Core Viewpoint - The company "Hao Xiang Ni," known as the "King of Red Dates," is diversifying into the craft beer market by launching a series of flavored beers, aiming to find new growth opportunities amid ongoing financial losses [1][3]. Group 1: Company Overview - Founded in 1992, Hao Xiang Ni specializes in the research, procurement, production, and sales of health foods, including red dates and dried fruits. It became the first listed company in China's red date industry in 2011 [3]. - The company experienced significant revenue growth from 2016 to 2019, with revenue increasing from 2.072 billion to 5.961 billion yuan, and net profit also rising during this period [3]. - However, after selling its subsidiary Baicaowei to PepsiCo in 2020, the company has faced continuous losses, reporting losses of 189 million, 52 million, and 72 million yuan from 2022 to 2024 [3][4]. Group 2: Recent Developments - In an effort to improve performance, the company has focused on the "Red Date+" strategy, launching various health-oriented products, including the "Hong Xiaopai" red date snack, which achieved nearly 300 million yuan in sales in its first year [3][4]. - Despite these efforts, the health-oriented product line generated only 69 million yuan in revenue in 2024, a decline of 20.31% year-on-year [4]. - The red date product segment has also shown revenue fluctuations, with figures of 955 million, 1.311 billion, and 1.222 billion yuan from 2022 to 2024, reflecting a challenging market environment [4]. Group 3: Strategic Moves - The company has made several strategic investments, including a 30 million yuan investment in the Shenzhen Longzhu Equity Investment Fund, indirectly participating in the popular tea drink brand Mixue Ice City, which led to the launch of a red date milk tea product that sold 8 million cups in one month [5][6]. - In December 2024, the company announced a 700 million yuan investment in the snack brand Mingming Hen Mang, acquiring a 6.64% stake, which became its largest customer, contributing approximately 94 million yuan to annual sales [5]. - The recent entry into the craft beer market, with products featuring flavors like red date and green tea, aligns with current consumer trends, particularly targeting female consumers [6]. However, the company faces challenges in aligning its sales channels with the craft beer market, which typically relies on immediate retail and bar sales [6].

北京商报讯（记者 郭秀娟 实习记者 王悦彤） 7月29日，好想你在投资者互动平台回答投资者提问称， 公司已在电商和专卖店渠道推出啤酒相关产品，主要是红枣口味，还有毛尖绿茶口味、茉莉花茶口味及 樱花蜜桃口味，满足消费者多口味需求。同时，我们邀请您品鉴，为我们多提宝贵的建议。线上购买方 式：淘宝APP搜索："好想你啤酒"，好想你官方旗舰店、好想你喜枣旗舰店均可以选购相关产品。 ...

Market Overview - The A-share market showed high volatility, with the Shanghai Composite Index closing at 3597.94 points, up 0.12% [2] - The Shenzhen Component Index rose 0.44% to 11217.58 points, while the ChiNext Index increased by 0.96% to 2362.60 points [2] - Total trading volume in the Shanghai and Shenzhen markets was 17.423 trillion yuan, a decrease of 45 billion yuan compared to the previous Friday [2] PCB Sector Performance - The AI hardware sector, represented by PCB (Printed Circuit Board) concepts, led the market with significant gains, with multiple stocks hitting the daily limit [3] - Notable performers included Fangbang Shares, Junya Technology, and Pengding Holdings, with Shenghong Technology surging over 17% [3] - At least 10 PCB companies have released half-year performance forecasts, with Shengyi Electronics expecting a net profit increase of 432% year-on-year [3] - The demand for high-end PCBs is rapidly growing due to AI computing needs, with projections indicating a supply-demand gap for AI PCBs by 2026 [3] Non-Bank Financial Sector - The non-bank financial sector, including brokerage and insurance, performed well, with the Shenwan Securities Index rising by 0.68% [4] - Major brokerages like Zhongyin Securities and Huatai Securities saw significant stock price increases, with at least 12 brokerages forecasting over 100% growth in net profit for the first half of the year [4][5] - The insurance sector benefited from economic recovery, with a notable increase in the sales of savings-type products [5] Resource Sector Dynamics - The resource sector experienced significant divergence, with coal, steel, and oil sectors undergoing substantial corrections [6] - Futures markets saw sharp declines in black and new energy commodities, with major contracts for coking coal and lithium carbonate hitting the daily limit down [6] - Several brokerages have warned of trading risks in the resource sector, suggesting that the recent price surges were driven by policy expectations and market sentiment [6] Investment Themes - In the medium to long term, institutions suggest focusing on undervalued sectors within the "anti-involution" theme, including polyurethane, LED, and semiconductor precursor materials [7] - The "anti-involution" theme has begun to expand, with specific commodities like red dates experiencing price fluctuations [7]

