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]

Group 1 - The craft beer market in China is experiencing a resurgence, particularly with the rise of Chinese craft beer, which is expected to lead a new wave of premiumization in the beer industry [1][3] - Various unique flavors such as tea, chili, and other niche tastes are gaining popularity, indicating a shift in consumer preferences towards more diverse and personalized beer options [2][3] - The number of craft beer-related enterprises in China has significantly increased, with 1,749 new registrations in 2024 and 1,063 in 2025, reflecting a 20.6% year-on-year growth in the first five months of 2025 [3] Group 2 - Despite an overall decline in the beer industry in 2024, many craft beer companies report sales growth, indicating a potential industry boom [3][7] - The craft beer segment is attracting not only traditional beer companies but also distributors and restaurants, further broadening its market reach [3][7] - Major beer companies are increasingly investing in craft beer production, with notable expansions and new facilities being established to meet the growing demand [10][11] Group 3 - The craft beer trend is seen as a response to changing consumer behaviors, particularly among younger generations who prioritize unique experiences and emotional value in their purchases [7][8] - The market is witnessing a diversification of beer products, with many new offerings that do not strictly adhere to traditional definitions of craft beer, appealing to the curiosity of younger consumers [8] - The overall beer market in China is transitioning towards a new phase of premiumization, with craft beer positioned as a key driver for this evolution [9][11]

Group 1 - The stock of Lehui International has experienced a significant increase, with 6 limit-up days within 10 trading days, resulting in a cumulative increase of 71.56% and a turnover rate of 92.35% [2] - As of 10:35, the stock's trading volume reached 11.6552 million shares, with a transaction amount of 456 million yuan, and a turnover rate of 9.66% [2] - The total market capitalization of A-shares has reached 4.933 billion yuan [2] Group 2 - The latest margin trading data shows that as of June 6, the margin balance for the stock is 150 million yuan, with a financing balance of 150 million yuan, which increased by 3.8535 million yuan from the previous trading day, reflecting a growth of 2.64% [2] - Over the past 10 days, the margin balance has increased by 48.0904 million yuan, representing a growth of 47.28% [2] - The stock has appeared on the Dragon and Tiger list twice due to a cumulative deviation in price increase of 20% over three consecutive trading days, with a net selling of 2.0499 million yuan from the leading brokerage firms [2] Group 3 - The company's Q1 report released on April 25 indicates that total operating revenue for the first quarter was 206 million yuan, a year-on-year decrease of 5.87%, while net profit was 8.9383 million yuan, showing a year-on-year increase of 160.61% [2] - The stock's daily performance shows fluctuations, with notable increases and decreases in trading volume and net inflow of funds over the past few days [2]

Investment Rating - The report does not explicitly state an investment rating for the industry, but it provides insights into the performance of various sectors within the equipment manufacturing industry, indicating a mixed outlook for different segments [1][7]. Core Insights - The domestic engineering machinery market is experiencing a short-term decline in activity, with May 2025 data showing a 3.86% year-on-year decrease in average working hours and a 5.01 percentage point drop in operating rates [2][10]. - The automotive sector shows resilience, with a 6% year-on-year increase in daily retail sales of passenger cars during the last week of May 2025, supported by promotional strategies from manufacturers [2][10]. - In the photovoltaic sector, prices for battery cells and modules have stabilized, but demand remains weak, particularly for photovoltaic glass, which is experiencing price declines due to reduced purchasing from downstream component manufacturers [2][10]. Summary by Sections Market Overview - From June 3 to June 6, 2025, the indices for machinery equipment, power equipment, and automotive sectors changed by 0.93%, 1.38%, and 0.17% respectively, ranking 19th, 14th, and 25th among 31 primary industries [7][10]. Industry News and Key Company Announcements - As of April 2025, China's renewable energy generation capacity reached 2.017 billion kilowatts, a 58% year-on-year increase, with wind, solar, and nuclear power surpassing thermal power capacity [2][18]. - A humanoid robot manufacturer has completed a Series A financing round exceeding 100 million RMB, indicating growing investment in robotics [2][18]. - China National Power Engineering Group signed a 1GW project order in Azerbaijan, highlighting international expansion in renewable energy projects [2][20].

Investment Rating - The report does not explicitly state an investment rating for the industry, but it provides insights into the performance of various sectors within the equipment manufacturing industry, indicating a mixed outlook for different segments [1][2]. Core Insights - The domestic engineering machinery market is experiencing a short-term decline in activity, with May 2025 data showing a 3.86% year-on-year decrease in average working hours and a 5.01 percentage point drop in operating rates [2]. - The automotive sector shows resilience, with a 6% year-on-year increase in daily retail sales of passenger vehicles in late May 2025, supported by promotional strategies from manufacturers [2]. - The photovoltaic sector is facing challenges, with a slowdown in demand for solar glass and a general decline in prices for various products, indicating a weak market outlook [2]. Summary by Sections Market Overview - From June 3 to June 6, 2025, the indices for machinery equipment, power equipment, and automotive sectors changed by 0.93%, 1.38%, and 0.17% respectively, ranking 19th, 14th, and 25th among 31 primary industries [7][10]. Engineering Machinery - The average working hours for major engineering machinery products in May 2025 were 84.5 hours, down 3.86% year-on-year and 6.25% month-on-month. The operating rate was 59.5%, reflecting a 5.01 percentage point year-on-year decline [2]. Automotive Sector - In the last week of May 2025, the average daily retail sales of passenger vehicles reached 95,000 units, a 6% increase compared to the same period last year, although it represented a 7% decrease from the previous month [2]. Photovoltaic Sector - The prices of photovoltaic cells and modules have seen a slowdown in their decline, but overall demand remains weak, particularly for solar glass, which is experiencing price pressure due to reduced purchasing needs from downstream component manufacturers [2]. Industry News - As of April 2025, China's renewable energy generation capacity reached 2.017 billion kilowatts, a 58% year-on-year increase, with wind, solar, and nuclear power surpassing thermal power capacity for the first time [2].

