Core Viewpoint - The food processing sector experienced a slight increase of 0.15% on January 6, with Gai Shi Food leading the gains. The Shanghai Composite Index rose by 1.5%, while the Shenzhen Component Index increased by 1.4% [1]. Group 1: Market Performance - Gai Shi Food closed at 13.85, up by 2.82%, with a trading volume of 59,000 shares and a transaction value of 81.20 million yuan [1]. - Other notable performers included Jiao Da Ang Li, which rose by 2.17% to close at 6.58, and De Li Si, which increased by 1.65% to close at 4.94 [1]. - The overall trading volume in the food processing sector showed varied performance, with significant transactions recorded for companies like Anjiu Food and Xiwang Food [1]. Group 2: Capital Flow - The food processing sector saw a net inflow of 22.84 million yuan from institutional investors, while retail investors experienced a net outflow of 15.49 million yuan [2]. - The main capital inflows were observed in companies like Anjiu Food, which had a net inflow of 39.28 million yuan, and Sanquan Food, with a net inflow of 10.55 million yuan [3]. - Conversely, companies like Xiwang Food and Tang Chen Bei Jian faced significant net outflows from retail investors, indicating a shift in investor sentiment [3].

Core Viewpoint - The article discusses the performance of the Zhongzheng 1000 ETF Enhanced (561280), highlighting its opening price and the performance of its major holdings since its inception on August 31, 2023, which has yielded a return of 57.53% [1]. Group 1: ETF Performance - The Zhongzheng 1000 ETF Enhanced (561280) opened at 1.578 yuan, experiencing a decline of 0.19% [1]. - Since its establishment on August 31, 2023, the fund has achieved a return of 57.53% [1]. - The fund's performance over the past month has been a return of 6.26% [1]. Group 2: Major Holdings - Major stocks in the fund include: - Boqian New Materials, which opened with an increase of 0.68% [1]. - Haoyuan Pharmaceutical, which rose by 0.78% [1]. - Yingjixin, which increased by 0.56% [1]. - Caixun Co., which saw a slight increase of 0.08% [1]. - Jinma Leisure, which rose by 0.41% [1]. - Panjiang Co., which remained unchanged [1]. - Jindawei, which decreased by 0.10% [1]. - Yiyuan Communication, which increased by 0.43% [1]. - Minxin Co., which remained unchanged [1]. - Nami Technology, which rose by 0.34% [1]. [1]

保荐代表人： 孙昭伟 李 姝 广发证券股份有限公司 年 月 日 2025 年度定期现场检查报告 | 保荐人名称：广发证券股份有限公司 被保荐公司简称：金达威 | | | | | | | --- | --- | --- | --- | --- | --- | | 保荐代表人姓名：孙昭伟 联系电话：021-38003800 | | | | | | | 保荐代表人姓名：李姝 联系电话：021-38003800 | | | | | | | 现场检查人员姓名：孙昭伟、许振川 | | | | | | | 现场检查对应期间：2025 年度 | | | | | | | 现场检查时间：2025 年 12 月 22 12 23 日 | 日-2025 | 年 | 月 | | | | 一、现场检查事项 现场检查意见 | | | | | | | （一）公司治理 是 不适用 | | | | 否 | | | 现场检查手段：访谈高级管理人员了解公司治理情况；查阅历次董事会、股东会会 | | | | | | | 议资料，包括会议通知、会议决议、会议记录、签到表、公告等；查阅公司章程及 | | | | | | | 三会制度；核查是否存在同业竞争 ...

| 证券代码：002626 | 证券简称：金达威 | 公告编号：2025-099 | | --- | --- | --- | | 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 关于签字注册会计师变更的公告 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 4 月 9 日召 开第八届董事会第二十一次会议与第八届监事会第十七次会议，于 2025 年 4 月 30 日召开 2024 年度股东大会，审议通过了《关于续聘公司 2025 年度审计机构 的议案》，同意继续聘请立信会计师事务所（特殊普通合伙）（以下简称"立信"） 为 公 司 2025 年 度 审 计 机 构 。 具 体 内 容 详 见 公 司 披 露 于 巨 潮 资 讯 网 （https://www.cninfo.com.cn）的《关于拟续聘 2025 年度审计机构的公告》。 一、签字注册会计师变更的情况 近日，公司收到立信出具的《关于变更签字注册会计师的说明函》，具体内 容如下： 立信原指派陈丽芳作为公司 2 ...

