内容概要：阿洛酮糖，即D-阿洛酮糖（D-Psicose），是自然界中分布极少的一种稀有单糖，固体为白 色粉末，水溶液为透明无色液体，少量存在于葡萄干、无花果、猕猴桃和红糖等天然食物中。伴随着各 国政策利好持续落地与全球减糖趋势共振，阿洛酮糖在饮料、烘焙等领域的应用在快速扩大，全球阿洛 酮糖市场规模呈现稳步扩张的态势。数据显示，2024年全球阿洛酮糖市场规模达到1.47亿美元，根据市 场预测，至2032年全球阿洛酮糖产业规模有望增至4.36亿美元。 相关上市企业：百龙创园（605016）；金禾实业（002597）；保龄宝（002286）；三元生物 （301206）；华康股份（605077）等 相关企业：熙甜（上海）生物科技有限公司；北京诚志高科生物科技有限公司；上海立足生物科技有限 公司；潍坊盛泰药业有限公司；诸城华源生物股份有限公司；诚志生命科技有限公司；秦皇岛三养社食 品有限公司等 关键词：产业链；全球阿洛酮糖行业规模；阿洛酮糖生产企业；市场竞争格局；发展趋势 一、行业概况 阿洛酮糖，即D-阿洛酮糖（D-Psicose），因从抗生素阿洛酮糖腺苷（psicofuranine）中分离而得名，是 果糖的一种差向异 ...

Group 1: Talent Development - The company emphasizes talent cultivation through a systematic approach focusing on "attracting, nurturing, utilizing, and retaining talent" [2] - Collaboration with universities and research institutions to establish R&D centers in cities like Hefei and Shanghai to attract high-end talent [2] - Internal training programs such as the "Jinhe Elite Class" and career skill certifications to empower employees [3] Group 2: Financial Performance - The company aims to enhance operational efficiency and profitability through continuous optimization of production processes and technological innovation [3] - The impact of price adjustments for key products like sucralose on financial performance may experience a lag due to long-term contracts and fixed cost allocations during maintenance periods [3] Group 3: Future Growth Drivers - Focus on "better living" and "advanced manufacturing" to optimize business structure and explore high-value-added business models [3] - Commitment to increasing R&D investment in key technologies such as nutritional health ingredients and high-performance materials [4] - Emphasis on digital upgrades and smart manufacturing to improve operational efficiency [4] Group 4: Industry Trends - The global health consumption trend is reshaping the sweetener industry, with a growing demand for low-sugar products [4] - The market for sweeteners is expanding, driven by both artificial and natural sweeteners, which are complementing each other in growth [4] Group 5: Product Development and Market Strategy - The company is building a comprehensive biomanufacturing innovation platform to enhance its capabilities in the biomanufacturing sector [4] - Plans to improve the production system for high-purity electronic chemicals and expand into high-value products [5] - The company is actively seeking to expand sales channels and enhance market competitiveness in the context of rising health awareness [6]

