9月22日，贝因美盘中下跌2.00%，截至09:49，报6.37元/股，成交7610.86万元，换手率1.10%，总市值 68.80亿元。 资金流向方面，主力资金净流出602.98万元，特大单买入247.59万元，占比3.25%，卖出268.92万元，占 比3.53%；大单买入678.09万元，占比8.91%，卖出1259.74万元，占比16.55%。 机构持仓方面，截止2025年6月30日，贝因美十大流通股东中，香港中央结算有限公司位居第五大流通 股东，持股482.07万股，为新进股东。天弘中证食品饮料ETF（159736）位居第六大流通股东，持股 374.96万股，为新进股东。 责任编辑：小浪快报 资料显示，贝因美股份有限公司位于浙江省杭州市滨江区伟业路1号10幢，成立日期1999年4月27日，上 市日期2011年4月12日，公司主营业务涉及从事婴幼儿食品、奶基营养品的研发、生产和销售。主营业 务收入构成为：奶粉类89.20%，其他类5.55%，米粉类3.54%，用品类1.71%。 贝因美所属申万行业为：食品饮料-饮料乳品-乳品。所属概念板块包括：宠物经济、新零售、网红经 济、小盘、跨境电商等。 截至6月 ...

Core Insights - The franchise market in China is experiencing explosive growth in 2025, transitioning from a phase of reckless expansion to one focused on refined operations and digital empowerment [1] - The hard discount market surpassed 200 billion yuan in 2024, while the restaurant chain rate exceeded 49%, indicating a shift towards brand-oriented and digitalized franchise operations [1] - The franchise industry faces both opportunities from policy support and consumer upgrades, as well as challenges from intensified competition and compliance requirements [1] Franchise Market Trends - The emergence of professional and super franchisees is notable, with over 30% of participants at the 2025 Beijing exhibition being experienced investors and institutional investors [1] - Super franchisees typically manage more than five stores, generating annual revenues exceeding 10 million yuan, and possess strong market insight and diverse marketing channels [1] Restaurant Sector Highlights - Pointing to the success of "Dian Ti Lei Jiao Pig's Foot Rice," which ranks first in the 2025 annual top 10 fast food franchise brands, the brand offers a unique dining experience with a "0 yuan franchise fee" and a gross profit margin of 60% [2] - "Shu Yi Shu Er Spicy Noodle" stands out with a mere 3% closure rate amidst a 56% closure rate in the restaurant industry, appealing to small investors with low risk and high return [4] - "Tasting China Hamburger" is recognized for its localized innovation in Western fast food, boasting over 8,000 stores nationwide, nearing KFC's scale [5] Retail Sector Developments - "Super Box NB" offers two franchise models, ensuring product cost advantages through direct factory connections and self-pricing, with a 60% share of private label products [8] - "Ji Xiao Guo Fruit Store" leverages smart store systems to provide a competitive platform for entrepreneurs, enhancing customer experience through intelligent services [9] Service Sector Innovations - Community smart health services provide integrated solutions for elderly care, with a 25% annual return rate on a 500,000 yuan investment [12] - The rental of new energy light logistics vehicles aligns with national carbon neutrality policies, offering lower operational costs compared to fuel vehicles [13] Emerging Franchise Opportunities - The pet service sector is gaining traction, with "Chong Pang Pang" opening its first store in Shanghai, combining shopping, experience, and social interaction [14] - The cultural and entertainment sector is witnessing accelerated growth, with various categories like sports, KTV, and internet cafes thriving [16] Strategic Recommendations for Franchisees - New entrepreneurs are advised to choose brands with low investment thresholds, standardized operations, and comprehensive training support, such as "0 yuan franchise fee" models [17] - Experienced investors may consider becoming super franchisees to achieve economies of scale [17] - Precise site selection and digital operations are critical for success, with brands like "Shu Yi Shu Er" utilizing data-driven models to avoid common pitfalls [18] Risk Management and Success Factors - Franchisees should prioritize brands with third-party audit reports and transparent operational metrics to mitigate risks [20] - Continuous learning and adaptation to local market conditions are essential for franchise success, emphasizing the importance of operational efficiency and customer loyalty [24][25] - The future of the franchise market will depend on the ability to cultivate capable super franchisees and maintain quality control and service standards [27]

