Core Viewpoint - Yongshuntai (001338) reported a slight increase in total revenue and net profit for the first half of 2025, with total revenue reaching 2.223 billion yuan, up 2.55% year-on-year, and net profit of 169 million yuan, up 0.96% year-on-year [1] Financial Performance - Total revenue for the second quarter was 1.2 billion yuan, down 3.63% year-on-year, while net profit for the same period was 98.09 million yuan, up 14.88% year-on-year [1] - The gross profit margin was 11.96%, a decrease of 1.8% year-on-year, and the net profit margin was 7.61%, down 1.55% year-on-year [1] - Total operating expenses (selling, administrative, and financial expenses) amounted to 73.94 million yuan, accounting for 3.33% of revenue, a decrease of 16.36% year-on-year [1] - Earnings per share increased to 0.34 yuan, up 3.03% year-on-year, while net assets per share rose to 7.25 yuan, up 4.31% year-on-year [1] Accounts Receivable and Cash Flow - Accounts receivable were significant, with the amount reaching 295.79% of the latest annual net profit [1][4] - The net cash flow from operating activities increased by 4.96%, attributed to a greater increase in cash received from sales than cash paid for purchases [3] - The net cash flow from investing activities decreased significantly by 233.97%, due to increased cash payments for structured deposits and fixed asset investments [3] Business Evaluation - The company's return on invested capital (ROIC) was 8.45%, indicating average capital returns, with a historical median ROIC of 6.64% since its listing [4] - The company has established strong relationships with craft beer clients, providing a wide range of high-quality specialty malt products and attentive after-sales service [5]

Core Viewpoint - The company is actively progressing with the construction of a new specialized malt production line with a capacity of 50,000 tons per year, while maintaining high capacity utilization and adapting sales strategies based on market changes [1] Group 1: Production and Capacity - The company’s subsidiary, Baomai, is currently constructing a new specialized malt production line with a planned capacity of 50,000 tons per year [1] - The company has maintained a high capacity utilization rate in recent years [1] Group 2: Sales and Marketing Strategy - The company aims to adjust its sales strategies in response to market changes while ensuring the needs of key customers are met [1] - The company is committed to building strong cooperative relationships with various customers [1] Group 3: Accounts Receivable Management - The company places a high emphasis on managing accounts receivable risks and has implemented a credit rating system for customers [1] - The company has not experienced any bad debts in recent years due to strict accounts receivable control measures [1] - The company accelerates settlement efficiency and strengthens the tracking management of delivery and invoicing [1]

Investment Rating - The report maintains a rating of "Accumulate" for the company [5] Core Views - The company has demonstrated significant profit growth in Q2 2025, with a revenue of 2.223 billion yuan (up 2.55% year-on-year) and a net profit attributable to shareholders of 169 million yuan (up 0.96% year-on-year) [1] - The core business of the company, which is the sale of malt products, achieved a revenue of 2.135 billion yuan in H1 2025 (up 1.27% year-on-year), accounting for 96.03% of total revenue [2] - The company is positioned as the largest malt supplier in Asia, benefiting from scale advantages, strong customer barriers, and a unique cost structure [4] Financial Performance Summary - Revenue is projected to reach 4.426 billion yuan in 2025, with a year-on-year growth of 3.4%, and net profit attributable to shareholders is expected to be 334 million yuan, reflecting an 11.4% increase [4] - The company's gross margin and net profit margin for Q2 2025 were 13.24% and 8.17%, respectively, both showing year-on-year increases [2] - The company has optimized its production capacity to align with the trend of high-end beer consumption, with a total production capacity of 1.08 million tons per year [3] Future Outlook - The company is expected to benefit from cost advantages in the short term and increased demand for high-end beer in the long term [3] - The dividend payout ratio is projected to increase to 50.27% in 2024, indicating a commitment to returning value to shareholders [3] - The company is actively pursuing a strategy to enhance its product structure towards high-end and customized products [3]

Group 1 - The agricultural processing sector increased by 1.79% on August 26, with Baolingbao leading the gains [1] - The Shanghai Composite Index closed at 3868.38, down 0.39%, while the Shenzhen Component Index closed at 12473.17, up 0.26% [1] - Key stocks in the agricultural processing sector showed significant price increases, with Baolingbao rising by 5.41% to a closing price of 11.30 [1] Group 2 - The agricultural processing sector saw a net inflow of 123 million yuan from institutional investors, while retail investors experienced a net outflow of 60.66 million yuan [2][3] - Among the top stocks, COFCO Sugar had a net inflow of 151 million yuan, representing 8.15% of its total trading volume [3] - Baolingbao also attracted significant institutional investment, with a net inflow of 42.47 million yuan, accounting for 10.70% of its trading volume [3]

Group 1 - The company achieved a revenue of 2.223 billion yuan in the first half of 2025, representing a year-on-year growth of 2.55% [2] - The net profit attributable to shareholders reached 169 million yuan, with a year-on-year increase of 0.96% [2] - The company is the largest malt manufacturer in China and ranks first in Asia and fourth in the world in terms of production capacity [2] Group 2 - The company is responding to the high-end transformation of the Chinese beer market by increasing the production capacity of specialty malts, including wheat malt and whiskey malt [2] - A new project for a 50,000 tons/year specialty malt production line is being implemented to optimize product structure and enhance competitive differentiation [2] - The company has accelerated the construction progress of the new production line and conducted preliminary research for industry expansion [2][3] Group 3 - The company has strengthened the coordination of production, procurement, and sales, leading to an increase in both domestic and international business [3] - Quality management has been enhanced through 20 rounds of micro malting tests and quality evaluations of potential raw materials and new barley varieties [3] - These efforts are aimed at improving overall performance and providing strong support for the company's growth [3]

