Core Insights - The event "I am a Shareholder" organized by Guohai Securities showcased Jiahe Food Industrial Co., Ltd., highlighting its strategic achievements in the coffee industry, product innovation, and channel expansion [1] Group 1: Company Overview - Jiahe Food was established in 2001, starting with a registered capital of 1 million and 3 acres of land, and has since grown to 16 subsidiaries and five factories, focusing on three main business lines: powdered oils, coffee, and plant-based beverages [2] - The company has launched three major consumer product lines: coffee, oat milk, and milk tea, with oat milk emphasizing a "whole grain" health concept developed in collaboration with the National Grain Science Institute [2] Group 2: Production and Quality Control - The Jinmao Coffee factory, a key focus of the event, spans 35,000 square meters and features fully automated production lines covering the entire coffee production process from roasting to packaging [3] - The factory employs advanced equipment, including German Probat roasters and GA extraction systems, ensuring flavor consistency and production efficiency [3] - Jiahe Food emphasizes quality control and sustainability, sourcing coffee beans from major global production areas and implementing direct sourcing projects to stabilize raw material supply [3] Group 3: Management Dialogue - During the dialogue, the coffee product line manager highlighted that the core advantages of Jinmao Coffee lie in supply chain stability and R&D capabilities, with a reported growth rate of over 60% for the coffee business this year [4] - The company prioritizes food safety, implementing strict supplier admission systems and traceability measures, and is recognized as a model for food safety responsibility in Jiangsu Province [4] - Guohai Securities noted that despite competitive pressures in the food industry, segments like coffee are experiencing rapid growth, and Jiahe Food's comprehensive control over the supply chain positions it well for market share expansion [4] Group 4: Strategic Direction - The event underscored Jiahe Food's commitment to transforming from a raw material supplier to a brand operator, leveraging technology to drive value upgrades in response to new consumer trends [5] - With ongoing capacity expansion in coffee production and deepening consumer channels, Jiahe Food aims to achieve high-quality development through a dual strategy of "manufacturing + branding" [5]

Core Insights - The takeaway from the news is that Jiahe Foods has experienced significant growth in its coffee business due to the recent "takeout war," with a notable increase in orders during May and June, followed by steady growth in July and August, indicating a positive outlook for the brand's growth in the latter half of the year and into next year [1][2] Group 1: Coffee Business Performance - The "takeout war" led to a substantial increase in order volume for both tea and coffee clients, with significant year-on-year growth observed in the coffee segment during May and June [1] - Although growth slowed in July and August as the industry became more rational, the overall trend remains positive, providing support for the company's growth in the second half of the year and into 2024 [1] Group 2: C-end Business Development - The C-end business is currently in an exploratory phase, focusing on coffee e-commerce and oat milk beverage e-commerce, with product categories including coffee, milk tea, and oat milk [1] - C-end revenue is nearing 100 million, indicating rapid growth, and the company places high importance on the development of this segment [1] - Online channels include platforms like Douyin, Tmall, JD, and WeChat stores, while offline efforts involve expanding distributors to CVS, supermarkets, KA, O2O, and snack channels, with revenue structure being evenly split [1] Group 3: Powdered Oil Business Insights - The powdered oil business is expected to be influenced by light milk tea in 2024, with both traditional and light milk tea being key products on menus [2] - By 2025, the impact of light milk tea on traditional milk tea is anticipated to be gradually absorbed, stabilizing the application of powdered oil in traditional milk tea [2] - The takeout war has led to an increase in overall order volume in the tea beverage industry, but it has also significantly impacted the product pricing structure, creating a low-price expectation among consumers, which may lead to a period of adjustment [2]