Group 1: Investment and Business Strategy - The company has invested in the Chuang Dongfang Houze Fund, focusing on hard technology fields aligned with its "1+3+N" strategy, including automotive electrification and intelligent sensors [1][2] - The fund has made significant investments in projects such as RISC-V CPU chip development and leading companies in RF front-end modules and lightweight automotive components, indicating a strong growth trajectory [2] - The company aims to expand its business scope and accelerate innovation through participation in the fund, enhancing strategic collaboration [2] Group 2: Product Development and Innovation - The company showcased its Smart Bed 2.0 system at the 2025 Tencent Global Digital Ecosystem Conference, featuring medical-grade sensing technology for health monitoring [2][3] - The company is actively developing products in the pet technology sector, including smart aquariums and pet feeders, capitalizing on the growing pet economy [3][4] - The automotive electronics segment has seen significant growth, with marketing revenue reaching CNY 92.93 million, a 151.34% increase year-on-year [4] Group 3: Financial Performance and Revenue Growth - The company reported a revenue of CNY 504.28 million from home appliance smart controllers, a 9.57% increase year-on-year [4] - New business segments, including medical health and robotics, contributed CNY 161.06 million in revenue, reflecting a 49.18% year-on-year growth [4] - As of August 31, 2025, the company repurchased 223,000 shares, representing 0.22% of its total share capital [6][8] Group 4: Market Expansion and Internationalization - The Vietnam production base has reached saturation and is undergoing capacity expansion to support international market growth [5][6] - The company is committed to enhancing its global market influence through strategic international partnerships and operational efficiency improvements [6][7] Group 5: Shareholder Communication and Market Performance - The company emphasizes the importance of shareholder returns and is focused on improving operational performance to enhance intrinsic value [7][8] - The stock price is influenced by various factors, including macroeconomic conditions and market sentiment, leading to volatility [7][8] - The company plans to maintain open communication with investors through regular reports and performance briefings [8]

Core Viewpoint - Beiyinmei's stock has experienced fluctuations, with a year-to-date increase of 54.63% but a recent decline in the last five and twenty trading days [1][2]. Financial Performance - For the first half of 2025, Beiyinmei reported revenue of 1.355 billion yuan, a year-on-year decrease of 4.37%, while net profit attributable to shareholders increased by 43.68% to 74.05 million yuan [2]. - The company has cumulatively distributed 961 million yuan in dividends since its A-share listing, with no dividends paid in the last three years [3]. Stock Market Activity - As of September 19, Beiyinmei's stock price was 6.51 yuan per share, with a market capitalization of 7.031 billion yuan [1]. - The stock has seen significant trading activity, with 24 appearances on the "Dragon and Tiger List" this year, indicating notable buying and selling activity [1]. Shareholder Information - As of June 30, 2025, Beiyinmei had 143,300 shareholders, an increase of 26.40% from the previous period, with an average of 7,538 shares held per shareholder, down by 20.89% [2][3]. - New significant shareholders include Hong Kong Central Clearing Limited and Tianhong Zhongzheng Food and Beverage ETF, indicating growing institutional interest [3]. Business Overview - Beiyinmei, established in 1999 and listed in 2011, specializes in the research, production, and sales of infant food and milk-based nutritional products, with 89.20% of its revenue coming from milk powder [1][2].

Company Overview - Dongfulong Technology Group Co., Ltd. is located at 1509 Duhui Road, Minhang District, Shanghai, established on December 25, 1993, and listed on February 1, 2011 [1] - The company specializes in the research, design, production, sales, and service of medical freeze-dryers and freeze-drying systems [1] Financial Performance - As of June 30, 2025, Dongfulong achieved operating revenue of 2.429 billion yuan, a year-on-year increase of 6.01% [2] - The net profit attributable to shareholders was 45.92 million yuan, a year-on-year decrease of 59.71% [2] - Cumulative cash dividends since the A-share listing amount to 1.782 billion yuan, with 512 million yuan distributed over the past three years [3] Stock Performance - On September 19, Dongfulong's stock price fell by 2.06%, trading at 14.26 yuan per share, with a total market capitalization of 10.921 billion yuan [1] - Year-to-date, the stock price has increased by 8.00%, but it has decreased by 0.42% over the last five trading days and by 7.34% over the last 20 days [1] - The stock's trading volume on September 19 was 63.97 million yuan, with a turnover rate of 0.79% [1] Shareholder Information - As of June 30, 2025, the number of shareholders increased to 32,100, a rise of 2.35% from the previous period [2] - The average circulating shares per person decreased by 2.30% to 17,526 shares [2] - The top ten circulating shareholders include Hong Kong Central Clearing Limited, which holds 7.3336 million shares, a decrease of 2.1354 million shares from the previous period [3]

