刚预计今年全年净利润下降，三得利就紧接着宣布多款产品明年涨价。 近日，南都湾财社-酒水新消费指数课题组记者注意到，酒水及饮料巨头三得利发布公告，表示将于 2026年4月1日起，对旗下187款产品进行价格调整，其中酒类方面，涉及品类包括威士忌、烧酒和进口 葡萄酒等。另外，前述提价主要针对产品的建议零售价，而非出厂价。 值得注意的是，今年4月三得利已经对旗下234款产品进行提价，上述提价正式落地，意味着三得利已完 成旗下全品类产品的涨价。 南都湾财社记者留意到，三得利的威士忌品牌山崎、白州、响的提价备受关注，这三个品牌涨价幅度在 5.6%至15.3%之间，其中高年份的响30年、山崎25年和白州25年，建议零售价都被提高至人民币约 20777元/瓶(未特别标注，单位均为人民币)，涨幅约2753.5元。据了解，这三款高年份产品在2024年大 幅提价125%之后，价格再一次上调。与此同时，山崎18年、白州18年以及响21年，这三款产品零售价 提高约300.5元/瓶，建议零售价达到约3055.46元/瓶。 对于本次涨价，三得利方面表示，主要是包材等原材料价格上调及进货成本提高，"仅凭借公司自身的 努力无法消化该成本，因此 ...

Core Viewpoint - Nanchao Food, known as "China's first baking oil stock," reported a decline in both revenue and net profit for October, primarily due to rising raw material costs [1] Financial Performance - The company's consolidated revenue for October was 235 million yuan, a year-on-year decrease of 5.27% [1] - The net profit attributable to shareholders was 1.7053 million yuan, down 82.28% year-on-year [1] - For the first three quarters of 2025, the company reported a revenue of 2.268 billion yuan, a decline of 1.6% year-on-year, and a net profit of 28.82 million yuan, down 80.82% from the previous year [5][6] Operational Challenges - The company faced significant pressure on profit margins as the increase in product prices lagged behind the rise in raw material costs, leading to a substantial decline in overall profit levels [7] - The operating cash flow decreased dramatically by 102.60% to -4.7778 million yuan compared to the same period last year [7] Market Reaction - As of November 20, the company's stock price fell by 9.37% to 19.05 yuan per share, with a total market capitalization of approximately 8.083 billion yuan [7]

Core Viewpoint - The company, Yabao Pharmaceutical, is selling 62% of its stake in its loss-making subsidiary, Taiyuan Pharmaceutical, to Shanxi Tongxiang Times Technology, which will result in a significant reduction of the company's financial burden and improve its operational efficiency [1][2][3]. Group 1: Sale of Loss-Making Subsidiary - Taiyuan Pharmaceutical, established in 2003, has been a significant production subsidiary for Yabao Pharmaceutical, but it has not produced any products since August 2024 and has incurred substantial losses [2][4]. - The sale involves transferring 62% of Taiyuan Pharmaceutical's shares for 87.19 million yuan, after which Yabao will retain only a 5% stake, and Taiyuan will no longer be included in Yabao's consolidated financial statements [2][3]. - This transaction is expected to enhance Yabao's profits by approximately 59 million yuan in 2025 [2]. Group 2: Financial Performance and Challenges - Yabao Pharmaceutical's revenue for 2024 was 2.686 billion yuan, a decrease of 7.69% year-on-year, primarily due to declining sales of key products [4]. - In the first three quarters of 2025, Yabao reported revenues of 1.709 billion yuan, down 19.46% year-on-year, and a net profit of 215 million yuan, down 8.44% [4]. - The decline in performance is attributed to the termination of the SY-009 research project and a decrease in sales of core products [4][6]. Group 3: Research and Development Setbacks - SY-009, a drug intended for type 2 diabetes treatment, was under clinical trials but was terminated due to unsatisfactory results, leading to a full impairment of its capitalized development costs amounting to 55.79 million yuan [5][6]. - The decision to halt SY-009's development reflects the company's cautious approach to managing its financial resources amid ongoing performance challenges [6].

