益海嘉里金龙鱼食品集团股份有限公司 2025 年第三季度报告 益海嘉里金龙鱼食品集团股份有限公司 2025 年第三季度报告 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。 重要内容提示： 1、董事会、监事会及董事、监事、高级管理人员保证季度报告的真实、准确、完整，不存在虚假记载、误导性陈述或重 大遗漏，并承担个别和连带的法律责任。 2、公司负责人、主管会计工作负责人及会计机构负责人（会计主管人员）声明：保证季度报告中财务信息的真实、准确、 完整。 3、第三季度财务会计报告是否经过审计 □是 否 证券代码：300999 证券简称：金龙鱼 公告编号：2025-036 1 益海嘉里金龙鱼食品集团股份有限公司 2025 年第三季度报告 一、主要财务数据 （一）主要会计数据和财务指标 公司是否需追溯调整或重述以前年度会计数据 □是 否 | | 本报告期 | 本报告期比上年同期 | 年初至报告期末 | 年初至报告期末比上 | | --- | --- | --- | --- | --- | | | | 增减 | | 年同期增减 | | 营业收入（千元） | 68,588,05 ...

Core Insights - JD's Qixian Kitchen has publicly announced its main food suppliers, including well-known brands such as Jinlongyu, Shiyue Daotian, Haitan, Zhengda, and New Hope, emphasizing its commitment to providing safe meals for children [1] - Launched in July, Qixian Kitchen operates on a "takeout + self-pickup" model without dine-in options, focusing on high-quality takeout with fresh ingredients sourced directly from suppliers [1] - Since its opening, Qixian Kitchen has experienced a continuous increase in order volume, positively impacting nearby restaurants within a 3-kilometer radius, which saw order growth exceeding 12% [1] - JD plans to invest 10 billion yuan to build a new supply chain, aiming to establish 10,000 Qixian Kitchen locations nationwide within three years [1]

Core Viewpoint - The company, Jinlongyu, is actively exploring plant-based meat products, focusing on various plant protein food products primarily made from soybean protein [2] Company Developments - Jinlongyu has introduced multiple plant protein food products in recent years, emphasizing the use of soybean protein as a key ingredient [2]

Core Insights - The agricultural processing sector experienced a decline of 0.85% on October 27, with Zunming Co. leading the drop [1] - The Shanghai Composite Index closed at 3996.94, up 1.18%, while the Shenzhen Component Index closed at 13489.4, up 1.51% [1] Agricultural Processing Sector Performance - Zunming Co. (stock code: 003030) closed at 21.10, down 4.70% with a trading volume of 137,200 shares and a transaction value of 281 million yuan [2] - Other notable declines included: - Morning Light Bio (stock code: 300138) down 3.47% to 13.91 with a transaction value of 426 million yuan [2] - ST Jiawo (stock code: 300268) down 3.40% to 10.80 with a transaction value of 30.87 million yuan [2] - Conversely, several companies in the sector saw gains, including: - Caoshu Co. (stock code: 603182) up 3.43% to 15.36 with a transaction value of 89.51 million yuan [1] - Suobao Protein (stock code: 603231) up 3.27% to 19.92 with a transaction value of 187 million yuan [1] Capital Flow Analysis - The agricultural processing sector saw a net inflow of 9.75 million yuan from institutional investors, while retail investors experienced a net outflow of 55.87 million yuan [2][3] - Key stocks with significant capital flow include: - Morning Light Bio with a net outflow of 43.16 million yuan from institutional investors [3] - Suobao Protein with a net inflow of 21.55 million yuan from institutional investors [3] - Zunming Co. with a net inflow of 15.37 million yuan from institutional investors but a net outflow of 44.20 million yuan from retail investors [3]