Financial Performance - The company's operating revenue for Q1 2025 was ¥1,301,342,312.24, representing a 7.24% increase compared to ¥1,213,451,757.31 in the same period last year[3] - Net profit attributable to shareholders increased by 87.30% to ¥241,943,306.17 from ¥129,171,599.75 year-on-year[3] - Basic and diluted earnings per share rose by 83.33% to ¥0.44 from ¥0.24 in the same period last year[3] - Operating profit for the current period is 283,156,720.32, compared to 150,175,373.84 in the previous period, indicating a growth of about 88.5%[23] - Total comprehensive income for the current period is 241,237,050.53, up from 129,259,829.35, reflecting an increase of approximately 86.5%[24] - The net profit for the current period is 241,942,816.55, an increase from 129,171,145.72 in the previous period, representing an increase of approximately 87.3%[23] Cash Flow - The net cash flow from operating activities was negative at -¥92,121,715.73, a significant decrease of 1,156.86% compared to ¥8,716,520.22 in the previous year[3] - Cash flow from operating activities shows a net outflow of -92,121,715.73, a decline from a net inflow of 8,716,520.22 in the previous period[25] - Cash flow from investing activities improved by 71.95%, with a net outflow of -¥166,372,435.77 compared to -¥593,108,834.49 in the previous year[7] - Cash flow from investing activities results in a net outflow of -166,372,435.77, compared to -593,108,834.49 in the previous period, indicating an improvement[26] - Cash flow from financing activities shows a net inflow of 402,885,210.74, down from 656,799,999.66 in the previous period[26] Assets and Liabilities - Total assets increased by 5.21% to ¥10,401,109,432.44 from ¥9,885,801,308.18 at the end of the previous year[3] - The total liabilities increased to CNY 2,547,740,619.38 from CNY 2,284,752,237.80, which is an increase of about 11.6%[20] - The total equity attributable to the parent company increased to CNY 7,851,427,276.20 from CNY 7,599,107,043.90, reflecting a growth of approximately 3.3%[20] Shareholder Information - The total number of common shareholders at the end of the reporting period is 32,989[9] - Anhui Jinrui Investment Group Co., Ltd. holds 43.95% of shares, totaling 250,487,223 shares, with 15,000,000 shares pledged[9] - The top ten shareholders collectively hold significant stakes, with the largest shareholder holding nearly 44%[9] - The company has a total of 21,242,637 shares in a repurchase account, representing 3.73% of total shares, not included in the top ten shareholders[10] Employee Stock Ownership Plan - The second phase of the core employee stock ownership plan will unlock 1,333,080 shares (0.23% of total shares) on November 23, 2023[11] - The second phase of the core employee stock ownership plan will unlock an additional 2,666,160 shares (0.47% of total shares) on November 23, 2024[11] - The company decided to terminate the second phase of the employee stock ownership plan early, with all 6,665,400 shares sold by March 12, 2025[12] Incentive Plans - The 2022 restricted stock incentive plan proposed to grant a total of 2.732 million shares at a price of 18 RMB per share[13] - The grant date for the restricted stock incentive plan is set for October 31, 2023, with 2.732 million shares to be awarded[14] - The number of restricted stocks eligible for release in the first phase of the incentive plan is 536,160 shares, accounting for 0.09% of the total share capital[15] - The company plans to repurchase and cancel 10,240 shares of restricted stock from three individuals who did not meet the performance criteria, which is part of the incentive plan[15] - The second phase of the incentive plan will allow 530,400 shares to be released, also representing 0.09% of the total share capital[16] Tax and Expenses - The income tax expense increased by 145.77% to ¥39,698,049.59, correlating with the rise in profits[7] - The company reported a tax expense of 39,698,049.59 for the current period, compared to 16,152,279.07 in the previous period, reflecting an increase of approximately 145.5%[23] - Research and development expenses for the current period are 49,392,630.24, slightly up from 48,466,459.79 in the previous period, indicating a focus on innovation[23] Operating Costs - The total operating costs for the current period are CNY 1,033,885,305.70, down from CNY 1,089,571,670.39 in the previous period, indicating a decrease of about 5.1%[22] - The operating cost specifically decreased from CNY 957,937,988.62 to CNY 912,552,763.37, reflecting a reduction of approximately 4.7%[22]

Investment Rating - The report maintains an "Outperform" rating for the company, indicating expected performance above the market average [1][10]. Core Insights - The company is projected to benefit from the improving market conditions in the sucralose industry, with a significant year-on-year increase in Q1 2025 earnings forecasted [1][10]. - The revenue for 2024 is expected to be RMB 5.30 billion, showing a slight decline of 0.15% year-on-year, while net profit attributable to shareholders is projected at RMB 557 million, down 20.94% year-on-year [10]. - The company is expanding its product categories and production capacity in new energy and semiconductor materials, aiming to create an integrated industrial ecosystem [10]. Financial Summary - **2024 Financials**: Revenue of RMB 5.30 billion, net profit of RMB 557 million, and a decrease in gross profit margins across various segments [4][10]. - **2025 Projections**: Expected revenue of RMB 6.23 billion, net profit of RMB 1.27 billion, and an EPS of RMB 2.23 [4][10]. - **2026-2027 Forecasts**: Continued growth with projected revenues of RMB 6.77 billion and RMB 7.03 billion, and net profits of RMB 1.51 billion and RMB 1.63 billion respectively [4][10]. Performance Metrics - The company’s gross profit margins for food additives, bulk chemical raw materials, and functional chemical intermediates were reported at 27.15%, 7.11%, and 0.65% respectively, with year-on-year changes of -5.61 percentage points, -3.10 percentage points, and +14.99 percentage points [3][10]. - The expected EPS for 2025 is RMB 2.23, with a target price set at RMB 33.35 based on a PE ratio of 14.99 [10]. Market Position - The company is positioned to leverage the recovery in the food additives market, particularly in sucralose and acesulfame, which are expected to see improved market conditions [10]. - The stock has shown a 15% increase over the past 12 months, outperforming the benchmark index [5].