登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：001338 证券简称：永顺泰 公告编号：2025-029 所有董事均已出席了审议本报告的董事会会议。 非标准审计意见提示 □适用 √不适用 董事会审议的报告期利润分配预案或公积金转增股本预案 □适用 √不适用 公司计划不派发现金红利，不送红股，不以公积金转增股本。 董事会决议通过的本报告期优先股利润分配预案 □适用 √不适用 一、重要提示 本半年度报告摘要来自半年度报告全文，为全面了解本公司的经营成果、财务状况及未来发展规划，投 资者应当到证监会指定媒体仔细阅读半年度报告全文。 公司是否需追溯调整或重述以前年度会计数据 □是 √否 ■ 3、公司股东数量及持股情况 单位：股 ■ 持股5%以上股东、前10名股东及前10名无限售流通股股东参与转融通业务出借股份情况 □适用 √不适用 前10名股东及前10名无限售流通股股东因转融通出借/归还原因导致较上期发生变化 □适用 √不适用 4、控股股东或实际控制人变更情况 控股股东报告期内变更 二、公司基本情况 1、公司简介 ■ 2、主要会计数据和财务指标 □适用 √不适用 公司报告期控股股东未发生变更。 实际控制 ...

Core Viewpoint - Yongshuntai (001338.SZ) reported a slight increase in revenue and net profit for the first half of 2025, indicating stable performance amidst market conditions [1] Financial Performance - The company achieved an operating income of 2.223 billion yuan, representing a year-on-year growth of 2.55% [1] - The net profit attributable to shareholders of the listed company was 169 million yuan, showing a year-on-year increase of 0.96% [1]

粤海永顺泰集团股份有限公司 关于粤海集团财务有限公司的风险持续 评估报告 粤海永顺泰集团股份有限公司（以下简称"本公司"）已与粤海 集团财务有限公司（以下简称"粤海财务公司"）签订了《金融服务 协议》，根据《深圳证券交易所上市公司自律监管指引第 7 号——交 易与关联交易》的要求，本公司通过查验粤海财务公司《金融许可证》 《营业执照》等证件资料，并审阅包括资产负债表、利润表、现金流 量表等财务报告，对粤海财务公司的经营资质、业务和风险状况进行 了评估，现将截至 2025 年 6 月 30 日有关风险评估情况报告如下： 一、 粤海财务公司基本情况 粤海财务公司于 2015 年 11 月 18 日经原中国银行业监督管理委 员会批准取得《金融许可证》，于 2023 年 12 月 15 日取得最新的《金 融许可证》，于 2015 年 12 月 28 日取得营业执照，注册地址位于广东 省广州市天河区天河路 208 号粤海天河城大厦 35 楼 01、02A、07B、 08 房，业务范围为：吸收成员单位存款；办理成员单位贷款；办理 成员单位票据贴现；办理成员单位资金结算与收付；提供成员单位委 托贷款、债券承销、非融资性保函 ...

粤海永顺泰集团股份有限公司 2025 年半年度非经营性资金占用及其他关联资金往来情况汇总表 | | | 占用方与上市公司 | 上市公司 | 2025 年年初 | 2025 年半年度 | 2025 年半年度 | 2025 年半年 | 2025 年半年 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 非经营性资金占用 | 资金占用方名称 | 的关联关系 | 核算的会 | 占用资金余 | 占用累计发生金 | 占用资金的利 | 度偿还累计 | 末占用资金 | 占用形成原 因 | 占用性质 | | | | | 计科目 | 额 | 额（不含利息） | 息（如有） | 发生金额 | 余额 | | | | 控股股东、实际控制人 | 无 | 不适用 | 不适用 | - | - | - | - | - | 不适用 | 不适用 | | 及其附属企业 | | | | | | | | | | | | 小计 | — | — | — | - | - | - | - | - | — | — | | 前控股股东、实际控制 | 无 | 不适用 ...

证券代码：001338 证券简称：永顺泰 公告编号：2025-030 粤海永顺泰集团股份有限公司 2025 年半年度募集资金存放与使用情况专项报告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假记 载、误导性陈述或重大遗漏。 一、募集资金基本情况 截至 2025 年 6 月 30 日，本公司 2025 年半年度（以下简称"报告期"）使用 募集资金人民币 15,754,945.26 元，累计使用募集资金总额人民币 793,280,805.27 元，其中报告期以募集资金投入到承诺投资项目的金额为人民币 15,754,945.26 元，尚未使用募集资金余额人民币 964,616.18 元；尚未使用的募集资金余额与募 集资金存放专项账户的余额人民币 14,194,680.37 元的差异为募集资金利息收入扣 减手续费净额人民币 13,031,453.19 元及已以自有资金支付的发行费用人民币 198,611.00 元。 二、募集资金管理情况 为规范募集资金的管理和使用，本公司根据实际情况，制定了《粤海永顺泰集 团股份有限公司募集资金管理制度》。根据该制度，本公司对募集资金实行专户存 储。截至 202 ...