Core Insights - The seasoning and fermentation sector experienced a slight increase of 0.07% on November 12, with Tianwei Food leading the gains [1] - The Shanghai Composite Index closed at 4000.14, down 0.07%, while the Shenzhen Component Index closed at 13240.62, down 0.36% [1] Stock Performance Summary - Tianwei Food (603317) closed at 13.45, up 4.18% with a trading volume of 144,100 shares and a transaction value of 1.93 billion [1] - ST Jiajia (002650) closed at 7.69, up 3.92% with a trading volume of 114,600 shares and a transaction value of 87.25 million [1] - An Ding Yeast (600298) closed at 40.49, up 2.07% with a trading volume of 96,300 shares and a transaction value of 389 million [1] - Other notable performances include Zhongjing Food (300908) at 31.08, up 1.30%, and Jialong Co. (002495) at 2.91, up 0.34% [1] Capital Flow Analysis - The seasoning and fermentation sector saw a net outflow of 171 million from institutional investors, while retail investors contributed a net inflow of 205 million [2][3] - The detailed capital flow indicates that ST Jiajia had a net inflow of 7.89 million from institutional investors, while Tianwei Food experienced a net outflow of 9.96 million [3] - Retail investors showed significant interest in several stocks, with notable inflows into Tianwei Food and Jialong Co. despite overall sector outflows [3]

Market Overview - The seasoning and fermentation sector increased by 0.15% on November 11, with Zhu Laoliu leading the gains [1] - The Shanghai Composite Index closed at 4002.76, down 0.39%, while the Shenzhen Component Index closed at 13289.0, down 1.03% [1] Stock Performance - Zhu Laoliu (code: 920726) saw a significant rise of 29.97%, closing at 26.15 with a trading volume of 159,300 shares and a turnover of 367 million yuan [1] - Other notable performers included: - Richen Co. (code: 603755) up 2.47%, closing at 38.18 with a turnover of 106 million yuan [1] - Anji Food (code: 603696) up 2.22%, closing at 14.26 with a turnover of 539 million yuan [1] - ST Jiajia (code: 002650) up 2.21%, closing at 7.40 with a turnover of approximately 7.93 million yuan [1] Capital Flow - The seasoning and fermentation sector experienced a net inflow of 19.65 million yuan from institutional investors, while retail investors saw a net inflow of 23.39 million yuan [2] - However, speculative funds recorded a net outflow of 43.04 million yuan [2] Individual Stock Capital Flow - Lianhua Holdings (code: 600186) had a net inflow of 52.83 million yuan from institutional investors, while it faced a net outflow of 21.91 million yuan from speculative funds [3] - Hengshun Vinegar (code: 600305) saw a net inflow of 9.28 million yuan from institutional investors, with a net outflow of 12.13 million yuan from speculative funds [3] - Tianwei Food (code: 603317) experienced a net outflow of 2.03 million yuan from institutional investors, but a net inflow of 12.81 million yuan from retail investors [3]

Core Viewpoint - The company, Shanghai Bolex Food Technology Co., Ltd., is set to hold an investor briefing on November 19, 2025, to discuss its Q3 2025 financial results and address investor inquiries [2][3]. Group 1: Meeting Details - The investor briefing will take place on November 19, 2025, from 9:00 AM to 10:00 AM [2][5]. - The location for the meeting is the Shanghai Stock Exchange Roadshow Center, accessible online [2][4]. - Investors can submit questions from November 12 to November 18, 2025, through the Roadshow Center website or via the company's email [2][4]. Group 2: Participation Information - Investors can participate in the briefing by logging into the Shanghai Stock Exchange Roadshow Center on the scheduled date and time [4][5]. - The company will respond to commonly asked questions during the briefing, ensuring transparency and engagement with investors [3][4]. Group 3: Contact Information - For inquiries, investors can contact the company's board office via phone at 021-31823950 or email at bolex_office@bolexfoods.com [6].