Investment Rating - The investment rating for the company is "Buy" and is maintained [8] Core Views - The company reported a revenue of 5.3 billion yuan for 2024, a slight decrease of 0.1% year-on-year, with a net profit of 560 million yuan, down 20.9% year-on-year. The net profit excluding non-recurring items was 470 million yuan, down 23.3% year-on-year [2][5] - For Q4 2024, the company achieved a revenue of 1.26 billion yuan, an increase of 3.5% year-on-year, and a net profit of 150 million yuan, up 4.9% year-on-year. The net profit excluding non-recurring items was 90 million yuan, down 28.7% year-on-year [2][5] - The company announced a cash dividend of 8.3 yuan per 10 shares (including tax), which accounts for 81.8% of the net profit for 2024 [2][5] - The company forecasts a net profit of 230-250 million yuan for Q1 2025, representing a year-on-year growth of 78.1%-93.5%, with net profit excluding non-recurring items expected to be 215-235 million yuan, up 77.7%-94.3% year-on-year [2][5] Financial Performance - The food additive segment generated a revenue of 2.75 billion yuan in 2024, a decrease of 4.7% year-on-year, with a gross margin of 27.2%, down 5.6 percentage points [11] - The average market prices for key sweeteners in 2024 were 149,000 yuan/ton for sucralose, 37,000 yuan/ton for acesulfame, 88,000 yuan/ton for methyl maltol, and 72,000 yuan/ton for ethyl maltol, with varying year-on-year changes [11] - The company expects revenues for 2025-2027 to be 1.39 billion, 1.72 billion, and 1.96 billion yuan respectively, indicating growth potential [11][12] Market Trends - The sweetener market is experiencing a rebound in demand, driven by consumer acceptance of low-sugar products, with significant year-on-year growth in export volumes for sucralose and acesulfame [11] - The company is focusing on integrated supply chain development and optimizing key projects, including the successful launch of several production facilities [11][12]

安徽金禾实业股份有限公司 关于举办 2024 年度业绩说明会的公告 证券代码：002597 证券简称：金禾实业 公告编号：2025-031 为充分尊重投资者、提升投资者交流的针对性，现就公司 2024 年度业绩说明会提 前向投资者公开征集问题，广泛听取投资者的意见和建议。欢迎广大投资者提前登录 "互动易"平台（http://irm.cninfo.com.cn）"云访谈"栏目进入公司 2024 年度业 绩说明会页面进行提问，公司将在本次业绩说明会上对投资者普遍关注的问题进行回答。 欢迎广大投资者积极参与。 特此公告。 安徽金禾实业股份有限公司 董事会 二〇二五年四月二十三日 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"）已于 2025 年 4 月 18 日披露了《2024 年年度报告》及其摘要。为便于广大投资者更全面深入地了解公司 2024 年度经营成果、财务状况，公司将于 2025 年 4 月 30 日（星期三）下午 15:00-17:00 在深圳证券交易所"互动易"平台举办"2024 年度业绩说明会" ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [7] Core Views - The company reported that its 2024 annual performance met expectations, with total revenue of 5.303 billion yuan (YoY -0.15%) and a net profit attributable to shareholders of 557 million yuan (YoY -21%) [7] - The company anticipates a significant increase in net profit for Q1 2025, projecting a range of 230 to 250 million yuan (YoY +78% to +94%) due to price increases in food additives and cost optimization [7] - The company is a major global producer of sucralose and acesulfame, with ongoing efforts to reduce costs and expand production capabilities, which are expected to enhance future growth [7] Financial Data Summary - Total revenue projections for the company are as follows: - 2023: 5.311 billion yuan - 2024: 5.303 billion yuan - 2025E: 5.765 billion yuan - 2026E: 6.304 billion yuan - 2027E: 6.708 billion yuan [9] - Net profit attributable to shareholders is projected as follows: - 2023: 704 million yuan - 2024: 557 million yuan - 2025E: 1.213 billion yuan - 2026E: 1.476 billion yuan - 2027E: 1.703 billion yuan [9] - The company plans to distribute a cash dividend of 8.30 yuan per 10 shares, amounting to 493 million yuan, which represents 88.58% of the net profit [7] Market Data - As of April 18, 2025, the closing price of the company's stock is 23.99 yuan, with a market capitalization of 13.601 billion yuan [3] - The company's price-to-earnings ratio is projected to be 11X for 2025, 9X for 2026, and 8X for 2027 [7]

