证券代码：002702 证券简称：海欣食品 海欣食品股份有限公司 投资者关系活动记录表 编号：2025-003 投资者关系 活动类别 特定对象调研 分析师会议 媒体采访业绩说明会 新闻发布会 路演活动 现场参观 其他 参与单位名称 及人员姓名 东北证券 吴兆峰 时间 2025年11月27日 地点 公司 上市公司接待 人员姓名 副总经理、董事会秘书 郑铭 财务总监 项金宏 证券事务代表 杨斌 投资者关系 活动主要内容 介绍 一、公司今年的经营有什么亮点吗？ 答：一是新渠道拓展取得战略性突破，我们成功进入了山姆超市 系统。该渠道对产品质量和品牌实力需要严格筛选，为公司品牌提供 了强大的品质背书，有助于提升品牌美誉度和溢价能力。 二是公司的休闲零食业务，在今年实现了同比增长，公司休闲零 食产品在多个主流零食量贩渠道销售。 二、公司目前以火锅丸滑产品作为主要收入来源，而且行业今年 还是面临着一定挑战的，如何保障未来业务的持续增长？ 答：火锅丸滑产品仍是公司核心营收来源，为应对行业竞争挑战、 拓宽长期增长空间，公司近年已布局预制菜、休闲零食、烘焙食品、 鲍鱼加工及销售等多元业务板块。目前，火锅丸滑在整体营收中的占 比有 ...

（编辑 楚丽君） 证券日报网讯 思特威11月18日在互动平台回答投资者提问时表示，2025年前三季度，公司坚持"智慧安 防+智能手机+汽车电子"三足鼎立发展方向的同时，加强多元业务布局，在各个市场尤其是智能手机和 汽车电子领域持续深耕，加强产品研发和市场推广，促进产品销售。 ...

Group 1 - The core viewpoint of the news is that Keli Sensor is actively optimizing its resource allocation by acquiring a controlling stake in its subsidiary, Huahong Technology, to enhance operational efficiency and decision-making speed [1][2][3] - Keli Sensor plans to acquire 45% of Huahong Technology's shares for 122 million yuan, increasing its ownership from 51% to 96%, thereby strengthening its control over the subsidiary [2] - Huahong Technology, engaged in geophysical exploration technology and industrial IoT, has shown strong financial performance with revenues of 125 million yuan and 43.88 million yuan for 2024 and the first half of 2025, respectively [2] Group 2 - Keli Sensor is transitioning from a single physical quantity sensor to a multi-physical quantity sensor, expanding its product offerings through both internal development and external acquisitions [3] - The company reported strong performance in the first half of 2025, achieving revenues of 685 million yuan, a year-on-year increase of 23.40%, and a net profit of 173 million yuan, up 47.93% [3] - Keli Sensor has established four major business segments, including smart industrial measurement and control, smart logistics equipment, energy and environmental measurement, and robotics, with a strategic focus on the robotics sector [3][4]

Investment Rating - The investment rating for the company is "Buy" [7] Core Views - The company's revenue for 1H25 was 11.64 billion RMB, a year-on-year decrease of 2.6%, with a net profit attributable to shareholders of 1.87 billion RMB, down 29.2% year-on-year. The decline in performance is primarily due to pressure on international oil transportation demand and a decrease in freight rates. However, there is an expectation for a seasonal demand boost in the second half of the year, which may lead to a recovery in freight rates [1][2] - The report suggests closely monitoring the US interest rate cut cycle and the recovery of domestic demand in China, which could benefit global oil transportation demand and support market freight rates [1] Summary by Sections Oil Transportation Business - The foreign trade oil transportation business generated revenue of 7.31 billion RMB in 1H25, down 5.7% year-on-year, with a gross profit of 1.29 billion RMB, a significant decline of 49.1%. The gross margin was 17.6%, down 15.1 percentage points year-on-year. The decline in freight rates was attributed to increased geopolitical uncertainties affecting production consumption and crude oil replenishment demand. The Baltic Dirty Tanker Index (BDTI) averaged a year-on-year decrease of 21.4% [2] - The domestic oil transportation segment reported revenue of 2.76 billion RMB, down 5.5% year-on-year, with a gross profit of 660 million RMB, down 6.8%. The gross margin was 24.0%, a slight decrease of 0.3 percentage points. The LNG transportation business contributed a net profit of 420 million RMB, up 5.7% year-on-year, supported by the expansion of the LNG fleet and long-term contracts [3] Business Structure - The company has established a diversified business structure, operating in oil transportation, LNG, LPG, and chemical logistics. This diversification allows for resource sharing and strategic synergy among different business segments. As of June, the company ranked first globally in oil tanker fleet size and fourth in LNG fleet size [4] Profit Forecast and Target Price - The profit forecasts for 2025, 2026, and 2027 have been revised downwards by 18%, 9%, and 9% to 4.43 billion RMB, 5.54 billion RMB, and 5.89 billion RMB, respectively. The target prices for A and H shares have been adjusted downwards by 18% and 3% to 13.20 RMB and 8.90 HKD, respectively, maintaining the "Buy" rating [5]

