Core Viewpoint - The performance of Jinlongyu (300999.SZ), referred to as "the Moutai of oil," fell short of market expectations, leading to a significant drop in its stock price [1][2]. Financial Performance - In 2020, Jinlongyu achieved operating revenue of 194.92 billion yuan, a year-on-year increase of 14.2%, and a net profit attributable to shareholders of 6.001 billion yuan, up 11% [1][2]. - The company's Q4 revenue was 54.93 billion yuan, a 20.9% increase year-on-year, but net profit dropped to 911 million yuan, a decrease of approximately 52.53% [1][3]. - The average margin used for hedging transactions over recent years was around 1 billion yuan [1][5]. Market Reaction - Following the earnings report, Jinlongyu's stock opened down over 13% on February 23, closing at 99.48 yuan per share, a decline of 9.5%, with a total market value of 539.3 billion yuan, resulting in a single-day loss of 56.6 billion yuan [1][4]. Hedging Impact - The decline in performance was primarily attributed to losses from hedging positions that had not been settled by year-end, affecting the reported earnings [5][6]. - Jinlongyu has historically used financial derivatives for hedging against price fluctuations in raw materials, which include soybeans, wheat, and rice [5][6]. Business Segments - Despite the challenges, Jinlongyu's core kitchen food business maintained strong growth, leveraging brand operations and expanding sales networks [7]. - The company has focused on promoting high-end products and adapting to consumer trends, resulting in increased sales of quality and nutritious products [7]. Asset Position - As of the end of 2020, Jinlongyu's total assets amounted to 179.18 billion yuan, reflecting a 5% increase from the beginning of the year, while equity attributable to shareholders rose by 28.9% to 82.53 billion yuan [7].

转自：前瞻产业研究院 行业主要上市公司：金龙鱼(300999.SZ)、深粮控股(000019.SZ)、金健米业(600127.SH)、京粮控股 (000505.SZ)、道道全(002852.SZ)、嘉华股份(603182.SH)、西王食品(000639.SZ)等 本文核心数据：食用油营业收入;食用油企业毛利率;食用油业务收入 食用油产业上市公司汇总 食用油产业链主要包括油料作物种植、压榨、精炼、包装和渠道销售等环节。油料作物经过初榨产出原油和 粕类(副产品);原油精炼后，即为食用油。产业链上游主要为农业，中游为食用油加工厂商，下游为销售渠道 和客户等。 | 产业链环节 | 公司简称(股票代码) | 要点 | 关联度 | | --- | --- | --- | --- | | 上游-农业 | 敦煌种业(600354) | 从事种子、棉花、食品加工业务的大型农业综合上市公司 | ★★★ | | | 农发种业(600313) | "育繁推一体化"种子企业 | ★★★★ | | | 登海种业(002041) | 农业高科技创新型上市公司 | ★★★ | | | 亚盛集团 (600108) | 大型现代农业企业集团 | ...

整，没有虚假记载、误导性陈述或重大遗漏。 益海嘉里金龙鱼食品集团股份有限公司（以下简称"公司"）于 2025 年 1 月 17 日完成了公司 2025 年度第一期超短期融资券（以下简称"本期超短融"） 的发行。本期超短融发行情况如下： 益海嘉里金龙鱼食品集团股份有限公司2025年度第一期超短期融 债券名称 证券代码：300999 证券简称：金龙鱼 公告编号：2025-026 益海嘉里金龙鱼食品集团股份有限公司 本公司及董事会全体成员保证信息披露的内容真实、准确和完 益海嘉里金龙鱼食品集团股份有限公司 董事会 二〇二五年七月十六日 资券 | 债券简称 | 25金龙鱼SCP001 | 债券代码 | 012580226 | | --- | --- | --- | --- | | 发行总额 | 人民币40亿元 | 发行期限 | 180天 | | 起息日 | 2025年1月17日 | 到期兑付日 | 2025年7月16日 | | 发行价格 | 人民币100元 | 票面利率 | 1.72% | 具体内容详见公司 2025 年 1 月 17 日在巨潮资讯网（www.cninfo.com.cn）披 露的《关于 2025 年度 ...

