(活力中国调研行)青海东部小村观"花海"走"花路" 中新网青海海北7月23日电 题：青海东部小村观"花海"走"花路" 作者 潘雨洁 韩仪 午间，边麻沟花海天气晴朗，青海省西宁市大通县青少年活动中心的几十名小学生正坐在草地边写生。 顺着他们的视角看去，目之所及绿意正浓，远处满山葱郁、树木成荫，眼前五颜六色的花圃仿佛打翻的 调色盘，生机盎然尽收眼底。 边麻沟花海景区位于青藏高原与黄土高原的中心地带、青海省东部大通回族土族自治县的朔北藏族乡边 麻沟村。该村距离县城14公里，海拔2700米，汉、藏、土等民族聚居。 花海间，土族村民张生莲正在招待帐篷里的游客。"已经上几年班了，每月能挣四千多元(人民币，下 同)，这里离家近、照顾孩子方便，我还介绍了亲戚邻居一起来。"她说。 "目前，景区设置固定岗位近120个、临时工日均50人左右，带动本乡及周边乡镇村民就近就业。"边麻 沟花海景区总经理李振海介绍。 "一半以上的村民都在县城买了房，精气神与从前不一样。"在李振海看来，"花海'打卡'的不仅是游客眼 中的风景，更是村民们的幸福生活。" 百公里之外，海北藏族自治州门源回族自治县的油菜花海吸引游客驻足拍照。再过两月，万亩花田将迎 ...

Group 1 - The core viewpoint of the article highlights the regional dependency of Laoxiangji, with nearly half of its stores located in Anhui and 86% in East China, while the effectiveness of its expansion outside the province has not met expectations [1][4]. Group 2 - The Chinese fast food market has reached a scale of 277 billion yuan in 2024, with an annual growth rate of approximately 10%, but the industry concentration is very low (CR5 only 3%). Laoxiangji holds a 0.9% market share, ranking first in the Chinese fast food sector, with its full industry chain model (breeding + central kitchen + distribution) being its core advantage [2]. - Laoxiangji's gross profit margin of 23.4% is significantly lower than its peers (Xiaocaiyuan at 65%, Xiangcunji at 56%), and the average transaction price has decreased from 29.7 yuan to 28 yuan, reflecting profit pressure [3]. Group 3 - Laoxiangji is making its fifth attempt to go public, planning to raise 150 million USD in the Hong Kong stock market. The projected revenue for 2024 is 6.288 billion yuan, with a net profit of 409 million yuan, but the growth rate is slowing (net profit growth of 3.38% in the first three quarters of 2024) [4]. - The regional dependency is evident, with 48% of stores located in Anhui and 86% in East China, while the effectiveness of expansion outside the province is low. Previous IPO attempts failed mainly due to profitability issues and regional dependency [4]. Group 4 - A comparative analysis shows Laoxiangji's gross profit margin at 23.4% (2024) compared to Xiaocaiyuan's 65%+ and Xiangcunji's 56%+. Laoxiangji has a franchise store ratio of 42% (653 stores), while Xiangcunji opened franchises for the first time in 2024 [5]. - Laoxiangji's single-store efficiency shows a turnover rate of 4.8 for direct stores and 3.6 for franchise stores, while Xiaocaiyuan has an overall turnover rate of 3.0 [5]. Group 5 - Key challenges include profitability issues, with the full industry chain increasing costs (raw materials accounting for over 37%), and franchise stores showing rapid growth (222.7% increase in 2024) but contributing less than 20% to revenue [5]. - Governance risks are present, as Laoxiangji is viewed as a "typical family business," with the Shu family holding 91.32% of shares. The founder, Shu Congxuan, despite not holding shares, has a "veto power," raising concerns about decision-making independence [6].