Core Insights - The article highlights the strong performance of Yili Group in the dairy industry amidst market fluctuations and changing consumer demands, showcasing its resilience and high-quality development [2] - Yili's revenue and profit growth in the first half of 2025 reinforces its leading position in the Asian dairy market, with total revenue reaching 61.933 billion yuan, a year-on-year increase of 3.37%, and net profit of 7.016 billion yuan, up 31.78% [2] Liquid Milk Business - Yili's liquid milk segment remains a cornerstone of its business, achieving revenue of 36.126 billion yuan in the first half of 2025, maintaining the largest market share in the industry [3] - The segment shows a growth trend characterized by structural optimization, with core categories like ambient yogurt and high-end milk products all gaining market share [3] Milk Powder and Dairy Products - The milk powder and dairy products segment achieved a milestone with revenue of 16.578 billion yuan, a year-on-year increase of 14.26%, solidifying its position as the industry leader [4] - Yili's market share in infant formula reached 18.1%, marking a significant achievement in its strategic growth trajectory [4] Adult Nutrition Products - Yili has formed a strategic partnership with Tongrentang to innovate in the adult nutrition segment, leading to double-digit revenue growth in this category [5] - The company's sheep milk powder segment saw revenue growth exceeding 30%, with a market share of 34.4%, reinforcing its leadership in the global sheep milk powder market [5] International Expansion - Yili's international strategy is yielding significant results, with overseas business growth becoming a key revenue driver, particularly in the ice cream and infant sheep milk powder categories [6] - The company has successfully penetrated various international markets, including Hong Kong and Saudi Arabia, enhancing its global brand presence [6][8] Diversification into Non-Dairy Sectors - Yili is actively expanding into non-dairy sectors, particularly in health beverages, with innovative products like jasmine tea and low-sodium mineral water driving double-digit growth [10] - The company is also exploring opportunities in the beef market and other food sectors, establishing a multi-faceted growth strategy that enhances its resilience against market fluctuations [13]

Group 1 - The core viewpoint of the article highlights that Tianji Holdings (01520) reported a mid-year revenue of HKD 23.12 million and a gross profit of HKD 2.929 million for 2025 [1] - The company has established solid strategic partnerships with several world-renowned gaming companies, pan-entertainment firms, and sports IP operators [1] - The partnerships are expected to leverage a wealth of high-quality intellectual property resources, leading entertainment and sports content, and user bases to drive revenue growth through the exploration of the commercial value of licensed intellectual property [1]

Core Viewpoint - China Overseas Development Company has demonstrated strong performance in the first half of 2025 amidst a challenging real estate market, achieving contract property sales of 120.15 billion yuan and maintaining a leading profit margin in the industry [1][2][4]. Sales Performance - The company achieved a total contract sales amount of 120.15 billion yuan, ranking second in the industry, with significant contributions from core cities such as Hong Kong and the five major cities of Beijing, Shanghai, Guangzhou, and Shenzhen, which accounted for 53.7% of total sales [2]. - Beijing alone surpassed 30.45 billion yuan in sales, while other cities also reported sales exceeding 5 billion yuan, with 14 cities leading their local markets [2]. Profitability - The core profit attributable to shareholders reached 8.78 billion yuan, showcasing a significant advantage over competitors in a period where many are experiencing declining profits [4][3]. Financial Health - The company holds cash reserves of 108.96 billion yuan, representing 12.1% of total assets, indicating strong liquidity to navigate market fluctuations [5]. - Key financial metrics include a debt-to-asset ratio of 45.7% (excluding advance receipts), a net debt ratio of 28.4%, and a cash-to-short-term debt ratio of 4.9 times, all meeting the "three red lines" green standard [5]. Competitive Advantage - China Overseas is the only domestic real estate company rated A- by two international rating agencies, Standard & Poor's and Fitch, which enhances its creditworthiness for future developments [6]. Land Acquisition Strategy - In the first seven months of 2025, the company acquired 22 land parcels for a total of 55.01 billion yuan, leading the industry in investment scale, with a focus on major cities and prime locations [7]. - Notable acquisitions include high-value plots in Shanghai and Beijing, which are expected to support future sales growth [8]. Product Innovation - The launch of the "China Overseas Good House Living OS system" aims to enhance product differentiation through innovative solutions addressing customer needs, contributing to strong sales performance even in a sluggish market [9]. - The company also reported significant revenue from commercial properties, with a notable opening in Beijing that attracted over 200,000 visitors on its first day [9]. ESG Leadership - China Overseas has achieved high scores in ESG ratings, including an 88 from the London Stock Exchange Group, positioning itself as a leader in sustainable development within the industry [10]. Overall Outlook - The company is expected to continue its strong performance in the second half of 2025, supported by policy backing, market confidence recovery, and a robust project pipeline [10].

