Industry Overview - Corn oil, also known as corn germ oil, is extracted from corn germ and is recognized for its high quality and rich content of unsaturated fatty acids, particularly linoleic acid, and vitamin E [2][4] - The refining output of corn oil in China reached 837,500 tons in the first half of 2025, driven by advancements in cold-pressed technology and enzyme refining, which improved the refining yield from 88% to 93% [1][8] Industry Chain - The upstream of the corn oil industry includes raw materials and production equipment such as corn, soaking tanks, crushers, and various oil extraction and refining machines [4] - The midstream involves the production and manufacturing of corn oil, while the downstream caters to sectors like catering and food processing [4] Policy Support - The 2024 Central Document No. 1 emphasizes continued implementation of corn producer subsidy policies and expansion of insurance coverage, supporting the corn industry [6] - The national corn planting area reached 67.1 million acres, with a production of 295 million tons, reflecting a stable growth trend [6] Key Enterprises - Major players in the corn oil industry include Xiwang Food, which is the largest corn germ oil producer in China, and Long Life Flower, which has established significant technological standards and patents [12][14] - Yihai Kerry Arawana is a significant player with a strong market presence and a diverse product range, including corn oil [16] Market Trends - The demand for high-end corn oil products is expected to rise, driven by consumer preferences for natural and additive-free options [18] - The industry is transitioning towards green production methods, with a focus on reducing carbon emissions and utilizing renewable energy [19] - The restructuring of global supply chains is leading corn oil companies to shift from import reliance to a dual focus on domestic and international markets [20]

Core Insights - Shandong province's Binzhou city held a training conference on intelligent and green technology transformation for industrial enterprises, where West King Food was awarded for its outstanding practices in this area [1] Group 1: Company Achievements - West King Food, a leading player in the domestic corn oil industry, has been actively exploring and innovating in intelligent and green technology transformation [1] - The company has established a comprehensive supply chain management system from corn raw materials to corn oil finished products, leveraging its integrated corn deep processing industry advantages [1] - In production, West King Food utilizes advanced domestic and international equipment across all production lines, positioning itself at the forefront of the industry [1] Group 2: Green Technology Initiatives - The company has made significant achievements in green technology transformation, exemplified by its star product, corn germ oil, which uses non-GMO high-quality corn from the Yellow River basin [1] - West King Food employs patented technologies such as "3-hour fresh squeezing" and "6-layer preservation process," along with advanced "enzyme method" physical refining technology, to maximize the retention of corn's nutritional essence while minimizing energy consumption and environmental pollution during production [1] - The company is expanding its product line to include various high-end healthy oils, such as sunflower oil, peanut oil, and rapeseed oil, creating a diverse matrix of healthy oil products to meet consumers' varied needs [1] Group 3: Future Plans - West King Food plans to continue increasing investment in technology and product innovation, focusing on developing more green and healthy oil products [2] - The company aims to establish itself as a national demonstration base for grain and oil innovation development, contributing to the health of consumers and the ongoing intelligent and green development of industrial enterprises in Binzhou city [2]

Core Viewpoint - The resignation of Mr. Sun Xinhui from the board of directors of Xiwang Food Co., Ltd. is due to work adjustments, and it will not affect the company's normal operations or the board's functioning [1] Group 1: Resignation Details - Mr. Sun Xinhui submitted a written resignation report and will no longer hold any position in the company after his resignation from the 14th board of directors and the special committee [1] - His resignation will not lead to the board having fewer members than the legal minimum, and it takes effect upon delivery to the board [1] - Mr. Sun did not hold any shares in the company at the time of the announcement and has no unfulfilled commitments [1] Group 2: Company Acknowledgment - The board expresses gratitude for Mr. Sun Xinhui's contributions to the company's development during his tenure [1]

Group 1 - The core point of the article is the resignation of Sun Xinhui from the board of directors of Xiwang Food due to work adjustments [1] - Sun Xinhui will no longer hold any position in the company after his resignation but will continue to serve in the role of a controlling shareholder [1]

