Financial Performance - The company's operating revenue for the third quarter reached ¥122,610,651.54, representing a year-on-year increase of 94.98%[5] - Net profit attributable to shareholders was ¥22,961,590.93, a significant increase of 175.32% compared to the same period last year[5] - Total operating revenue for the period reached CNY 219,446,400.41, an increase of 23.3% compared to CNY 177,910,871.82 in the previous period[24] - The company reported a net profit of CNY 3,128,394.12 from investments, a significant decrease from CNY 28,465,308.71 in the previous period[24] - The net profit for the current period is -22,182,784.48, compared to -58,846,104.36 in the previous period, showing an improvement[25] - The total comprehensive income for the current period is -22,182,784.48, while it was -58,846,104.36 in the previous period, indicating a significant reduction in losses[26] - The basic and diluted earnings per share for the current period are 0.0591, compared to -0.2082 in the previous period, reflecting a positive shift[26] Cash Flow and Assets - The company reported a net cash flow from operating activities of -¥133,802,830.14, indicating a cash outflow increase due to expanded online sales and advertising expenses[5] - Cash inflows from operating activities totaled 226,016,058.21, up from 206,162,660.18 in the previous period[27] - The net cash flow from operating activities is -133,802,830.14, worsening from -22,058,785.11 in the previous period[28] - Cash inflows from investing activities increased to 212,784,754.31 from 38,709,670.67, indicating a strong investment recovery[28] - The net cash flow from investing activities is 155,923,458.76, compared to 35,783,732.52 in the previous period, showing significant improvement[28] - Cash inflows from financing activities decreased to 36,006,080.94 from 106,782,702.08, reflecting reduced borrowing[28] - Cash and cash equivalents decreased to CNY 42,341,959.50 from CNY 120,054,863.07, reflecting a decline of 64.8%[22] - The ending cash and cash equivalents balance is 42,341,959.50, slightly down from 43,520,169.60 in the previous period[28] Assets and Liabilities - Total assets at the end of the reporting period were ¥1,118,559,588.84, up 16.16% from the end of the previous year[5] - Total assets increased to CNY 1,118,559,588.84 from CNY 962,921,879.35, representing a growth of 16.2%[23] - The company's equity attributable to shareholders decreased to CNY 467,325,199.48 from CNY 486,400,658.64, a decline of 3.3%[24] - The company's total liabilities increased due to higher short-term borrowings to support daily operations and increased accounts payable for raw material purchases[10] - Total liabilities rose to CNY 337,061,866.88, compared to CNY 155,767,490.13, reflecting an increase of 116.3%[23] Shareholder Information - The total number of common shareholders at the end of the reporting period is 11,760[14] - The largest shareholder, Lanzhou Huanghe Xinseng Investment Co., Ltd., holds 21.50% of shares, totaling 39,931,229 shares[14] - The top ten shareholders include Hunan Yucheng Investment Co., Ltd. with a 5.00% stake, totaling 9,288,300 shares[14] - The company has repurchased 3,764,300 shares, accounting for 2.03% of the total share capital, with a total expenditure of 30 million RMB[17] - The maximum repurchase price was 9.70 RMB per share, with a transaction range between 7.10 RMB and 8.30 RMB per share[17] - The total amount allocated for the share repurchase plan is between 20 million and 30 million RMB[17] - The company has not disclosed any changes in the participation of major shareholders in margin trading activities[16] Business Expansion and Investments - The company expanded its online sales channels, resulting in an increase in sales revenue by ¥39,340,000 from platforms like Douyin[11] - The acquisition of the juice beverage business contributed ¥17,300,000 in revenue since its consolidation[11] - The company increased its advertising and promotional expenses to support online sales, leading to a rise in sales expenses compared to the previous year[11] - The company reported a decrease in research and development expenses, as these activities were integrated into production processes without separate accounting[11] - The company recognized a non-recurring gain of ¥289,508.40 from the acquisition of Wu Zhong Huang He, where the investment cost was less than the fair value of identifiable net assets[6] - A new subsidiary, Huanghe (Chongqing) Beverage Co., Ltd., was established in partnership with Chongqing Chengbiao Agricultural Development Co., Ltd.[18] - The company acquired 50.6329% equity in Yiwang Juice Co., Ltd. for 0 RMB, with a total capital contribution of 26,917,521.60 RMB[19] - The company plans to establish a branch in Shenzhen, which was approved in the board meeting on August 25, 2025[17] Financial Report Status - The financial report for the third quarter has not been audited[30]

