh Beer 30 Kilometers" products from the partnership [1] - This investment is not classified as a related party transaction or a major asset restructuring, and it falls within the authority of the general manager, thus does not require approval from the board of directors or shareholders [1]

沉寂数年后，精酿啤酒赛道再转热，有望引领啤酒新一轮高端化。 刚刚入夏，一场中式精酿啤酒带动的精酿啤酒热正在快速升温。在茶啤概念火爆之后，今年见手青、辣椒等小众口味也争相登场。在业内看来，中式精酿热 度崛起的同时，也加速了精酿啤酒在国内市场的普及。在传统啤酒高端化升级放缓之后，精酿热有望成为新一轮高端化的开场。 中式精酿崛起背后 随着北京入夏，冰啤酒便成了热门产品，但很多细心的消费者会发现，在便利店、餐饮等渠道，耳熟能详的啤酒产品正在减少，取而代之的是各种各样的精 酿啤酒产品。记者在北京中关村附近的7-11便利店里看到，冰柜中精酿啤酒的占比正在增加，过去原本属于百威啤酒的陈列位已经换成了金星啤酒旗下的多 款茶叶精酿产品。 在电商平台，各种口味的精酿啤酒已经成为一种现象级产品，茶叶、辣椒、水果、麻椒等口味热度颇高。比如抖音上，有茶叶精酿啤酒单品销售显示超过57 万件，因"看小人"而知名的见手青也成为精酿啤酒的网红口味之一，最多的一款销售超过2万件。 精酿啤酒概念来源于美国，一般是指小型啤酒企业用更高品质的原料手工精细化酿造啤酒方式代替传统的工业生产。2023年时，精酿啤酒在美国市场已占有 13.5%的销售量和24 ...