Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative price increase of over 20% compared to the market benchmark within the next six months [17]. Core Views - The company achieved a revenue of 1.087 billion yuan in 2024, representing a year-on-year growth of 13.89%. The net profit attributable to shareholders was 111 million yuan, up 23.78% year-on-year [2]. - The company has seen significant growth in its direct sales channel, with a 65.37% increase in revenue compared to the previous year, contributing to overall revenue growth [3]. - The company is expected to continue its growth trajectory with new production capacities coming online, including an additional 80,000 tons of capacity for baking cream and plant-based protein beverages [5]. Financial Performance Summary - In 2024, the company reported a gross margin of 35.03%, slightly down from the previous year, primarily due to fluctuations in raw material prices and changes in channel structure [4]. - The company’s net profit margin for 2024 was 10.19%, reflecting a year-on-year increase of 0.81 percentage points, while the fourth quarter saw a decline in profitability [4]. - The company plans to raise up to 300 million yuan through a new share issuance to support its growth initiatives [5]. Revenue and Profit Forecast - The company’s revenue is projected to reach 1.378 billion yuan in 2025, with a growth rate of 27%, and net profit is expected to be 132 million yuan, reflecting a 19% increase [6][10]. - Earnings per share (EPS) are forecasted to be 1.46 yuan in 2025, with a corresponding price-to-earnings (P/E) ratio of 24 [10][11].

Core Insights - The company reported a revenue of 1.087 billion yuan for 2024, representing a year-on-year growth of 13.89%, and a net profit attributable to shareholders of 111 million yuan, up 23.78% year-on-year [1] - The company continues to focus on R&D-driven product innovation, with significant revenue contributions from cream, chocolate, jam, and flavoring segments [1][2] - The direct sales channel showed remarkable growth, with a 65.37% increase in revenue, indicating successful expansion into tea and restaurant sectors [2] Revenue Breakdown - In 2024, the revenue from cream, chocolate, jam, flavoring, and other businesses was 1.008 billion, 38 million, 26 million, 13 million, and 3 million yuan respectively, with year-on-year changes of +16.25%, +25.83%, -26.93%, +38.31%, and -79.57% [1] - The cream segment continues to dominate, accounting for 92.71% of total revenue, with specific contributions from different cream types [1] Profitability Metrics - The company achieved a gross margin of 35.03% and a net margin of 10.19% in 2024, with slight changes from the previous year [2] - The operating expenses ratio decreased to 24.38%, indicating improved cost management [2] Strategic Initiatives - The company is actively enhancing its product structure and marketing network, focusing on health foods and plant-based strategies to strengthen market competitiveness [3] - Future product development will target various retail and food service segments, aiming to create "scene-based solutions" to meet diverse customer needs [3] Future Projections - Revenue forecasts for 2025-2027 are 1.357 billion, 1.716 billion, and 2.124 billion yuan, with expected growth rates of 24.79%, 26.50%, and 23.77% respectively [3] - Projected net profits for the same period are 133 million, 157 million, and 187 million yuan, with growth rates of 20.06%, 18.16%, and 18.86% [3]

Core Insights - Huirong Technology (300915.SZ) released its 2024 annual report on April 24, 2025, revealing that 20 institutional investors disclosed holdings totaling 2.9486 million shares, representing 3.28% of the company's total equity [1] - The top ten institutional investors collectively held 3.23% of the shares, with a decrease of 2.20 percentage points compared to the previous quarter [1] Institutional Holdings - The top ten institutional investors include Shanghai Huirong Food Technology Co., Ltd. - Phase I Employee Stock Ownership Plan, Hainan Yangjiao Private Fund Management Partnership (Limited Partnership) - Yangjiao Zero Private Securities Investment Fund, and several products from China Pacific Insurance [1] - In the public fund sector, 14 new public funds were disclosed this quarter, including products from Chuangjin Hexin Digital Economy Theme Stock A and others [1] Insurance Capital - One new insurance investor was disclosed this quarter, specifically China Pacific Property Insurance - Traditional - Ordinary Insurance Product - 013C-CT001 [2]

