Core Viewpoint - Baihe Co., Ltd. is a significant player in the nutritional health food industry, with a strong focus on research and development, and a diverse product range that is exported to over 70 countries [1] Financial Performance - For Q3 2025, Baihe's revenue reached 645 million yuan, ranking 7th among 9 companies in the industry, while the net profit was 98.96 million yuan, placing it 5th [2] - The revenue breakdown includes soft capsules at 151 million yuan (35.97%), functional drinks at 120 million yuan (28.56%), and other products [2] Debt and Profitability - The company's debt-to-asset ratio stood at 13.80% in Q3 2025, lower than the industry average of 30.87%, indicating low debt pressure [3] - The gross profit margin was 35.12%, below the industry average of 38.90%, suggesting room for improvement in profitability [3] Leadership and Compensation - Chairman Liu Xinli's compensation for 2024 was 1.87 million yuan, a decrease from 1.90 million yuan in 2023 [4] Shareholder Dynamics - As of September 30, 2025, the number of A-share shareholders decreased by 20.71% to 6,798, while the average number of shares held per shareholder increased by 125.07% [5] Business Highlights - In H1 2025, Baihe achieved revenue of 420 million yuan, a year-on-year increase of 2.06%, but net profit decreased by 13.37% to 72 million yuan [6] - The company is undergoing a strategic transformation with the launch of a new brand and has made a significant acquisition of a New Zealand health product company, Ora, which is expected to enhance revenue growth [5][6] - Revenue projections for 2025-2027 are 970 million, 1.35 billion, and 1.55 billion yuan, with corresponding net profits of 150 million, 200 million, and 230 million yuan [5][6]

一、公司 2025 年第三季度主要经营情况 | | | | | 单位：元 | 币种：人民币 | | | --- | --- | --- | --- | --- | --- | --- | | 产品分类 | 年 2025 7-9 | 月销售收入 | 年 2024 7-9 | 月销售收入 | 增减变动幅度（%） | | | 软胶囊 | | 68,806,380.75 | | 74,682,166.55 | | -7.87 | | 功能饮品 | | 66,405,865.99 | | 54,244,040.51 | | 22.42 | | 片剂 | | 21,877,101.94 | | 25,886,049.87 | | -15.49 | | 粉剂 | | 35,337,894.42 | | 21,287,246.43 | | 66.01 | | 硬胶囊 | | 14,267,627.50 | | 13,400,005.17 | | 6.47 | | 软糖 | | 15,087,236.75 | | 3,063,275.43 | | 392.52 | | 组合及其他 | | 426,967.21 | | 763, ...

