百合股份（603102）发布异动公告，经公司自查并向控股股东、实际控制人书面发函查证，确认不存在 应披露而未披露的重大事项或重要信息。公司目前生产经营活动一切正常。市场环境、行业政策没有发 生重大调整，生产成本和销售等情况没有出现大幅波动，内部生产经营秩序正常。公司基本面未发生重 大变化。 ...

作者 | 守望者 来源 | 守望核心 导语： 拆解宠物板块持续新高背后的三大预期与核心标的逻辑。 宠物板块持续新高的背后市场在交易什么预期，借助公开资料，理一下宠物板块的β及选股思路， 以及个股的核心看点 。 一、大背景 宠物经济蓬勃发展的内核是宠物的 "人格化、家人化" ， 年轻一代将宠物视为"家人"的情感价值重 构。 1、宠物经济正是基于这一情感纽带蓬勃发展，从提供高品质的宠物食品、个性化的宠物用品，满 足宠物的物质需求； 2、到宠物医疗、保险，为宠物的健康保驾护航； 3、再到宠物美容、摄影、社交活动等，满足主人与宠物之间情感互动的精神需求。 每一个细分领域，让宠物真正融入家庭生活，也让宠物经济的内涵和外延得以不断拓展和深化 。 二、宠物是一个大赛道 1、横向对比化妆品、白酒、食品等来看， 宠物赛道是消费里面少有量价齐升的板块 ，并且随着单 身经济及消费方式的转变， 从实物消费到情绪消费的转变 ，相信大家多少在家里面都多少有一些 宠物（常见的是猫、狗，稀罕的是鸟、仓鼠、乌龟、蛇等），宠物恰逢其时，目前A股从宠物食品 到医疗已经形成一个完整的贝塔。 C、主业稳健，每年贡献净利润大几千万，收购的淘通科技可以贡 ...

Mergers and Acquisitions - Multiple companies are experiencing stock price increases due to merger and acquisition activities, with notable gains including Zongyi Co. at 10.10% and Daqimo at 10.06% [2][3] - New entrants in the market such as Binhai Energy and Jinhongshun also saw significant increases of 10.00% and 9.98% respectively, attributed to similar merger activities [2] - The trend continues with companies like Huayuan Real Estate and Hunan Development achieving first board listings with gains of 9.94% and 9.97% [3] Shipping and Ports - Following the implementation of tariff adjustments between China and the US, there has been a surge in container bookings from China to the US, positively impacting shipping and port stocks [4] - Nanjing Port, Ningbo Shipping, and Lianyungang have all recorded five consecutive days of price increases, with gains of 9.97%, 10.04%, and 10.07% respectively [4][6] Robotics - The robotics sector is gaining attention, with Nvidia's CEO indicating that all mobile devices will become robots, potentially revolutionizing the industrial sector [7] - Companies like Zhongchao Holdings and Xinlong Health have seen stock increases of 10.13% and 10.01% respectively, driven by advancements in robotics [8] Chemical Products - Recent price hikes in chemical products such as dibutyl phthalate and hydroxyl esters have drawn market attention, benefiting companies like Zhongyida and Youfu Co. with stock increases of 9.99% and 10.04% [10][11] Food and Beverage - The release of new regulations by the Ministry of Commerce and the National Development and Reform Commission is expected to boost the food and beverage sector, with stocks like Jiaoda Angli and Baihe Co. seeing gains of 10.00% and 10.01% [12][15] Military and Aerospace - The debut of the "Jiutian" drone at the 15th China Airshow is anticipated to enhance the military sector, with companies like Chengfei Integration and Lijun Co. achieving stock increases of 10.00% and 10.02% [16][19] Nuclear Power - The announcement of procurement projects by China Fusion Energy Co. is expected to stimulate the nuclear power sector, benefiting companies like Wangzi New Materials and Baili Electric with stock increases of 9.99% and 9.92% [16][17] Venture Capital - Recent regulatory changes encouraging private equity participation in mergers and acquisitions are positively impacting venture capital stocks, with companies like Jiuding Investment and Electronic City seeing gains of 10.01% and 9.90% [19] Pet Economy - The pet economy is projected to grow significantly, with companies like Yuande Pet and Tianyuan Pet achieving stock increases of 9.98% and 20.00% [20][21] Carbon Fiber - Price increases in carbon fiber products have been reported, benefiting companies like Jilin Chemical Fiber with a stock increase of 10.04% [22][23] Smart Driving - The Ministry of Industry and Information Technology's push for mandatory standards in smart connected vehicles is expected to drive growth in the automotive sector, with companies like Wan'an Technology and Luchang Technology seeing stock increases of 10.00% [26][27] Rare Earth Permanent Magnets - Tightening supply of rare earth materials due to export controls has led to price increases, benefiting companies like Huayang New Materials and Jiuwu High-Tech with stock increases of 10.10% and 20.02% [28][29] Huawei Harmony - Huawei's upcoming product launch is expected to positively impact related stocks, with companies like Dongfang Zhongke and Dahua Intelligent seeing stock increases of 10.01% and 9.94% [30]