Investment Rating - The report maintains an "Increase" rating for the food and beverage industry, indicating a positive outlook for the sector [5]. Core Views - The liquor industry is strengthening its internal capabilities, with companies focusing on management, product, and channel improvements. The industry is currently at a low valuation and is expected to stabilize as sales pressure eases [2]. - In the beer and beverage sector, East Peak Beverage reported impressive mid-year results, while the industry continues to show high growth potential despite intense competition [3]. - The report highlights the ongoing transformation in product selection at Sam's Club, emphasizing operational efficiency through local supply chain adjustments [4]. Summary by Sections Liquor Industry - The liquor sector is in a phase of continuous improvement, with major companies like Guizhou Moutai and Shanxi Fenjiu enhancing their management and product offerings. The industry is currently experiencing a seasonal downturn, but valuations are low, suggesting potential for recovery [2]. Beer and Beverage Sector - The beer segment is advised to focus on high-growth products and structural performance, with companies like Yanjing Beer and Zhujiang Beer being highlighted. East Peak Beverage's revenue for the first half of 2025 reached 10.737 billion yuan, a year-on-year increase of 36.37% [3]. Food Sector - Sam's Club is undergoing a significant product selection transformation, with a shift towards national best-selling items to improve operational efficiency. The report notes that the low-temperature dairy market is performing better than the ambient temperature segment [4][7].

Core Viewpoint - The company "Hao Xiang Ni," known as the "first stock of red dates," continues to face losses in the first half of the year, with a projected net loss of approximately 15 million to 25 million yuan, despite an improvement compared to the previous year's loss of 36.23 million yuan [1][2]. Financial Performance - The net loss for the first half of the year is expected to be between 15 million and 25 million yuan, which is a reduction of about 40% to 70% compared to the previous year's loss of 36.23 million yuan [1]. - Over the past three years, the company's net losses have totaled between 327 million and 337 million yuan, with losses of 189 million yuan in 2022, 51.89 million yuan in 2023, and 71.96 million yuan projected for 2024 [1]. - As of July 17, the company's stock price was 9.88 yuan per share, with a total market capitalization of approximately 4.465 billion yuan [1]. Operational Challenges - The company attributes its losses to a decline in investment income due to changes in accounting methods for equity investments, resulting in a year-on-year decrease of approximately 37 million yuan in non-recurring gains and losses [2]. - The company's core product, red dates, remains a significant part of its revenue, accounting for 73.17% of total revenue last year, with red date product revenue at 1.221 billion yuan [5]. - The company heavily relies on offline sales, with over 68% of revenue coming from offline channels, while online sales account for only 28.43% [5]. Strategic Initiatives - To address its limitations, the company has partnered with new retail brands like "Ming Ming Hen Mang" and "Mi Xue Bing Cheng" to expand product channels and generate investment income [6][7]. - The company has invested 700 million yuan in "Ming Ming Hen Mang," acquiring a 6.6191% stake, and aims to leverage its extensive store network to reach more consumers [7]. - The company has also begun listing its products in various retail channels, including Sam's Club and partnerships with companies like Yonghui and Hai Di Lao [8].

Core Viewpoint - The company "Hao Xiang Ni" (002582.SZ), the first stock in the red date industry, is expected to report a net profit loss for the first half of 2025, primarily due to changes in the accounting method for investment income from its associates, leading to a significant decrease in investment income [2][4][6]. Financial Performance - For the first half of 2025, the company anticipates a net profit loss of between 15 million to 25 million yuan, a reduction in loss of 31.01% to 58.60% compared to a loss of 36.23 million yuan in the same period last year [4]. - The company expects a non-recurring net profit of 14 million to 21 million yuan, a turnaround from a loss of 36.31 million yuan in the previous year, representing a year-on-year growth of 138.56% to 157.84% [4]. - In Q1 2025, the company reported operating revenue of 413 million yuan, a year-on-year decline of 16.44%, with net profit and non-recurring net profit of approximately 39.81 million yuan and 29.22 million yuan, respectively, showing significant year-on-year growth [4][7]. Historical Performance - The company has faced continuous losses in non-recurring net profit for five consecutive years from 2020 to 2024, accumulating losses of approximately 500 million yuan [3][7]. - Following the sale of "Bai Cao Wei" in 2020, the company's revenue dropped by 49.65% to 3 billion yuan, and the net profit plummeted by 97.14% in 2021 [7]. Dividend Policy - Despite ongoing losses, the company has distributed a total of 1.434 billion yuan in cash dividends from 2020 to 2024, with significant payouts even during loss years [8][9]. - The actual controller, Shi Jubin, and his family hold a combined 31.67% stake in the company, benefiting significantly from the dividends [8]. Management and Governance - The company's chairman, Shi Jubin, has seen an increase in salary despite the company's continuous losses, with his compensation rising from 176.29 million yuan in 2022 to 260.24 million yuan in 2024 [11].