关于召开 2025 年第三季度业绩说明会的公告 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。 重要内容提示： 会议召开时间：2025 年 11 月 19 日（星期三）上午 9:00-10:00 会议召开地点：上海证券交易所上证路演中心（网址：https://roadshow.sseinfo. com/） 证券代码：603170 证券简称：宝立食品 公告编号：2025-038 上海宝立食品科技股份有限公司 董事、总经理：何宏武先生 会议召开方式：上证路演中心网络互动 投资者可于 2025 年 11 月 12 日（星期三）至 11 月 18 日（星期二）16:00 前登 录上证路演中心网站首页点击"提问预征集"栏目或通过公司邮箱 bolex_office @bolexfoods.com 进行提问。公司将在说明会上对投资者普遍关注的问题进行回 答。 上海宝立食品科技股份有限公司（以下简称"公司"）已于 2025 年 10 月 30 日发布公司 2025 年第三季度报告，为便于广大投资者更全面深入地了解公司 2025 年第三季度经营 ...

Market Overview - The seasoning and fermentation sector increased by 2.05% on November 10, with Baoli Food leading the gains [1] - The Shanghai Composite Index closed at 4018.6, up 0.53%, while the Shenzhen Component Index closed at 13427.61, up 0.18% [1] Stock Performance - Baoli Food (603170) closed at 16.16, up 6.04% with a trading volume of 73,800 shares and a turnover of 117 million yuan [1] - Zhu Laoliu (920726) closed at 20.12, up 4.96% with a trading volume of 48,500 shares [1] - Tianwei Food (603317) closed at 13.05, up 4.15% with a trading volume of 137,800 shares [1] - Other notable stocks include: - Jialong Co. (002495) up 3.23% to 2.88 - Anding Yeast (600298) up 3.07% to 39.58 - Anji Food (603696) up 2.95% to 13.95 [1] Capital Flow - The seasoning and fermentation sector saw a net inflow of 127 million yuan from institutional investors, while retail investors experienced a net outflow of 78.83 million yuan [3] - Key stocks with significant capital flow include: - Lianhua Holdings (600186) with a net inflow of 56.07 million yuan from institutional investors [3] - Hai Tian Wei Ye (603288) with a net inflow of 54.85 million yuan from institutional investors [3] - Anji Food (603696) with a net inflow of 10.54 million yuan from institutional investors [3]

Market Overview - The seasoning and fermentation sector increased by 0.56% compared to the previous trading day, with ST Jiajia leading the gains [1] - The Shanghai Composite Index closed at 3997.56, down 0.25%, while the Shenzhen Component Index closed at 13404.06, down 0.36% [1] Stock Performance - ST Jiajia (002650) closed at 7.20, up 1.98% with a trading volume of 85,900 shares and a turnover of 61.65 million yuan [1] - Qianhe Flavor (603027) closed at 9.75, up 1.67% with a trading volume of 306,200 shares and a turnover of 301 million yuan [1] - Anji Food (603696) closed at 13.55, up 1.42% with a trading volume of 319,900 shares and a turnover of 427 million yuan [1] - Other notable stocks include Tianwei Food (603317) at 12.53 (+1.05%), Haidilao (603288) at 37.97 (+0.69%), and Zhongju Gaoxin (600872) at 18.27 (+0.50%) [1] Capital Flow - The seasoning and fermentation sector experienced a net outflow of 75.19 million yuan from institutional investors, while retail investors saw a net inflow of 98.49 million yuan [2] - The overall capital flow indicates a mixed sentiment, with institutional investors pulling back while retail investors are more active [2] Individual Stock Capital Flow - Zhongju Gaoxin (600872) had a net inflow of 7.39 million yuan from institutional investors, while retail investors contributed a net inflow of 972.95 million yuan [3] - Qianhe Flavor (603027) saw a net inflow of 7.27 million yuan from institutional investors, but a net outflow of 910.75 million yuan from retail investors [3] - ST Jiajia (002650) experienced a net outflow of 120,100 yuan from institutional investors, with retail investors contributing a net inflow of 250.36 million yuan [3]

Core Insights - On November 6, a total of 29 stocks received "buy" ratings from brokerages, with one stock announcing a target price [1] - Based on the highest target price, Baoli Food ranks at the top with a projected increase of 38.12% [1] - In terms of rating adjustments, 27 stocks maintained their ratings, one stock had its rating upgraded, and one stock received its first rating [1] - One stock, Jinghe Integrated, attracted attention from multiple brokerages, receiving the highest number of ratings with two brokerages providing ratings [1]

