Financial Performance - Revenue for the reporting period was RMB 2.54 billion, a decrease of 5.10% compared to the same period last year[10] - Net profit attributable to shareholders of the listed company was RMB 247.06 million, a decrease of 38.74% year-on-year[10] - Net cash flow from operating activities was RMB 145.78 million, a significant decrease of 75.65% compared to the same period last year[10] - Basic earnings per share (EPS) were RMB 0.45, down 38.36% year-on-year[10] - Total assets increased by 6.75% to RMB 10.37 billion compared to the end of the previous year[10] - The company's weighted average return on equity (ROE) was 3.41%, a decrease of 2.21 percentage points from the same period last year[10] - In the first half of 2024, the company achieved operating revenue of 2,538.28 million yuan, a year-on-year decrease of 5.10%, and net profit attributable to shareholders of 247.06 million yuan, a year-on-year decrease of 38.74%[23] - Revenue for the reporting period decreased by 5.10% to 2,538,283,778.19 yuan compared to the same period last year[33] - Net cash flow from operating activities decreased by 75.65% to 145,782,448.78 yuan due to lower sales revenue and increased cash payments for goods and services[33] - Net cash flow from investing activities decreased by 1,104.61% to -797,467,532.81 yuan due to reduced cash received from investments and significant fixed asset investments[33] - Net cash flow from financing activities increased by 221.51% to 629,844,214.70 yuan due to increased bank loans[33] - Total revenue for the first half of 2024 was RMB 2,538,283,778.19, a decrease of 5.1% compared to RMB 2,674,820,460.72 in the same period of 2023[120] - Net profit for the first half of 2024 was RMB 247,058,558.26, a decrease of 38.7% compared to RMB 403,389,047.75 in the same period of 2023[121] - Total operating costs for the first half of 2024 were RMB 2,260,112,183.97, a decrease of 1.8% compared to RMB 2,301,240,387.53 in the same period of 2023[120] - R&D expenses for the first half of 2024 were RMB 109,533,363.26, a decrease of 4.5% compared to RMB 114,658,008.07 in the same period of 2023[120] - Total liabilities as of the end of the first half of 2024 were RMB 1,253,443,677.25, a decrease of 27.8% compared to RMB 1,737,264,881.95 in the same period of 2023[119] - Total equity as of the end of the first half of 2024 was RMB 6,871,974,841.21, an increase of 1.1% compared to RMB 6,797,671,087.68 in the same period of 2023[119] - Basic earnings per share for the first half of 2024 were RMB 0.45, a decrease of 38.4% compared to RMB 0.73 in the same period of 2023[122] - Diluted earnings per share for the first half of 2024 were RMB 0.45, a decrease of 37.5% compared to RMB 0.72 in the same period of 2023[122] - Revenue for the first half of 2024 decreased to 2.27 billion yuan from 2.50 billion yuan in the same period of 2023, a decline of approximately 9.2%[123] - Net profit for the first half of 2024 dropped to 174.44 million yuan from 294.30 million yuan in the first half of 2023, a decrease of approximately 40.7%[123] - Operating cash flow for the first half of 2024 was 145.78 million yuan, significantly lower than the 598.61 million yuan in the same period of 2023[125] - Investment cash flow for the first half of 2024 showed a net outflow of 797.47 million yuan, compared to a net inflow of 79.38 million yuan in the first half of 2023[126] - Financing cash flow for the first half of 2024 recorded a net inflow of 629.84 million yuan, a significant improvement from the net outflow of 518.33 million yuan in the same period of 2023[126] - R&D expenses increased slightly to 95.99 million yuan in the first half of 2024 from 93.18 million yuan in the first half of 2023[123] - Sales expenses decreased to 16.42 million yuan in the first half of 2024 from 26.46 million yuan in the same period of 2023[123] - Interest income rose to 68.85 million yuan in the first half of 2024 from 49.17 million yuan in the first half of 2023[123] - Cash and cash equivalents at the end of the first half of 2024 stood at 2.30 billion yuan, down from 2.42 billion yuan at the end of the first half of 2023[126] - Total comprehensive income for the first half of 2024 was 174.44 million yuan, compared to 294.30 million yuan in the same period of 2023[124] - Sales