Core Insights - The "North Cattle South Transport Fresh Meat into Guangdong" brand launch event for Inner Mongolia's fresh beef industry took place in Shenzhen, resulting in over 10.7 billion yuan in signed contracts [1] - Ordos City, a key area for consumption assistance, signed 3.5 billion yuan in orders, leading the event in contract value [1] Group 1: Sales and Contracts - From March to May this year, Ordos City engaged in multiple sales meetings in Shenzhen, resulting in significant contracts including a 2 billion yuan agreement for 100,000 cattle with Guangdong's Yuehai Foods [3] - The total signed contracts included 10 billion yuan in intent orders for 50,000 cattle with Guangdong Shenglong Cattle Industry Group and 5 billion yuan for other cold chain products [3] - The first batch of over 1,000 live cattle is set to be shipped to Shenzhen, with an initial cold chain shipment valued at 1 million yuan already delivered [3] Group 2: Industry Development and Collaboration - Ordos City has been actively promoting consumption assistance and signed 1.945 billion yuan in agreements in April, leveraging the "North Cattle South Transport" project to enhance collaboration between key cities and production areas [4] - The initiative aims to connect local agricultural products with the high-quality food demands of the Guangdong-Hong Kong-Macao Greater Bay Area, benefiting both consumers and local farmers [4] - The collaboration is expected to stabilize sales channels for northern agricultural enterprises, promote standardized development, and enhance local industry through the introduction of advanced processing and logistics practices from the Greater Bay Area [5] Group 3: Strategic Goals and Future Plans - The Ordos City government plans to explore order-based breeding cooperation with Yuehai Foods, encouraging farmers to raise high-quality cattle to promote rural revitalization [5] - The partnership aims to create a full industry chain model from pasture to table, ensuring high-quality and safe meat products for consumers in the Greater Bay Area [5] - The collaboration is designed to establish a beneficial cycle that connects production and sales, ultimately increasing income for farmers and rural collectives [4]

Core Viewpoint - The Chinese fast food giant, Laoxiangji, has officially initiated a key step towards its Hong Kong IPO, marking a significant milestone in its journey to become the first publicly listed Chinese fast food company [1][2]. Group 1: IPO Process and Financials - Laoxiangji's non-deal roadshow (NDR) commenced on July 9, transitioning from the listing material review phase to investor communication, with an expected IPO scale of approximately $150 million (about 1.08 billion RMB) [1]. - The company submitted its prospectus to the Hong Kong Stock Exchange under the name "LXJ International Holdings Limited" on January 3, 2025, and has repurchased shares from early financial investors, fully exiting them from the company [2]. - Financial indicators show revenue growth from 4.528 billion RMB in 2022 to 5.651 billion RMB in 2023, with adjusted net profit increasing from 268 million RMB to 403 million RMB [3]. Group 2: Business Model and Competitive Advantage - Laoxiangji's core competitiveness lies in its unique full industry chain layout, which includes self-operated chicken farms, automated central kitchens, and a nationwide distribution network [2]. - The company is the only Chinese fast food enterprise covering chicken farming, central kitchen processing, and restaurant services, creating a competitive barrier through effective food safety and quality assurance [2]. Group 3: Growth Challenges and Market Dynamics - Despite strong user engagement, with over 23.7 million registered members and a significant increase in franchise stores, Laoxiangji faces challenges in regional expansion and efficiency in its franchise model [5][6]. - The company’s revenue concentration in the East China region, particularly Anhui, which contributes 87% of total revenue, poses a risk to its national growth strategy [8]. - The fast food market is highly competitive, with a projected market size of 277 billion RMB in 2024, and Laoxiangji's gross margin is under pressure at just over 20% [7][8]. Group 4: Strategic Outlook and Future Prospects - The upcoming IPO is not only a financing opportunity but also a strategic move to alleviate cash flow pressures and enhance the company's financial structure [8]. - If successful, Laoxiangji aims to replicate the capital path of other fast food brands and leverage its full industry chain capabilities to integrate smaller regional brands [9]. - The company’s leadership transition to the founder's son, who faces significant challenges in regional balance, franchise efficiency, and innovation, will be critical for future growth [8][9].