来源：深交所 标的曾因信披财务失真IPO撤单 11月17日，嘉戎技术（301148.SZ）午间公告，公司正在筹划以发行股份等方式购买杭州蓝然技术股份有限公司（以下简称"杭州蓝然"） 控制权事项，同时拟募集配套资金，预计本次交易可能构成重大资产重组。 本次拟并购标的杭州蓝然曾因信披失真、财务内控违规吃到监管函而IPO折戟。另一方面，作为收购方的嘉戎技术也麻烦缠身：上市三年 核心募投项目一再延期，投资进度不足五成；公司营收连续下滑，归母净利润远未回升至上市前高点。 一边是标的历史合规污点待解，一边是自身经营承压，嘉戎技术的并购自救之路布满迷雾。 二、未如实披露研发费用核算不准确、财务内控不规范等情形。一是杭州蓝然将应计入营业成本的支出计入研发费用，导致报告期各期毛 利率分别多计1.26%、1.55%、2.18%和1.51%。二是公司存在使用个人卡代垫销售费用、将销售费用计入其他科目的情形，导致2021年、 2022年1-6月销售费用分别少计127.01万元、94.3万元。三是公司对于2021年以前的年度收入确认存在的错误，未采取会计差错更正方式进 行处理，而是采用跨年度反结账的方式调整收入确认时点。 值得一提的是 ...

Core Viewpoint - The stock of Hefei (China) Medical Technology Co., Ltd. has experienced a significant surge, with 12 out of 14 trading days resulting in price limits, leading to a suspension for verification due to a stark divergence from the company's financial performance [1][2]. Financial Performance - Hefei China's revenue has declined from a peak of 1.28 billion yuan in 2022 to an estimated 1.093 billion yuan in 2023, representing a year-on-year decrease of 22.8% to 549 million yuan in the first three quarters [3][4]. - The net profit attributable to shareholders has also dropped significantly, falling by 42.96% to 47.19 million yuan in 2023, with a projected further decline of 41.58% to 27.57 million yuan in 2024 [3][4]. - The company reported a net loss of 12.39 million yuan in the first three quarters of 2023, with a dramatic decline of 225.26% in the third quarter [3][4]. Stock Performance and Market Reaction - The stock price fluctuated between 6-7 yuan per share until a surge began on October 28, reaching 23.8 yuan per share by November 14, marking a cumulative increase of 256.29% [1][2]. - The trading volume saw a high turnover rate of 28.48% on November 14, indicating speculative trading behavior [2][5]. - The static price-to-earnings ratio reached 343.67 times, significantly higher than the industry average of 30.94 times, suggesting a severe overvaluation risk [6]. Business Strategy and Adjustments - In response to declining revenue, the company is actively adjusting its business strategy, focusing on the development of proprietary products and expanding its market development team [4]. - The company aims to diversify its business beyond the current procurement model to ensure sustainable growth, particularly through the ACME project [4].

人民同泰公告称，公司股票于2025年11月14日、17日连续2日涨幅偏离值累计达20%，属异常波动。11 月10 - 17日，公司股票连续6日涨停，累计涨幅77.21%，换手率波动大，股价涨幅高于同期行业指数及 上证指数。截至11月14日，公司滚动市盈率73.64，远高于行业的18.91。2025年前三季度，公司营收 784,592.89万元，同比增2.19%；净利润11,187.65万元，同比降45.69%。经核实，不存在应披露未披露 重大事项，相关人员在此期间无买卖公司股票情况。 ...