Core Viewpoint - Hangzhou Anxu Biotechnology Co., Ltd. has demonstrated operational resilience amid challenges in the in vitro diagnostics (IVD) industry, including intensified centralized procurement and changes in the international trade environment, by actively adjusting its market strategies [1][3]. Financial Performance - In the first half of 2025, the company reported revenue of 230 million yuan and a net profit of 23.5862 million yuan after deducting non-recurring items [1]. Market Strategy - The company has adopted a "dual-wheel drive" strategy focusing on both international and domestic markets to address uncertainties in overseas markets, leading to a strong adaptability in overall operations despite performance fluctuations [1][3]. - In the domestic market, Anxu Biotechnology successfully obtained multiple medical device registration certificates, including for respiratory virus antigen detection and influenza virus antigen testing kits, targeting essential healthcare needs [1][2]. Business Expansion - The company has developed a dual-track model of "deepening B-end and breaking into C-end" by leveraging the "Anxu Ke" brand to expand into e-commerce, resulting in steady sales growth in home health management products [2]. - Anxu Biotechnology has established a "global network + localized service" system to strengthen its presence in traditional markets such as Europe, Oceania, Asia, and Africa, while also extending into emerging markets to mitigate single-market risks [2]. Diversification - The company is actively expanding into new fields while consolidating its traditional advantages in point-of-care testing (POCT). Its subsidiary, Taimengle, focuses on pet medical testing, developing over a hundred testing solutions for various infectious diseases and health monitoring [2]. - The company has launched the GluMate chronic disease management app, integrating existing POCT products into a comprehensive solution that includes hardware, software, and data services [2]. Industry Outlook - The global IVD market is projected to grow from $109.2 billion in 2024 to $135.1 billion by 2029, with strong growth expected in microfluidic technology and pet medical testing segments [3]. - Despite the overall pressure on the industry in the first half of 2025, the company has shown innovative vitality and resilience through its integrated supply chain, global layout, and diversified business strategies, laying a solid foundation for long-term healthy development [3].

Core Viewpoint - Anxu Bio maintains operational resilience amid challenges in the in vitro diagnostic (IVD) industry, reporting a slight revenue decline but significant profit growth in the first half of 2025 [1][2][3] Group 1: Financial Performance - The company's revenue for the first half of 2025 was 230 million yuan, a year-on-year decrease of 7.42% [1] - The net profit excluding non-recurring items reached 24 million yuan, reflecting a year-on-year increase of 24.89% [1] Group 2: Market Strategy - Anxu Bio has adopted a "dual-wheel drive" strategy focusing on both domestic and international markets to counteract external uncertainties, such as delayed customer orders due to tariffs [1][2] - The company has successfully registered multiple medical device certifications, enhancing its product offerings in critical areas like infectious disease prevention and cardiovascular emergencies [1] Group 3: Business Expansion - The launch of the "Anxu Ke" brand has allowed the company to penetrate the C-end market through e-commerce, establishing a dual-track model of deepening B-end and breaking into C-end markets [2] - Anxu Bio is expanding its presence in the pet medical testing sector through its subsidiary, targeting a market projected to reach 84.1 billion yuan in 2024, growing at 5.6% [2] Group 4: Future Outlook - The global IVD market is expected to grow from 109.2 billion USD in 2024 to 135.1 billion USD by 2029, with strong growth in microfluidic technology and pet medical testing [3] - Anxu Bio's strategy aligns with industry trends by focusing on a diversified product matrix and expanding both domestic and international markets, positioning itself for long-term growth [3]

Company Performance - In 2024, the company achieved operating revenue of 129 million yuan and a net profit attributable to shareholders of 10.44 million yuan, facing significant revenue decline due to the imbalance in supply and demand in the photovoltaic industry [1] - The company plans to distribute a cash dividend of 1.0 yuan per 10 shares and convert 1 share for every 10 shares from capital reserves, indicating a commitment to investor returns despite performance pressures [1] Industry Environment - The domestic photovoltaic market in 2024 showed a mixed scenario, with new photovoltaic installations reaching 278 GW, a year-on-year increase of 28%, while prices in the industry chain significantly dropped (silicon material down 41%, components down 31%), putting pressure on profitability [1] - The semiconductor industry in China is experiencing growth, with a projected sales increase of 18.3% in 2024, positioning China as the largest semiconductor equipment market globally [2] - The wind power sector also saw significant growth, with new installations of 86.99 GW in 2024, a year-on-year increase of 9.6%, marking a historical high [2] Company Strategy and Development - The company is diversifying its business to achieve stable growth, focusing on high-end equipment components across various sectors, including wind power and semiconductors [3] - The company emphasizes precision management to reduce costs and improve efficiency, while also investing in new facilities and advanced equipment to expand production capacity [4] - The company has established a rapid response mechanism for customer service, enhancing customer loyalty through customized solutions [4] Innovation and R&D - The company holds 40 patents as of the end of 2023, with 6 new patents added in the first half of 2024, showcasing its commitment to technological innovation [4] - The company is focusing on developing new materials and expanding high-end products in wind power and semiconductor fields as part of its product strategy [5] Future Outlook - The company aims to accelerate development through four core tasks in 2025, including increasing R&D investment, advancing digital factory construction, and enhancing talent development [6] - The company is positioning itself to achieve breakthroughs in high-end equipment sectors, striving to create greater value for shareholders [6]