Core Viewpoint - Yihai Kerry Golden Dragon Fish is integrating traditional grain and oil industry with precise nutrition and health management, creating a new "food and health" track, which injects vigorous momentum into the transformation of the grain and oil food industry towards health and wellness [1] Group 1: Innovation and Product Development - The company has been at the forefront of innovation in the grain and oil industry for over 30 years, launching the first small-packaged cooking oil in 1991, which shifted consumer preference from bulk oil to safe, hygienic small-packaged oil [2] - The introduction of the second-generation blended oil in 2002 marked a significant product iteration, leading the consumption concept from single flavor to a health-oriented focus on balanced fatty acids, initiating a "nutritional balance" revolution in the cooking oil sector [2] - The company has developed a "zero trans" series of cooking oils that retain 80% of nutrients, setting a benchmark for healthy cooking oils, and has created a "6-step fresh rice precision control technology" to redefine quality standards for fresh rice [2][3] Group 2: Research and Development - In 2009, the company established a global R&D center in Shanghai, gathering top research talents and forming a professional team of over 300, with cumulative R&D investment reaching several billion RMB [3] - The R&D center has achieved thousands of patent results, contributing to both the company's technological upgrades and the overall progress of China's grain and oil industry [3] - The launch of the health brand "Golden Dragon Fish Fengyitang" aligns with national health strategies, focusing on extracting functional nutrients from natural foods to meet specific health dietary needs [3] Group 3: Quality Control and Safety - The company adheres to high standards in product quality management, aiming to create a "world's safe dining table," and has implemented the AIB food safety standard since 2008, ensuring rigorous quality control across the supply chain [4] - Currently, 89 factories under the company have passed AIB audits, covering nearly all production lines, ensuring consumer confidence in product safety [4] - The introduction of a "transparency supervision" mechanism allows consumers to witness the production process, reinforcing the company's commitment to quality [4] Group 4: Social Responsibility and Sustainability - The company is recognized for its excellence in environmental, social, and governance practices, maintaining an A rating in MSCI ESG ratings for three consecutive years and being included in the S&P 2025 Global Sustainability Yearbook [5] - It has been awarded special recognition as the "Best Progress Company" in the global food industry and has been listed in the top 1% of Chinese companies in the CSA scoring [5] - As consumer awareness of health management increases, the company is committed to high-quality development, leveraging technological innovation to empower healthy eating and ensuring food safety for consumers [5]

Core Insights - The company, Jinlongyu, has successfully turned around its fortunes after facing a significant public relations crisis and declining market performance, achieving a remarkable profit increase of 92.06% year-on-year in the first three quarters of 2025, with a net cash flow from operating activities reaching 27.597 billion yuan [1][3]. Group 1: Product Innovation - Jinlongyu's strategy focuses on classic product iteration and technological breakthroughs, exemplified by the 1:1:1 blended oil, which has sold over 4.5 billion bottles globally since its launch in 2002, maintaining its position as the top-selling oil worldwide [3][4]. - The company has also innovated in other core categories like rice and flour, introducing products such as low GI rice and black quinoa noodles, enhancing both quality and value [5]. Group 2: Health-Oriented Products - Jinlongyu has capitalized on the growing health consciousness among consumers by launching a new health brand, Fengyitang, which includes products like glycerol ester oil and plant sterol protein milk, targeting the high-end health food market [7][8]. - The introduction of these health-focused products aligns with national health initiatives and has significantly contributed to revenue growth, with high-end cooking oil now accounting for 12% of total sales [8]. Group 3: Customized Collaborations - The company has established strategic partnerships with major retailers like Costco and Sam's Club, creating customized products that meet specific consumer demands, such as black bean soy sauce and various oils [9][10]. - This approach has allowed Jinlongyu to enhance its market share and ensure rapid product delivery to targeted consumer groups, demonstrating effective supply chain management [10]. Group 4: Brand Resilience and National Commitment - Jinlongyu's recovery is attributed to its commitment to continuous innovation and consumer-centric strategies, reflecting a deep-rooted national sentiment and dedication to food security in China [13][14]. - The brand's evolution from a crisis to a global player serves as a lesson for national brands, emphasizing that true competitive advantage lies in product quality rather than marketing alone [14].