Financial Performance - The company's operating revenue for Q3 2025 was ¥225,000,613.13, representing a year-on-year increase of 15.71%[4] - The total profit for the period was ¥31,039,319.15, showing a decrease of 19.01% compared to the same period last year[4] - The net profit attributable to shareholders was ¥27,111,412.59, down 19.54% year-on-year[4] - The net profit after deducting non-recurring gains and losses was ¥22,618,013.83, a decline of 23.76% compared to the previous year[4] - The basic earnings per share for the period was ¥0.43, a decrease of 18.87% compared to the same period last year[4] - The weighted average return on equity was 1.62%, down 0.53 percentage points from the previous year[4] - The net profit for the first three quarters of 2025 is CNY 98,957,898.62, a decrease of 15.1% compared to CNY 116,665,969.26 in the same period of 2024[22] - The total comprehensive income for the first three quarters of 2025 is CNY 97,889,643.77, down from CNY 116,665,969.26 in the previous year[23] - Basic and diluted earnings per share for the first three quarters of 2025 are both CNY 1.58, compared to CNY 1.82 in the same period of 2024[23] - Operating profit for the first three quarters of 2025 was ¥112,777,486.36, a decrease of 15.1% from ¥132,941,899.75 in the previous year[31] - Net profit for the first three quarters of 2025 was ¥101,700,823.78, down 12.8% from ¥116,663,033.63 in 2024[31] Assets and Liabilities - The total assets at the end of the reporting period were ¥1,917,679,939.73, an increase of 5.61% from the end of the previous year[5] - The equity attributable to shareholders was ¥1,627,593,234.51, reflecting a growth of 1.35% year-on-year[5] - The company's total assets as of September 30, 2025, amounted to RMB 1,917,679,939.73, compared to RMB 1,815,740,918.83 at the end of 2024[18] - Current assets totaled RMB 1,376,680,541.00, slightly up from RMB 1,353,749,169.17 at the end of 2024[15] - The company's total liabilities increased to RMB 264,667,968.60 from RMB 209,808,725.05 in the previous year[17] - The equity attributable to shareholders reached RMB 1,627,593,234.51, compared to RMB 1,605,932,193.78 at the end of 2024[18] - Total liabilities increased to ¥212,579,692.69 from ¥208,238,785.02, indicating a rise of 2.0%[29] - The company's total equity reached ¥1,642,211,997.82, an increase from ¥1,617,241,604.01, representing a growth of 1.5%[29] Cash Flow - The net cash flow from operating activities for the year-to-date was ¥143,454,307.47, an increase of 46.23%[9] - Cash flow from operating activities for the first three quarters of 2025 is CNY 143,454,307.47, an increase of 46.2% from CNY 98,099,252.31 in 2024[25] - The cash inflow from operating activities was ¥680,156,753.46, compared to ¥609,048,066.15 in the previous year, showing an increase of 11.7%[34] - The net cash flow from operating activities increased to ¥135,073,773.17 in 2025, compared to ¥98,024,253.82 in 2024, marking a growth of 37.8%[34] Research and Development - Research and development expenses increased to RMB 27,511,855.71, representing a rise of 21.07% compared to RMB 22,656,587.50 in 2024[21] - Research and development expenses for the first three quarters of 2025 were ¥27,037,263.80, up 19.5% from ¥22,656,587.50 in 2024[30] Government Support and Future Outlook - The company received government subsidies amounting to ¥4,300,711.32 year-to-date, which positively impacted its financial performance[7] - Future outlook includes continued investment in R&D and potential market expansion strategies to enhance growth[21] Inventory and Other Financial Metrics - Inventory as of September 30, 2025, was RMB 141,558,812.34, up from RMB 115,115,392.58 at the end of 2024[15] - The company reported a credit impairment loss of CNY -190,088.57 for the first three quarters of 2025, a significant improvement from CNY -1,028,421.19 in 2024[22] - The total operating revenue for the first three quarters of 2025 reached RMB 645,349,650.92, an increase of 6.43% compared to RMB 606,326,448.41 in the same period of 2024[21] - Total operating costs for the first three quarters of 2025 were RMB 534,627,006.09, up 11.43% from RMB 479,812,904.79 in the previous year[21] - The company has made investments totaling CNY 50,000,000.00 in the first three quarters of 2025, consistent with the previous year[25] Cash and Financing Activities - Cash and cash equivalents at the end of September 2025 amount to CNY 1,061,378,359.47, a decrease from CNY 1,079,643,744.48 at the end of 2024[26] - Net cash outflow from investing activities for the first three quarters of 2025 is CNY -142,250,390.25, compared to CNY -104,968,272.32 in 2024[25] - Net cash flow from financing activities was -$72.32 million, compared to -$48.13 million in the previous period, indicating a significant increase in cash outflows[35] - Total cash and cash equivalents at the end of the period decreased to $1.05 billion from $1.07 billion, reflecting a net decrease of $88.37 million[35] - Cash outflows from financing activities totaled $77.07 million, up from $48.89 million in the prior period, highlighting increased financial obligations[35] - Cash inflows from financing activities amounted to $4.75 million, a substantial increase from $765,300 in the previous period[35] - Cash paid for dividends, profits, or interest totaled $46.71 million, slightly down from $48 million year-over-year[35] - The impact of exchange rate changes on cash and cash equivalents was a negative $1.32 million, compared to a negative $975,710 in the previous period[35] - The beginning cash and cash equivalents balance was $1.13 billion, showing a slight decrease from $1.14 billion year-over-year[35]

Core Viewpoint - The company reported a revenue of 225 million yuan in the third quarter, reflecting a year-on-year growth of 15.71%, while net profit decreased by 19.54% [1] - For the first three quarters, the company achieved a revenue of 645 million yuan, representing a year-on-year increase of 6.44%, but net profit fell by 15.15% [1] Financial Performance - Q3 revenue was 225 million yuan, up 15.71% year-on-year [1] - Q3 net profit was 27.11 million yuan, down 19.54% year-on-year [1] - Revenue for the first three quarters was 645 million yuan, an increase of 6.44% year-on-year [1] - Net profit for the first three quarters was 98.99 million yuan, a decrease of 15.15% year-on-year [1]

Core Viewpoint - As of October 21, a total of 82 stocks in the Shanghai and Shenzhen markets have experienced net buying from major funds for five consecutive days or more, indicating strong investor interest in these stocks [1] Group 1: Stocks with Significant Net Buying - The stock with the longest consecutive net buying days is Jianyou Co., which has seen net buying for 12 consecutive trading days [1] - Other notable stocks with significant net buying days include Jingwei Hengrun, Yongmaotai, Baihe Co., ST Chuangyi, Zhongwen Media, Renfu Pharmaceutical, Ruimaite, and Chenguang Co. [1]

