苗家酸汤，这碗承载着千年民族智慧的非遗美食，其灵魂便在于时光的沉淀与微生物的奇妙作用。然而 当这项依赖"手感"与"天时"的美食，遇上追求标准化与效率的现代工业，该如何破局？锅圈苗苗给出了 答案。 9月17日，笔者前往贵州省黔东南苗族侗族自治州台江县，实地探访现代化苗族酸汤产业链后发现，苗 苗食品不仅借助复合菌剂将发酵周期缩至7天，突破了工业化瓶颈，还靠"订单种植"推动原料规模化种 植，带动农户亩均增收超4000元，初步实现产业助农目标。 苗苗酸汤食品厂区 从破解酸汤产业化难题，到搭建"农户种原料、企业搞生产、锅圈拓市场"的三产融合链路，苗苗食品的 实践，正是锅圈深耕产业助农、以商业力量激活乡村经济的生动缩影。 三产融合，产业助农初见成效 该镇相关负责人透露，在种植、保护、采摘的农忙期间，辣椒基地的日均用工是在30人左右，日人均劳 动费是120元，带动季节性就业超过2000人次。 目前，苗苗食品已经实现了初步的产业助农目标。在上游原料种植环节，通过酸汤原料的采购供给，以 订单模式联农带农，企业与农户签订西红柿、辣椒、生姜、大蒜等原料采购协议，在全县9个乡镇（街 道）农户常年种植面积21000余亩。项目争取衔接资 ...

Summary of Nongfu Spring's Conference Call Company Overview - **Company**: Nongfu Spring - **Date**: August 27, 2025 Key Points Financial Performance - In the first half of 2025, Nongfu Spring achieved total revenue of RMB 25.622 billion, a year-on-year increase of 15.6% [4] - Net profit reached RMB 7.622 billion, up 22.1% year-on-year [4] - Gross margin improved by 1.5 percentage points to 60.3%, while net margin increased by 1.6 percentage points to 29.7% [4][2] - Sales and distribution expenses decreased by 2.8 percentage points to 19.6% of total revenue [4] Product Category Performance - All product categories experienced double-digit revenue growth: - Packaged drinking water: +10.7% [5] - Tea beverages: +19.7% [5] - Functional beverages: +13.6% [5] - Juice beverages: +21.3% [5][6] Cost Control and Efficiency - The increase in gross margin was attributed to lower procurement costs for PET, packaging materials, and sugar [7] - Reduced advertising and promotional expenses, along with lower logistics costs, contributed to the decrease in sales and distribution expenses [7] Water Source Development and Brand Promotion - Three new water sources were added: Hunan Badagong Mountain, Sichuan Longmenshan, and Tibet Nyainqentanglha, bringing the total to 15 nationwide [8] - Enhanced brand promotion through social media and sourcing activities, emphasizing the natural health concept [8] New Product Launches and Marketing Strategies - Introduced several new products, including a zodiac-themed bottle and new tea flavors, supported by online and offline marketing campaigns [9][10] - The company plans to continue exploring overseas markets, with core products launched in Hong Kong covering over 3,500 retail terminals [11] Future Outlook - Full-year revenue is expected to achieve mid-double-digit growth, with stable performance anticipated in the second half of 2025 [3] - Gross and net margins are projected to be slightly higher than in 2024 [3] Innovations and Market Trends - The company is focusing on product innovation, particularly in the functional beverage and juice segments, to meet consumer demand [18][25] - Nongfu Spring is also exploring new retail channels and customized products to cater to high-end consumers [13][14] Capital Expenditure and Growth Strategy - Capital expenditures are expected to be higher than in 2024, particularly for water source development and advanced equipment [19] - The company aims to balance the growth of pure water and natural water products while educating consumers on their differences [26] Dividend Policy - Nongfu Spring does not have a fixed dividend payout ratio, with a 70% payout ratio for 2024, and future dividends will be announced based on investment needs and cash flow [22] International Expansion Plans - The company is considering building a factory in the U.S. and will continue to expand its international presence, focusing on market demand [24] Conclusion - Nongfu Spring's strong financial performance, innovative product launches, and strategic market expansion position the company well for future growth in the competitive beverage industry. The focus on cost control, brand promotion, and consumer education will further enhance its market presence and profitability.

Core Viewpoint - The Dongying Haojia Grape Festival has opened, with Shandong Mobile Dongying Kenli Branch actively supporting local farmers by expanding sales channels through 5G live streaming, achieving a win-win situation for both the industry and farmers [1][4]. Group 1: Communication Network Support - Shandong Mobile Dongying Kenli Branch formed a professional communication support team to conduct comprehensive network testing and optimization before the festival [3]. - Multiple 5G base stations and emergency communication equipment were deployed on-site to ensure stable and smooth network performance during the event [3]. - Real-time monitoring of network operations was implemented to adjust parameters and address potential network congestion issues [3]. Group 2: Agricultural Support through Live Streaming - The company organized experienced volunteers to assist farmers in setting up 5G live streaming rooms in the orchards [3]. - Volunteers provided live streaming equipment and technical support, and also acted as hosts to introduce the local grape varieties, flavors, and nutritional values to online viewers [3]. - The use of 5G technology enabled high-definition and smooth live streaming, significantly enhancing the sales of grapes and increasing farmers' income [3]. Group 3: Economic Contribution and Future Plans - The initiative not only improved the company's social image but also contributed to local economic development [4]. - Shandong Mobile Dongying Kenli Branch plans to continue leveraging 5G technology to support more industries and contribute to rural revitalization in the future [4].