Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Views - The company reported strong performance in Q1 2025, with revenue of 1.301 billion yuan, a year-on-year increase of 7.2%, and a net profit of 242 million yuan, reflecting an 87.3% year-on-year growth [7] - The increase in profitability is attributed to the rise in prices of food additive products and improvements in production efficiency and cost reduction [7] - The industry is shifting from market share-driven to profit-driven, with expectations for continued price increases in key products [7] - The company has successfully launched new production facilities, enhancing its capacity and innovation in biochemistry [7] Financial Data and Profit Forecast - Total revenue forecast for 2025 is 5.765 billion yuan, with a year-on-year growth rate of 8.7% [3] - Net profit for 2025 is projected at 1.213 billion yuan, representing a significant increase of 117.8% year-on-year [3] - Earnings per share (EPS) for 2025 is estimated at 2.13 yuan, with a price-to-earnings (PE) ratio of 12 [3] - The company’s gross margin is expected to improve to 31.1% in 2025, up from 29.9% in Q1 2025 [3] Market Data - As of April 30, 2025, the closing price of the stock was 24.83 yuan, with a market capitalization of 14.078 billion yuan [4] - The stock has a dividend yield of 0.81% based on the most recent dividend announcement [4] - The company’s price-to-book ratio is 1.8 [4]

Core Viewpoint - Jinhe Industrial achieved significant profit growth in Q1 2025, with notable improvements in profitability metrics and cost control, although cash flow and accounts receivable levels warrant attention [2][4][5]. Profitability Improvement - In Q1 2025, the company reported total revenue of 1.301 billion yuan, a year-on-year increase of 7.24% - The net profit attributable to shareholders reached 242 million yuan, a substantial year-on-year growth of 87.30% - The net profit excluding non-recurring items was 227 million yuan, reflecting a year-on-year increase of 87.97% - Gross margin and net margin stood at 29.88% and 18.59%, respectively, with year-on-year increases of 41.88% and 74.65% [2]. Cost Control and Expense Optimization - The total of selling, administrative, and financial expenses in Q1 2025 was 58.683 million yuan, accounting for 4.51% of revenue, a decrease of 25.12% compared to the same period last year - This indicates positive progress in operational efficiency and cost management [3]. Cash Flow and Financial Position - The company faced cash flow pressure, with operating cash flow per share at -0.16 yuan, a year-on-year decline of 1156.88% - Cash and cash equivalents decreased from 2.412 billion yuan to 1.737 billion yuan, a decline of 27.96%, raising concerns about liquidity risk [4]. Accounts Receivable Concerns - Accounts receivable amounted to 749 million yuan, a year-on-year increase of 23.10% - The ratio of accounts receivable to profit reached 134.53%, which is relatively high and may impact the company's cash flow and capital turnover, suggesting a need for improved management and collection efforts [5]. Summary - Overall, Jinhe Industrial demonstrated significant profit growth in Q1 2025, particularly in gross and net margins - However, negative cash flow and elevated accounts receivable levels require attention, and the company should enhance cash flow management and accounts receivable collection to ensure long-term stability [6].

Industry Overview - Allulose, or D-Psicose, is a rare sugar found in small amounts in natural foods like raisins and figs, characterized by its white powder form and low caloric content [1][2] - The global allulose market is projected to reach $14.7 million by 2024 and is expected to grow to $43.6 million by 2032, driven by favorable policies and a global trend towards reduced sugar consumption [1][11] Market Dynamics - The allulose market is expanding rapidly in beverage and baking sectors, with China being the largest consumer market, holding approximately 80.45% of the market share, followed by Japan and South Korea [11][14] - The approval of allulose for use in various food products in multiple countries, including the U.S. and Australia, is facilitating its market entry, while the EU is expected to approve it within 2-3 years [11][13] Production and Technology - The primary production method for allulose is biological conversion, utilizing D-Psicose 3-epimerase to convert fructose into allulose, with key players including Jinhe Industrial, Baolingbao, and Sanyuan Bio [9][16] - Recent advancements in enzyme engineering have improved the yield of allulose production to 88.8%, significantly reducing raw material costs [26] Competitive Landscape - Major global players in the allulose market include CJ CheilJedang, Samyang, Tate & Lyle, and Matsutake, which have established production capabilities and technological advantages [18][29] - Domestic companies in China, such as Jinhe Industrial and Baolingbao, are in the process of expanding their production capacities, with potential domestic capacity exceeding 286,100 tons [20][26] Future Trends - The market is expected to experience a surge in industrial applications due to policy support, with the potential for allulose to be widely used in sugar-free beverages and baked goods by 2025 [25] - Health-conscious consumer trends are driving demand for low-calorie sweeteners like allulose, which is anticipated to see significant growth in the functional food sector [28][29]

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]

Group 1 - Longi Green Energy reported a net loss of 8.618 billion yuan for 2024, with revenue of 82.582 billion yuan, a year-on-year decline of 36.23% due to falling prices of key products like modules and wafers [2] - In Q1 2025, Longi Green Energy achieved revenue of 13.652 billion yuan, down 22.75%, with a net loss of 1.436 billion yuan, compared to a loss of 2.350 billion yuan in the same period last year [3] - China Southern Airlines reported a Q1 2025 net loss of 747 million yuan, with revenue of 43.407 billion yuan, a decrease of 2.68% year-on-year [27] Group 2 - Guizhou Moutai achieved Q1 2025 revenue of 43.557 billion yuan, with direct sales revenue of 23.220 billion yuan and wholesale revenue of 27.359 billion yuan [9] - Industrial Fulian reported a 2024 net profit increase of 15.86%, with revenue of 609.135 billion yuan and a net profit of 23.216 billion yuan [10] - China Shipbuilding Industry Corporation reported a 2024 net profit increase of 22.21%, with a net profit of 3.614 billion yuan [15] Group 3 - Longyang Power reported a 19.86% increase in net profit for 2024, reaching 32.496 billion yuan, with total profit of 38.862 billion yuan [7] - Shanxi Fenjiu reported a 17.29% increase in net profit for 2024, totaling 12.243 billion yuan, with revenue of 36.011 billion yuan [5] - China National Petroleum Corporation reported a Q1 2025 net profit increase of 43.4%, reaching 12.849 billion yuan [26] Group 4 - Ganfeng Lithium reported a Q1 2025 net loss of 356 million yuan, with revenue of 3.772 billion yuan, a year-on-year decline of 25.43% [38] - Tianqi Lithium reported a Q1 2025 net profit of 104 million yuan, marking a turnaround from a loss, with revenue of 2.584 billion yuan [39] - Huazhong Microelectronics reported a Q1 2025 net profit increase of 151%, reaching 83.216 million yuan [40]

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]