Market Overview - On October 20, the food processing sector rose by 0.14% compared to the previous trading day, with *ST Chuntian leading the gains [1] - The Shanghai Composite Index closed at 3863.89, up 0.63%, while the Shenzhen Component Index closed at 12813.21, up 0.98% [1] Stock Performance - The top performers in the food processing sector included: - *ST Chuntian (600381) with a closing price of 5.21, up 5.04% with a trading volume of 147,500 shares and a turnover of 76.248 million yuan [1] - Huifa Food (603536) closed at 11.01, up 4.06% with a trading volume of 158,400 shares and a turnover of 172 million yuan [1] - Jiaoda Anli (600530) closed at 8.71, up 3.69% with a trading volume of 227,800 shares and a turnover of 197 million yuan [1] Capital Flow - The food processing sector experienced a net outflow of 53.8264 million yuan from institutional investors, while retail investors saw a net inflow of 46.0448 million yuan [2] - The capital flow for individual stocks showed: - Jiaoda Anli (600530) had a net inflow of 18.9711 million yuan from institutional investors [3] - *ST Chuntian (600381) had a net inflow of 13.8693 million yuan from institutional investors [3] - Double Happiness Development (000895) had a net inflow of 18.8154 million yuan from institutional investors [3]

Core Points - The company held its first extraordinary general meeting on September 26, 2025, where it approved the proposal to cancel the supervisory board and amend the company’s articles of association, including the addition of employee representative directors [1][4] - Yao Jianwei was elected as the employee representative director during the employee representative assembly held on the same day, with his term lasting until the end of the fourth board's term [1][2] Meeting Details - The extraordinary general meeting took place at the company's R&D building in Rongcheng, Shandong Province, with all nine current directors and three supervisors in attendance [5][6] - The meeting utilized a combination of on-site and online voting, complying with relevant laws and regulations [6] - Two main proposals were passed: the cancellation of the supervisory board and the amendment of internal governance systems, with the first requiring a two-thirds majority and the second a simple majority [6] Legal Compliance - The meeting was witnessed by a law firm, which confirmed that the procedures followed were in accordance with legal and regulatory requirements [6]

威海百合生物技术股份有限公司董事会 2025 年 9 月 27 日 证券代码：603102 证券简称：百合股份 公告编号：2025-038 威海百合生物技术股份有限公司 关于职工代表大会选举职工代表董事的公告 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。 根据《中华人民共和国公司法》及中国证监会《关于新<公司法>配套制度规 则实施相关过渡期安排》的相关规定，威海百合生物技术股份有限公司（以下简 称"公司"）于 2025 年 9 月 26 日召开 2025 年第一次临时股东大会，审议通过 了《关于取消监事会及修订公司章程的议案》，本次章程修订包括不再设置监事 会或监事、在董事会中增设职工代表董事职位等事项。故公司于 2025 年 9 月 26 日召开职工代表大会，经会议选举通过，一致同意姚建伟先生担任公司职工代表 董事，任期自本次职工代表大会审议通过之日起至公司第四届董事会任期届满之 日止。姚建伟先生简历详见附件。 鉴于姚建伟先生原已担任公司董事，故公司第四届董事会成员保持不变。截 至本公告披露日，姚建伟先生持有公司股份 10 ...

证券代码：603102 证券简称：百合股份 公告编号：2025-037 威海百合生物技术股份有限公司 2025年第一次临时股东大会决议公告 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。 重要内容提示： 本次会议是否有否决议案：无 一、 会议召开和出席情况 (一)股东大会召开的时间：2025 年 9 月 26 日 (二)股东大会召开的地点：山东省威海市荣成市荣义路 2899 号公司研发大楼四 楼会议室 本次股东大会由公司董事会召集，本次会议现场由董事刘旭东先生主持，采用现 场与网络投票相结合的方式召开。本次会议的召集、召开和表决方式符合《公司 法》等法律法规和《公司章程》的有关规定。 (三)出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： | 1、出席会议的股东和代理人人数 | 64 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 35,601,215 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | | | 份总数的比例（%） | 57.1688 | 注： ...

. 2 PM w Offices 北京市东城区金宝街 89 号金宝大厦 11 层 11F Jinbao Tower, 89 Jinbao Street, Dongcheng District, Beijing, China 电话(Tel):(86 10)6652 3388 传真(Fax):(86 10)6652 3399 网址(Website): www.junzejun.com 北京市君泽君律师事务所 关于威海百合生物技术股份有限公司 致:威海百合生物技术股份有限公司 威海百合生物技术股份有限公司（以下简称"公司"）2025 年第一次临时 股东大会(以下简称"本次股东大会")于 2025年 9 月 26 日召开,北京市君泽 君律师事务所(以下简称"本所")接受公司的委托,就公司本次股东大会的相 关事宜出具法律意见。 本所及经办律师依据《中华人民共和国公司法》《中华人民共和国证券法》 《上市公司股东会规则》《律师事务所从事证券法律业务管理办法》和《律师事 务所证券法律业务执业规则(试行)》等规定及本法律意见出具日以前已经发生 或者存在的事实,严格履行了法定职责,遵循了勤勉尽责和诚实信用原则,进行 了充分的核查 ...