Investment Rating - The report maintains a "Neutral" rating for the company [4][9]. Core Insights - The company is actively optimizing its product structure, leading to a revenue decline in Q3, but profit margins remained stable. Future focus will be on the 2C business and coffee segment [1][4]. - The revenue for the first three quarters of 2025 increased by 5.27% year-on-year, while the gross profit margin decreased by 4.26 percentage points to 12.56% [4][9]. - The net profit attributable to shareholders saw a significant decline of 68.54% year-on-year, with the net profit margin dropping by 3.45 percentage points to 1.47% [4][9]. Financial Summary - Total revenue for 2023 is projected at 2,841 million RMB, with a forecasted decline to 2,311 million RMB in 2024, followed by a slight recovery in 2025 to 2,352 million RMB [3][6]. - Net profit attributable to shareholders is expected to drop from 258 million RMB in 2023 to 84 million RMB in 2024, with a further decline to 47 million RMB in 2025 [3][6]. - The earnings per share (EPS) is forecasted to be 0.57 RMB in 2023, decreasing to 0.18 RMB in 2024, and recovering to 0.10 RMB in 2025 [3][6]. Product Performance - In Q3, the non-dairy creamer segment saw a decline of 2.60% year-on-year, while coffee and plant-based products experienced significant growth of 56.67% and 62.51% respectively [4][9]. - The syrup segment faced a substantial decline of 54.27%, contributing to the overall revenue drop due to the company's product optimization strategy [4][9]. 2C Business Development - The company has achieved a breakthrough in its 2C business, with revenue reaching 57.57 million RMB in the first half of 2025, marking a year-on-year increase of 132.77% [4][9]. - The company employs a dual-drive strategy focusing on both B2B and B2C, with significant investment in online platforms such as TikTok, Pinduoduo, JD.com, and Tmall [4][9].

Group 1 - A customer reported finding a plastic glove in a coffee cup at a KFC location in Harbin, leading to a request for video evidence from the store [1] - KFC's customer service stated that they could not verify the claims made on social media and advised customers to contact the store directly for service [1] Group 2 - COFCO Technology announced partnerships with several leading tea beverage companies to promote D-alloheptulose sugar, which is seen as a promising product in the health trend [2] - The collaboration aims to enhance product offerings in the tea beverage sector [2] Group 3 - Xiangpiaopiao signed a cooperation agreement with Zhejiang Chinese Medical University to establish a health beverage research institute, focusing on integrating traditional Chinese medicine into daily consumption [3] - The first product from this collaboration is "Five Red Warm Milk Tea," based on traditional remedies [3][4] - Xiangpiaopiao is undergoing a strategic upgrade from a milk tea pioneer to a leader in health-oriented tea beverages, emphasizing product innovation and brand rejuvenation [3][4] Group 4 - Jiahua Foods reported a 68.5% decline in net profit for the first three quarters of the year, despite a 5.3% increase in revenue to 1.77 billion yuan [5] - The company attributed the profit drop to rising raw material costs and increased marketing expenses [5][6] - Jiahua Foods is facing challenges due to the trend of "de-plant-based cream" in the new tea beverage market, leading to a significant decrease in sales [6] Group 5 - Eight Horse Tea officially listed on the Hong Kong Stock Exchange with an initial price of 50 HKD, closing at 93.35 HKD, marking an increase of 86.7% [7] - The company plans to expand its physical presence by adding 1,500 new stores over the next three to five years and aims to establish an intelligent production base [7] - Eight Horse Tea has a strong family ownership structure, with significant control held by the Wang family, who have a long history in tea production [8]

Core Viewpoint - Jiahe Food reported a mixed financial performance for Q3 2025, with revenue growth but significant declines in net profit and cash flow due to rising raw material costs and increased marketing expenses [1][3]. Financial Performance Summary - For Q3 2025, the company achieved revenue of 583.13 million yuan, a decrease of 3.9% year-on-year; net profit attributable to shareholders was 13.57 million yuan, an increase of 2.7%; and net profit excluding non-recurring items was 8.04 million yuan, down 26.1% [2]. - Year-to-date, the company reported total revenue of 1.77 billion yuan, up 5.3% year-on-year; however, net profit attributable to shareholders fell by 68.5% to 26 million yuan, and net profit excluding non-recurring items dropped 85.6% to 10.45 million yuan [1][2]. Cash Flow and Assets - The net cash flow from operating activities for the first three quarters declined by 99%, primarily due to increased raw material procurement costs [4]. - As of the end of Q3, the company’s total assets reached 3.597 billion yuan, a 24.8% increase from the previous year, while net assets attributable to shareholders grew by 32.9% to 2.864 billion yuan [2]. Market Context and Challenges - The decline in net profit is attributed to rising raw material prices and increased marketing expenses [3]. - The company has faced a significant drop in the sales of its plant-based creamers due to the trend of "de-plant-based cream" in the new tea beverage market [4]. Future Plans - In February, the company announced plans to raise up to 725 million yuan through a private placement of A-shares to fund coffee production expansion and supplement working capital [4]. - The funds raised will primarily enhance the production capacity of premium coffee to meet growing market demand [4]. Stock Performance - As of October 29, Jiahe Food's stock price decreased by 1.26% to 11.79 yuan per share, representing a decline of over 60% from its peak in 2021, with a total market capitalization of 5.357 billion yuan [6].