Core Viewpoint - Hai Rong Technology (海融科技) reported a strong performance in 2024, achieving significant revenue and profit growth despite challenges in the domestic consumption market [1][2]. Financial Performance - The company achieved an annual revenue of 1.087 billion yuan, representing a year-on-year increase of 13.89% [1] - The net profit attributable to shareholders reached 111 million yuan, up 23.78% year-on-year, while the net profit excluding non-recurring items was 94 million yuan, reflecting a growth of 29.98% [1] - Total assets amounted to 1.864 billion yuan, a 5.24% increase compared to the previous year, and net assets attributable to shareholders were 1.552 billion yuan, up 2.96% year-on-year [1] Product Innovation and R&D - The company increased its R&D investment to 36.46 million yuan, a growth of 17.15% year-on-year, focusing on product innovation and upgrading its product matrix [2] - Hai Rong Technology received multiple industry awards, including the "Leading Enterprise in China's Baking Industry" and the iSEE Global Delicious Award [2] Market Expansion and Channel Development - The company adopted a dual-circulation strategy, expanding both domestic and international markets, with over 900 distributors in China [3] - In the domestic market, Hai Rong Technology deepened its presence in the baking, catering, and food industries, while in the overseas market, it established production lines and subsidiaries in high-growth emerging markets [3][6] - Overseas revenue reached 216 million yuan, a year-on-year increase of 16.78%, accounting for 19.86% of total revenue [3] Brand Strategy - The company developed the "Big Eye Cute Eagle" IP to enhance product innovation and marketing, creating a differentiated brand ecosystem [4] - Hai Rong Technology integrated various new media platforms to strengthen brand influence and consumer engagement through creative content and marketing activities [4] Supply Chain and Industry Support - The company provides a comprehensive supply solution for the new tea beverage industry, covering multiple product categories and offering one-stop product solutions [5] - Hai Rong Technology is enhancing its supply chain efficiency through digital transformation and has been recognized as one of the "Top 100 Catering Supply Chain Enterprises" for 2025 [5] Future Outlook - The company aims to strengthen its core business advantages and enhance competitiveness in both domestic and international markets by focusing on R&D, optimizing product structure, and improving supply chain capabilities [7]

Group 1 - The document contains fragmented and unclear information, making it difficult to extract coherent insights regarding specific companies or industries [1][2][3] - There are references to various numerical data, but the context and relevance to specific companies or market trends are not discernible [1][3] - The overall content appears to be a mix of unrelated phrases and numbers without a clear narrative or analysis [1][2][3] Group 2 - No additional relevant information can be summarized due to the lack of coherent content in the documents [1][2][3]

证券代码：300915 证券简称：海融科技 公告编号：2025-016 经审议，监事会认为：《2024 年度监事会工作报告》客观、全面地总结了 2024 年度公司监事会履行职责的情况以及相关工作内容。 上海海融食品科技股份有限公司 第四届监事会第三次会议决议公告 本公司及监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。 一、监事会会议召开情况 上海海融食品科技股份有限公司（以下简称"公司"）第四届监事会第三次 会议（以下简称"会议"）通知于 2025 年 4 月 12 日以书面、电话及邮件等方式 向各位监事发出。会议于 2025 年 4 月 23 日以现场表决的方式在公司会议室召 开。本次会议应出席监事 3 人，实际出席监事 3 人，会议由监事会主席于秀红主 持，公司董事会秘书列席了会议。本次会议的召开符合《中华人民共和国公司法》 （以下简称"《公司法》"）等有关法律、行政法规、部门规章、规范性文件和《上 海海融食品科技股份有限公司章程》（以下简称"《公司章程》"）的有关规定。 二、监事会会议审议情况 经与会监事认真审议，充分讨论，审慎表决，会议审议通过了以下议案： 1 ...