Core Viewpoint - The company is divesting its wholly-owned subsidiary, Zhalaihe Company, to optimize its asset structure amid weak profitability in traditional businesses and sluggish growth in new ventures [1][2]. Group 1: Company Actions - On October 17, the company announced the sale of 100% equity in Zhalaihe Company, which previously supported its beet sugar business, along with a significant debt waiver arrangement [1][2]. - The total debt waiver could reach up to 197 million yuan, indicating the company's effort to remove a financially distressed subsidiary from its balance sheet [1][2]. Group 2: Financial Performance - Zhalaihe Company reported total assets of 239.02 million yuan and total liabilities of 377.95 million yuan, resulting in negative equity of 138.94 million yuan [2]. - The company faced significant challenges, with 10 investment projects failing to meet expected returns in the first half of the year, reflecting ongoing issues with sales not keeping pace with capacity expansion [3][4]. Group 3: Market Conditions - The company is experiencing severe underutilization of capacity, with oil extraction and refining rates at 56.94% and 49.97%, respectively, which could exacerbate the existing overcapacity issues [3]. - The revenue growth for the company was 5.67% in the first half of the year, with net profit increasing by 60.07%, but growth in kitchen food was only 2.69%, indicating a reliance on feed raw materials for growth [4][5]. Group 4: Challenges and Outlook - The company is grappling with low profitability and high debt levels, with a net profit margin of around 0.5% in 2023 and 1.2% in the first half of 2024, primarily due to declining raw material costs [5]. - The company's asset-liability ratio stood at 56% in the first half of the year, with short-term interest-bearing liabilities reaching 831.9 billion yuan, highlighting financial strain [5].

Core Viewpoint - The company, Jinlongyu, has announced the sale of its wholly-owned subsidiary, Zhalai Teqi Hefeng Agricultural Co., Ltd., to optimize its asset structure amid ongoing losses and financial difficulties [1][2]. Group 1: Asset Sale and Financial Implications - Jinlongyu's subsidiary, which previously handled its beet sugar business, has been sold due to continuous losses and insolvency, reflecting the company's need to streamline operations [1][2]. - The sale includes a significant debt waiver arrangement, with Jinlongyu potentially waiving up to 197 million RMB in debts to facilitate the transaction [2][3]. - As of the announcement date, Zhalai Company reported total assets of 239.02 million RMB, total liabilities of 377.95 million RMB, and a net loss of 34.65 million RMB [3]. Group 2: Project Delays and Performance Issues - Jinlongyu has faced multiple delays in its fundraising projects, with ten projects failing to meet expected returns in the first half of the year [4]. - The company has been struggling with underutilized production capacity, with oil extraction and refining capacity utilization rates at 56.94% and 49.97%, respectively, indicating a significant overcapacity issue [4]. - The company’s revenue growth has been modest, with a 5.67% increase in revenue and a 60.07% increase in net profit in the first half of the year, primarily driven by improvements in the feed raw materials segment [5][6]. Group 3: Market Position and Competitive Landscape - Jinlongyu holds a leading market share in edible oils and has a strong presence in packaged rice and flour, but faces challenges in a shrinking consumer demand environment [6]. - The company has been attempting to pivot towards high-end products and expand its product lines into new categories, but these efforts have had limited impact on overall performance [6]. - The competitive landscape in the flour processing industry is intensifying, with larger players increasing capacity, leading to lower-than-expected project returns for Jinlongyu [4][5]. Group 4: Financial Health and Risks - Jinlongyu's financial health is concerning, with a debt ratio of 56% and significant short-term and long-term interest-bearing liabilities, raising liquidity risk [7]. - The company’s cash-to-short-term debt ratio is only 0.53, indicating potential challenges in meeting short-term obligations [7]. - The net profit margin remains low, with projections of around 0.5% for 2023 and 2024, despite a slight recovery in the first half of the year [6][7].

