Core Viewpoint - The dairy industry in the A-share market has shown strong resilience with nearly 90% of the 19 major dairy companies experiencing stock price increases, reflecting a robust recovery in consumer demand [1] Group 1: Performance Overview - 17 out of 19 major dairy companies in the A-share market recorded stock price increases, indicating a significant upward trend in the sector [1] - Leading the gains are regional boutique dairy companies and segment leaders, with Zhuangyuan Pasture (002910) achieving a remarkable 63.46% increase, followed by Knight Dairy (920786) at 50.83% and Beingmate (002570) at 48.65% [1][2] Group 2: Industry Leaders - Industry giants Yili (600887) and Mengniu (02319.HK) continue to serve as the "industry ballast," maintaining stable performance amidst a complex market environment [2] - Yili has shown positive growth and remains a preferred choice for investors due to its solid dividend capacity and fundamental stability, while Mengniu has strengthened its global position through ongoing brand upgrades and international expansion [2] Group 3: Divergence in Performance - Despite the overall positive trend, there are exceptions with Bright Dairy (600597) and Jiahe Foods (605300) experiencing declines of 1.54% and 8.79% respectively, attributed to intense competition and cost pressures [3] - Upstream companies like Modern Dairy (01117.HK) are facing challenges due to prolonged low raw milk prices, which have severely compressed profit margins [3] - The dairy sector is transitioning from "volume growth" to "quality transformation," with leading companies and regional dark horses contributing to the industry's prosperity, despite some facing short-term challenges [3]

Group 1 - The core viewpoint of the article is that Jiahe Foods (605300) has introduced two organic products, namely "Very Wheat" organic oat milk and "Very Wheat" organic walnut milk [1] Group 2 - The company currently offers two organic products [1] - The products are marketed under the brand "Very Wheat" [1] - The introduction of these organic products indicates the company's focus on health-conscious consumer trends [1]

Core Insights - The beverage and dairy sector experienced a rise of 0.51% on January 28, with Liziyuan leading the gains [1] - The Shanghai Composite Index closed at 4151.24, up 0.27%, while the Shenzhen Component Index closed at 14342.9, up 0.09% [1] Sector Performance - Liziyuan (605337) closed at 13.56, up 5.85% with a trading volume of 388,600 shares [1] - Sanyuan (600429) closed at 5.45, up 4.21% with a trading volume of 482,000 shares [1] - Dongpeng Beverage (605499) closed at 254.51, up 3.54% with a trading volume of 47,700 shares [1] - Other notable performers include Weiwe (600300) up 1.65% and Qishi Dairy (920786) up 1.18% [1] Capital Flow - The beverage and dairy sector saw a net inflow of 1.51 million yuan from institutional investors, while retail investors contributed a net inflow of 12.8 million yuan [2] - However, there was a net outflow of 129 million yuan from speculative funds [2] Individual Stock Capital Flow - Liziyuan had a net inflow of 62.55 million yuan from institutional investors, but a net outflow of 17.26 million yuan from speculative funds [3] - Yili (600887) saw a net inflow of 33.78 million yuan from institutional investors, but a significant net outflow of 71.72 million yuan from speculative funds [3] - Sanyuan (600429) had a net inflow of 22.36 million yuan from institutional investors, while retail investors experienced a net outflow of 27.12 million yuan [3]

Core Viewpoint - Shaanxi Jiahe Food Co., Ltd. was penalized by the Xi'an Market Supervision Administration for selling "white flower rice" containing excessive levels of aflatoxin B1, violating national food safety standards [1][2][3] Group 1: Company Information - Shaanxi Jiahe Food Co., Ltd. was established on May 2, 2018, with a registered capital of 5 million yuan [2][3] - The legal representative of the company is Mo Huiye, and its business scope includes the sale of agricultural products, food sales (only pre-packaged food), packaging services, and food import and export [2][3] Group 2: Regulatory Action - On January 14, 2026, the Xi'an Market Supervision Administration issued an administrative penalty against Shaanxi Jiahe Food Co., Ltd., which included a warning, confiscation of illegal gains amounting to 264 yuan, and a fine of 3,000 yuan [1][3] - The penalty was based on the violation of Article 124 and Article 126 of the Food Safety Law of the People's Republic of China [3]

证券代码：605300 证券简称：佳禾食品 公告编号：2026-006 佳禾食品工业股份有限公司 关于使用部分暂时闲置募集资金进行现金管理提前 赎回并继续进行现金管理的进展公告 投资种类： 固定收益凭证（按约定还本付息） 投资产品名称：中信证券股份有限公司节节升利系列 4334 期收益凭证 投资金额：10,000 万元 本次现金管理产品在敲出观察日触发了挂钩标的组合收益表现水平大于或 等于敲出水平的提前终止事件，根据现金管理产品的有关条款提前终止，公司已 于 2026 年 1 月 22 日收回本金 10,000 万元，并获得收益 71 万元，具体情况如下： | 产品名称 | | 受托人名称 | 产品金额 | 起息日 | 到期日 | 年化收益率 | 赎回金额 | 实际收益 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | （万元） | | | （%） | （万元） | （万元） | | 中信证券股 | | | | | | | | | | 份有限公司 | | 中信证券股 | | | 2026/1/20 | | | | | 安泰保盈系 ...