Core Insights - The "Qihang·2025 Financial Summit" was successfully held in Beijing, focusing on "New Starting Point, New Momentum, New Journey," gathering leaders from various sectors including regulatory bodies, financial institutions, and media [1] - The "Golden Wisdom Award" was announced, with Golden Dragon Fish receiving the "Resilient Development of Listed Companies" award, highlighting its strong performance and commitment to sustainable growth [1][3] Group 1: Award and Recognition - The "Golden Wisdom Award" aims to set benchmarks for high-quality development, guiding listed companies to focus on core businesses, continuous innovation, and social responsibility [3] - The award evaluation covered over 8,000 companies across A-shares, Hong Kong stocks, and US-listed Chinese companies, recognizing nearly 200 awardees [3] Group 2: Company Performance - Golden Dragon Fish achieved a revenue of 184.27 billion yuan in the first three quarters, marking a year-on-year growth of 5.02%, with a net profit of 2.749 billion yuan, reflecting a significant increase of 92.06% [4] - The company has transitioned from traditional grain and oil to health food, launching the "Golden Dragon Fish Fengyitang" brand in April 2025, aligning with national health initiatives [4][5] Group 3: Strategic Focus - Golden Dragon Fish has maintained a robust strategic layout and market insight over its 30 years in the grain and oil industry, demonstrating resilience through performance, innovation, and social responsibility [4] - The company is expanding its product offerings to meet the rising health demands, including targeted products for specific health conditions, thereby enhancing its market position [5]