Core Viewpoint - The company "好想你" is experiencing a narrowing of losses in the first half of 2025, but its core business challenges remain unresolved despite efforts in cost control and management [1][2][4] Financial Performance - The company expects a net loss attributable to shareholders of between 15 million and 25 million yuan for the first half of 2025, an improvement from the previous year's loss [1] - In 2024, the company's total revenue was 1.67 billion yuan, with the red date business contributing 1.22 billion yuan, accounting for 73.17% of total revenue, but showing a year-on-year decline of 6.83% [2] - The gross profit margin is also declining, with the health lock fresh products generating 68.885 million yuan in revenue, down 20.31% year-on-year [2] Cost Management and Operational Efficiency - The company has implemented measures such as targeted raw material procurement and centralized bidding to reduce procurement and production costs [1] - Sales and management expenses have decreased year-on-year, leading to improved operational efficiency [1] Investment and Strategic Initiatives - The company announced a 700 million yuan investment in Hunan Snack Very Busy Commercial Chain Co., Ltd., acquiring a 6.64% stake, which is part of a strategic merger with Zhao Yiming Snacks [3] - The company is focusing on developing major products as a second growth curve, with plans to promote "红小派" and "豆菲菲" in both domestic and international markets [3] Challenges and Future Outlook - Despite the strategic initiatives, the company faces significant competition in the snack market, and the effectiveness of its new product lines and partnerships remains uncertain [3][4] - For long-term success, the company must continue to optimize cost management, innovate in core business areas, and effectively convert investment returns [4]

[Supplementary Announcement on Performance Forecast](index=1&type=section&id=Supplementary%20Announcement%20on%20Performance%20Forecast) [Core Content of the Announcement](index=1&type=section&id=Core%20Content%20of%20the%20Announcement) The company issued a supplementary announcement on July 16, 2025, correcting a unit error in its 2025 semi-annual performance forecast, clarifying the net loss unit as 'million yuan' - The company issued a supplementary announcement to correct a unit error in its 2025 semi-annual performance forecast, clarifying the net loss attributable to shareholders from 'yuan' to 'million yuan'[1](index=1&type=chunk)[2](index=2&type=chunk) [2025 Semi-Annual Performance Forecast (Updated)](index=2&type=section&id=2025%20Semi-Annual%20Performance%20Forecast%20%28Updated%29) [Current Period Performance Forecast](index=2&type=section&id=Current%20Period%20Performance%20Forecast) The company forecasts a net loss attributable to shareholders of **CNY 15 million to CNY 25 million** for H1 2025, a significant narrowing from the prior year, with non-recurring item adjusted net profit expected to turn profitable Key Financial Performance Indicators | Item | Current Period (2025H1) | Prior Year (2024H1) | YoY Change | | :--- | :--- | :--- | :--- | | **Net Profit Attributable to Shareholders** | Loss: 15.00 - 25.00 million yuan | Loss: 36.23 million yuan | Growth: 31.01% - 58.60% | | **Net Profit Excluding Non-Recurring Items** | Profit: 14.00 - 21.00 million yuan | Loss: 36.31 million yuan | Growth: 138.56% - 157.84% | | **Basic Earnings Per Share** | Loss: 0.03 - 0.06 yuan/share | Loss: 0.09 yuan/share | - | - The company expects a loss for H1 2025, but the magnitude of the loss is significantly narrowed compared to the prior year[9](index=9&type=chunk) [Communication with Accounting Firm](index=2&type=section&id=Communication%20with%20Accounting%20Firm) The company states that the financial data in this performance forecast is based on preliminary internal calculations and has not been audited by an accounting firm - The financial data in this performance forecast has not been audited by a certified public accountant[9](index=9&type=chunk) [Explanation of Performance Changes](index=2&type=section&id=Explanation%20of%20Performance%20Changes) Performance improvement is primarily attributed to the company's 'revenue generation' and 'cost reduction' strategies, including product structure optimization, channel expansion, refined cost control, and reduced operating expenses - Revenue generation measures include focusing on core categories, optimizing product list management, and consolidating and exploring new channels to improve revenue structure[10](index=10&type=chunk) - Cost reduction measures involve targeted raw material procurement, centralized bidding, and refined production management to control costs, alongside enhanced expense management leading to year-over-year decreases in selling and administrative expenses[10](index=10&type=chunk) - Other financial impacts include increased wealth management income, decreased investment income due to changes in accounting methods for associate companies, and a year-over-year reduction in non-recurring gains and losses by approximately **CNY 37 million**[10](index=10&type=chunk) [Other Relevant Information](index=2&type=section&id=Other%20Relevant%20Information) The company advises investors that this performance forecast is a preliminary financial estimate, with final accurate data to be disclosed in the 2025 semi-annual report, urging caution regarding investment risks - This performance forecast represents preliminary calculations, and the final data will be subject to the company's officially disclosed 2025 semi-annual report[12](index=12&type=chunk)

