联合〔2026〕817 号 联合资信评估股份有限公司关于下调 山东龙大美食股份有限公司主体及相关债项信用评级的公告 资料来源：公开资料，联合资信整理 自上次评级以来，联合资信关注到如下事项： 公司 2025 年度业绩预计大幅亏损，盈利与偿债能力将显著弱化 根据公司于 2026 年 1 月 31 日发布的《山东龙大美食股份有限公司 2025 年度业绩预告》，受 行业周期影响，毛猪销售价格及猪肉市场价格持续低位运行，公司传统业务板块出现较大亏损，同 时，公司按照企业会计准则的相关规定对存货及生物资产计提了减值准备，预计 2025 年度实现归 属于上市公司股东的净利润为-62000.00 万元到-76000.00 万元（上年同期为-176.35 万元）；归属于 上市公司股东的扣除非经常性损益的净利润为-62062.00 万元到-76062.00 万元（上年同期为-8158.66 万元）。 前期会计处理违规，多期财报追溯调整，公司及相关人员收到行政监管措施决定书 根据公司公告，2021－2024 年，"龙大转债"相关募投项目结转固定资产后未停止利息资本 化，并将用于临时补充流动资金的募集资金利息资本化，不符合有关规定 ...

Core Insights - The article highlights the significant growth in the Chinese New Year consumer market, particularly in the fresh food sector, driven by changing consumer preferences and a focus on quality and convenience [1][3][13]. Group 1: Consumer Trends - The demand for high-quality products is evident, with sales of South American imported beef shank increasing by 580% and Sichuan Yaba Gan fruit sales rising over 12 times year-on-year [1][5]. - There is a noticeable shift towards healthier options, with sales of health-focused products like sea cucumbers growing by 18% and antibiotic-free eggs increasing by 56% [13][15]. - The trend of cross-regional food integration is emerging, with products like Chagan Lake fish and Guangdong specialties gaining popularity across different regions [8][10][11]. Group 2: Product Performance - Popular items during the New Year festival include Bayzi Dumplings, which saw a nearly 6-fold increase in sales, and various seafood products like giant black tiger shrimp, which grew by 137% [3][7]. - The sales of fresh fruits, particularly Sichuan Yaba Gan and Guangxi sugar oranges, have surged, with the former increasing by over 12 times and the latter by nearly 5 times [4][5]. - The demand for convenient meal options is reflected in the sales of ready-to-cook dishes, such as the Tianhai Cang 10 Abalone dish, which saw a 256% increase [15]. Group 3: Supply Chain and Logistics - JD Fresh's efficient supply chain has enabled rapid delivery of fresh products, with Chagan Lake fish reaching consumers in major cities within 24 hours [10]. - The company has implemented a traceability system for products, ensuring quality control from source to consumer [10]. - JD Fresh's commitment to providing a wide range of products is evident in its ability to cater to diverse consumer needs across various regions [11][15].

Core Insights - The article highlights the significant growth in consumer demand for high-quality food products during the Chinese New Year shopping season, indicating a shift towards premium offerings in the market [1][3][14] Group 1: Consumer Trends - The sales of Sichuan Yaba Gan have surged over 12 times year-on-year, becoming a top fruit choice, while South American imported beef shank sales have increased by 580%, reflecting a strong demand for high-quality protein [1][5] - The popularity of traditional foods continues, with Bayzi Dumplings seeing nearly a 6-fold increase in sales, and various types of dumplings and tangyuan gaining traction due to their cultural significance [3][14] - The demand for health-oriented products is rising, with sales of sea cucumbers increasing by 18% and antibiotic-free fresh eggs growing by 56%, indicating a shift towards healthier options among consumers [14][16] Group 2: Regional Integration - The sales of Chagan Lake fish have been robust, with 69% of buyers being married individuals, showcasing its role in family meals and gift-giving [9][11] - The integration of regional flavors is evident, with Guangdong specialties like the Guangzhou restaurant's meat buns and various seafood products seeing significant sales increases, demonstrating the effectiveness of supply chain capabilities [12][9] - The trend of cross-regional food offerings is highlighted, with consumers in southern regions enjoying northeastern specialties, facilitated by efficient logistics and supply chain management [11][12] Group 3: Supply Chain and Logistics - JD Fresh's supply chain has enabled the rapid delivery of fresh products, such as Chagan Lake fish, to consumers across the country, ensuring quality and freshness [11][8] - The company has implemented a traceability system for products, enhancing consumer trust and satisfaction [11] - The logistics network supports temperature-controlled delivery, ensuring that seafood and other perishable items reach consumers in optimal condition [8][12] Group 4: Product Offerings - The article notes a variety of new product offerings, including convenient meal options like the Tianhai Cang 10 Abalone dish, which saw a 256% increase in sales, catering to the demand for easy-to-prepare meals [16] - The introduction of festive gift boxes and premium food items reflects a growing consumer preference for convenience and quality during the holiday season [16][14] - The emphasis on "true freshness and affordability" in product offerings aligns with consumer expectations for value during the festive shopping period [16][1]

