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.

Macro Trends - The central government plans to support 20 cities in implementing urban renewal actions, including major cities like Beijing, Guangzhou, and Tianjin [1] - The State-owned Assets Supervision and Administration Commission (SASAC) is conducting intensive research on eight central enterprises, signaling the direction for future state-owned enterprise reforms [2] Market Adjustments - FTSE Russell announced adjustments to several indices, including the FTSE China 50 Index and FTSE China A50 Index, effective June 20, 2025 [3] - The Shanghai Stock Exchange has initiated a pilot program for the re-issuance of corporate bonds and asset-backed securities, aiming to enhance market liquidity and promote high-quality development in the bond market [3] Energy Sector Developments - The National Energy Administration is promoting breakthroughs in the construction of new power systems, focusing on various innovative technologies and models [4] Financial Innovations - The Hong Kong Securities and Futures Commission is considering introducing virtual asset derivatives trading for professional investors, aiming to enhance product offerings while ensuring orderly and transparent trading [5] Company News - Wantai Biological Pharmacy's nine-valent HPV vaccine has been approved for market launch, targeting women aged 9 to 45, which will enhance the company's product line and competitiveness [8] - Hainan Huatie is planning to issue shares overseas and list on the Singapore Exchange to advance its international strategy [9] - Maiwei Co. intends to invest 100 million yuan in a fund focused on growth-stage companies in the new energy and semiconductor sectors [10] - Suqian Agricultural Development plans to acquire a 28.75% stake in Jinyang Sun Grain and Oil for 178 million yuan [11] - CITIC Securities has received approval to issue up to 8 billion yuan in technology innovation corporate bonds to professional investors [12] - Zhongke Electric plans to invest up to 8 billion yuan in a lithium-ion battery anode material integrated base project in Oman [13] - Feiya Technology intends to acquire all or part of the equity of Chang Kong Gear [14] - Lehui International's fresh beer business is currently small and in a loss phase, with projected losses of 60.65 million yuan and 75.28 million yuan for 2023 and 2024, respectively [15] - Harta Technology is validating RFID chips for railway applications [17] - Xidi Micro has established partnerships with several well-known brands in the AI glasses sector [16] - Yutong Heavy Industry reports limited orders for its L4 autonomous sanitation vehicles, contributing minimally to its performance [17] - Huamao Technology plans to acquire a 57.84% stake in Fuchuang Youyue, with stock resuming trading [18] - Kingsoft Office intends to acquire the remaining 31.9769% stake in its subsidiary, Shuke Network Technology, for 254 million yuan [19] - Li New Energy plans to invest approximately 1.25 billion yuan in three independent energy storage projects [20]

Mergers and Acquisitions - Huamao Technology plans to acquire 57.84% stake in Fuchuang Youyue through direct and indirect means, and will issue shares to raise matching funds from its controlling shareholder Dongyang Huasheng [1] - Milkway intends to acquire 30% stake in Tianjin Wuze for 142 million yuan to enhance logistics services for hazardous cargo in Tianjin and surrounding areas [2] - Suqian Agricultural Development plans to invest 178 million yuan to acquire 28.75% of Jintaiyang Grain and Oil, resulting in an 80% ownership post-transaction [3] Share Buybacks and Reductions - Yong'an Futures plans to repurchase shares worth between 50 million to 100 million yuan, with a maximum repurchase price of 18.63 yuan per share, aimed at reducing registered capital [4] - Lian Ce Technology's vice chairman Yu Xuanxuan intends to reduce holdings by up to 54,000 shares, representing 0.84% of total shares, while another shareholder plans to reduce by 10,000 shares, or 0.16% [5] - Bixing Wulian's shareholder Ningbo Fengtu Huizheng plans to reduce holdings by up to 235,560 shares, which is 3% of the total share capital [6] Risk Matters - *ST Sailong warns of potential market overheating risk due to significant recent stock price increases, which deviate from reasonable valuations and fundamentals [7] - Lehui International reports that its draft beer business is relatively small and currently operating at a loss, cautioning investors about associated risks [8] - Wangzi New Materials clarifies that its controllable nuclear fusion business contributes minimally to overall revenue, emphasizing limited short-term impact on performance [9][10]