Group 1: Event Overview - The 8th China International Import Expo (CIIE) will be held in Shanghai from November 5 to 10, 2025, with a theme of "New Era, Shared Future" [1] - The exhibition area is expected to exceed 360,000 square meters, with participation from over 150 countries and regions, maintaining a participation rate of over 70% from Fortune 500 and industry-leading companies [1] - This year's expo will feature a product zone for least developed countries that have established diplomatic relations with China, expanding the existing African product zone [1] Group 2: Key Exhibitors and Sectors - Notable participating companies include Yushutech, Pop Mart, Jindawei, and Longan Automobile, among others [5] - The expo will showcase various sectors, including medical equipment and healthcare products, with participation from 700 Fortune 500 pharmaceutical companies and the top 10 medical equipment companies [9] - The automobile and smart mobility sector will feature 300 Fortune 500 exhibitors [11] Group 3: Related Conferences and Activities - The expo will host significant conferences such as the "Digital Economy Empowerment" forum and the "China-Latin America Economic and Trade Cooperation Think Tank Forum" [1] - Other notable events include discussions on intellectual property protection and the internationalization of enterprises, highlighting the importance of innovation and collaboration [1] Group 4: Trade Performance Insights - In September, China's import and export growth rates exceeded expectations, with a notable rebound in imports, particularly in machinery and electrical products [2] - The strong rebound in trade reflects the resilience of China's foreign trade amid tariff disruptions, reinforcing its position as a global manufacturing hub [2]

证券日报网讯 金龙鱼10月21日在互动平台回答投资者提问时表示，公司近几年受外部环境以及农产品 价格等因素影响，利润有所波动。另外近几年公司投资了很多新项目，在短期内对公司利润造成了一些 影响，但长远来看能够提升我们的竞争优势。公司将一如既往做好各项经营工作，持续进行产品结构调 整、产品升级，根据市场需求增加更多高附加值、高毛利率的产品，并充分利用公司的自身优势，为消 费者提供安全、营养、健康、美味的优质食品，扩展产业布局的深度和广度，同时公司也持续推行精益 管理，严格管控费用，实施内部挖潜工作，进而提升公司的竞争力。公司十分看好中国食品市场的前 景，对公司长远发展充满信心。 （编辑 王雪儿） ...

Core Insights - The event "Stabilizing Enterprises and Securing Agriculture: Futures Services for SMEs in the Vegetable Oil Sector" was successfully held in Guangzhou, focusing on opportunities and challenges in the vegetable oil industry [1] - Over 170 representatives from the vegetable oil industry gathered, indicating significant industry interest and engagement [1] Group 1: Expert Insights and Strategies - The event featured industry experts discussing market supply and demand, providing practical strategies for risk management [2] - Key presentations included an analysis of domestic and international vegetable oil market trends and supply-demand dynamics [2] - Experts emphasized the importance of using futures tools for risk management and enhancing industry collaboration to navigate market changes [2][3] Group 2: Roundtable Discussions - A roundtable forum addressed critical issues in the vegetable oil sector, focusing on opportunities and challenges amid global trade tensions [3] - Experts advised SMEs to proactively use futures tools to manage price volatility and suggested a combination strategy of "small steps and focused phases" to mitigate future uncertainties [3] - Discussions highlighted the need for vigilance regarding potential cost increases in packaging oil raw materials in 2026 [3] Group 3: Commitment to Health and Industry Development - Yihai Kerry Group showcased its dual commitment to "serving the real economy and empowering health," aligning with national health initiatives [4][5] - The company has a history of innovation in healthy eating, continuously expanding its product offerings to meet health demands [5] - The event served as a platform for SMEs to connect, share knowledge, and enhance confidence in navigating the complex market environment [6]

Core Viewpoint - The company announced a share transfer agreement where its wholly-owned subsidiary, Inner Mongolia Hefeng Agricultural Co., Ltd., will transfer 100% of its stake in Zhaqi Company to Xingan League Zhongheng, resulting in Zhaqi Company no longer being included in the company's consolidated financial statements [1] Group 1 - The share transfer is part of a comprehensive transaction that includes debt waiver for part of the loans provided by the company to Zhaqi Company to clarify the debt relationship [1] - After the completion of this transaction, the loans will effectively represent financial support provided by the company to an entity outside the consolidated financial statements, reflecting the continuation of financial assistance to the former subsidiary [1] - The sugar beet business has a minimal impact on the company's main operations, and this transaction will not significantly affect the company's daily operations or harm the interests of the company and minority shareholders [1]