Core Viewpoint - *ST Lanhuang is aggressively expanding its beverage business to offset losses from its traditional beer operations, with recent investments showing early signs of revenue growth, but the long-term viability remains uncertain due to intense competition and ongoing operational challenges [2][6][7]. Investment in Beverage Sector - The company plans to invest up to 65 million yuan in a juice beverage project in Chongqing, aiming to enhance its production capabilities [2][3]. - Recent investments include a 35.7 million yuan acquisition of a 51% stake in a joint venture and a zero-cost acquisition of a 50.63% stake in Yiwang Juice, followed by a 26.92 million yuan capital increase [3][4]. - The new production line in Chongqing is designed to process 30 tons of citrus per hour, producing various juice products [3][4]. Financial Performance - The beverage segment contributed 17.3 million yuan in revenue since its consolidation, helping the company achieve a 23.4% year-on-year revenue increase to 219 million yuan for the first three quarters [4][5]. - The company reported a net profit of 10.93 million yuan for the first three quarters, marking a turnaround from previous losses, with a particularly strong third quarter showing a 94.98% revenue increase year-on-year [5][6]. Challenges and Market Competition - Despite recent improvements, *ST Lanhuang faces significant challenges, including a long-term decline in its beer business, which has seen production and sales drop by nearly 40% year-on-year [6][7]. - The beverage market is highly competitive, with major beer companies also entering the juice segment, making it difficult for *ST Lanhuang to establish a strong foothold [7]. - The company's previous revenue levels have not exceeded 300 million yuan since 2022, and it remains under the threat of delisting due to ongoing financial struggles [6][7].

Core Viewpoint - *ST兰黄 plans to invest up to RMB 65 million in a juice beverage project in Chongqing to enhance its beverage business and diversify revenue streams [1] Investment Details - The investment will be used for purchasing land, factory buildings, and equipment for a citrus processing production line [1] - The project aims to optimize product structure and channel layout, focusing on expanding high-value juice business and developing new product lines with growth potential [1] Strategic Goals - The investment is part of the company's strategy to strengthen its core competitiveness and sustainable development capabilities in the beverage sector [1] - The initiative is expected to gradually build diversified income and profit growth points, supporting the overall strategic objectives of the company [1]

Core Viewpoint - *ST Lanhuang plans to invest up to RMB 65 million in a juice beverage project in Chongqing to enhance its beverage business and diversify revenue streams [1] Investment Details - The investment will be funded through self-owned or raised funds [1] - The project will focus on purchasing land, factory buildings, and related facilities, as well as acquiring and installing citrus processing production line equipment [1] Strategic Goals - The company aims to optimize its product structure and channel layout based on its existing beverage business [1] - Key strategies include enriching the juice product matrix, expanding high-value-added juice business scale, and exploring niche categories to cultivate new product lines with growth potential [1] - The investment is intended to strengthen the company's core competitiveness and sustainable development capabilities in the beverage sector [1] - The overall goal is to gradually build a diversified income and profit growth point to achieve the company's strategic objectives [1]

Core Viewpoint - *ST Lanhua (000929) announced plans to invest up to 65 million yuan in a juice beverage project in Chongqing, primarily for land, factory construction, and equipment installation [1] Group 1 - The project will be funded through the company's own or raised funds [1] - The investment will be used for purchasing land, constructing factories, and installing citrus processing production line equipment [1]

Core Viewpoint - *ST Lanhuang announced a board meeting to discuss investment in a juice beverage project, reflecting its strategic focus on diversifying product offerings [1] Company Summary - The board meeting took place on November 10, 2025, in Lanzhou, Gansu Province, China, and included discussions on the investment proposal for the juice beverage project [1] - For the first half of 2025, *ST Lanhuang's revenue composition was as follows: beer accounted for 73.65%, beverages for 11.94%, malt for 10.71%, and other businesses for 3.71% [1] - As of the report, *ST Lanhuang's market capitalization was 1.6 billion yuan [1]

证券代码：000929 证券简称：*ST 兰黄 公告编号：2025（临）-79 兰州黄河企业股份有限公司 关于控股子公司投资建设果汁饮料项目的公告 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。 三、项目基本情况 2025 年 11 月 10 日，公司召开第十二届董事会第十七次会议，以 9 票同意、0 票反对、0 票弃权的表决结果审议通过了《关于控股子公司投 资建设果汁饮料项目的议案》，同意重庆黄河以自有或自筹资金不超过人 民币 6,500.00 万元建设果汁饮料项目，董事会授权公司管理层负责办理本 次对外投资的具体事宜（包括但不限于在投资额度范围内实施具体投资方 案、签署购买土地及相关资产协议等）。在董事会审议前，上述议案已经 公司第十二届董事会战略委员会第三次会议审议通过。 本次对外投资属于公司董事会的审批权限内，无需提交股东会审议。 根据《深圳证券交易所股票上市规则》《深圳证券交易所上市公司自律监 管指引第 1 号—主板上市公司规范运作》等相关规定，本次交易不构成关 联交易，不构成《上市公司重大资产重组管理办法》规定的重大资产重组。 1 | 公司名称 | ...