Core Insights - Yunnan province is recognized as a "hidden champion" in the development of traditional Chinese medicine (TCM), with a significant increase in medicinal herb cultivation and production [2][4] - The province has the largest area of medicinal herb cultivation in China, reaching 10.92 million acres and producing 1.7 million tons, with a total industry value exceeding 180 billion yuan [2][4] - Yunnan's unique geographical and climatic conditions contribute to its rich biodiversity, making it a global ecological treasure trove for medicinal plants [5][6] Industry Overview - Yunnan is home to over 8,875 types of medicinal resources, accounting for more than half of the national total, and 70% of over 5,000 types of Chinese patent medicines rely on Yunnan's raw materials [4][5] - The province's medicinal herb industry is transitioning from a resource-based model to an industrial engine, driven by historical significance and modern advancements [4][6] Market Dynamics - The medicinal herb industry in Yunnan is evolving towards deep processing, forming a complete industrial chain from cultivation to sales [15][18] - The introduction of GAP (Good Agricultural Practices) and technology such as gene editing is enhancing the quality and yield of medicinal herbs, moving from traditional farming to precision agriculture [17][18] Product Innovation - The emergence of products like Matsutake mushroom seasoning reflects a shift towards health-conscious consumer trends and the transformation of seasonal products into year-round offerings [9][14] - The Matsutake mushroom, which thrives in Yunnan's pristine environment, has significant health benefits and is increasingly being processed into various products to meet market demand [8][14] Strategic Positioning - Yunnan's geographical location as a gateway to South Asia and Southeast Asia enhances its strategic importance, especially with initiatives like the Belt and Road Initiative and RCEP [22][23] - The 9th China-South Asia Expo showcased Yunnan's medicinal herb resources, aiming to attract domestic and international investment for high-quality development in the TCM industry [22][23] Future Outlook - With the dual opportunities presented by the "Healthy China" strategy and the global interest in TCM, Yunnan has the potential to establish itself as a global hub for the TCM industry, setting a "Yunnan Standard" in the health consumption landscape [23]

Core Insights - The opening of the self-operated supermarket "Pinshang Life" by Qingmei Group in Changning District, Shanghai, is set to provide fresh and affordable food products directly to consumers without any membership fees [1][10]. Group 1: Business Model and Offerings - "Pinshang Life" operates on a full industry chain model, ensuring seamless integration from production to retail, which eliminates middlemen and enhances food safety and traceability [3]. - The supermarket boasts a large area of 5000m² and is backed by Qingmei Group's extensive resources, including 11,000 acres of self-operated farms and 500,000 acres of designated planting bases [10]. Group 2: Promotional Activities - To celebrate the grand opening, Qingmei Group is offering three major promotions, including free eggs for customers who engage on social media, a guaranteed prize draw for purchases over 158 yuan, and significant discounts on a wide range of products [4][5][6]. - The promotional pricing includes competitive offers such as roasted duck for 19.9 yuan each and organic milk at 29.9 yuan for 12 bottles, aiming to reshape consumer perceptions of Shanghai's high living costs [8]. Group 3: Commitment to Freshness and Safety - The supermarket emphasizes its commitment to freshness, safety, and affordability, with a promise of delivering products within two hours from local sources [10]. - The operational infrastructure includes 600 refrigerated logistics vehicles and a 350,000 square meter intelligent factory, ensuring a controlled supply chain from farm to table [10].

Core Viewpoint - The visit of diplomats from 13 countries to Liaoning Petrochemical highlights China's advancements in the petrochemical industry, focusing on high-end, intelligent, and green transformation practices [1][3]. Group 1: Industry Development - Liaoning is one of China's seven major petrochemical industry bases, with Dalian Changxing Island being a representative site for the development of the northeastern petrochemical industry [1]. - The Hengli Petrochemical Industrial Park exemplifies a complete industrial chain model, connecting refining to chemical production, showcasing a "from a drop of oil to a piece of cloth" approach [1]. - The region is actively promoting the development of high-value-added industries such as fine chemicals and new chemical materials to address the challenges of the petrochemical sector [4][6]. Group 2: Environmental Practices - The visit included a tour of a wastewater treatment facility, demonstrating the integration of modern industrial practices with environmental protection, featuring advanced technologies that purify wastewater to a chemical oxygen demand of below 15 mg/L [3][4]. - The facility's design incorporates green spaces and showcases the use of treated water for ecological purposes, reflecting a commitment to sustainable practices [3][4]. Group 3: International Cooperation - The visit fostered discussions on deepening cooperation between China and countries like Argentina and Pakistan in the petrochemical sector, with diplomats expressing interest in China's achievements and potential collaboration opportunities [3][8]. - The ongoing project between Saudi Aramco and Chinese enterprises, with an investment of 83.7 billion yuan, signifies the importance of international partnerships in the evolving petrochemical landscape [8].

