证券代码：001338 证券简称：永顺泰 公告编号：2025-031 （2）网络投票时间：通过深圳证券交易所交易系统进行网络投票的具体时间为： 2025 年 9 月 5 日上午 9:15-9:25，9:30-11:30，下午 13:00-15:00；通过深圳证券交易所 互联网投票系统投票的具体时间：2025 年 9 月 5 日 9:15-15:00 的任意时间。 2、现场会议召开地点：中国广州经济技术开发区金华西街 1 号公司六楼会议室。 粤海永顺泰集团股份有限公司 2025 年第一次临时股东大会决议公告 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。 特别提示 1、本次股东大会未出现否决提案的情形； 2、本次股东大会不涉及变更以往股东大会已通过的决议。 一、会议召开情况 1、会议时间 （1）现场会议时间：2025 年 9 月 5 日（星期五）下午 15:00，会期半天； 现场出席本次股东大会的股东及股东代理人共有 5 名，代表有表决权股份 265,776,353 股，占公司有表决权股份总数的 52.9719%； 3、会议召开和表决方式：本次股东大会采用现场表 ...

Market Overview - As of 10:30 AM today, the Shanghai Composite Index is at 3767.69 points, above the six-month moving average, with a decline of 1.20% [1] - The total trading volume of A-shares today is 1,148.81 billion yuan [1] Stocks Breaking the Six-Month Moving Average - A total of 217 A-shares have surpassed the six-month moving average today [1] - Stocks with significant deviation rates include: - Aibulu (13.25%) - Runpu Food (13.23%) - Youhao Group (9.75%) [1] - Stocks with minor deviation rates that have just crossed the six-month moving average include: - Zhonggang International - Richen Co. - Yongshuntai [1] Top Stocks by Deviation Rate - The top three stocks with the highest deviation rates are: 1. Aibulu: Today's price increase of 14.87%, with a deviation rate of 13.25% [1] 2. Runpu Food: Today's price increase of 13.63%, with a deviation rate of 13.23% [1] 3. Youhao Group: Today's price increase of 9.95%, with a deviation rate of 9.75% [1] Additional Stocks with Notable Performance - Other notable stocks include: - Liwang Co.: Price increase of 9.09%, deviation rate of 7.10% [1] - Andake Technology: Price increase of 7.19%, deviation rate of 6.99% [1] - Yong'an Pharmaceutical: Price increase of 6.88%, deviation rate of 6.32% [1]

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 of 2025 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 decreased to 11.96%, down 1.8% year-on-year, and the net profit margin decreased to 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 operating cash flow per share rose to 2.3 yuan, up 4.96% year-on-year [1] Accounts Receivable and Debt - Accounts receivable were significant, with the amount reaching 886 million yuan, a decrease of 17.26% year-on-year, but still representing 295.79% of net profit [1][4] - Interest-bearing debt decreased significantly to 222 million yuan, down 58.61% year-on-year [1] Cash Flow Analysis - Net cash flow from operating activities increased by 4.96%, attributed to a higher cash inflow from sales exceeding the cash outflow for purchases [3] - Net cash flow from investing activities decreased by 233.97%, due to increased cash outflow for structured deposits and fixed asset investments [3] - Net cash flow from financing activities decreased by 42.77%, due to reduced cash inflow from borrowings and increased cash outflow for debt repayment and dividends [3] Business Evaluation - The company's return on invested capital (ROIC) was 8.45%, indicating average capital returns, with a net profit margin of 6.99% [2][4] - The company has established a strong position in the specialty malt market, being one of the early entrants and maintaining good relationships with craft beer clients [4]

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]

Group 1 - The company did not distribute cash dividends or bonus shares during the reporting period [3] - The company has not changed its controlling shareholder or actual controller during the reporting period [5] - The company has not reported any significant matters during the reporting period [5] Group 2 - The company raised a total of RMB 855,451,068.56 from the issuance of 125,432,708 shares at a price of RMB 6.82 per share [6] - After deducting issuance costs of RMB 61,205,647.11, the net proceeds amounted to RMB 794,245,421.45 [6] - As of June 30, 2025, the company has used RMB 15,754,945.26 of the raised funds, with a cumulative total of RMB 793,280,805.27 used [7] Group 3 - The company has established a management system for the raised funds, ensuring they are stored in a dedicated account [8] - The balance of the unused raised funds in the dedicated account as of June 30, 2025, is RMB 964,616.18 [7] - The company has not used any idle raised funds to temporarily supplement working capital during the reporting period [13] Group 4 - The company has completed the replacement of pre-invested funds with raised funds amounting to RMB 313,457,827.46 [12] - The company has reported that the projects funded by the raised funds have been completed and are operational [16] - The company plans to use the remaining raised funds for the committed investment projects [18] Group 5 - The company’s projects are expected to generate significant revenue, with the "Guangmai Phase 4 Expansion Project" projected to increase annual sales by RMB 35,240,000 and profit by RMB 290,000 [19] - The "Annual Production of 130,000 Tons of High-Quality Beer Malt Project" is expected to increase annual sales by RMB 43,575,000 and profit by RMB 2,421,000 [20] - The company has ensured compliance with regulations regarding the storage and use of raised funds, with no violations reported [39]

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]