revenue from goods and services received in cash was 2.49 billion yuan, a decrease from 2.97 billion yuan in the previous period[129] - Net cash flow from operating activities was 27.01 million yuan, significantly lower than the 514.80 million yuan in the previous period[129] - Net cash flow from investing activities was 237.38 million yuan, compared to a negative 87.03 million yuan in the previous period[129] - Net cash flow from financing activities was negative 326.60 million yuan, an improvement from the negative 473.66 million yuan in the previous period[129] - Total cash and cash equivalents at the end of the period were 2.10 billion yuan, down from 2.16 billion yuan at the beginning of the period[129] - The company's total equity at the beginning of the period was 7.14 billion yuan, with a slight increase to 7.14 billion yuan by the end of the period[131] - The company allocated 109.75 million yuan for profit distribution to shareholders during the period[132] - The company's capital reserve increased by 46.07 million yuan during the period[131] - The company's general risk reserve remained unchanged at 5.98 million yuan[131] - The company's undistributed profit decreased by 137.31 million yuan during the period[131] - Total owner's equity at the end of the period was RMB 7,035,508,330.41, with minority shareholders' equity at RMB 1,877,493.41[134] - Comprehensive income for the period amounted to RMB 745,486.43[134] - Total profit distribution to owners (or shareholders) was RMB 440,825,060.00[135] - Special reserve for the period was RMB 2,941,849.74[135] - Total equity at the beginning of the period was RMB 7,033,630,837.00[134] - Total equity at the end of the period was RMB 6,827,201,607.97[136] - Share capital decreased by 10,240.00 yuan in the current period[137] - Capital reserve increased by 46,073,333.35 yuan in the current period[137] - Comprehensive income for the current period totaled 174,443,189.39 yuan[137] - Owner's equity decreased by 8,737,338.55 yuan due to owner's capital reduction[137] - Profit distribution to owners (or shareholders) amounted to -109,746,488.20 yuan[138] - Special reserve increased by 647,488.28 yuan in the current period[138] - Total owner's equity at the end of the period was 6,797,671,087.68 yuan[137] - Comprehensive income for the previous period was 294,298,862.36 yuan[142] - Profit distribution to owners (or shareholders) in the previous period was -440,825,060.00 yuan[142] - Special reserve increased by 314,601.28 yuan in the previous period[142] Dividend and Share Repurchase - The company plans not to distribute cash dividends, issue bonus shares, or convert capital reserve into share capital[1] - The company repurchased 11,769,900 shares, accounting for 2.06% of the total shares, with a total repurchase amount of 250,066,342.87 yuan[94] - The company's 2023 annual profit distribution plan is to distribute a cash dividend of 2 yuan per 10 shares, with a total cash dividend of 109,746,488.20 yuan[94] - The company completed the repurchase of 11,769,900 shares, accounting for 2.06% of the total shares, with a total transaction amount of RMB 250,066,342.87[100] - The total number of shares repurchased was 11,769,900, with the highest price at RMB 25.10 per share and the lowest at RMB 18.05 per share[100] - The company increased its repurchase plan from RMB 100-200 million to RMB 250-500 million[100] - The company's total share capital decreased from 569,985,318 shares to 569,975,078 shares after the repurchase and cancellation of 10,240 shares[99] - The company's repurchase plan was implemented from May 5, 2023, to May 4, 2024, with a repurchase price cap adjusted to RMB 39.21 per share[99] - A total of 536,160 restricted shares were released from the 2022 restricted stock incentive plan on January 8, 2024[99] - The company repurchased and canceled 10,240 shares due to incomplete performance targets for 3 incentive recipients[99] - The total number of restricted shares at the end of the period was 2,906,538, with 536,160 shares released and 81,210 shares added[103] - The company's repurchase plan was approved by the board on May 5, 2023, with a maximum repurchase price of RMB 40.00 per share[99] - The company's repurchase plan was adjusted to increase the repurchase amount from RMB 100-200 million to