Group 1 - The company expects a net loss attributable to shareholders in the range of 15 million to 25 million yuan, compared to a loss of 36.23 million yuan in the same period last year [1] - The net profit after deducting non-recurring gains and losses is projected to be between 14 million and 21 million yuan, representing a year-on-year growth of 138.56% to 157.84% [1] - Basic earnings per share are expected to be a loss of 0.03 to 0.06 yuan per share, compared to a loss of 0.09 yuan per share in the previous year [1] Group 2 - The company has implemented various operational strategies focusing on brand building, technological innovation, product structure optimization, and market expansion [1] - Cost control measures include targeted procurement of raw materials, centralized bidding, and refined production management, leading to a reduction in sales and management expenses [1] - Financial management improvements have resulted in an increase in investment income, although there was a decrease in investment income due to changes in accounting methods for equity investments [1]

[Expected Performance for the Current Period](index=1&type=section&id=I.%20Expected%20Performance%20for%20the%20Current%20Period) The company expects a net loss attributable to shareholders for the first half of 2025, but with a significant reduction in loss compared to the prior year, and anticipates a turnaround to profit after deducting non-recurring gains and losses, indicating improved core business profitability Key Financial Performance Indicators | Item | Current Period | Prior Year Period | | :--- | :--- | :--- | | **Net Profit Attributable to Shareholders of the Listed Company** | Loss: RMB 15.00 million - RMB 25.00 million | Loss: RMB 36.2347 million | | | Year-on-year Growth: 31.01% - 58.60% | | | **Net Profit After Deducting Non-recurring Gains and Losses** | Profit: RMB 14.00 million - RMB 21.00 million | Loss: RMB 36.3080 million | | | Year-on-year Growth: 138.56% - 157.84% | | | **Basic Earnings Per Share** | Loss: RMB 0.03/share - RMB 0.06/share | Loss: RMB 0.09/share | - The performance forecast indicates the company expects to continue incurring losses in the first half of 2025[4](index=4&type=chunk) [Communication with Accounting Firms](index=1&type=section&id=II.%20Communication%20with%20Accounting%20Firms) The company explicitly states that the financial data in this performance forecast has not been audited by an accounting firm - The financial data in this performance forecast has not been audited by an accounting firm[4](index=4&type=chunk) [Explanation of Performance Changes](index=1&type=section&id=III.%20Explanation%20of%20Performance%20Changes) Performance improvement is primarily attributed to the company's strategic initiatives in both revenue generation and cost control, including product optimization, channel expansion, targeted procurement, and refined management, alongside increased wealth management income and a significant reduction in non-recurring gains and losses, despite a decrease in investment income due to accounting method changes - Revenue generation measures include focusing on core categories, optimizing product portfolios, and consolidating and exploring new sales channels to promote growth[5](index=5&type=chunk) - Cost-saving measures involve controlling costs through targeted raw material procurement, centralized bidding, and refined production management, while also strengthening expense management, leading to a year-on-year decrease in sales and administrative expenses and improved operational efficiency[5](index=5&type=chunk) - Other financial impacts include a year-on-year increase in wealth management income, a decrease in investment income due to changes in accounting methods for associate investments, and a significant year-on-year reduction in non-recurring gains and losses by approximately **RMB 37.00 million**, which is a key factor in net profit improvement[5](index=5&type=chunk) [Other Relevant Information](index=1&type=section&id=IV.%20Other%20Relevant%20Information) The company reminds investors that this performance forecast is a preliminary calculation by the finance department, and the final accurate data will be subject to the officially disclosed 2025 semi-annual report, advising investors to be aware of related investment risks - This performance forecast is a preliminary calculation by the company's finance department, and the final data will be subject to the 2025 semi-annual report[7](index=7&type=chunk) - The company reminds investors to be aware of investment risks[7](index=7&type=chunk)