Core Viewpoint - The resignation of Sun Xinhui from the board of directors of Xiwang Food is due to work adjustments, and it will not affect the company's normal operations or board functionality [1] Group 1 - Sun Xinhui submitted a written resignation report to the board of directors, resigning from his position as a director and committee member of the 14th board [1] - After his resignation, Sun Xinhui will no longer hold any position within the company but will continue to serve as a member of the controlling shareholder [1] - The resignation will not lead to the board having fewer members than the legal minimum, ensuring the board's normal operation and the company's ongoing production and business activities [1]

证券代码：000639 证券简称：西王食品 公告编号：2025-018 西王食品股份有限公司（以下简称"公司"）董事会近日收到公司董事孙新 虎先生的书面辞职报告。孙新虎先生因工作调整原因，辞去公司第十四届董事会 董事和专门委员会委员的职务，辞职后不再担任公司任何职务，仍在公司控股股 东任职。 根据《公司法》、《公司章程》等有关规定，孙新虎先生的辞职不会导致公司 董事会成员低于法定最低人数，辞职报告自送达公司董事会时生效，不会影响公 司董事会正常运作和公司正常生产经营。 截至本公告披露日，孙新虎先生未持有公司股份，亦不存在应履行而未履行 的承诺事项。孙新虎先生在任职期间，恪尽职守、勤勉尽责，公司董事会对孙新 虎先生为公司发展所作出的贡献表示衷心的感谢！ 特此公告。 西王食品股份有限公司董事会 西王食品股份有限公司 关于董事辞职的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 2025 年 8 月 8 日 ...

Market Overview - The food processing sector experienced a decline of 0.25% on August 6, with *ST Chuntian leading the drop [1] - The Shanghai Composite Index closed at 3633.99, up 0.45%, while the Shenzhen Component Index closed at 11177.78, up 0.64% [1] Individual Stock Performance - Notable gainers included: - Weizhi Xiang (605089) with a closing price of 26.37, up 2.17% [1] - Chunxue Food (605567) at 11.15, up 1.00% [1] - Kangbiter (833429) at 22.70, up 0.53% [1] - Major decliners included: - *ST Chuntian (600381) at 4.57, down 3.79% [2] - Xianle Health (300791) at 23.45, down 1.68% [2] - Baba Food (605338) at 19.56, down 1.21% [2] Trading Volume and Capital Flow - The food processing sector saw a net outflow of 161 million yuan from institutional investors, while retail investors contributed a net inflow of 146 million yuan [2] - The trading volume for major stocks included: - Jindaiwei (002626) with a trading volume of 75,500 lots and a transaction value of 153 million yuan [1] - Jinzi Ham (002515) with a trading volume of 296,300 lots and a transaction value of 210 million yuan [1] Capital Flow Analysis - Major stocks with significant capital flow included: - Shuanghui Development (000895) with a net inflow of 11.11 million yuan from institutional investors [3] - Chunxue Food (605567) with a net inflow of 6.68 million yuan from institutional investors [3] - Wufangzhai (603237) with a net inflow of 2.34 million yuan from institutional investors [3]

