证券代码：002852 证券简称：道道全 公告编号：2025-【031】 道道全粮油股份有限公司 2025 年半年度业绩预告公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 一、本期业绩预计情况 1、业绩预告期间：2025 年 1 月 1 日至 2025 年 6 月 30 日。 | 项 目 | 本报告期 | | | | 上年同期 | | | --- | --- | --- | --- | --- | --- | --- | | 归属于上市公司股东 的净利润 | 盈利：17,500 | 万元至 | 19,500 | 万元 | 盈利：2,729.03 | 万元 | | | 比上年同期上升：541.25%至 | | | 614.54% | | | | 扣除非经常性损益后 的净利润 | 盈利：14,500 | 万元至 | 16,500 | 万元 | 盈利：2,970.48 | 万元 | | | 比上年同期上升：388.14%至 | | | 455.47% | | | | 基本每股收益 | 盈利：0.51 0.57 | 元/股至 | | 元/股 | 盈利：0.08 ...

Summary of Food Safety Supervision and Inspection Announcement - The announcement details a total of 251 batches of food products that were subject to safety supervision and inspection in Zhuzhou City, Tianyuan District [2] - Among the inspected samples, 21 batches were found to be non-compliant with safety standards [2] Inspection Breakdown - The inspection included various categories of food products: - Biscuits: 2 batches - Catering food: 13 batches - Fried snacks and nut products: 3 batches - Starch and starch products: 6 batches - Bean products: 7 batches - Convenience foods: 6 batches - Pastries: 4 batches - Grain processing products: 19 batches - Meat products: 1 batch - Dairy products: 6 batches - Sugar: 2 batches - Edible agricultural products: 115 batches - Edible oils and fats: 5 batches - Vegetable products: 10 batches - Aquatic products: 2 batches - Fruit products: 6 batches - Frozen foods: 7 batches - Candy products: 3 batches - Condiments: 31 batches - Beverages: 3 batches [2] Consumer Safety Advisory - Consumers are advised to purchase food from legitimate channels and retain shopping receipts - It is recommended not to buy food from unlicensed vendors or products that appear discolored, have unusual odors, or are of unknown origin [2]

Core Insights - The article provides a comprehensive overview of the edible oil industry chain in China, detailing its various segments including oilseed cultivation, pressing, refining, packaging, and sales channels [1][5]. Industry Overview - The edible oil industry in China comprises numerous companies, with key producers including Jinlongyu, Shandong Luhua, Shanghai Liangyou, Jingliang Holdings, Jinjian Rice Industry, Xiwang Food, Daodaoquan, and COFCO Technology [2][5]. - The upstream raw materials are sourced from various agricultural enterprises, while downstream consumers include restaurants and e-commerce platforms like JD.com and Alibaba [2]. Regional Distribution - As of May 30, 2025, there are 60,329 registered companies in the edible oil industry chain in China, with Shandong province having the highest number at 5,946, followed by Hunan (5,269), Henan (4,519), and Sichuan (3,762), collectively accounting for 32.3% of the total [5][6]. - The geographical distribution of edible oil companies is closely linked to transportation convenience and agricultural production capabilities [5]. Listed Companies - Among the listed companies in the edible oil sector, 10 have disclosed revenue data related to edible oil, with a concentration in coastal regions. Notable companies include Xiwang Food and Jiahua in Shandong, Daodaoquan and Jinjian Rice Industry in Hunan, and Jinlongyu in Shanghai [6][10]. Industrial Parks - There are nearly 40 industrial parks related to edible oil production in China, primarily located in Sichuan (6 parks), followed by Henan and Zhejiang (4 parks each). Despite Shandong having the most companies, it has only 3 industrial parks, indicating a dispersed nature of edible oil enterprises in the province [10].