Core Viewpoint - The company, Zhiyou Technology, is experiencing a decline in stock price and has a significant overseas revenue share, benefiting from the depreciation of the RMB. Group 1: Company Performance - On September 18, Zhiyou Technology's stock fell by 2.50%, with a trading volume of 98.86 million yuan and a market capitalization of 7.987 billion yuan [1] - For the first half of 2025, the company achieved a revenue of 4.044 billion yuan, representing a year-on-year growth of 8.68%, and a net profit of 190 million yuan, up 11.03% year-on-year [8] - The company has established a cross-border e-commerce logistics system with self-operated warehouses in Germany and the United States, enhancing operational efficiency and customer satisfaction [2][3] Group 2: Product and Market Strategy - Zhiyou Technology's product lines include outdoor furniture, leisure products, and pet-related items, with a focus on the pet economy and cross-border e-commerce [2][3] - The company collaborates with influencers on platforms like TikTok to promote its products, although current sales contributions from these efforts are relatively small [2] - As of the 2024 annual report, overseas revenue accounts for 98.88% of total revenue, benefiting from the depreciation of the RMB [3] Group 3: Shareholder and Market Dynamics - As of June 30, 2025, the number of shareholders increased by 26.05% to 11,300, while the average circulating shares per person decreased by 20.35% [8] - The stock's average trading cost is 19.29 yuan, with the current price approaching a resistance level of 20.00 yuan, indicating potential for upward movement if the resistance is broken [6]

Company Overview - Nobon Co., Ltd. is located in Yuhang Economic and Technological Development Zone, Hangzhou, Zhejiang Province, and was established on November 27, 2002. The company was listed on February 22, 2017. Its main business involves the research, production, and sales of differentiated and personalized water-jet non-woven materials and their products, as well as the development, production, and sales of disposable hygiene products such as wet wipes [1]. Financial Performance - As of June 30, 2025, Nobon Co., Ltd. achieved an operating income of 1.34 billion yuan, representing a year-on-year growth of 33.35%. The net profit attributable to the parent company was 65.33 million yuan, reflecting a year-on-year increase of 48.33% [2]. - The company has distributed a total of 263 million yuan in dividends since its A-share listing, with 124 million yuan distributed in the last three years [3]. Stock Performance - On September 18, Nobon Co., Ltd. experienced a decline of 2.07%, with a stock price of 19.91 yuan per share, a trading volume of 26.43 million yuan, and a turnover rate of 0.74%. The total market capitalization is 3.534 billion yuan [1]. - Year-to-date, the stock price has increased by 57.27%, while it has decreased by 3.72% over the last five trading days and by 3.58% over the last 20 days. In contrast, the stock has risen by 16.16% over the last 60 days [1]. Shareholder Information - As of June 30, 2025, the number of shareholders of Nobon Co., Ltd. was 11,200, a decrease of 33.28% from the previous period. The average number of circulating shares per person increased by 49.88% to 15,866 shares [2]. - Among the top ten circulating shareholders, Southern Growth Mixed A (202003) is the fourth largest with 6.1966 million shares, and Huazheng Anxin Consumer Mixed A (519002) is the seventh largest with 2.0018 million shares, both being new shareholders [3]. Industry Classification - Nobon Co., Ltd. is classified under the Shenwan industry category of textile and apparel - textile manufacturing - other textiles. The company is associated with various concept sectors, including cosmetics, multiple births, small-cap stocks, Xiaohongshu concept, and pet economy [1].