食品加工制造板块短线拉升，百合股份（603102）、巴比食品（605338）涨停，一致魔芋、天味食品、 仲景食品（300908）、西麦食品（002956）、盖世食品等纷纷走高。 暗盘资金一眼洞悉庄家意图>> ...

方正证券主要观点如下： 2)新趋势：功效多元化、剂型零食化，对供给端的研发能力提出更高的要求。功效方面，当前"悦己经 济"蓬勃发展，消费者对功效的期待变得更加具体且个性化，比如单个产品开发复合功效，这要求供给 端具备市场洞察捕捉各类群体的隐蔽健康痛点，同时也要具备开发循证有效产品的研发能力;剂型方 面，软糖、饮品等新兴剂型兼具适口性与便利性，有利于培养消费者的日常服用习惯，根据灼识咨询， 22-24年软糖/饮品剂型CAGR分别约为40%/30%，剂型增速领先，这要求供给端具有充足的新剂型产能 及出色的研发能力。 方正证券发布研报称，当前中国营养保健食品市场处于重要变革期，新消费驱动下行业呈现渠道多元 化、产品创新化、人群全龄化三大特征。该行重视积极把握新消费变革趋势的头部B端企业，新消费驱 动业绩增长，或有望带来板块的估值切换。建议关注积极布局新消费赛道的头部企业，推荐聚焦高价值 客户拓展的仙乐健康（300791）(300791.SZ)及布局跨境与宠物营养的百合股份（603102） (603102.SH)。该行预计，未来行业将保持中高个位数复合增长，头部企业集中度有望加速提升。 当前中国营养保健食品市场处于重 ...

二、回购股份的进展情况 根据《上市公司股份回购规则》《上海证券交易所上市公司自律监管指引第 7 号—回购股份》等相关规定，公司在回购股份期间，应当在每个月的前 3 个交易 日内公告截至上月末的回购进展情况。现将公司截至 2025 年 4 月 30 日的回购股 份进展情况公告如下： 证券代码：603102 证券简称：百合股份 公告编号：2025-018 威海百合生物技术股份有限公司 关于以集中竞价交易方式回购公司股份的进展公告 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法律责任。 重要内容提示： | 回购方案首次披露日 | 2024/8/9 | | | | | | --- | --- | --- | --- | --- | --- | | 回购方案实施期限 | 年 月 月 2024 8 8 7 | 8 | 日~2025 | 年 | 日 | | 预计回购金额 | 3,000万元~6,000万元 | | | | | | 回购用途 | □减少注册资本 √用于员工持股计划或股权激励 □用于转换公司可转债 | | | | | | | □为维护公 ...

Investment Rating - The industry rating is "Outperform" (maintained rating) [5] Core Viewpoints - The report highlights a positive outlook for the beverage sector, driven by the upcoming peak season and supportive macroeconomic policies from the central government [2][12] - The report emphasizes the potential for valuation recovery in the liquor sector, particularly in light of the recent political bureau meeting that indicated a more proactive fiscal and monetary policy [2][12] Summary by Sections Market Performance Review - For the week of April 21 to April 25, the food and beverage sector declined by 1.36%, while the Shanghai Composite Index rose by 0.38%. Notable performances included snacks (+4.50%) and soft drinks (+2.21%), while categories like beer (-0.72%) and health products (-1.28%) saw declines [1][19] Weekly Perspective Updates - **Liquor Sector**: The liquor sector saw a decline of 1.75%, attributed to the off-peak consumption period and inventory adjustments. However, the upcoming May Day holiday is expected to boost demand for banquet scenarios, aiding in inventory reduction [2][12] - **Beer and Beverage Sector**: The beer sector decreased by 0.72%, but companies like Zhujiang Brewery saw a 5.7% increase in stock price due to better-than-expected Q1 performance. The report anticipates improved demand as the weather warms and consumption policies are implemented [3][13] - **Consumer Goods Sector**: The report identifies opportunities in the snack sector, with a focus on companies that have shown resilience and potential for growth. The upcoming sales season for soft drinks is also highlighted as a catalyst for growth [3][14] Investment Recommendations - **Liquor Sector**: Recommended stocks include strong alpha leaders like Moutai and Shanxi Fenjiu, as well as cyclical stocks like Luzhou Laojiao and Jiugui Liquor [4][18] - **Consumer Goods**: The report recommends focusing on snacks and dairy products, with specific mentions of companies like Ganyuan Foods and Yuyuan Foods, which are expected to benefit from low base effects in Q2 [4][18] Sector and Individual Stock Performance - The report provides detailed performance metrics for various sectors, indicating that the snack and soft drink sectors are currently outperforming others, while the liquor sector is under pressure [19][22]