Group 1 - The article discusses the grain and oil sampling inspection results in Duyun City for May 2025, indicating a total of 6 batches were tested [2][3] - The inspection was conducted by the Duyun City Market Supervision Administration, focusing on food safety and quality control [2][3] - Various food products, including rapeseed oil and other edible oils, were sampled from different production companies located in Guizhou Province [3] Group 2 - Specific details of the sampled products include their specifications, production dates, and the names of the companies involved in the production and distribution [3] - The report highlights the importance of regulatory oversight in ensuring the safety of food products available in the market [2][3] - The sampling results are part of a broader initiative to enhance food safety standards and consumer protection in the region [2][3]

Investment Thesis - The company is expected to benefit from a decline in raw material costs, leading to a significant recovery in profitability, with packaging oil gross margin increasing by 2.28 percentage points to 13.51% and meal gross margin increasing by 3.20 percentage points to 4.65% in 2024 [1][2] - The company plans to expand its distribution channels, with a net increase of 103 distributors to a total of 1,305 in 2024, and online direct sales revenue is projected to grow by 30.22% [1][2] - The company is investing 1 billion yuan to establish a 1 million tons/year edible oil processing project in Weinan, Shaanxi, to capture the consumption upgrade opportunities in the northwest market [1][2] Financial Performance - The company's revenue decreased by 15.12% year-on-year, despite a 3.30% increase in the sales volume of its food processing business, indicating that the revenue decline was primarily due to lower product prices following raw material cost reductions [2] - The company is expected to maintain a favorable gross margin level due to a continued easing of raw material supply and demand in 2025 [2] Product and Market Strategy - The company is focusing on product marketing and market development, optimizing its sales organization, and establishing special teams for recruitment, while also introducing new products such as sesame oil and promoting high-value products like high oleic canola oil and tea oil [2] - The company has five production bases with reasonable capacity utilization, and ongoing projects in Maoming and Changsha are still under construction [2] Earnings Forecast - The expected EPS for 2025, 2026, and 2027 are 0.65 yuan, 0.83 yuan, and 1.02 yuan respectively, with corresponding dynamic PE ratios of 15, 12, and 9 times [3] - The company is given a target price of 16.25 yuan based on a 25 times PE for 2025, with a "buy" rating assigned [3]

截至本公告披露日，一致行动人刘建军、姚锦婷、兴创投资、上海恒基浦 业资产管理有限公司—恒基祥荣 11 号私募证券投资基金（以下简称"恒基基 金"）所持质押股份情况如下： | 股东名称 | | | | 持股份 | 总股本 | 已质押股份情 况 已质 | | 未质 | 未质押股份情 况 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 持股数量 | 持股比 | 累计被质 | 占其所 | 占公司 | 押股 | 占已 | 押股 | 占未 | | | （股） | 例 | 押数量 | 比例 | 比例 | 份限 | 质押 | 份限 | 质押 | | | | | | | | 售和 | 股份 | 售和 | 股份 | | | | | | | | 冻结 | 比例 | 冻结 | 比例 | | | | | | | | 数量 | | 数量 | | | 兴创投资 | 40,987,543 | 11.92% | 9,500,000 | 23.18% | 2.76% | 0 | 0 | 0 | 0 | 证券代码：002852 证券简称：道道全 公告编号：20 ...

Core Insights - The company reported a revenue of 5.943 billion yuan in 2024, a year-on-year decrease of 15.12%, while the net profit attributable to shareholders was 177 million yuan, an increase of 133.5% [1] - For Q1 2025, the company achieved a revenue of 1.486 billion yuan, a year-on-year decrease of 2.11%, with a net profit of 103 million yuan, up 38.63% year-on-year [1] - The company plans to distribute a cash dividend of 1.28 yuan per 10 shares, totaling 44.0279 million yuan [1] Financial Performance - The gross profit margin for 2024 was 9.57%, the highest in the last six years; for Q1 2025, it was 13.55%, also the best for the same period in six years [1] - The asset-liability ratio at the end of 2024 was 46.13%, a decrease of 11.06 percentage points from the previous year [1] Sales and Market Position - The company maintained resilient sales, with packaging oil sales reaching 347,200 tons in 2024, a year-on-year increase of 3.3%, and 209,500 tons in the second half of the year, up 6.95% [2] - The company ranked 7th in the 2024 China Brand Power Index (C-BPI) for edible oil, improving by 4 places from 2023, indicating enhanced brand recognition and reputation [2] Product Development - The company is expanding its high-margin seasoning oil products, launching new products such as sesame oil series in 2024, which enhances profitability and risk resilience [2] Distribution and Risk Management - The number of distributors increased to 1,305, a year-on-year growth of 8.57%, with a significant focus on the East China region, where distributor numbers rose by 19.3% [3] - The company effectively utilizes futures as a procurement and risk management tool, ranking 7th among listed companies in terms of hedging profitability in 2023, achieving a total profit and loss of approximately 540 million yuan from hedging tools [3] Supply Chain and Regulatory Environment - The company has shifted its soybean import sources to Brazil, mitigating the impact of tariffs on U.S. soybeans [4] - The company is monitoring the anti-dumping investigation on Canadian canola seeds and the subsequent tariff changes on canola oil and meal, which could affect future operations [4] Profit Forecast - The company anticipates revenues of 6.26 billion yuan, 6.64 billion yuan, and 7.25 billion yuan for 2025-2027, with net profits of 222 million yuan, 285 million yuan, and 350 million yuan respectively [4]

