Core Points - Lehui International (603076) closed at 30.45 yuan on June 27, 2025, down 0.1% from the previous week [1] - The company's market capitalization is currently 3.675 billion yuan, ranking 105th out of 177 in the specialized equipment sector and 3805th out of 5151 in the A-share market [1] Company Announcements - The company announced the use of up to 180 million yuan of idle raised funds for cash management, with a duration of 12 months [1] - The entrusted financial management will be conducted by Agricultural Bank of China, with an investment of 29 million yuan in a structured deposit product, expected annual yield of 0.31%-1.01%, and estimated returns of 15,500-50,600 yuan [1] - The source of funds is from a non-public stock issuance, totaling approximately 418 million yuan, with a net amount of about 404 million yuan after deducting issuance costs [1] - The company has implemented multiple risk control measures, including decision-making authority granted to the general manager, specific implementation by the finance department, supervision by the audit department, and oversight by independent directors and the supervisory board [1] - The company believes that using idle raised funds for cash management will not affect the investment projects and will enhance fund utilization efficiency, increasing company returns [1] - As of the announcement date, the company has invested a total of 419 million yuan in entrusted financial management over the past twelve months, with actual returns of 3.0368 million yuan and an unrecovered principal of 157 million yuan [1]

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.

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]

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]