Investment Rating - The investment rating for the company is "Accumulate" [3] Core Views - The company reported a slight decline in revenue for 2024, with total revenue of 5.303 billion yuan, a decrease of 0.15% year-on-year, and a significant drop in net profit by 20.94% to 557 million yuan. However, the forecast for Q1 2025 indicates a substantial increase in net profit, expected to be between 230 million to 250 million yuan, representing a year-on-year growth of 78.06% to 93.54% [1][2] - The company is benefiting from rising prices of food additives, which has positively impacted its performance in Q1 2025. The average market prices for key products such as aspartame and sucralose have shown significant increases compared to the previous year [6][6] - The company is focusing on an integrated industrial chain layout and has made significant progress in its dual-driven strategy of "green chemistry + synthetic biology," which is expected to support sustainable development [6][6] Financial Data and Valuation - The company’s total revenue is projected to grow from 5.303 billion yuan in 2024 to 6.609 billion yuan in 2025, reflecting a growth rate of 25% [2][13] - The net profit is expected to rebound significantly, with projections of 1.062 billion yuan in 2025, a growth of 91% compared to 2024 [2][13] - The current stock price is 23.99 yuan, with projected PE ratios of 12.9, 10.9, and 9.6 for the years 2025, 2026, and 2027 respectively [3][7] Key Financial Metrics - The company’s gross margin is expected to improve to 27.5% in 2025, up from 19.2% in 2024 [14] - The return on equity (ROE) is projected to increase to 13.5% in 2025, indicating improved profitability [14] - The company maintains a low debt-to-asset ratio of 21.3% in 2025, reflecting strong financial stability [14]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company has experienced a significant improvement in its first-quarter performance for 2025, with expected net profit growth of 78.06% to 93.54% year-on-year [5][8] - The price of sugar substitutes is recovering, which is anticipated to positively impact the company's profitability [6][9] - The company is focusing on enhancing its production efficiency and reducing costs through technological advancements [8][9] Financial Performance Summary - In 2024, the company reported revenue of 5.303 billion yuan, a slight decrease of 0.15% year-on-year, and a net profit of 557 million yuan, down 20.94% year-on-year [4][6] - The fourth quarter of 2024 saw revenue of 1.261 billion yuan, a year-on-year increase of 3.52%, but a quarter-on-quarter decrease of 16.19% [5] - The company expects to achieve a net profit of 230 to 250 million yuan in the first quarter of 2025, marking a substantial increase compared to the previous year [5][8] Market Data Summary - As of April 18, 2025, the company's stock price is 23.99 yuan, with a market capitalization of approximately 13.67 billion yuan [3] - The company has shown a 12-month performance of 16.4%, outperforming the CSI 300 index, which increased by 5.7% [3] Future Earnings Forecast - The company’s projected revenues for 2025, 2026, and 2027 are 6.126 billion yuan, 6.536 billion yuan, and 7.366 billion yuan, respectively, with corresponding net profits of 1.006 billion yuan, 1.243 billion yuan, and 1.487 billion yuan [10][12] - The report anticipates a significant recovery in profitability, with net profit growth rates of 81% in 2025, 24% in 2026, and 20% in 2027 [10][12]

Core Viewpoint - In 2024, Jinhe Industrial reported a slight decline in revenue and a significant drop in net profit, highlighting challenges in the food manufacturing sector despite advancements in technology and industry upgrades [1][4]. Group 1: Financial Performance - The company achieved an annual revenue of 5.303 billion yuan, a year-on-year decrease of 0.15% [1]. - The net profit attributable to shareholders was 557 million yuan, down 20.94% year-on-year [1]. - Revenue from the food manufacturing segment was 2.753 billion yuan, reflecting a decline of 4.72% due to weak market demand and intensified competition [4]. Group 2: Business Segment Performance - The basic chemical business showed strong performance with revenue of 2.048 billion yuan, an increase of 5.47% [4]. - The successful launch of an 80,000-ton electronic-grade hydrogen peroxide project contributed to growth in high-end materials [4]. - Despite the growth in the basic chemical sector, it was insufficient to offset the decline in the food manufacturing business, leading to an overall decrease in revenue and profit [4]. Group 3: Technological Innovation and Industry Upgrades - The company continued to advance its "green chemistry + synthetic biology" dual-driven strategy, focusing on new energy materials and semiconductor materials [5]. - Significant progress was made in the construction of a biosynthetic flexible production platform, enhancing research and development efficiency [5]. - The development of high-efficiency steviol glycoside synthesis strains reduced production costs, improving market competitiveness [5][6]. Group 4: Global Market Expansion and Sales Optimization - In 2024, the company deepened its global market layout and optimized its sales system by establishing specialized sales divisions for basic and fine chemicals [7]. - The expansion of a high-quality sales team successfully penetrated emerging markets in Southeast Asia and Africa [7]. - The implementation of a digital marketing system and CRM platform improved operational efficiency and customer management [7].