Financial Overview - The company achieved total operating revenue of 1.486 billion yuan in Q1 2025, a decrease of 2.11% compared to the same period last year [2] - The net profit attributable to the parent company reached 103 million yuan, an increase of 38.63% year-on-year, while the net profit excluding non-recurring items was 99.18 million yuan, up 36.19% [2] Profitability - The gross profit margin for the reporting period was 13.55%, an increase of 4.95% year-on-year, and the net profit margin was 7.23%, a significant increase of 45.38% [3] Cost Control - Total selling, administrative, and financial expenses amounted to 60.75 million yuan, with the proportion of these expenses to operating revenue decreasing from 6.64% in the same period last year to 4.09%, a reduction of 38.46% [4] Cash Flow and Debt - Operating cash flow per share was 2.9 yuan, a decrease of 17.73% compared to last year, and the ratio of cash and cash equivalents to current liabilities was only 50.7%, indicating a need for attention to cash flow management [5] - Interest-bearing debt decreased from 1.618 billion yuan to 765 million yuan, a reduction of 52.70%, but the interest-bearing asset-liability ratio still reached 20.15% [5] Other Key Indicators - The net asset per share increased to 6.45 yuan, a year-on-year growth of 7.6%, and earnings per share were 0.3 yuan, up 36.36% year-on-year [6]

Core Viewpoint - Daodaoquan Grain and Oil Co., Ltd. demonstrated strong profitability and operational resilience in Q1 2025, achieving a net profit of 103 million yuan, a year-on-year increase of 38.63%, despite challenges in the edible oil industry [1][2]. Financial Performance - The company reported a Q1 2025 revenue of 1.486 billion yuan, with a slight year-on-year decrease of 2.11% in revenue [2]. - The net profit attributable to shareholders reached 103 million yuan, reflecting a growth of 38.63% year-on-year [1]. - The net profit after deducting non-recurring gains and losses was approximately 99.18 million yuan, up 36.19% year-on-year [1]. - The comprehensive sales gross margin increased by 0.64 percentage points year-on-year, and the basic earnings per share grew by 36.36% [2]. - The weighted average return on net assets improved by 1.08 percentage points year-on-year, indicating enhanced operational efficiency [2]. - Cash and cash equivalents at the end of Q1 2025 increased by 31.21% to 553 million yuan, showcasing a robust cash flow position [2]. Channel Development - In 2024, the company implemented various channel optimization measures, resulting in an 8.57% year-on-year increase in the number of distributors [3]. - The company capitalized on the "Spring Festival" marketing window in Q1 2025, leading to double-digit growth in packaged oil sales [3]. - The positive performance in Q1 2025 reflects the company's resilience and potential for high-quality development amid industry fluctuations [3]. Future Outlook - The company plans to continue focusing on its core grain and oil business, emphasizing product marketing and market development [3]. - It aims to enhance core competitiveness through smart manufacturing upgrades and digital transformation [3]. - The company is committed to leveraging its solid financial foundation and efficient operational capabilities to seize industry opportunities and create greater value for investors and consumers [3].

Group 1 - The core point of the article is that Daodaoquan (002852) reported a revenue of 1.486 billion yuan for the first quarter of 2025, which represents a year-on-year decrease of 2.11% [1] - The net profit for the same period was 103 million yuan, showing a year-on-year increase of 38.63% [1]