Core Insights - Dali Food Group has completed a smooth generational transition with Xu Yangyang, daughter of founder Xu Shihui, officially taking over as president [1][6] - The company, which generates nearly 20 billion yuan in annual revenue, is facing challenges with declining performance in recent years [6][8] Company Overview - Founded in 1989 by Xu Shihui in Quanzhou, Fujian, Dali Food started with a second-hand biscuit production line and a factory rented for 300 yuan per month [2][4] - Dali Food has established several well-known brands, including Dali Garden, Haochidian, and Kabi, and operates in multiple sectors such as cakes, biscuits, chips, and beverages [4] Financial Performance - From 2016 to 2019, Dali Food's revenue grew from 17.84 billion yuan to 21.38 billion yuan [4] - However, revenue figures for 2020 to 2022 show a decline, with revenues of 20.96 billion yuan, 22.29 billion yuan, and 19.96 billion yuan respectively, alongside decreasing net profits [6][8] Leadership Transition - Xu Yangyang has been with the company for 17 years, progressing through various roles before becoming executive director and vice president in 2014 [6] - She played a key role in Dali Food's IPO in Hong Kong, which was the largest in the global consumer goods sector that year [6] Market Position and Challenges - Dali Food's stock price has significantly declined since its IPO, leading to its privatization in 2023 [8] - The company is still a prominent player in various rankings, with projected revenues of 18.86 billion yuan and 18.07 billion yuan for 2023 and 2024 respectively [8] - The new leadership under Xu Yangyang is expected to focus on digitalization, youth engagement, and international expansion to address market changes [8]

每经编辑｜段炼 11月15日消息，国内食品行业巨头达利食品集团，完成二代接班。 据"福建发布"消息，日前，达利食品集团宣布，创始人许世辉之女许阳阳正式接任集团总裁，全面接手企业管理运营。这家年营收近200亿元的食品巨 头，完成了平稳的代际交接。 月租300元厂房 干到年收入200亿元巨头 公开资料显示，1958年出生的许世辉，现任达利食品集团董事长。他于1989年，在福建泉州创立了达利食品的前身"惠安美利食品厂"。 许世辉，图源"达利食品集团"微信公众号 公司从一条二手饼干生产线、一间月租300元的厂房起步，迄今已有36年历史，其拥有达利园、好吃点、可比克、和其正、乐虎等国民品牌，卡位蛋黄 派、饼干、薯片、凉茶、功能饮料等多个赛道。 2016年至2019年，达利食品的营收从178.42亿元增长至213.75亿元。背靠闷声赚钱的达利食品，许世辉家族在2016年到2019年蝉联胡润百富榜福建首富。 在福布斯"2018年全球亿万富豪榜"中，许世辉家族甚至超越娃哈哈宗庆后家族，成为中国食品业首富。据2025胡润榜，许世辉家族财富，高达530亿元， 其中，许阳阳与母亲陈丽玲，身家为260亿元，是福建女首富。 | | | ...

Core Viewpoint - The company has experienced a significant stock price increase, with a cumulative rise of 61.13% over five consecutive trading days, while the Shanghai Composite Index has decreased by 0.18% during the same period [1] Financial Performance - For the first three quarters of 2025, the company's revenue reached 784,592.89 thousand yuan, reflecting a year-on-year growth of 2.19% [1] - The net profit for the same period was 11,187.65 thousand yuan, showing a year-on-year decline of 45.69% [1] Valuation Metrics - As of November 13, the company's rolling price-to-earnings (P/E) ratio stood at 66.92, which is significantly higher than the industry average of 18.77 [1] Market Conditions - The company has indicated that its stock price has deviated significantly from its fundamentals, highlighting concerns over market overheating, irrational speculation, declining performance, and high valuation [1]

Core Viewpoint - The company has experienced a significant stock price increase, raising concerns about market overheating and irrational speculation, especially given its declining performance metrics [1] Financial Performance - For the first three quarters of 2025, the company reported revenue of 784,592.89 million, reflecting a year-on-year increase of 2.19% [1] - The net profit for the same period was 11,187.65 million, showing a year-on-year decline of 45.69% [1] Stock Performance - From November 10 to 14, 2025, the company's stock price hit the daily limit for five consecutive trading days, resulting in a cumulative increase of 61.13% [1] - During the same period, the Shanghai Composite Index decreased by 0.18%, while the pharmaceutical commercial sector (Shenwan) increased by 5.66% [1] Valuation Metrics - As of November 13, 2025, the company's rolling price-to-earnings ratio stood at 66.92, significantly higher than the industry average of 18.77 [1]