第十二届董事会第十七次会议决议公告 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。 一、董事会会议召开情况 1.兰州黄河企业股份有限公司（以下简称"公司"）第十二届董事会第 十七次会议通知于 2025 年 11 月 7 日以书面、电子通信等方式发出。 2.本次会议于 2025 年 11 月 10 日上午 9 点 30 分在中国甘肃省兰州市 七里河区郑家庄 108 号 2 楼会议室以现场结合通讯表决方式召开。 3.本次会议应出席董事 9 名，实际出席董事 9 名，其中谭岳鑫先生、 王冬先生、黄滔女士、周一虹先生、李孔攀先生以通讯表决方式出席会议。 4.本次会议由董事长谭岳鑫先生召集和主持。公司高级管理人员列席 本次会议。 5.本次会议的召集、召开和表决程序符合《中华人民共和国公司法》 《公司章程》等的相关规定。 证券代码：000929 证券简称：*ST 兰黄 公告编号：2025（临）-78 兰州黄河企业股份有限公司 具体内容详见与本公告同日披露于《中国证券报》《证券时报》和巨 潮资讯网（http://www.cninfo.com.cn）上的《关于控股子公司投资建 ...

Market Overview - On November 7, the non-liquor sector declined by 0.18% compared to the previous trading day, with *ST Lanhuang leading the decline [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 - Notable stock performances in the non-liquor sector included: - Mogao Co., Ltd. (600543) closed at 6.49, up 0.46% with a trading volume of 48,300 shares and a turnover of 31.33 million yuan [1] - Jiu You Limited (000729) closed at 11.71, up 0.26% with a trading volume of 100,500 shares and a turnover of 118 million yuan [1] - Huaiqiang Mountain (601579) closed at 21.43, up 0.23% with a trading volume of 110,300 shares [1] - *ST Lanhuang (000929) closed at 8.63, down 1.82% with a trading volume of 30,400 shares and a turnover of 26.38 million yuan [2] Capital Flow - The non-liquor sector experienced a net outflow of 54.49 million yuan from institutional investors, while retail investors saw a net inflow of 38.48 million yuan [2] - The capital flow for specific stocks showed: - Zhujiang Beer (002461) had a net inflow of 4.25 million yuan from institutional investors, but a net outflow of 3.61 million yuan from retail investors [3] - *ST Lanhuang experienced a net outflow of 1.70 million yuan from institutional investors [3]

Market Overview - The non-baijiu sector increased by 0.21% compared to the previous trading day, with CITIC Neya leading the gains [1] - The Shanghai Composite Index closed at 3976.52, up 0.55%, while the Shenzhen Component Index closed at 13404.06, up 0.19% [1] Stock Performance - CITIC Neya (600084) closed at 5.71, up 5.16% with a trading volume of 131,300 shares and a turnover of 74.32 million yuan [1] - ST Yedao (600238) closed at 7.00, up 4.48% with a trading volume of 132,900 shares and a turnover of 91.91 million yuan [1] - Mogao Co. (600543) closed at 6.33, up 2.76% with a trading volume of 96,700 shares and a turnover of 61.06 million yuan [1] - Weilang Co. (603779) closed at 7.17, up 2.14% with a trading volume of 173,600 shares and a turnover of 52.49 million yuan [1] Capital Flow - The non-baijiu sector experienced a net outflow of 15.33 million yuan from institutional investors, while retail investors saw a net inflow of 2.30 million yuan [2] - The main capital inflow was observed in Zhujiang Beer (002461) with a net inflow of 12.44 million yuan from institutional investors [3] - ST Yedao (600238) had a net inflow of 9.26 million yuan from institutional investors, but a net outflow from retail investors [3] Summary of Key Stocks - Zhujiang Beer (002461) had a net inflow of 12.44 million yuan from institutional investors, but a net outflow of 22.97 million yuan from retail investors [3] - ST Yedao (600238) saw a net inflow of 9.26 million yuan from institutional investors, with a net outflow from both retail and speculative investors [3] - CITIC Neya (600084) had a net inflow of 2.54 million yuan from institutional investors, while retail investors experienced a net outflow [3]