证券代码：300915 证券简称：海融科技 公告编号：2025-015 上海海融食品科技股份有限公司 第四届董事会第三次会议决议公告 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。 一、董事会会议召开情况 上海海融食品科技股份有限公司（以下简称"公司"）第四届董事会第三次 会议（以下简称"会议"）通知于 2025 年 4 月 12 日以书面、电话及邮件等方式 向各位董事发出。会议于 2025 年 4 月 23 日以现场表决的方式在公司会议室召 开。本次会议应出席董事 6 人，实际出席董事 6 人。会议由董事长黄海晓先生主 持，公司监事及高级管理人员列席了会议。本次会议的召开符合《中华人民共和 国公司法》（以下简称"《公司法》"）等有关法律、行政法规、部门规章、规 范性文件及《上海海融食品科技股份有限公司章程》（以下简称"《公司章程》"） 的有关规定。 二、董事会会议审议情况 经与会董事认真审议，充分讨论，审慎表决，会议审议通过了以下议案： 1、审议通过《关于<2024 年度总经理工作报告>的议案》 经审议，董事会认为：《2024 年度总经理工作报告》客观、真实 ...

证券代码：300915 证券简称：海融科技 公告编号：2025-018 上海海融食品科技股份有限公司 关于 2024 年度利润分配及资本公积金转增股本预案的公告 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、审议程序 （一）独立董事专门会议审议情况 上海海融食品科技股份有限公司（以下简称"公司"）第四届董事会独立董 事第四次专门会议审议通过了《关于 2024 年度利润分配预案的议案》，全体独 立董事认为：公司 2024 年度的利润分配预案综合考虑了公司当前经营发展阶段 和未来发展需求，符合公司实际情况，不存在损害股东尤其是中小股东利益的情 形。因此，我们一致同意将此预案提交公司董事会及股东会审议。 （二）董事会审议情况 公司第四届董事会第三次会议审议通过了《关于 2024 年度利润分配预案的 议案》，同意将此预案提交公司股东会审议。 （三）监事会审议情况 公司第四届监事会第三次会议审议通过了《关于 2024 年度利润分配预案的 议案》，监事会认为：公司 2024 年度利润分配预案合法合规，且与公司成长性 相匹配，保证了公司的正常经营和长远发展，并兼顾了公 ...

上海海融食品科技股份有限公司 关于提请股东会授权董事会 办理以简易程序向特定对象发行股票相关事项的公告 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。 上海海融食品科技股份有限公司（以下简称"公司"）于 2025 年 4 月 23 日 召开公司第四届董事会第三次会议，审议通过了《关于提请股东会授权董事会办 理以简易程序向特定对象发行股票相关事项的议案》，根据《中华人民共和国公 司法》（以下简称"《公司法》"）《中华人民共和国证券法》（以下简称"《证 券法》"）《上市公司证券发行注册管理办法》等相关法律法规以及《上海海融 食品科技股份有限公司章程》（以下简称"《公司章程》"）的有关规定，公司 董事会提请股东会授权董事会办理以简易程序向特定对象发行股票的相关事项， 授权期限为公司 2024 年年度股东会通过之日起至 2025 年年度股东会召开之日 止。现将有关情况公告如下： 一、具体内容 证券代码：300915 证券简称：海融科技 公告编号：2025-025 （一）确认公司是否符合以简易程序向特定对象发行股票的条件 提请股东会授权董事会根据《公司法》《证券法》《上 ...

东方证券股份有限公司 关于上海海融食品科技股份有限公司 使用闲置募集资金进行现金管理的核查意见 东方证券股份有限公司（以下简称"东方证券"、"保荐机构"、"本保荐 机构"）作为上海海融食品科技股份有限公司（以下简称"海融科技"、"公司"） 首次公开发行股票的保荐机构，履行持续督导职责，根据《深圳证券交易所创业 板股票上市规则》及《深圳证券交易所上市公司自律监管指引第 2 号——创业板 上市公司规范运作》等有关法律法规的规定，就海融科技本次使用闲置募集资金 进行现金管理的事项进行了专项核查，具体如下： 一、募集资金基本情况 经中国证券监督管理委员会《关于同意上海海融食品科技股份有限公司首次 公开发行股票注册的批复》（证监许可[2020]2766 号）同意注册，公司首次公开 发行人民币普通股（A 股）1,500 万股，每股面值为人民币 1.00 元，发行价格为 人民币 70.03 元/股，募集资金总额为人民币 105,045 万元，扣除发行费用人民币 8,270.38 万元（不含税）后的募集资金净额为人民币 96,774.62 万元。众华会计 师事务所（特殊普通合伙）已于 2020 年 11 月 26 日对本公司 ...