Report Industry Investment Rating - The report does not explicitly mention the industry investment rating [1][2] Core Viewpoints of the Report - The government has increased its emphasis on boosting consumption and expanding domestic demand, with multiple policies coordinated to promote the construction of the domestic economic cycle and the domestic demand system [2][7][8] - It is expected that the year-on-year pork price will gradually turn positive in the second half of 2026, which will support the CPI, especially the food CPI [2][14][20] - The CSI All-China Food Index selects leading companies in the food industry, with high price elasticity, strong offensive ability, and long - term stable excess return potential. Currently, the valuation of the food sector has bottomed out, and the medium - to - long - term allocation cost - effectiveness is prominent [2][22][50] - The Huaxia CSI All - China Food ETF closely tracks the CSI All - China Food Index, aiming to minimize tracking deviation and tracking error [2][52] Summary According to the Directory 1. Policy Emphasizes Expanding Domestic Demand and Boosting Consumption, Focus on Investment Opportunities in the Food Sector - **Policy Attention Increased: Boosting Consumption and Expanding Domestic Demand** - Multiple policies are coordinated to promote the domestic economic cycle and the construction of the domestic demand system. Since December, authoritative media and high - level authorities have continuously emphasized the importance of domestic demand and the significance of boosting consumption [2][7][8] - The "Qiushi" magazine pointed out that expanding domestic demand is a strategic move related to economic stability and security. The Central Financial and Economic Affairs Office stated that expanding domestic demand is the top priority for next year, and the National Development and Reform Commission emphasized the firm implementation of the strategy to expand domestic demand [2][9][13] - **Expected Gradual Recovery of Pork Prices, Focus on Food CPI Changes in 2026** - Since the second half of 2022, the CPI has been continuously declining and has been hovering at a low level since 2025, suppressing the contribution of prices to the profits of mass consumer goods [2][14] - Although the CPI was at a low level in 2025, the demand for dairy products showed signs of stabilization. The retail prices of milk and yogurt ended a three - year decline in the second half of 2025 [17][19] - Due to the structural surplus of production capacity and low breeding costs, the year - on - year decline in pork prices has widened since the second half of 2025. It is expected that the year - on - year pork price will gradually turn positive in the second half of next year, supporting the CPI, especially the food CPI [20][21] 2. CSI All - China Food Index - **Index Compilation: Selecting Leading Food Industry Companies** - The CSI All - China Food Index was released on July 15, 2013. It selects all listed company securities belonging to the tertiary "Food" industry from the CSI All - China sample space, aiming to comprehensively reflect the overall performance of A - share food industry listed company securities [22][25][26] - The index samples are adjusted semi - annually, with a single sample weight limit of 10% [26] - **Industry Market Value Characteristics: Industry Concentrated in the Primary Consumption Sector, with a Market Value Pattern Dominated by Leading Companies** - As of December 18, 2025, the index has 79 constituent stocks, with an average total market value of 1.6575 billion yuan. There are 3 stocks with a market value exceeding 10 billion yuan, and more than half of the constituent stocks have a total market value of less than 1 billion yuan [27][30][33] - The top ten constituent stocks have a total weight of 50.4%, and the top three weighted stocks are Inner Mongolia Yili Industrial Group Co., Ltd., Haitian Flavoring & Food Co., Ltd., and Shuanghui Development Co., Ltd., with weights of 10.52%, 9.05%, and 6.05% respectively [30][31][33] - The index is concentrated in the food sub - industries, especially in the seasoning fermentation products II, food processing, and beverage dairy sectors, with a combined proportion of over 64%, highly focusing on the food field directly facing consumers [33][34][39] - **High Index Volatility and Strong Offensive Ability** - Historically, the index has shown a clear offensive ability, especially in the market driven by the consumption sector, with long - term stable excess return potential. It also has significant high elasticity, with higher volatility and drawdown than the market broad - based index [40][42][45] - In the long run, the index has shown stable income growth ability, with a cumulative return and annualized return of 256.10% and 8.87% respectively, exceeding the performance of the CSI 300 Index and the CSI All - China Index during the same period, reflecting the long - term allocation value of the core assets in the consumption industry [42][43] - **The Valuation of the Food Sector has Bottomed Out, and the Medium - to - Long - Term Allocation Cost - Effectiveness is Prominent** - As of December 18, 2025, the price - to - earnings ratio of the index is 31.52, with a historical quantile of 22.26%, and the price - to - book ratio is 2.85, with a historical quantile of 5.32% [50][51][52] - The index has experienced an adjustment since the high in late 2020, and recently shows signs of stabilization, with limited downside risk [50] 3. Huaxia CSI All - China Food ETF - The Huaxia CSI All - China Food ETF (fund code: 159151) closely tracks the CSI All - China Food Index, aiming to minimize tracking deviation and tracking error. The fund started raising funds on December 22, 2025, and ended on December 26, 2025, with fund manager Wang Xinwei [2][52][55]

Core Viewpoint - The report by Zhiyan Consulting highlights the growth trends in China's refined edible vegetable oil industry, projecting a slight increase in production and cumulative growth over the years 2020-2025 [1] Group 1: Industry Overview - In October 2025, China's refined edible vegetable oil production is expected to reach 4.28 million tons, reflecting a year-on-year growth of 0.4% [1] - From January to October 2025, the cumulative production of refined edible vegetable oil in China is projected to be 43.465 million tons, showing a cumulative growth of 2.5% [1] Group 2: Companies Involved - Listed companies in the industry include Jinlongyu (300999), Xiwang Food (000639), Daodaokun (002852), COFCO Technology (000930), Jinjian Rice Industry (600127), and Jingliang Holdings (000505) [1] Group 3: Research and Analysis - Zhiyan Consulting is recognized as a leading industry consulting firm in China, specializing in in-depth industry research reports, business plans, feasibility studies, and customized services [1]

Group 1 - The core viewpoint of the article is that the company, Jinlongyu, has experienced a decrease in the depreciation rate of its machinery and equipment due to proper maintenance, despite the end of the depreciation period for some of its assets [2] - The overall depreciation rate of the company's machinery and equipment has remained relatively stable in recent years [2]