RMB 250-500 million[100] Business Operations and Products - The company's main business includes the R&D, production, and sales of food additives, daily chemical fragrances, bulk chemicals, functional chemicals, and intermediates[15] - The company's sweetener products, such as Acesulfame-K and Sucralose, are widely used in the food and beverage industry due to their high sweetness, zero calories, and safety[16] - The company's bulk chemicals, such as liquid ammonia and hydrogen peroxide, are primarily used as raw materials for fine chemical products, with leading market share in East China[17] - The global sweetener industry is experiencing rapid growth driven by health-conscious consumers and sugar reduction trends, with Acesulfame-K and Sucralose being key substitutes[18] - The flavor and fragrance industry in China is growing rapidly, supported by government policies and increasing demand for high-quality life, with applications in food, beverages, and daily chemical products[20] - The basic chemical industry is undergoing transformation under the dual-carbon policy, with a focus on technological innovation, industrial upgrading, and green transformation[21] - Completed the main project construction of the first phase of the "Dingyuan Phase II Project," including the annual production of 600,000 tons of sulfuric acid, 60,000 tons of ion membrane caustic soda, 60,000 tons of ion membrane potash, and 150,000 tons of hydrogen peroxide, with trial production underway[24] - Achieved a historic high in daily production of sucralose through technical breakthroughs, maintaining industry-leading cost advantages[25] - Increased sales volume and market share of major products year-over-year, with further market expansion through sales structure reforms[26] - Upheld the 337 investigation ruling by the U.S. International Trade Commission, confirming no patent infringement in the production of acesulfame[27] - Enhanced digital management and operational efficiency through CRM project implementation and the development of unmanned filling systems[28] - Strengthened safety and environmental management with the establishment of a digital safety management platform and regular environmental inspections[29] - Obtained 22 new patents authorized by the National Intellectual Property Office, bringing the total to 313 authorized patents, including 223 invention patents[30] - Expanded the industrial layout with a focus on circular economy, enhancing competitiveness in food and beverage, daily consumption, and advanced manufacturing sectors[30] - Food manufacturing revenue decreased by 11.34% to 1,337,400,345.20 yuan, accounting for 52.69% of total revenue[34] - Basic chemical revenue increased by 0.80% to 947,942,290.00 yuan, accounting for 37.35% of total revenue[34] - Domestic sales revenue increased by 6.58% to 2,104,523,154.78 yuan, accounting for 82.91% of total revenue[35] - Foreign sales revenue decreased by 38.05% to 433,760,623.41 yuan, accounting for 17.09% of total revenue[35] - Gross margin for food additives decreased by 6.89% to 27.10%[36] - Gross margin for bulk chemicals increased by 3.78% to 11.98%[36] - The company's subsidiary completed the construction of a 600,000-ton sulfuric acid production, 60,000-ton ion-exchange membrane caustic soda, 60,000-ton ion-exchange membrane potassium hydroxide, and 150,000-ton hydrogen peroxide projects, which have entered trial production[95] Environmental and Safety Management - Strengthened safety and environmental management with the establishment of a digital safety management platform and regular environmental inspections[29] - The company faces environmental governance risks due to its chemical production processes, with increasing costs and stricter regulations, but has established comprehensive environmental protection and management systems[52] - The company faces safety production risks due to the use of hazardous chemicals, but has implemented preventive measures, safety education, and regular inspections to minimize risks[53] - The company's subsidiary, Jinxuan Technology, obtained approval for the年产 10,000吨双氯磺酰亚胺项目环境影响报告书[65] - The total emission of sulfur dioxide (SO2) from Jinhe Industry's 1 waste heat boiler and 75-ton boiler is 3,460 kg, which is within the annual permitted limit of 55,170 kg[66] - The