Core Viewpoint - The stock of Kingdawei has experienced fluctuations, with a recent decline of 2.04% on September 18, 2023, while the company has shown a year-to-date increase of 30.61% in stock price [1] Financial Performance - For the first half of 2025, Kingdawei reported a revenue of 1.728 billion yuan, representing a year-on-year growth of 13.46%, and a net profit attributable to shareholders of 247 million yuan, which is a significant increase of 90.12% [2] - Cumulatively, since its A-share listing, Kingdawei has distributed a total of 2.761 billion yuan in dividends, with 488 million yuan distributed over the past three years [3] Shareholder Information - As of June 30, 2025, the number of shareholders for Kingdawei is 40,700, a decrease of 4.30% from the previous period, while the average circulating shares per person increased by 4.50% to 14,976 shares [2] - The top ten circulating shareholders include Hong Kong Central Clearing Limited, which increased its holdings by 1.5915 million shares, and Southern CSI 1000 ETF, which increased its holdings by 521,500 shares [3] Market Activity - On September 18, 2023, Kingdawei's stock price was 19.20 yuan per share, with a trading volume of 145 million yuan and a turnover rate of 1.22%, resulting in a total market capitalization of 11.711 billion yuan [1] - The net outflow of main funds was 11.648 million yuan, with significant selling pressure observed in large orders [1] Business Overview - Kingdawei, established on November 24, 1997, and listed on October 28, 2011, is primarily engaged in the manufacturing of health food and nutritional products, with its main revenue sources being health food (54.57%), coenzyme Q10 series (22.04%), and vitamin A series (11.41%) [1] - The company is classified under the food and beverage industry, specifically in food processing and health products [1]

Core Viewpoint - The company, Jindawei, reported that its revenue in the United States is primarily derived from two sources: income from its U.S. subsidiary and exports from its domestic subsidiary, mainly focusing on coenzyme Q10. The company stated that the U.S.-China trade relationship does not significantly impact its operations [1] Group 1 - The U.S. subsidiary's income is largely unaffected by U.S.-China trade tensions [1] - Exports to the U.S. mainly consist of coenzyme Q10, with the majority of raw materials sourced from China [1] - The U.S. is the largest consumer market for coenzyme Q10 globally, indicating strong demand [1] Group 2 - The company's exports to the U.S. are influenced by downstream customer inventory cycles and market supply-demand changes [1] - Currently, the impact of U.S.-China trade relations on the company's operations is minimal [1]

Group 1: Company Operations and Market Position - The company is the largest producer of Coenzyme Q10 globally, recognized for its quality and production capacity, which is at the industry's leading level [2][3] - The company has undergone capacity expansion and transformation, significantly reducing production costs and increasing market share, thereby reinforcing its dominant market position [3] - Coenzyme Q10 is widely used in cardiovascular health and anti-aging sectors, with market demand expected to continue growing due to global aging and rising health awareness [3] Group 2: Product Development and Market Strategy - The company plans to closely monitor developments in the health and biosynthesis sectors, aligning R&D projects with market prospects and enhancing its synthetic biology research platform [2] - The company aims to strengthen its raw material supply chain and accelerate the industrialization of new products, focusing on biosynthesis research and global brand strategy [3] - The company is committed to building a strong brand presence in the health supplement market through a "big product + product matrix" strategy, leveraging both raw material and brand advantages [3] Group 3: Competitive Landscape - The U.S. dietary supplement market is highly fragmented, with the company focusing on maintaining its operational philosophy and differentiation to enhance market share for its star products [3] - The Doctor's Best brand emphasizes the use of high-quality raw materials and targets consumers interested in scientifically formulated nutrition, maintaining a leading position in the market [3]

Market Overview - On September 16, the food processing sector declined by 0.69%, with Gais Food leading the drop [1] - The Shanghai Composite Index closed at 3861.87, up 0.04%, while the Shenzhen Component Index closed at 13063.97, up 0.45% [1] Stock Performance - Notable gainers in the food processing sector included: - Qianwei Yangchu (001215) with a closing price of 36.15, up 3.52% and a trading volume of 72,300 shares, totaling 254 million yuan [1] - ST Chuntian (600381) with a closing price of 5.20, up 3.17% and a trading volume of 130,300 shares, totaling 65.9 million yuan [1] - Baba Food (605338) with a closing price of 24.23, up 2.54% and a trading volume of 24,800 shares, totaling 59.4 million yuan [1] - Major decliners included: - Gais Food (836826) with a closing price of 14.35, down 4.52% and a trading volume of 155,500 shares, totaling 225 million yuan [2] - Huadong Shares (002840) with a closing price of 11.92, down 2.77% and a trading volume of 312,700 shares, totaling 373 million yuan [2] - Huifa Food (603536) with a closing price of 11.11, down 2.54% and a trading volume of 354,400 shares, totaling 394 million yuan [2] Capital Flow - The food processing sector experienced a net outflow of 251 million yuan from institutional investors, while retail investors saw a net inflow of 217 million yuan [2] - The detailed capital flow for selected stocks showed: - ST Chuntian (600381) had a net inflow of 10.68% from institutional investors [3] - Qianwei Yangchu (001215) had a net inflow of 2.25% from institutional investors [3] - Gais Food (836826) had a net outflow of 0.41% from institutional investors [3]

Core Viewpoint - The company is actively communicating with regulatory authorities regarding NMN and is monitoring the latest developments in domestic policies and regulations [1] Summary by Relevant Categories Regulatory Communication - The company is engaging with regulatory bodies to stay updated on the approval process for NMN as a food additive or health product ingredient [1] Research and Collaboration - The company plans to maintain technical exchanges and collaborations with relevant industry organizations and research institutions to advance scientific research in the NMN field [1] Current Status - As of now, the National Health Commission has not officially disclosed the list of research institutions or production units authorized to conduct the NMN approval assessment [1]