Market Overview - On August 5, the food processing sector rose by 0.82% compared to the previous trading day, with *ST Chuntian leading the gains [1] - The Shanghai Composite Index closed at 3617.6, up 0.96%, while the Shenzhen Component Index closed at 11106.96, up 0.59% [1] Stock Performance - The following stocks in the food processing sector showed notable performance: - *ST Chuntian (600381) closed at 4.75, up 3.49% with a trading volume of 147,300 shares and a turnover of 69.26 million yuan [1] - Jinzi Ham (002515) closed at 7.07, up 2.91% with a trading volume of 350,000 shares and a turnover of 24.47 million yuan [1] - Weizhi Xiang (605089) closed at 25.81, up 2.18% with a trading volume of 19,200 shares and a turnover of 49.40 million yuan [1] - Other notable stocks include Jiyuan Group (603262) and Quandawei (002626), which closed at 30.73 and 20.31 respectively, with increases of 1.59% and 1.55% [1] Capital Flow - The food processing sector experienced a net outflow of 44.72 million yuan from institutional investors, while retail investors saw a net inflow of 34.30 million yuan [2] - The following stocks had significant capital flow: - Shuanghui Development (000895) had a net inflow of 26.13 million yuan from institutional investors but a net outflow of 20.22 million yuan from speculative funds [3] - Xiwang Food (000639) saw a net inflow of 4.76 million yuan from institutional investors [3] - *ST Chuntian (600381) had a net inflow of 3.94 million yuan from institutional investors [3]

Core Insights - The edible oil industry in China is characterized by a complex supply chain that includes agricultural production, processing, packaging, and sales channels [1] - Major listed companies in the industry include Jinlongyu (300999.SZ), Shenliang Holdings (000019.SZ), and others, with Jinlongyu leading in revenue and market share [1][8] Industry Overview - The edible oil supply chain consists of upstream agricultural production, midstream processing companies, and downstream sales channels [1] - The industry has seen a decline in revenue across most listed companies in 2024, indicating increased competition and market pressure [8][15] Company Performance - Jinlongyu reported a revenue of 238.87 billion yuan in 2024, maintaining a leading position despite a decline of 10.37% in its feed raw materials and oil technology business [8][15] - Shenliang Holdings and Jinlongyu both experienced growth in net profit in Q1 2025, with increases of 42.97% and 11.24% respectively [9][10] - Other companies like Su Kuan Agricultural Development and Jingliang Holdings faced significant revenue declines in 2024 [10] Financial Metrics - As of May 27, 2025, Jinlongyu's total market capitalization reached 165.196 billion yuan, while other companies like Su Kuan Agricultural Development also exceeded 10 billion yuan [9][10] - The profit margins varied significantly among companies, with West King Food achieving a gross margin of 22.86%, while Jinlongyu and Shenliang Holdings reported margins below 3% [18] Business Strategies - Jinlongyu plans to expand into the health industry and enhance its product offerings through technological innovation [22][24] - Jingliang Holdings aims to strengthen its supply chain and marketing strategies to improve its trade business [22][24] - West King Food focuses on brand building and cost control to enhance competitiveness [22][24] Market Dynamics - The overseas revenue distribution among companies is uneven, with West King Food and others relying heavily on international markets, although some have seen declines in overseas sales [20][21] - The edible oil industry is facing challenges due to increased competition and market pressures, leading to varied performance among listed companies [15][18]

转自：前瞻产业研究院 行业主要上市公司：金龙鱼(300999.SZ)、深粮控股(000019.SZ)、金健米业(600127.SH)、京粮控股 (000505.SZ)、道道全(002852.SZ)、嘉华股份(603182.SH)、西王食品(000639.SZ)等 本文核心数据：食用油行业企业成本构成;价格传导机制;食用油行业价值链 1、食用油生产制备中，原材料是最大的成本构成 前瞻统计了中国食用油行业中，四家竞争力较强的上市公司食用油生产成本数据，可以看出，食用油的原材 料成本较高，2024年西王食品植物食用油原料成本占比74.39%，索宝蛋白、金健米业、嘉华股份的食用油 业务原材料成本占比都超过了92%;人工成本相对较低，在0.85%至1.51%不等，制造费用在0.6%至5.9%范围 内波动。 从中国食用油上市企业金健米业食用油产品的成本结构来看，2019-2024年，直接材料的占比在95%水平， 且呈波动上升趋势，表明受原材料价格波动影响较大;包装费用占比波动下滑，从2019年4.76%降至2024年的 3.1%;制造费用整体呈下降趋势，从2019年1.04%降至2024年的0.61%;直接人工费用在0. ...