Core Insights - Jiahua Food (605300.SH) reported its Q3 2025 results, revealing that as of October 28, 2025, seven institutional investors held a total of 129 million shares, representing 28.30% of the company's total equity [1] - The institutional holding percentage decreased by 3.14 percentage points compared to the previous quarter [1] - Fourteen public funds were disclosed this period, including Tianhong CSI Food and Beverage ETF and others, with no new public funds reported compared to the last quarter [1] - Two foreign funds, including Morgan Stanley & Co. International PLC and International Finance Corporation, reduced their holdings, accounting for a decrease of 0.82% [1]

Core Viewpoint - The company, Jiahe Food Co., Ltd., has released its unaudited financial results for the first three quarters of 2025, ensuring the accuracy and completeness of the information disclosed [10][17]. Financial Data Summary - The financial report for the third quarter of 2025 has not been audited [3]. - The company confirms that the financial information in the quarterly report is true, accurate, and complete, with no significant omissions [2][10]. - The report includes major financial data and indicators, although specific figures are not provided in the text [3]. Shareholder Information - As of the end of the reporting period, the company holds 4,579,198 shares in its repurchase account, accounting for 1.01% of the total share capital [6]. - There are no changes in the shareholding structure of the top ten shareholders compared to the previous period [7]. Upcoming Events - The company will hold an online performance briefing on November 7, 2025, from 10:00 to 11:00, to discuss its third-quarter results and address investor questions [15][18]. - Investors can submit questions before the meeting through the designated website or email [19].

Company Overview - Jiahe Foods (SH 605300) announced its third board meeting on October 28, 2025, to review the proposal for the third quarter report of 2025 [1] - As of the report, Jiahe Foods has a market capitalization of 5.4 billion yuan [1] Revenue Composition - For the year 2024, Jiahe Foods' revenue composition is as follows: 88.8% from the food industry and 11.2% from other businesses [1]

Core Viewpoint - Jiahe Food (605300.SH) reported a total operating revenue of 1.769 billion yuan for the first three quarters of 2025, reflecting a year-on-year growth of 5.27% [1] - The net profit attributable to shareholders decreased by 68.54% to 26.0012 million yuan, with basic earnings per share at 0.06 yuan [1] Financial Performance - Total operating revenue for the first three quarters reached 1.769 billion yuan, marking a 5.27% increase compared to the previous year [1] - Net profit attributable to the parent company's shareholders was 26.0012 million yuan, showing a significant decline of 68.54% year-on-year [1] - Basic earnings per share stood at 0.06 yuan [1]

证券代码：605300 证券简称：佳禾食品 公告编号：2025-092 佳禾食品工业股份有限公司 关于 2025 年前三季度经营数据公告 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《上市公司行业信息披露指引第十四号——食品制造》第十四条相关规 定，现将佳禾食品工业股份有限公司（以下简称"公司"）2025 年前三季度经 营数据（未经审计）公告如下： 单位：元 币种：人民币 | 产品分类 | 年 2025 | 月销售收入 1-9 | 年 2024 | 月销售收入 1-9 | 增减变动幅度 | | --- | --- | --- | --- | --- | --- | | 粉末油脂 | | 791,361,314.30 | | 835,291,390.09 | -5.26% | | 咖啡 | | 313,731,253.96 | | 192,878,415.07 | 62.66% | | 植物基 | | 96,110,232.33 | | 62,569,090.05 | 53.61% | | 糖浆 | | 167,012, ...