齐鲁晚报.齐鲁壹点张雅宁 12月25日，德城区政府新闻办召开德城区"十四五"发展成就系列主题新闻发布会农业农村局专场，党组成员、副局长刘学文回答记者提问并介绍"十四 五"期间德城区在产业融合发展中所取得的成效。 "十四五"期间，德城区高度重视产业融合发展，依托辖区优势特色产业，大力推动龙头企业提振、农产品品牌建设、食品加工产业链及产业园建设等重点 工作，在产业融合发展方面取得显著成效。 一是壮大龙头企业集群，赋能农产品加工提质增效。市级以上农业产业化龙头企业培育达20家，其中省级4家、市级16家，德州军粮食品产业集团有限公 司获评"国家粮食应急保障企业"荣誉称号，龙头企业引领带动作用凸显。培育规上农产品食品加工企业29家，其中农产品加工类企业14家，食品加工类企 业15家，今年1-11月产值达58.6亿元，农产品加工产业蓬勃发展。 二是塑强区域公用品牌，深耕"三品一标"建设。创建农产品区域公用品牌"尚德诚品"，授权企业9家，德州市区域公用品牌"德州味"授权企业达12家，鼓 励奥德曼红酒、永盛斋扒鸡等企业走出去参加产销对接活动60余家次，有效促进了市场拓展和知名度提升，品牌效益不断凸显。有序开展"三品一标"认证 ...

Group 1 - The poultry concept sector declined by 0.40%, ranking among the top declines in concept sectors, with major declines seen in companies like Roniu Mountain, Yisheng Shares, and Yike Foods [1] - Among the poultry concept stocks, only two companies saw price increases, with Jingji Zhino rising by 4.49% and Tangrenshen by 0.23% [1] - The top gainers in other concept sectors included Terahertz with a rise of 4.02% and Commercial Aerospace with 3.60% [1] Group 2 - The poultry concept sector experienced a net outflow of 209 million yuan, with 17 stocks seeing net outflows, and 8 stocks exceeding 10 million yuan in outflows [1] - Roniu Mountain had the highest net outflow of 95.06 million yuan, followed by Wens Shares and Tianma Technology with outflows of 33.15 million yuan and 12.76 million yuan, respectively [1] - The top net inflows were seen in Jingji Zhino, Tangrenshen, and Shuanghui Development, with net inflows of 9.19 million yuan, 3.65 million yuan, and 2.42 million yuan, respectively [2]

2024年1至12月份，金龙鱼的营业收入构成为：农副食品加工业占比100.0%。 每经头条（nbdtoutiao）——地产"优等生"受困20亿元到期债务，首次债务展期仍在博弈，明年还有超 百亿元公开债到期 每经AI快讯，金龙鱼（SZ 300999，收盘价：28.96元）12月23日晚间发布公告称，公司第三届第九次董 事会会议于2025年12月22日以通讯表决方式召开。会议审议了《关于增补第三届董事会专门委员会委员 的议案》等文件。 （记者 曾健辉） 截至发稿，金龙鱼市值为1570亿元。 ...

证券代码：300999 证券简称：金龙鱼 公告编号：2025-054 益海嘉里金龙鱼食品集团股份有限公司 第三届董事会第九次会议决议公告 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。 一、董事会会议召开情况 益海嘉里金龙鱼食品集团股份有限公司（以下简称"公司"）第三届董事会 第九次会议于 2025 年 12 月 22 日以通讯表决方式召开。会议通知已于 2025 年 12 月 19 日以电子邮件方式送达各位董事，全体董事一致同意豁免通知时限要求。 本次会议由董事长 Kuok Khoon Hong（郭孔丰）召集，会议应出席董事 11 人， 实际出席董事 11 人，公司全体高级管理人员列席了本次会议。本次会议的通知、 召集、召开和表决程序符合《中华人民共和国公司法》和《益海嘉里金龙鱼食品 集团股份有限公司章程》的有关规定。 二、董事会会议审议情况 审议通过《关于增补第三届董事会专门委员会委员的议案》。 董事会同意增补独立董事陈世敏先生为公司第三届董事会审计委员会委员、 薪酬与考核委员会委员，任期自本议案经董事会审议通过之日起至本届董事会任 期届满之日止。 表决结 ...