编者按 | 9月15日，由中宣部组织的2025年"活力中国调研行"江苏主题采访活动在无锡启动。6天时间，采访团将分"沿江线""沿海线"分别赴无锡、常州、扬 州、南京、苏州、盐城、连云港等地，走访调研，解码江苏高质量发展的活力密码。 大河财立方报道团全程参与，一起探秘活力江苏。 【大河财立方 记者 陈诗昂 文 李博 摄影】9月17日，采访团来到盐城高新区。作为国家高新区，它的先进制造业和前沿科技产业都很"能打"，但盐城并没打 算展示这些。 江苏中恒宠物用品股份有限公司（下称中恒宠物），成为在盐城高新区唯一一个采访点。 太能打，高铁宠物托运箱就是中恒造 步入中恒宠物的产品展厅，像是进了公司仓库，产品多到让人咋舌。 单是一个猫砂盆，大的小的，带门的不带门的，开放式的、半开放式的、全封闭的，带不带除味功能的，能想到的、想不到的产品样式和功能，在这儿都能 看得到。 众多产品中，最吸睛的无疑是用于高铁宠物托运的运输箱，这是该公司科技含量最高的产品之一。 这家公司有什么特别之处？ 展厅有答案。从一条并不算宽的通道进入公司展厅，首先是一面专利墙，中文、日文、英文的，可谓五花八门。做宠物用品，也能有、也需要如此多专利？ 再往前 ...

Group 1 - The pet economy is thriving, and the competition among pet food brands is entering a new phase [1] - Zhongchong Co., Ltd. has a core advantage in manufacturing, with years of experience leading to top-notch manufacturing capabilities that enhance its own brands [1] - The company aims to build an international brand matrix and improve its domestic brand image through its own brand overseas business [1] Group 2 - The "Wanpy" brand has shown steady growth over the past decade, with an acceleration in revenue expected for 2024 [1] - "TOPTREES" has achieved significant sales performance, ranking among the top three in the baking grain category during the Tmall Double Eleven sales event [1] - The company's domestic and international sales are rising against the trend, reflecting its core advantages and indicating a rapid development trajectory [1] Group 3 - The average PE ratios for comparable companies, such as Guibao Pet and Petty Co., are projected to be 36.5, 29.1, and 23.8 for the years 2025-2027 [1] - The strategic value of top-notch manufacturing capabilities may be underestimated, leading to a "buy" rating as the brand enters an upward operational cycle with high growth in domestic sales [1]

Company Overview - Yiyi Co., Ltd. is located in the Zhangjiawo Industrial Zone of Xiqing District, Tianjin, established on May 10, 1990, and listed on May 18, 2021. The company specializes in the research, production, and sales of disposable hygiene products and non-woven fabrics [1][2]. Financial Performance - For the first half of 2025, Yiyi Co., Ltd. achieved operating revenue of 888 million yuan, representing a year-on-year growth of 9.34%. The net profit attributable to the parent company was 102 million yuan, with a year-on-year increase of 7.37% [2]. - Since its A-share listing, Yiyi Co., Ltd. has distributed a total of 531 million yuan in dividends, with 389 million yuan distributed over the past three years [3]. Stock Performance - As of September 17, Yiyi Co., Ltd.'s stock price increased by 2.07%, reaching 31.03 yuan per share, with a total market capitalization of 5.737 billion yuan. The stock has risen 94.89% year-to-date, with a 14.54% increase over the past five trading days [1]. - The stock has seen significant trading activity, with a turnover of 114 million yuan and a turnover rate of 3.54% on the same day [1]. Shareholder Information - As of September 10, the number of shareholders for Yiyi Co., Ltd. was 19,200, an increase of 2.18% from the previous period. The average number of circulating shares per shareholder was 5,544, a decrease of 2.13% [2]. - As of June 30, 2025, the top ten circulating shareholders included a notable change, with Yinhua Value Preferred Mixed Fund (519001) exiting the top ten list [3]. Business Segments - The main revenue sources for Yiyi Co., Ltd. include pet pads (86.05%), pet diapers (7.42%), non-woven fabrics (4.85%), and other disposable hygiene products [1].