Market Overview - The Shanghai Composite Index closed at 3297.29 points, above the five-day moving average, with a slight increase of 0.03% [1] - The total trading volume of A-shares reached 1,138.919 billion yuan [1] Stocks Performance - A total of 271 A-shares have surpassed the five-day moving average today [1] - Notable stocks with significant deviation rates include: - Jinkai Biological (金凯生科) with a deviation rate of 13.09% and a daily increase of 20.02% [1] - Lusi Co., Ltd. (路斯股份) with a deviation rate of 8.64% and a daily increase of 14.74% [1] - Ketaobiotechnology (科拓生物) with a deviation rate of 8.31% and a daily increase of 11.58% [1] Additional Stocks with Minor Deviations - Stocks with smaller deviation rates that just crossed the five-day moving average include: - Daychen Co., Ltd. (日辰股份) [1] - YTO Express (圆通速递) [1] - Jiama Clothing (嘉曼服饰) [1]

4月14日晚，百合股份（603102.SH）发布2024年报。年报显示，百合股份实现营业收入8.01亿元，同比下降8.0%；实现净利润1.39亿元，同比下滑17.6%； 扣非净利润降幅更大，同比降19.3%。 业绩下滑的背后，百合股份将原因归结为"全球宏观经济波动"和"国内消费市场结构性调整"。营养保健食品行业的需求增速放缓，叠加消费分层现象加剧， 使得百合股份传统业务增长乏力。 特别是在2024年第四季度，百合股份业绩恶化趋势更为明显，单季营收同比下降18.3%，净利润同比降幅扩大至43.9%，显示终端市场疲软态势在年末进一 步加剧。尽管整体业绩承压，百合股份仍选择加大研发投入，全年研发支出达3578万元，占营收比重提升至4.47%，显示出百合股份试图通过技术创新寻求 突破的决心。 百合股份2024年经营活动现金流净额为1.28亿元，同比大幅减少34.2%，现金流压力凸显。 展望2025年，百合股份一季度业绩呈现微弱回暖迹象，营收同比增长9.75%，但净利润同比微增1.02%，复苏力度仍待观察。百合股份管理层强调，未来将 继续推进"科技驱动+服务赋能"战略，向智能化、全球化方向转型，但如何在行业调整期平衡研 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [3] Core Views - The report highlights that the acquisition of Oranutrition Limited will enhance the company's overseas expansion strategy, with the target company expected to contribute to the consolidated financials as a subsidiary [3][8] - The company has experienced a temporary pressure on gross profit margins due to changes in product category structure, leading to a slight downward adjustment in net profit forecasts for 2025-2027 [3][8] - The report indicates a recovery in both contract manufacturing and proprietary brand businesses in Q1 2025, with notable growth in certain product forms such as powders and functional drinks [8] Financial Forecasts - Total revenue is projected to decline from 871.25 million RMB in 2023 to 801.40 million RMB in 2024, before rebounding to 1,144.30 million RMB in 2025, representing a year-on-year growth of 42.79% [3][9] - Net profit attributable to the parent company is expected to decrease from 169.07 million RMB in 2023 to 139.31 million RMB in 2024, with a subsequent increase to 174.11 million RMB in 2025, reflecting a growth rate of 24.98% [3][9] - The report provides earnings per share (EPS) estimates of 2.64 RMB for 2023, 2.18 RMB for 2024, and 2.72 RMB for 2025, with a corresponding price-to-earnings (P/E) ratio of 15.78x for 2025 [3][9] Market Data - The closing price of the company's stock is 42.94 RMB, with a market capitalization of approximately 2,748.16 million RMB [6] - The company has a price-to-book (P/B) ratio of 1.68 and a net asset value per share of 25.59 RMB [6][7] Business Operations - The company plans to establish a wholly-owned subsidiary in Hong Kong to facilitate the acquisition of a 56% stake in Oranutrition Limited, which specializes in contract manufacturing of nutritional products [8] - The target company reported revenues of 4.228 million NZD and a net profit of 612.6 thousand NZD in 2024, with a net profit margin of 14.49% [8]