证券代码：300999 证券简称：金龙鱼 公告编号：2025-026 益海嘉里金龙鱼食品集团股份有限公司 截至本公告日，公司已完成本期超短融的兑付工作，共兑付本息金额合计为 人民币 4,033,928,767.12 元，由银行间市场清算所股份有限公司代理划付至债券 持有人指定的银行账户。至此，公司本期超短融全部兑付完成。关于公司本期超 短融兑付的相关信息可登录上海清算所（https://www.shclearing.com.cn）和中国 货币网（http://www.chinamoney.com.cn/chinese）查询。 特此公告。 益海嘉里金龙鱼食品集团股份有限公司 董事会 二〇二五年七月十六日 关于2025年度第一期超短期融资券兑付完成的公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完 整，没有虚假记载、误导性陈述或重大遗漏。 益海嘉里金龙鱼食品集团股份有限公司（以下简称"公司"）于 2025 年 1 月 17 日完成了公司 2025 年度第一期超短期融资券（以下简称"本期超短融"） 的发行。本期超短融发行情况如下： | 债券名称 | | 益海嘉里金龙鱼食品集团股份有限公司2025年度第一 ...

Core Viewpoint - The 11th Jinlongyu Waipo Village Small-pressed Rapeseed Oil Cauliflower Festival showcased the integration of local culture, cuisine, and craftsmanship, emphasizing the brand's innovative narrative of "food + wine" to break traditional marketing barriers [1][3][7]. Group 1: Event Highlights - The festival took place in the unique setting of Huzhu Tu Autonomous County, known for its rich ethnic culture and natural beauty, featuring a theme of "Searching for the Taste of Waipo Village, Inheriting the Northwest Banquet" [1][3]. - The event included performances of traditional dances and culinary demonstrations, highlighting the local Tu culture and the use of Waipo Village small-pressed rapeseed oil in regional dishes [3][5]. Group 2: Culinary Significance - The use of Waipo Village small-pressed rapeseed oil enhances the flavors of Northwest cuisine, particularly in dishes like Huanyuan pork, which benefits from the oil's ability to bring out the aroma of spices and improve the overall taste [5][7]. - The collaboration between Waipo Village small-pressed rapeseed oil and local Qingke wine brand Tianyoude emphasizes the cultural significance of pairing food with wine in Northwest dining traditions [7][8]. Group 3: Marketing and Outreach - The festival served as a launchpad for a promotional campaign, including the distribution of 180,000 bottles of Waipo Village small-pressed rapeseed oil in major cities to enhance brand visibility and consumer engagement [9][10]. - The brand aims to leverage social media influencers and live streaming to create immersive content that resonates with consumers, thereby driving both brand awareness and sales [9][10].

Core Viewpoint - The article highlights the success and impact of the "One-on-One Assistance Program" initiated by Yihai Kerry, which has transformed the lives of underprivileged students in Weixian County over the past ten years, emphasizing the importance of education and community support in poverty alleviation [2][4][18]. Group 1: Project Overview - The "One-on-One Assistance Program" was launched in 2015 to provide financial and emotional support to impoverished students in Guozhuangzi Primary School, Weixian County [3][4]. - The program has seen significant participation from Yihai Kerry employees, with a focus on ensuring quality support by involving only those in managerial positions who can provide stable assistance [6][18]. - Over the past decade, the initiative has not only supported students academically but has also contributed to community development through tree planting and infrastructure improvements [6][18]. Group 2: Impact on Students - The program has successfully helped over 30 students, with 6 having completed their studies and entered universities or the workforce, showcasing the program's effectiveness in changing lives [7][18]. - Personal stories of students like Liru and Jin Gai illustrate the profound impact of mentorship and financial support, highlighting their growth and aspirations [7][9][14]. - The program has fostered long-term relationships between sponsors and students, creating a supportive community that extends beyond financial assistance [7][9][17]. Group 3: Community and Environmental Initiatives - Yihai Kerry has engaged in extensive tree planting efforts, with a total of 160,000 trees planted, contributing to environmental restoration and education [6][18]. - The company has also invested in local infrastructure, including the establishment of Yihai Primary School and an assistance center for orphans and underprivileged children [18]. - The dual approach of "industrial assistance + public charity" has been recognized as a unique model for rural revitalization, benefiting both the community and the company [18][19].