total emission of nitrogen oxides (NOx) from Jinhe Industry's 1 waste heat boiler and 75-ton boiler is 6,860 kg, which is within the annual permitted limit of 78,820 kg[66] - The total emission of chemical oxygen demand (COD) from Jinhe Industry's wastewater discharge is 778,650 kg, which is within the annual permitted limit of 1,710,000 kg[67] - The total emission of ammonia nitrogen (NH3-N) from Jinhe Industry's wastewater discharge is 25,509.8 kg, which is within the annual permitted limit of 153,900 kg[67] - The total emission of sulfur dioxide (SO2) from Jinhe Industry's 130-ton boiler is 2,070 kg, which is within the annual permitted limit of 76,970 kg[67] - The total emission of nitrogen oxides (NOx) from Jinhe Industry's 130-ton boiler is 9,820 kg, which is within the annual permitted limit of 109,960 kg[67] - The total emission of particulate matter from Jinhe Industry's 2 waste heat boiler is 1,564.2 kg, which is within the annual permitted limit of 14,020 kg[68] - The total emission of sulfur dioxide (SO2) from Jinhe Industry's 2 waste heat boiler is 740 kg, which is within the annual permitted limit of 49,050 kg[68] - The total emission of nitrogen oxides (NOx) from Jinhe Industry's 2 waste heat boiler is 15,430 kg, which is within the annual permitted limit of 70,080 kg[68] - The total emission of sulfur dioxide (SO2) from Jinxuan Technology's incinerator outlet is 0.234 tons, which is within the annual permitted limit of 60.62 tons[68] - The company has invested 23.3882 million yuan in environmental governance and protection in the first half of 2024[71] - The company paid a total of 196,700 yuan in environmental taxes for factors such as ammonia, nitrogen oxides, and sulfur dioxide in the first half of 2024[71] - The company operates four wastewater treatment facilities with capacities of 3,000 tons/day (three units) and 2,400 tons/day (one unit)[70] - The company's wastewater treatment facilities can handle chemical oxygen demand (COD) of 15,000 mg/L and ammonia nitrogen of 500 mg/L[70] - The company has a 230 m³/d wastewater treatment facility at Jinwo Bio, which processes all production and domestic wastewater[70] - The company has built a 40MW ecological photovoltaic power station and a 30MW biomass cogeneration project to reduce carbon emissions[75] - The company has implemented a 130-ton/h biomass boiler to further reduce greenhouse gas emissions[75] - The company has established a circular economy industrial chain to recycle and reuse production waste, reducing resource consumption[76] - The company has achieved full-process automation and digitization in its production system, enhancing safety and environmental risk control[74] - The company has conducted multiple environmental emergency response drills and revised corresponding emergency measures in the first half of 2024[71] Corporate Governance and Shareholder Information - The company's registered address, office address, website, and email remained unchanged during the reporting period[7] - The company's semi-annual report is available on the Shenzhen Stock Exchange website and other designated media[8] - The company held two shareholders' meetings in the reporting period: the 2024 First Extraordinary General Meeting with a 47.03% participation rate[57

安徽金禾实业股份有限公司（以下简称"公司"或"本公司"）第六届监事 会第十四次会议通知于 2024 年 8 月 19 日以电话、邮件的方式发出，并于 2024 年 8 月 29 日 10:00 在公司会议室以现场的方式召开。会议由监事会主席戴世林 先生主持，全体监事出席了会议。本次会议应到监事 3 名，实到监事 3 名，符合 《公司法》和《公司章程》的有关规定，出席会议的监事以举手表决的方式通过 了以下决议： 一、审议通过了《2024 年半年度报告及其摘要》 经认真审核，监事会认为董事会编制和审议的公司 2024 年半年度报告的程 序符合法律、行政法规及中国证监会的规定，报告内容真实、准确、完整地反映 了上市公司的实际情况，不存在任何虚假记载、误导性陈述或者重大遗漏。 具体内容详见公司在巨潮资讯网（www.cninfo.com.cn）披露的《2024 年半年 度报告》和《2024 年半年度报告摘要》，以及在《证券日报》《证券时报》《上海 证券报》《中国证券报》披露的《2024 年半年度报告摘要》。 证券代码：002597 证券简称：金禾实业 公告编号：2024-040 安徽金禾实业股份有限公司 第六届监事会第 ...

公司法定代表人：杨乐 主管会计工作的负责人：刘洋 会计机构负责人：郁晓敏 安徽金禾实业股份有限公司 2024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 | 编制单位：安徽金禾实业股份有限公司 | | | | | | | | | | 单位：万元 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 非经营性资金占用 | 资金占用方名称 | 占用方与上市公 司的关联关系 | 上市公司核算的 会计科目 | 2024年初往来资 金余额 | 2024年半年度往 来累计发生金额 (不含利息) | 2024年半年度往 来资金的利息(如 有) | 2024年半年度偿 还累计发生金额 | 2024年半年度末 往来资金余额 | 占用形成原因 | 占用性质 | | 控股股东、实际控制 人及其附属企业 | | | | | | | | | | | | | | | | - | - | | - | | | | | 小计 | — | — | — | | | | | | | | | 前控股股东、实际控 | | | | | | | | | | | ...