知前沿，问智研。智研咨询是中国一流产业咨询机构，十数年持续深耕产业研究领域，提供深度产业研 究报告、商业计划书、可行性研究报告及定制服务等一站式产业咨询服务。专业的角度、品质化的服 务、敏锐的市场洞察力，专注于提供完善的产业解决方案，为您的投资决策赋能。 2016-2025年食品制造业企业数统计图 数据来源：国家统计局，智研咨询整理 上市公司：黑芝麻（000716），双汇发展（000895），千味央厨（001215），青岛食品（001219），三 全食品（002216），得利斯（002330），金字火腿（002515），洽洽食品（002557），克明食品 （002661），煌上煌（002695），海欣食品（002702），麦趣尔（002719），龙大美食（002726），桂 发祥（002820） 相关报告：智研咨询发布的《2026-2032年中国食品饮料制造行业发展动态及投资前景评估报告》 2025年1-12月，食品制造业企业数（以下数据涉及的企业，均为规模以上工业企业，从2011年起，规模 以上工业企业起点标准由原来的年主营业务收入500万元提高到年主营业务收入2000万元）为11070个， 和上年同期相比 ...

Group 1 - The latest price of live pigs on February 4 is 12.85 yuan per kilogram, reflecting a 12.72% increase over the last 60 days [1][2] - Related producers include companies such as Jijing Zhino (000048), Zhenghong Technology (000702), Luoniushan (000735), and others [1][2] Group 2 - Cyclical stocks refer to publicly listed companies that produce raw materials, with their profits significantly affected by fluctuations in raw material prices [3] - Utilizing the price fluctuation data from the business community to identify buying signals for cyclical stocks before quarterly and annual reports is an important investment strategy [3]

最近，龙大美食的烦恼可能有点多。 该公司发布的业绩预告显示，2025年预计亏损6.2亿元至7.6亿元，相比上年同期176.35万元的亏损额，显著拉大。 盈利承压背后，该公司此前4年的财务数据也被追溯。 发布业绩预告的当日，龙大美食公告称，公司因2021年至2024年连续四年可转债募投项目利息资本化违规被责令改正，相关责任人也收到警示函。龙大美 食也对前期会计差错进行了追溯调整，同一日内相继发布了更正后的2021年至2024年的4年年报。 高达6.2亿元至7.6亿元的业绩预亏，以及对过去4年财报的修正，使龙大美食成为投资者关注的焦点。 | 项目 | 本报告期 | 上年同期 | | --- | --- | --- | | 归属于上市公司 股东的净利润 | 亏损:62.000 万元-76.000 万元 | 亏损:176.35 万元 | | 扣除非经常性损 益后的净利润 | 亏损:62,062 万元-76,062 万元 | 亏损:8,158.66 万元 | | 基本每股收益 | 亏损:0.57 元/股-0.7 元/股 | 亏损:0.0016 元/股 | △龙大美食2025年业绩预告 回溯龙大美食近几年的经营轨迹，则会 ...

Market Overview - On February 3, the food processing sector rose by 0.64% compared to the previous trading day, with Hai Xin Food leading the gains [1] - The Shanghai Composite Index closed at 4067.74, up 1.29%, while the Shenzhen Component Index closed at 14127.1, up 2.19% [1] Stock Performance - Hai Xin Food (002702) closed at 6.90, with a gain of 2.37% and a trading volume of 358,900 shares, amounting to a transaction value of 246 million yuan [1] - Other notable performers included: - Ji Yuan Group (603262) at 28.16, up 2.07% [1] - Zi He Co. (603102) at 45.95, up 2.07% [1] - Quan Da Wei (002626) at 18.71, up 1.80% [1] - Jiao Da Ang Li (600530) at 6.44, up 1.58% [1] Declining Stocks - ST Spring (600381) saw a decline of 5.11%, closing at 3.16, with a trading volume of 130,000 shares [2] - Long Da Mei Shi (002726) fell by 3.84%, closing at 4.01, with a transaction value exceeding 181 million yuan [2] - Other declining stocks included: - Xian Le Health (300791) down 1.51% [2] - San Quan Food (002216) down 1.01% [2] Capital Flow - The food processing sector experienced a net outflow of 54.62 million yuan from institutional investors, while retail investors saw a net inflow of 55.69 million yuan [2] - The overall net outflow from retail investors was 1.06 million yuan [2] Individual Stock Capital Flow - Notable capital flows included: - Shuanghui Development (000895) with a net inflow of 33.81 million yuan from institutional investors [3] - Hai Xin Food (002702) had a net inflow of 17.58 million yuan from institutional investors [3] - Xian Le Health (300791) saw a net inflow of 6.75 million yuan from retail investors [3]