Market Overview - The Shanghai Composite Index fell by 0.13% on July 9, with 17 out of the 28 sectors rising, led by Media and Agriculture, Forestry, Animal Husbandry, and Fishery, which increased by 1.35% and 0.65% respectively [2] - The sectors with the largest declines were Non-ferrous Metals and Basic Chemicals, which dropped by 2.26% and 0.85% respectively [2] Capital Flow Analysis - The main capital outflow from the two markets totaled 38.536 billion yuan, with only three sectors experiencing net inflows: Media (1.055 billion yuan), Retail (864 million yuan), and Construction Decoration (40.34 million yuan) [2] - The Electronic sector saw the largest net outflow, amounting to 7.789 billion yuan, followed by Non-ferrous Metals with 5.412 billion yuan [2] Agriculture, Forestry, Animal Husbandry, and Fishery Sector - The Agriculture, Forestry, Animal Husbandry, and Fishery sector rose by 0.65% despite a net capital outflow of 437 million yuan [3] - Out of 103 stocks in this sector, 40 stocks increased, with one hitting the daily limit, while 55 stocks declined [3] - The top three stocks with net inflows were Xinwufeng (31.4665 million yuan), Haida Group (28.3706 million yuan), and Juxing Agriculture (21.9941 million yuan) [3][4] Top Gainers and Losers in Agriculture, Forestry, Animal Husbandry, and Fishery - **Top Gainers**: - Xinwufeng: +0.65%, 4.20% turnover, 31.4665 million yuan inflow [4] - Juxing Agriculture: +0.76%, 4.49% turnover, 21.9941 million yuan inflow [4] - **Top Losers**: - Muyuan Foods: -3.27%, 1.81% turnover, 71.5922 million yuan outflow [5] - Guolian Aquatic Products: -1.76%, 8.74% turnover, 45.2607 million yuan outflow [5]

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].

Core Viewpoint - The corn industry is a strategic pillar for China's food security, with significant growth in planting area, yield, and total production expected in 2024, despite short-term market adjustments due to international price fluctuations and rising costs [1][8][14]. Group 1: Industry Overview - The corn processing industry in China has developed a complete industrial chain, from primary processing to modern biobased material research, becoming a key hub for agricultural production and industrial manufacturing [1][5][14]. - Corn processing can be categorized into primary processing and deep processing, producing various products for food, feed, and industrial applications [2][3][5]. Group 2: Current Development Status - In 2024, China's corn planting area is projected to reach 44.74 million hectares, a year-on-year increase of 1.18%, with a yield of 439.4 kg/mu, contributing to a total production of 294.92 million tons, a 2.1% increase from the previous year [1][8][10]. - The total corn consumption in 2024 is expected to reach 31.78 million tons, with industrial consumption growing by 3.07% to 7.94 million tons, driven by innovations in deep processing [12][14]. Group 3: Market Trends - The corn deep processing market size is expected to adjust to 190 billion yuan in 2024, down 6.4% from its peak in 2022, but the long-term growth trend remains solid [1][14]. - The corn processing industry is transitioning towards green and low-carbon practices, focusing on high-value product development such as polylactic acid and functional sugars [24][25][26]. Group 4: Competitive Landscape - The corn deep processing industry in China has a tiered competitive structure, with leading companies like COFCO Technology and Meihua Biological occupying the top tier, focusing on high-value products [20][22]. - The market for corn starch is highly concentrated, with top companies holding over 44% market share, and there is a trend towards differentiation and expansion into biobased materials and other emerging fields [22][24].

Core Insights - The Chinese edible oil industry is entering a high-level competitive phase driven by health consumption upgrades and stricter regulatory policies [1] - The market is experiencing structural changes with a focus on nutritional value and functional characteristics [1] Market Trends - The peanut oil market in China showed a steady growth trend from 2018 to 2024, with market size increasing from 46.52 billion yuan in 2018 to 52.96 billion yuan in 2020, reflecting a cumulative growth of 13.8% [2] - The market is expected to stabilize with sizes of 53.56 billion yuan, 54.46 billion yuan, 54.59 billion yuan, and 53.93 billion yuan from 2021 to 2024, indicating a mature and stable market despite competitive pressures [2] Price Structure - The peanut oil market exhibits clear consumption stratification, with products priced below 100 yuan per 5L accounting for 26.2% and those above 100 yuan per 5L making up 73.8% of the market [3] - Leading brands like Lu Hua and Jin Long Yu dominate the high-end market, reflecting consumer preferences for quality and health [3] Regulatory Environment - Strict food safety regulations, particularly concerning aflatoxin limits, are driving industry consolidation and pushing out smaller players [4] - The main detoxification technologies include physical adsorption, refining detoxification, irradiation, and biochemical methods, with advanced detoxification technology becoming a core competitive advantage for leading companies [4][5] Health Trends - The demand for healthier products is driving structural expansion in the market, with high oleic acid peanut oil emerging as a popular choice due to its health benefits [6][7] - The market is shifting towards high-quality products, with high oleic acid peanut oil containing over 75% oleic acid, appealing to health-conscious consumers [7]