Group 1 - The core event is a promotional activity by Shengjian Goat Milk, targeting consumers aged 35 and above, offering 66 lucky winners a "pension" in the form of physical gold worth 3000 yuan [1] - Shengjian Goat Milk, established in 2016, has rapidly become a leading brand in China's goat milk industry, utilizing a full industry chain model from grass to milk [4] - The company operates a "Shengjian Grass Cube Digital Fresh Grass Factory," producing 5 tons of high-nutrition organic fresh grass daily, enhancing nutritional value by 1.4-1.8 times compared to traditional grass [4] Group 2 - Shengjian Goat Milk employs advanced high-pressure low-temperature spray drying technology to ensure product quality, with its organic goat milk powder recognized for its low GI and high calcium content [6] - The goat milk powder market in China is growing at an annual rate of 18%, with expectations to exceed 35 billion yuan by 2028, driven by rising consumer demands for quality and safety [6] - Shengjian Goat Milk's full industry chain model effectively integrates resources, reducing production costs while maintaining strict quality control, meeting consumer demands for high-quality goat milk products [6] Group 3 - The promotional initiative by Shengjian Goat Milk sets a new benchmark for the industry, encouraging other companies to adopt similar full industry chain models and invest in product development and consumer services [7] - The growth of the goat milk industry is expected to contribute to rural revitalization and green agriculture, facilitating significant advancements in the sector [7]

Group 1 - The core viewpoint of the article highlights the intense competition in the sheep milk industry, with Shengjian Sheep Milk's innovative marketing strategy successfully capturing market attention through a promotional campaign linked to "pension" benefits [1][3][6] - The sheep milk powder market in China reached a scale of 16.7 billion yuan in 2023, growing at an annual rate of over 15%, and is expected to exceed 35 billion yuan by 2028 [3] - Shengjian Sheep Milk has established itself as a leading brand in the sheep milk industry since its founding in 2016, utilizing a full industry chain model that enhances product quality and consumer trust [3][5] Group 2 - The company employs advanced production techniques, including high-pressure low-temperature spray drying, ensuring high product quality, with its organic pure sheep milk powder recognized for its nutritional benefits [5] - The "pension" giveaway campaign not only serves as a successful brand breakthrough but also provides a new approach for the industry, emphasizing the importance of consumer-centric strategies in marketing [6]

Investment Rating - The report assigns a "Buy" rating for China Hongqiao Group, with a target price of HKD 17.0, based on a 7x P/E ratio for 2025 [4][10][12]. Core Views - China Hongqiao is a global leader in the aluminum industry, with a strong focus on integrated operations that create a competitive advantage and a high dividend payout history [8][10]. - The company has a robust supply chain, ensuring stable costs for its electrolytic aluminum segment through ownership of bauxite and alumina resources [2][10]. - The strategic move towards high-end, low-carbon development through recycling and advanced aluminum processing is expected to enhance profitability [2][10]. Summary by Sections Company Overview - China Hongqiao operates across the entire aluminum value chain, including power generation, mining, alumina, electrolytic aluminum, and aluminum processing, with significant production bases in Indonesia and various locations in China [8][16]. - The company has a stable ownership structure, with the Zhang family controlling approximately 65.53% of the equity [8][22]. Financial Performance - The company reported total revenue of HKD 156.17 billion for 2024, with a year-on-year growth of 14.7%, and a net profit of HKD 22.37 billion, reflecting a 95.2% increase [4][25]. - The average cost of electrolytic aluminum production is competitive at approximately HKD 13,232 per ton, benefiting from self-sufficient energy and raw material sources [8][10]. Production Capacity and Market Position - China Hongqiao has a total alumina production capacity of 21 million tons and an electrolytic aluminum capacity of 6.46 million tons, making it one of the largest producers globally [8][45]. - The company is actively expanding its recycling capabilities, with plans to establish a joint venture for recycling 500,000 tons of aluminum per year [2][10]. Future Growth Prospects - The company is set to benefit from the Simandou iron ore project in Guinea, which is expected to contribute significantly to its earnings starting in 2026 [9][10]. - Projections indicate that net profits will reach HKD 20.77 billion, HKD 22.38 billion, and HKD 23.45 billion for 2025, 2026, and 2027, respectively [10][12].