登录新浪财经APP 搜索【信披】查看更多考评等级 转自：经济导报 决定书二显示，2021年至2024年，龙大美食可转换公司债券相关募投项目结转固定资产后未停止利息资 本化，并将用于临时补充流动资金的募集资金利息资本化，不符合《企业会计准则第17号—借款费用》 第六条、第十四条的规定，导致相关定期报告信息披露不准确。上述行为违反了《上市公司信息披露管 理办法》(证监会令第182号，下同)第三条的规定。根据《上市公司信息披露管理办法》第五十一条的 规定，公司董事长兼总经理杨晓初、公司时任董事长余宇、公司时任总经理王豪杰、公司时任财务总监 张凌，对上述相关违规行为承担主要责任；根据《上市公司信息披露管理办法》第五十二条的规定，山 东省证监局决定采取出具警示函的行政监管措施，并记入证券期货市场诚信档案数据库。 同日，深圳证券交易所对龙大美食给予通报批评处分；对龙大美食董事长、总经理杨晓初，时任财务总 监张凌给予通报批评处分。并对杨晓初、余宇、王豪杰、张凌采取出具警示函措施。 控股股东未履行承诺 龙大美食公告称，预计2025年度归属于上市公司股东的净利润亏损6.2亿元至7.6亿元，上年同期亏损 176.35万元；扣除非 ...

近日，山东龙大美食（002726）股份有限公司（以下简称"龙大美食"）发布2025年业绩预告，受生猪行 业整体下行影响，该公司业绩承压，传统业务板块出现较大亏损，报告期内，该公司按照企业会计准则 的相关规定对存货及生物资产计提了减值准备。在当前猪价持续低迷、全行业普遍亏损的背景下，该公 司正经历着周期底部的"阵痛"，并启动了一系列旨在优化资产配置、提升效率的战略调整，以期在行业 筑底过程中实现"轻装上阵"。 龙大美食的业绩表现是生猪养殖行业整体困境的一个缩影。统计显示，A股生猪养殖行业（申万三级行 业）的12家上市公司目前均已披露2025年业绩预告，除了天域生物（603717）科技股份有限公司，其余 公司均预计报告期内的净利润同比减少。 上海钢联（300226）农产品事业部生猪分析师王红焱向《证券日报》记者表示，生猪养殖行业呈现 出"量增价跌、盈利分化"的特征，受能繁母猪存栏持续高位运行影响，出栏量大幅提升，而猪价同比大 幅下跌导致行业自2025年9月份起进入亏损区间。 对于龙大美食而言，公司通过一系列"做减法"与"提质量"的举措，旨在优化资产结构、聚焦核心优势， 其转型成效能否在下一轮行业景气回升时转化为切 ...

蓝鲸新闻2月2日讯，近日，山东证监局发布行政监管措施决定书，剑指山东龙大美食股份有限公司及相关责任人。 决定书显示，2021年至2024年，山东龙大美食股份有限公司可转换公司债券相关募投项目结转固定资产后未停止利息资本化，并将用于临时补 充流动资金的募集资金利息资本化，不符合《企业会计准则》的规定，导致相关定期报告信息披露不准确。 上述行为违反了《上市公司信息披露管理办法》的规定。公司董事长兼总经理杨晓初、公司时任董事长余宇、公司时任总经理王豪杰、公司时 任财务总监张凌，对上述相关违规行为承担主要责任。 对此，山东证监局决定对山东龙大美食股份有限公司采取责令改正的行政监管措施，并记入证券期货市场诚信档案数据库；对以上责任人采取 出具警示函的行政监管措施，并记入证券期货市场诚信档案数据库。 关于对山东龙大美食股份有限公司采 取责令改正措施的决定 山东龙大美食股份有限公司： 经查，2021年至2024年，你公司可转换公司债券相关募投项目结 转固定资产后未停止利息资本化，并将用于临时补充流动资金的募集 资金利息资本化，不符合《企业会计准则第17号 -- 借款费用》第六 条、第十四条的规定，导致相关定期报告信息披露不 ...