Group 1 - The core viewpoint of the news is that the private equity firm Xiangju Capital has conducted research on the listed company Lehui International, revealing insights into its financial performance and strategic direction for 2024 and beyond [1] Group 2 - Lehui International's projected revenue for 2024 is 1.49 billion yuan, representing a year-on-year decline of 9.77%, while the net profit attributable to shareholders is expected to be 21.1 million yuan, an increase of 7.16% [1] - The operating cash flow for Lehui International is reported at 334 million yuan, showing a significant increase of 5,321.62% [1] - The equipment segment remains stable with a profit of 96.38 million yuan, showing consistent annual growth [1] - The fresh beer segment is projected to incur a loss of 75.28 million yuan in 2024, despite a sales growth of 33.36%, which aligns with expectations [1] - In the first quarter of 2025, Lehui International's revenue reached 206 million yuan, with a net profit of 8.94 million yuan, marking a substantial increase of 160.61% compared to the same period in 2023 [1] - The fresh beer segment achieved an EBITDA profit of 2.02 million yuan [1] - The company is focusing on developing markets with breweries, launching self-developed fresh beer machines, and expanding its small tavern business through comprehensive franchising [1] - Lehui International is establishing a "fresh beer 30-kilometer" barrier, continuously investing in brand content, and promoting at store terminals [1] - The equipment segment has a clear development direction, aiming to expand into overseas markets and diversify horizontally, with beer equipment revenue now accounting for approximately 60% [1] - The company achieved an EBITDA profit of 2 million yuan in the first quarter through cost reduction and efficiency improvement, with future focus on effective expansion and maintaining profitability [1] - The first phase of the Wuhan factory has been put into production, and construction has started for factories in Kunming and Changchun, with capital expenditures aligned with sales and profit conditions [1] - Lehui International is advancing its whiskey and brandy business, having completed a domestic whiskey line project [1] - The company aims to secure better contract terms and has dedicated personnel to monitor receivables, enhancing cash flow management efficiency [1] - The Nanjing company is one of the few domestic suppliers of log6 level sterile filling equipment, primarily serving beverage and liquor filling enterprises [1]

Summary of Lehui International Conference Call Company Overview - **Company**: Lehui International - **Industry**: Craft Beer and Beverage Equipment Key Points Business Model and Strategy - Lehui International is enhancing operational efficiency through a franchise model and selectively opening ODM (Original Design Manufacturer) business, partnering with brands like Haidilao to launch products such as "Super Active" to utilize excess capacity and increase revenue [2][3] - The company has deployed approximately 2,000 draft beer machines in Q1 2025 to capture the restaurant market, aiming to expand market share due to low domestic penetration rates compared to Western countries [2][7] Financial Performance - In 2024, the fresh beer business generated revenue of 140 million yuan, a 33% year-on-year increase, but remains in a loss position. The company aims to achieve breakeven or profitability in 2025 [2][5] - The number of effective distributors has increased to over 300, with some achieving annual sales between 3 million to 5 million yuan, which is expected to boost overall sales [2][8] Sales and Market Trends - Sales through distribution channels grew significantly in Q1 2025, with a year-on-year increase of approximately 30% to 50%. May sales reached the highest level of the previous year’s peak season, with expectations for further growth in June and July [2][10][11] - The company is focusing on major markets in East China, with plans to expand into cities with existing breweries [9] Product Development and Consumer Engagement - The craft beer sector is becoming increasingly competitive, with both small and large enterprises entering the market. Consumer feedback has been positive, with over 10,000 terminals selling their products, enhancing repeat purchase rates [12] - The company is actively developing new products to cater to diverse consumer preferences, including flavors aimed at attracting female consumers [12][17] ODM Business Progress - The ODM business has been initiated since the second half of 2024, with partnerships established with brands like Haidilao and West Beverages. The company is looking for partners capable of producing at least 100 tons annually [13][14] Equipment Division - The equipment segment is performing well, with strong order growth. The company is diversifying its offerings beyond beer equipment to include products for the liquor and renewable energy sectors [4][27] - The overseas market accounted for 37% of equipment sales last year, with a goal to reduce reliance on beer equipment from 80% to around 60% [27] Production Capacity and Factory Performance - The Ningbo factory achieved breakeven and profitability in 2024, while other early-stage factories like Wuhan and Changsha are also performing well [22][23] - New factories in Kunming and Harbin are delayed until April 2027, with no concerns about supply shortages due to mature preparatory work [24] Future Growth Plans - The company has set clear growth targets for 2025, focusing on fried chicken, ODM, and channel expansion as key business areas [25] - Continued collaboration with influencers and expansion of the franchise model are part of the strategy to increase market penetration [18] Conclusion - Lehui International is strategically positioning itself in the craft beer market through innovative business models, strong distributor networks, and a focus on product development, while also expanding its equipment division to reduce dependency on beer-related sales. The company is optimistic about achieving profitability and growth in the coming years.