证券代码：002597 证券简称：金禾实业 公告编号：2024-041 安徽金禾实业股份有限公司 关于新增关联方及日常关联交易预计的公告 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。 一、日常关联交易基本情况 （一）日常关联交易概述 安徽金禾实业股份有限公司（以下简称"公司"或"本公司"）分别于 2024 年 8 月 29 日召开的第六届董事会第十九次会议、第六届监事会第十四次会议， 审议通过了《关于新增关联方及日常关联交易预计的议案》，根据公司日常经营 的需要，公司及公司子公司预计 2024 年度接受关联方安徽祥腾运输有限公司（以 下简称"祥腾运输"）提供的运输服务不超过 2,000 万元。祥腾运输由于 2024 年 4 月 23 日发生股权变更，其股东为本公司实际控制人关系密切的家庭成员， 为规范公司经营行为，强化关联交易管理，公司根据关联方变化情况及日常经营 业务需要，新增关联方并对该关联方发生的日常关联交易进行预计。 1、2024 年 8 月 29 日，公司召开了第六届董事会第十九次会议，会议审议 通过了《关于新增关联方及日常关联交易预计的议案》，表 ...

证券代码：002597 证券简称：金禾实业 公告编号：2024-039 具体内容详见公司在巨潮资讯网（www.cninfo.com.cn）披露的《2024 年半 年度报告》和《2024 年半年度报告摘要》，以及在《证券日报》《证券时报》《上 海证券报》《中国证券报》披露的《2024 年半年度报告摘要》。 表决结果：同意 9 票，反对 0 票，弃权 0 票。 安徽金禾实业股份有限公司 第六届董事会第十九次会议决议公告 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。 安徽金禾实业股份有限公司（以下简称"公司"或"本公司"）第六届董事 会第十九次会议于 2024 年 8 月 19 日以电话及邮件的方式向各位董事发出通知， 并于 2024 年 8 月 29 日上午 9 时以通讯方式召开，会议由董事长杨乐先生主持召 开，本次会议应参加表决的董事 9 人，实际参加表决的董事 9 人，符合《公司法》 《公司章程》的规定。会议审议并通过了以下议案： 一、审议通过了《2024 年半年度报告及其摘要》 本议案已经公司董事会审计委员会审议通过。 董事会 二、审议通过了《关于新增关联 ...

安徽金禾实业股份有限公司 关于美国联邦巡回上诉法院维持 ITC 337 调查裁决结 果的公告 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。 安徽金禾实业股份有限公司（以下简称"公司"或"本公司"）于 2021 年 4 月 14 日披露了《关于涉及美国国际贸易委员会 337 调查事项的公告》，CELANESE INTERNATIONAL CORPORATION、 CELANESE (MALTA) COMPANY 2 LIMITED、 CELANESE SALES U.S. LTD.,（以下合称"Celanese"或"塞拉尼斯"）根据《美国 1930 年 关税法》第 337 节规定向美国国际贸易委员会提出申请，主张对公司及子公司 JINHE USA LLC 对美出口、在美进口及销售的特定高甜度甜味剂、制备方法及其 下游产品侵犯其专利权进行调查，本次 337 调查涉及的产品为本公司生产的产品 乙酰磺胺酸钾("Ace-K")(以下简称"安赛蜜")。2022 年 1 月 14 日，公司披 露了《关于涉及美国国际贸易委员会 337 调查事项进展的公告》，美国国际贸易 委 ...

证券研究报告 | 公司深度 | 化学制品 | --- | --- | |-----------------------------------------------------------------|------------------------------------------| | | | | 金禾实业 (002597) | 报告日期： 2024 年 08 月 12 日 | | 金禾实业热点问题系列报告：为什么我们对三氯蔗糖价格上涨感 到乐观 | | | ——金禾实业深度报告 | | 投资要点 ❑ 市场认为：三氯蔗糖供给过剩较为严重，国内消费低迷需求增速下降，短期内 价格难以上涨。 我们认为：三氯蔗糖供给端并未出现明显过剩，相反的，我们认为当前行业或许 已经出现供需紧平衡。虽然 24 年行业新增了约 4700 吨/年的产能，但价格的持 续走低或许已经接近或低于现有四家生产厂商中两家的现金成本，当前行业的实 际产量已经回到 23 年的平均水平，产品价格继续下跌的空间有限。其次需求方 面，24H1 我国三氯蔗糖出口量同比增长 18%，过去六年 CAGR 达到 20%，全球 三氯蔗糖需求仍保持较高增速。 ...