Market Overview - The beverage and dairy sector experienced a decline of 0.18% on January 23, with Miaokelan leading the drop [1] - The Shanghai Composite Index closed at 4136.16, up 0.33%, while the Shenzhen Component Index closed at 14439.66, up 0.79% [1] Stock Performance - Notable gainers in the beverage and dairy sector included: - Quanyangquan (code: 681009) with a closing price of 8.37, up 2.45% and a trading volume of 419,500 shares, totaling 351 million yuan [1] - Huanlejia (code: 300997) closed at 24.80, up 2.31% with a trading volume of 98,400 shares, totaling 242 million yuan [1] - Qiaoyuan Beverage (code: 603156) closed at 33.86, up 1.93% with a trading volume of 108,900 shares, totaling 364 million yuan [1] - Conversely, the following stocks saw declines: - Miaokelan (code: 600882) closed at 23.75, down 3.34% with a trading volume of 153,200 shares, totaling 368 million yuan [2] - Weiweijia (code: 600300) closed at 3.71, down 2.11% with a trading volume of 665,200 shares, totaling 248 million yuan [2] - New Dairy (code: 002946) closed at 19.19, down 1.34% with a trading volume of 45,200 shares, totaling 86.94 million yuan [2] Capital Flow - The beverage and dairy sector saw a net outflow of 141 million yuan from institutional investors, while retail investors contributed a net inflow of 229 million yuan [2] - Detailed capital flow for selected stocks includes: - Yili Group (code: 600887) with a net inflow of 1.10 billion yuan from institutional investors, but a net outflow of 162.69 million yuan from retail investors [3] - Huangshi Group (code: 002329) had a net inflow of 13.98 million yuan from institutional investors, with a net outflow of 5.66 million yuan from retail investors [3] - Liziyuan (code: 605337) saw a net inflow of 8.75 million yuan from institutional investors, with a net outflow of 1.70 million yuan from retail investors [3]

Core Viewpoint - Jiahe Foods has announced a significant decline in its 2025 profit forecast, projecting a net profit of between 30.01 million and 45.01 million yuan, representing a year-on-year decrease of 46.38% to 64.25% [1][7]. Financial Performance - The company expects a non-net profit of between 8.57 million and 12.85 million yuan, down 81.78% to 87.85% year-on-year [1][7]. - The gross profit margin has dropped to 12.56% in the first three quarters of 2025, with a non-net profit margin of only 0.59%, indicating a precarious financial position [1][7]. Impact of "0 Trans Fat" Movement - Jiahe Foods' core revenue source, the plant-based cream (known as "plant fat powder"), has been significantly impacted by the "0 trans fat" movement, leading to a continuous decline in revenue [2][3]. - In 2023, revenue from plant-based cream products was 1.926 billion yuan, accounting for approximately 68% of total revenue, but is projected to drop by 39.82% to 1.159 billion yuan in 2024 [3][10]. Production Capacity and Utilization - The company has seen a substantial amount of idle capacity in its plant-based cream production, with a utilization rate dropping to 39% as production is expected to fall to 105,900 tons in 2024 [3][10]. - The company raised 450 million yuan in 2021 to build a production base with an annual capacity of 120,000 tons, but the current market conditions have led to underutilization of this capacity [3][10]. Sugar Syrup Business - The sugar syrup segment, which includes various types of syrups, has a low gross margin of only 4.63% in 2024, contributing about 15.75% to total revenue [4][11]. - The company is adjusting its strategy in the sugar syrup business due to declining profitability [4][11]. Shift to C-end Business and Coffee Production - Jiahe Foods is investing in coffee production, with plans to allocate 550 million yuan for expanding coffee capacity, aiming to produce various coffee products [6][14]. - The company is also exploring C-end business opportunities, including coffee e-commerce and oat milk beverages, although current revenue from this segment is still limited, nearing 100 million yuan [6][14]. Cash Flow and Inventory Management - Operating cash flow has significantly shrunk, down to 1.184 million yuan in the first three quarters of 2025, with inventory turnover days increasing to 64.05 days [6][13].

Core Viewpoint - The company, Jiahe Food Industrial Co., Ltd., anticipates a significant decline in net profit for the fiscal year 2025, projecting a decrease of 46.38% to 64.25% compared to the previous year [2][4]. Group 1: Performance Forecast - The estimated net profit attributable to shareholders for 2025 is expected to be between 30.01 million and 45.01 million yuan, a decrease of 38.93 million to 53.93 million yuan from the previous year [2][4]. - The projected net profit, excluding non-recurring gains and losses, is expected to be between 8.57 million and 12.85 million yuan, representing a decrease of 57.68 million to 61.96 million yuan year-on-year [2][4]. Group 2: Previous Year Performance - In the fiscal year 2024, the total profit was 111.40 million yuan, with a net profit attributable to shareholders of 83.94 million yuan [6]. - The net profit attributable to shareholders, excluding non-recurring gains and losses, was 70.53 million yuan [6]. Group 3: Reasons for Performance Decline - The primary reasons for the anticipated decline in performance include increased product costs due to rising raw material prices and higher marketing expenses resulting from the company's efforts to expand its coffee product line and C-end sales channels [8]. - Non-operating gains and losses are not expected to have a significant impact on the company's performance changes [9].

Core Viewpoint - Jiahe Food (605300.SH) expects a significant decline in net profit for the fiscal year 2025, projecting a decrease of 46.38% to 64.25% compared to the previous year [1] Financial Performance - The company anticipates a net profit attributable to shareholders of approximately 30.01 million to 45.01 million yuan for 2025, which represents a reduction of 38.93 million to 53.93 million yuan year-on-year [1] - The expected net profit after deducting non-recurring gains and losses is projected to be between 8.57 million to 12.85 million yuan, indicating a decrease of 57.68 million to 61.96 million yuan compared to the previous year [1] - This results in a year-on-year decline of 81.78% to 87.85% in the adjusted net profit [1]

Group 1 - The company emphasizes the importance of market value management and focuses on its development strategy to enhance core competitiveness [1] - The company is committed to shareholder returns through continuous cash dividends and aims for high-quality development [1] - Stock price fluctuations in the secondary market are influenced by multiple factors, including macroeconomic conditions, industry cycles, and market sentiment [1]