Core Viewpoint - The stock price of Kingdawei has shown significant growth, with a year-to-date increase of 34.42% and a recent uptick in trading activity, indicating positive market sentiment towards the company [2]. Group 1: Stock Performance - As of December 30, Kingdawei's stock price rose by 2.01% to 19.76 CNY per share, with a trading volume of 94.61 million CNY and a turnover rate of 0.80%, resulting in a total market capitalization of 12.05 billion CNY [1]. - The stock has increased by 5.84% over the last five trading days, 5.33% over the last 20 days, and 4.55% over the last 60 days [2]. Group 2: Financial Performance - For the period from January to September 2025, Kingdawei reported a revenue of 2.604 billion CNY, reflecting a year-on-year growth of 11.16%, while the net profit attributable to shareholders increased by 63.47% to 361 million CNY [2]. - Since its A-share listing, Kingdawei has distributed a total of 2.761 billion CNY in dividends, with 488 million CNY paid out in the last three years [3]. Group 3: Shareholder Information - As of September 30, 2025, the number of shareholders for Kingdawei was 36,300, a decrease of 10.95% from the previous period, with an average of 16,817 circulating shares per shareholder, an increase of 12.29% [2]. - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited holds 7.7408 million shares, an increase of 803,600 shares from the previous period [3].

Core Viewpoint - Jindawei's stock experienced a decline of 2.42% on December 29, with a trading volume of 142 million yuan, indicating a potential shift in investor sentiment and market dynamics [1]. Financing and Margin Trading - On December 29, Jindawei had a financing buy-in amount of 26.20 million yuan and a financing repayment of 27.96 million yuan, resulting in a net financing buy of -1.76 million yuan [1]. - As of December 29, the total margin trading balance for Jindawei was 481 million yuan, with the financing balance at 479 million yuan, accounting for 4.06% of the circulating market value, which is above the 90th percentile level over the past year [1]. - In terms of securities lending, Jindawei repaid 400 shares and sold 200 shares on December 29, with a selling amount of 3,874 yuan, while the remaining securities lending balance was 64,200 shares, valued at 1.24 million yuan, also above the 70th percentile level over the past year [1]. Company Overview - Jindawei Group Co., Ltd. is located in Xiamen, Fujian Province, and was established on November 24, 1997, with its listing date on October 28, 2011 [1]. - The company's main business includes the manufacturing of health food and nutritional products, with revenue composition as follows: health food 54.57%, coenzyme Q10 series 22.04%, other products 11.98%, and vitamin A series 11.41% [1]. Financial Performance - As of September 30, Jindawei had 36,300 shareholders, a decrease of 10.95% from the previous period, while the average circulating shares per person increased by 12.29% to 16,817 shares [2]. - For the period from January to September 2025, Jindawei achieved a revenue of 2.604 billion yuan, representing a year-on-year growth of 11.16%, and a net profit attributable to shareholders of 361 million yuan, reflecting a significant increase of 63.47% [2]. - Since its A-share listing, Jindawei has distributed a total of 2.761 billion yuan in dividends, with 488 million yuan distributed over the past three years [2]. Institutional Holdings - As of September 30, 2025, Hong Kong Central Clearing Limited was the fourth largest circulating shareholder of Jindawei, holding 7.7408 million shares, an increase of 803,600 shares from the previous period [2]. - The Southern CSI 1000 ETF (512100) was the seventh largest circulating shareholder, holding 2.7924 million shares, a decrease of 20,500 shares from the previous period [2]. - The Huaxia CSI 1000 ETF (159845) ranked as the tenth largest circulating shareholder, holding 1.6575 million shares, with a reduction of 4,900 shares from the previous period [2].

Industry Dynamics - The 2025 version of the "Encouragement Directory for Foreign Investment Industries" has been released, effective from February 2026, promoting foreign investment in the health industry, particularly in the central and northeastern regions of China [1] - A total investment of 377 million yuan has been initiated for the modern sheep milk industry park project, aiming to create a closed-loop industrial chain, with the first phase expected to be operational by November next year [2] - The 2025 Hurun China Food Industry Top 100 list includes 11 dairy companies and 3 health food companies, with notable growth in the cheese business of Miaokelando, which saw a 63% increase in value [3] Brand Dynamics - Yili Group's Jin Hao factory has received a "five-star" rating for on-site management from the China Quality Association, marking it as the first dairy factory in China to achieve this recognition [4] - Jianhe Group has signed a new strategic cooperation agreement with JD Health, targeting a combined business goal of 10 billion yuan over the next three years, covering various nutrition brands [5] - Mengniu has launched the "Inner Mongolia Flavor" 2026 plan, showcasing innovative products and aiming to promote domestic raw material substitution in the dairy industry [6] Channel Dynamics - Gao Ge Dairy has initiated the "Student Nutrition Service Station" strategy to address declining foot traffic in traditional maternal and infant channels, targeting families with children aged 3-15 [7] - ThaiBev is shifting its strategic focus towards dairy products and soft drinks, planning to invest in expanding its halal dairy production base in Malaysia as part of its 2030 strategy [8] - Kidswant Ultra has opened its first store in Beijing, integrating cultural elements and popular global IPs to establish a competitive edge in the market [9] - The "Xiaofeixiang" Sichuan-Chongqing branch has been launched, marking a significant step in deepening regional market penetration and resource integration [10]

| 证券代码：002626 | 证券简称：金达威 | 公告编号：2025-098 | | --- | --- | --- | | 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进展公告 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。保荐机构广发证券股份有限公司（以下简称"保荐机构"）出具了同 意 的 核 查 意 见 。 具 体 内 容 详 见 公 司 于 20 ...