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 21.34 [6]. Core Insights - The company reported a revenue of 2.133 billion yuan for the first three quarters of 2025, representing a year-on-year growth of 10.50%. The net profit attributable to shareholders was 192 million yuan, also up by 10.59% year-on-year [1]. - The B-end business remains stable, benefiting from the demand from major clients in the restaurant sector, while the C-end "Kongke" channel is showing impressive growth due to effective offline channel expansion [2]. - The company's gross margin improved to 33.28% for the first three quarters of 2025, up by 1.48 percentage points year-on-year, driven by a higher proportion of C-end business and the release of high-value customized products in the B-end [3]. Revenue and Profit Forecast - The company expects net profits for 2025, 2026, and 2027 to be 260 million, 300 million, and 350 million yuan respectively, with year-on-year growth rates of 12.38%, 15.48%, and 15.95% [4]. - The projected revenue for 2025 is 2.939 billion yuan, with a growth rate of 10.84% [5]. Financial Metrics - The company’s earnings per share (EPS) for 2025 is estimated at 0.66 yuan, with a price-to-earnings (P/E) ratio of approximately 23.58 [5][11]. - The gross margin for Q3 2025 was reported at 32.55%, reflecting a year-on-year increase of 1.27 percentage points [3].

Core Insights - On November 4, a total of 94 stocks received "buy" ratings from brokerages, with 2 stocks announcing target prices. The highest target price increases were for Baoli Food and Haier Smart Home, with expected increases of 36.88% and 33.36% respectively [1] Summary by Category Stock Ratings - 90 stocks maintained their ratings, 1 stock had an upgraded rating, and 3 stocks received their first ratings [1] - 5 stocks attracted attention from multiple brokerages, with Luzhou Laojiao, SAIC Motor, and Northern Huachuang receiving the highest number of ratings at 3, 2, and 2 respectively [1] Industry Analysis - The sectors with the most stocks receiving "buy" ratings were Capital Goods, Food, Beverages & Tobacco, and Materials II, with 14, 14, and 12 stocks respectively [1]

Group 1: Core Insights - The report emphasizes a turning point in supply and demand equilibrium, particularly in the liquor industry, with a focus on the accelerated clearance of inventory in the baijiu sector [3][15][21] - The report suggests that the liquor industry is transitioning from a "U-shaped adjustment" to a "V-shaped adjustment," indicating a potential for recovery as market pessimism is already reflected in stock prices [15][25] - The report highlights the resilience of consumer staples, particularly in the beverage and snack sectors, which are expected to show strong growth despite the challenges faced by the liquor industry [3][12] Group 2: Baijiu Industry Analysis - The baijiu sector is experiencing a significant adjustment, with sales and inventory levels rapidly clearing, particularly in the high-end and mid-range segments [3][15][21] - The report notes that the current adjustment cycle has a longer duration compared to previous cycles, with a single-quarter decline exceeding previous lows, indicating a deeper market correction [15][25] - Key companies to watch in the baijiu sector include Shanxi Fenjiu, Gujing Gongjiu, and Moutai, with a focus on both growth and stable performers [3][21][28] Group 3: Beer and Beverage Sector Insights - The beer industry is characterized by stable pricing and sales, with a recommendation to focus on regional leaders that have competitive advantages [3][41] - The beverage sector is noted for its structural growth, with leading companies like Dongpeng Beverage and Nongfu Spring expected to perform well [3][41] - The report indicates that the beer industry's profitability is improving due to cost advantages and a stable competitive landscape, despite facing demand pressures [41][42] Group 4: Consumer Goods and Snacks - The consumer goods sector is showing signs of recovery, with food raw materials and health products still in a growth phase, indicating high elasticity in certain categories [3][12] - The snack industry is highlighted for its innovation and growth potential, with companies like Three Squirrels and Wei Long expected to drive future growth [3][12] - The report suggests that the overall consumer goods market is stabilizing, with a focus on companies that demonstrate strong innovation and channel expansion capabilities [3][12]