金达威分析师会议-20251105

1. Reported Industry and Investment Rating - The reported industry is food and beverage. There is no information on investment rating in the provided content. [2] 2. Core Viewpoints - In 2025, the company focused on its main business, effectively integrated resources, reduced costs, and achieved double - growth in revenue and profit in a complex global environment. [22] - The company's expansion of Coenzyme Q10 production is based on market growth expectations, which will help consolidate its leading position in the industry and expand its market share. [25] - The company aims to build a complete industrial ecosystem through full - industry - chain and domestic - international layout, and will continue to strengthen relevant business segments. [27] 3. Summary by Relevant Catalogs 3.1. Research Basic Situation - The research object is Jindawei, belonging to the food and beverage industry. The reception time was November 5, 2025. The listed company's reception staff included the board secretary Li Xiaofang, the securities affairs representative Lin Jie, and the securities affairs specialist Zhang Yanting. [17] 3.2. Detailed Research Institutions - Representatives from the fund management company, including Yu Yue, Zheng Zheng, and He Baohua, from Boshi Fund, participated in the research. [20] 3.3. Research Institution Proportion - There is no relevant information provided. [21] 3.4. Main Content Data - Overall performance in the first three quarters: In 2025 from January to September, the company achieved an operating income of 2.604 billion yuan, a year - on - year increase of 11.16%; the net profit attributable to shareholders of the listed company was 361 million yuan, a year - on - year increase of 63.47%; the non - recurring profit and loss net profit was 349 million yuan, a year - on - year increase of 56.22%. [22] - Performance of Coenzyme Q10 in the first three quarters: The Coenzyme Q10 reconstruction and expansion project is progressing smoothly, and the annual production capacity will reach 920 tons after full production. In the first three quarters of 2025, its sales revenue, sales volume, and gross profit margin all increased compared to the same period last year. [23] - View on Coenzyme Q10 expansion: The expansion is based on market growth expectations. The main consumer country is the United States, and emerging markets like China have great potential. The expansion will help maintain and expand the company's market share, and the gross profit margin has remained good in recent years. [25] - Performance of Doctor's Best in the first three quarters: It is a 35 - year - old mature brand in the US, with nearly 80% of sales achieved overseas through well - known online platforms, having a high repurchase rate. Its revenue and profit both increased in the first three quarters of this year. [26] - Domestic sales of Doctor's Best: The brand has various product matrices in China, with products such as Coenzyme Q10, Ergothioneine, NAD +, magnesium, vitamin K, and D being the most popular. Its revenue and profit also increased in the first three quarters of this year, and the company is highly involved in the Double 11 event. [27] - View on each business segment: The company focuses on the global health industry, with a full - industry - chain layout. It will continue to strengthen relevant segments and leverage the advantages of the full - industry - chain layout to enable production and brand to empower each other. [27]