Core Insights - On September 11, Jindawei's stock fell by 0.25% with a trading volume of 184 million yuan [1] - As of September 11, the total margin balance for Jindawei was 444 million yuan, which is 3.70% of its circulating market value, indicating a high level of margin financing [1] - For the first half of 2025, Jindawei reported a revenue of 1.728 billion yuan, a year-on-year increase of 13.46%, and a net profit attributable to shareholders of 247 million yuan, up 90.12% year-on-year [2] Financing and Margin Trading - On September 11, Jindawei had a margin buy amount of 22.4998 million yuan and a margin repayment of 23.7208 million yuan, resulting in a net margin buy of -1.2210 million yuan [1] - The margin balance of 444 million yuan is above the 70th percentile of the past year, indicating a relatively high level of margin trading activity [1] - The short selling data shows that on September 11, Jindawei had a short repayment of 15,600 shares and a short sale of 1,300 shares, with a short balance of 22,000 shares, which is below the 20th percentile of the past year [1] Shareholder and Institutional Holdings - As of June 30, 2025, Jindawei had 40,700 shareholders, a decrease of 4.30% from the previous period, while the average circulating shares per person increased by 4.50% to 14,976 shares [2] - The total cash dividends distributed by Jindawei since its A-share listing amount to 2.761 billion yuan, with 488 million yuan distributed in the last three years [2] - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited is the fourth largest with 6.9372 million shares, an increase of 1.5915 million shares from the previous period [2]

| 证券代码：002626 | 证券简称：金达威 | 公告编号：2025-083 | | --- | --- | --- | | 债券代码：127111 | 债券简称：金威转债 | | 厦门金达威集团股份有限公司 关于使用部分闲置募集资金进行现金管理的公告 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。 厦门金达威集团股份有限公司（以下简称"公司"）于 2025 年 9 月 11 日召 开第九届董事会第七次会议，审议通过《关于使用部分闲置募集资金进行现金管 理的议案》，同意根据公司募投项目的建设进度及实际资金安排，公司及实施募 投项目的子公司内蒙古金达威药业有限公司（以下简称"金达威药业"）在确保 不影响募集资金按投资计划正常使用的情况下，使用不超过 7 亿元的闲置募集资 金进行现金管理，使用期限为自本次董事会审议通过之日起 12 个月内，期限内 任一时点的交易金额不应超过现金管理额度。在上述额度及决议有效期内可循环 滚动使用。 该事项在股东会授权董事会全权办理本次向不特定对象发行可转换公司债 券具体事宜的范围之内，无需再提交股东会审议。现将相关情况公告如下： ...

一、 会议以 9 票同意、0 票反对、0 票弃权的表决结果审议通过《关于使用 部分闲置募集资金进行现金管理的议案》 经董事会审议，同意公司使用总额不超过人民币 7 亿元的闲置募集资金进行 现金管理，投资于安全性高、流动性好、低风险且投资期限不超过 12 个月或在 持有期限可随时转让的产品，使用期限为自本次董事会审议通过之日起 12 个月 内，期限内任一时点的交易金额不应超过现金管理额度。在上述额度及决议有效 期内可循环滚动使用。公司本次使用部分闲置募集资金进行现金管理的决策程序 符合《上市公司募集资金监管规则》《深圳证券交易所上市公司自律监管指引第 1 号—主板上市公司规范运作》等相关法律法规以及公司《募集资金管理办法》 的规定。 具体内容详见公司于同日在巨潮资讯网（www.cninfo.com.cn）披露的《关于 使用部分闲置募集资金进行现金管理的公告》。 | 证券代码：002626 | 证券简称：金达威 | 公告编号：2025-084 | | --- | --- | --- | | 债券代码：127111 | 债券简称：金威转债 | | 厦门金达威集团股份有限公司 第九届董事会第七次会议决议公告 本公司及 ...

广发证券股份有限公司 关于厦门金达威集团股份有限公司 使用部分闲置募集资金进行现金管理的核查意见 广发证券股份有限公司（以下简称"广发证券"或"保荐人"）作为厦门金 达威集团股份有限公司（以下简称"金达威"或"公司"）2025年向不特定对象 发行可转换公司债券的保荐人，根据《证券发行上市保荐业务管理办法》《深圳 证券交易所股票上市规则》《上市公司募集资金监管规则》等有关规定，对金达 威使用部分闲置募集资金进行现金管理事项进行了核查，核查的具体情况及核查 意见如下： 一、募集资金基本情况 根据中国证券监督管理委员会出具的《关于同意厦门金达威集团股份有限公 司向不特定对象发行可转换公司债券注册的批复》（证监许可〔2024〕1567号）， 公司于2025年8月20日向不特定对象发行了12,923,948张可转换公司债券，发行价 格为每张100元，募集资金总额129,239.48万元，扣除各项发行费用后，实际募集 资金净额为128,125.87万元，上述款项已于2025年8月26日全部到账。立信会计师 事务所（特殊普通合伙）对公司本次募集资金到位情况进行了审验，并于2025 年8月26日出具了信会师报字[2025]第 ...

Core Viewpoint - The company Jin Da Wei has completed 90% of its coenzyme Q10 expansion project as of mid-year, and is in the final stages of ramping up production capacity, which will reach an annual capacity of 920 tons once fully operational [2] Group 1 - The coenzyme Q10 expansion project is nearing completion, with 90% progress reported [2] - The company is currently in the final stages of the project, focusing on ramping up production capacity [2] - Upon full production, the annual capacity for coenzyme Q10 will be 920 tons [2]