来进行经合实业的推荐那先说一下经合实业的核心的推荐逻辑就我们认为经合实业是三六追糖的龙头企业市场上预期三六追糖的行业产能是过剩的但是我们预计行业有望从过去的激烈的价格竞争的格局转变为健康有序的发展驱动公司业绩超预期的上涨 那超预期的逻辑是什么呢先来讲一下低点超预期的逻辑市场上预期36正常的核心企业会继续的抢占市场份额而且下游的实际需求的增速不高产能可能会有持续的过剩但是我们预期的话36正常的核心企业有意愿去维持行业健康预期的发展并且需求增速有望超市场的预期明年我们预计会呈现供需紧平衡的一个格局 那我具体再来展开一下先说一下三菱食堂之前景气度的情况就是三菱食堂从二年之后景气度下滑到现在呢是在行业的景气度下行周期呢有多家的小产能是长期的退出目前呢只剩下金河食业山东康宝福建科鸿还有新奇安是正常在生产的那么供给端预计24年的免疫产能是达到2.65万吨 需求端的话作为目前最优秀的员工体验危机受益于糖税政策的推进还有在健康减糖的无糖应用的场景的拓宽还有渗透率的提升的情况下三氯蔗糖其实是保持了一个比较好的需求的增速的 那我们根据海关的数据来说23年出口量是1.64万吨那可以看到17年的23年的负荷增速是达到了20%还是非常 ...

证券研究报告 | 公司点评 | 化学制品 金禾实业(002597) | --- | --- | |------------------------------------------------------|-------------------------| | | | | | 报告日期:2024年08月07日 | | | | | 迎接景气新周期,三氯蔗糖有望开启涨价行情 金禾实业点评 | | 投资要点 □ 一、一句话逻辑 公司是三氟蔗糖龙头企业，市场预期三氟蔗糖行业产能过剩，我们预计行业有望 从过去激烈的价格竞争格局转为健康有序发展,驱动公司业绩超预期上涨。 □ 二、超预期逻辑 1）市场预期：三鼎蕉糖核心企业继续抢占市场份额，并且下游实际需求增速不 高，产能持续过剩。 载们预期: 三氟蔗糖核心企业有意愿维持行业健康有序发展,并且需求增速超市场预期,明 年有塑呈现供需紧平衡。三氟蔗糖 22年景气度下滑后至今已经有多家小产能长 期退出,目前仅有金禾实业（9500吨/年）、山东康宝（8000吨/年）、科宏生物 (6000吨/年)、新珙安（3000吨/年）正常生产，供给端预计 24年产能达到 2.65 万吨/年。 ...

好的各位投资人大家晚上好我是国金化工的分析师王明辉然后今天的话主要是给大家汇报一下这个金河实业的一个情况然后这家公司的话因为它分两块一块是基础化学品另外一块是精细化工因为最开始的话是做这个化肥的公司那后续的话是做这个精细化工品 就是最开始是化肥厂然后后来化肥厂向下游延伸做这个麦芽分那麦芽分后来的话就是公司06年是进入到带糖这个赛道最开始是做了安酸米后来的话这个1516年之后是做了三米多糖那分析这家分析这家公司的话 我们认为就是我们认为是这样看的就是我们从收入来看的话主要是基础化工品和精细化学品基础化工品我们一般不做分析因为这些产品都比较大众化精细化学品的话重点是跟踪三个品种一个是三氯胶糖一个是SME一个是麦亚酚当前时间点我们认为公司的就是如果推销公司的话主要就是两句话 第一句话是从未来两三年的维度看公司现在的话应该是处于一个底部的一个阶段就产品的价格盈利都是处于一个相对底部的阶段底部利润我们认为在7个亿左右这个是一个底部利润那往后买的话或者说弹性最大的那部分 主要是这个三明治堂我们是认为未来从两三年的位置去看三明治堂目前的整个格局是具备这个协同的可能性所以后来后续主要就是三密的整个一个价格的协同会带来这个业绩 ...