Investment Rating - The report gives a "Buy" rating for the company, Jin Dawei (002626), marking the first coverage of the stock [1]. Core Views - Jin Dawei is a leading health supplement company in China with a comprehensive industry chain covering raw material supply, production, and brand operation. The company has a strong market position, particularly in coenzyme Q10, which has a global market share of 50-60% [12][59]. - The health supplement industry in China is expected to maintain a high single-digit growth rate from 2025 to 2027, driven by an aging population and new consumer trends. The online sales channel is becoming increasingly important, with e-commerce expected to account for over 50% of sales by 2024 [41][54]. - The company's revenue and net profit are projected to grow significantly, with net profits expected to reach 442.23 million yuan in 2025, reflecting a year-on-year growth of 29% [1][26]. Summary by Sections 1. Company Overview - Jin Dawei has established a full industry chain, including upstream raw materials like coenzyme Q10 and vitamins, and downstream brands such as Doctor's Best, which has become a significant player in the North American market [12][16]. - The company has a stable shareholding structure, with the largest shareholder holding 34.71% of the shares, ensuring strategic consistency [21][24]. 2. Health Supplement Industry - The health supplement market in China has grown from 70.135 billion yuan in 2010 to 232.339 billion yuan in 2024, with a CAGR of 8.93% [41]. - The aging population is a key driver for long-term demand in the health supplement sector, with the proportion of individuals aged 65 and above exceeding 14% in 2023 [42]. 3. Brand Development and Raw Material Contribution - Coenzyme Q10 is a leading product for Jin Dawei, with a strong market presence and expected growth in demand due to its health benefits [59]. - The company has diversified its brand portfolio, including products that cater to various health needs, and is expanding its presence in the domestic market through e-commerce channels [16][18]. 4. Financial Projections and Valuation - The company is projected to achieve a net profit of 442.23 million yuan in 2025, with an EPS of 0.73 yuan, indicating a favorable valuation compared to peers [1][26]. - The report highlights that the current P/E ratio is 28x for 2025, suggesting that the stock is undervalued relative to comparable companies [1].

Core Viewpoint - NMN (β-Nicotinamide Mononucleotide) is gaining attention in the global health industry for its potential in anti-aging, DNA repair, and metabolic regulation, with significant advancements in regulatory approval and market potential expected by 2025 [1][2]. Industry Development - The NMN industry has evolved from laboratory research to commercial applications, with major markets like the US, Japan, Canada, and Australia recognizing its legal status through various regulatory pathways [1][2]. - China is currently the largest producer of NMN raw materials, with leading companies building competitive barriers through technological innovation and industry chain layout [2]. NMN Definition and Function - NMN is a direct precursor of NAD+ (Nicotinamide Adenine Dinucleotide), crucial for delaying aging and enhancing physiological functions [3][4]. - Supplementing NMN can quickly elevate NAD+ levels in the body, playing a vital role in anti-aging, cardiovascular health, and metabolic improvement [4][6]. Synthesis Pathways - NMN supplementation shows significant advantages in NAD+ synthesis pathways compared to other precursors, with no known adverse reactions and the highest conversion efficiency [6][7]. Natural Sources and Supplementation - Natural food sources of NMN are limited, making NMN supplements, which can provide up to 300 times the dietary intake, more effective for achieving beneficial doses [8]. Synthesis Technology - The NMN synthesis process has shifted from chemical methods to fully enzymatic methods, focusing on high purity, safety, and environmental sustainability [10][11]. - Leading companies are innovating in full enzymatic synthesis and patenting technologies to create competitive advantages [12]. Market Trends and Applications - NMN is primarily used in health supplements and cosmetics, with potential expansion into pet nutrition, medical health, and agricultural technology [24][28]. - The NMN market in China is expected to exceed 3 billion yuan by 2025, driven by regulatory changes and new applications [28]. Sales Channels - NMN products are mainly sold through cross-border e-commerce and private channels, with cross-border platforms accounting for 60%-70% of market share [35]. Certification and Compliance - The "blue hat" certification for health supplements in China represents the highest standard for NMN products, with strict approval processes impacting market dynamics [37]. Future Prospects - The NMN industry is poised for growth, with increasing demand driven by an aging population and younger consumers seeking anti-aging solutions [19][21]. - Technological advancements in synthesis, quality control, and delivery methods are expected to enhance market growth and product efficacy [21][22]. Challenges - The NMN industry faces challenges such as regulatory hurdles, market education, and the need for scientific validation to support claims [61][63].