肉源安全已成为全球宠物食品行业的共性挑战。在亚洲宠物食品峰会中，相关专家指出，2023年，欧盟 召回宠粮23批次，其中71%因肉源污染；美国FDA报告显示，67%的宠粮肉源溯源模糊；慢性肾病占老 年猫死因30%，与劣质肉源正相关。 庄园牧场自2000年成立以来，已构建起集奶牛养殖、研发、加工与销售于一体的全产业链布局。其奶源 基地建设始于2009年，11座自有牧场执行严苛的6S管理体系，保证奶牛无应激生长、无外来激素干 预。奶牛所食牧草产自富硒土壤有机牧场，杜绝转基因豆粕和饲料边角料。 本报讯 （记者刘欢）在传统乳业面临成本持续上涨与市场竞争白热化的双重压力下，甘肃省农垦集团 有限责任公司旗下上市公司兰州庄园牧场股份有限公司（以下简称"庄园牧场"）却从中嗅到新商机。在 第二十七届亚洲宠物展览会（以下简称"亚宠展"）上，庄园牧场子公司甘肃多鲜供应链有限公司正式推 出宠物食品品牌"萨费"（Safiyy），以其独创的"奶牛肉"为核心差异化原料，切入宠物食品赛道。 近年来，我国宠物食品行业步入高速发展期，消费升级与养宠精细化趋势推动市场持续扩容。商业数据 平台Statista发布的数据显示，2023年中国宠物食品市场 ...

中经记者 郭阳琛 石英婧 上海报道 近年来，受大宗商品价格剧烈波动影响，国内供应链龙头企业厦门象屿股份有限公司（以下简称"厦门 象屿"，600057.SH）业绩震荡，跨界造船业务也经历了由亏损到盈利的转变。 财报数据显示，2024年，厦门象屿营业收入约3666.7亿元，同比减少20.12%；归属于上市公司股东的净 利润约14.18亿元，同比减少9.86%。其中，造船业务实现净利润5.44亿元，占比将近四成。 厦门象屿旗下造船业务始于2016年。此后的2017年1月和2024年8月，厦门象屿通过旗下控股子公司南通 象屿海洋装备股份有限公司（以下简称"象屿海装"）分别收购了江苏宏强船舶重工有限公司（以下简 称"宏强重工"）和南通明德重工有限公司（以下简称"明德重工"）两家破产船厂。 《中国经营报》记者了解到，在跨界入局造船赛道后，象屿海装曾经历了长达6年的亏损期，累计亏损 近14亿元。随着船舶行业持续复苏，象屿海装业绩最终在2023年实现扭亏为盈。截至今年6月底，象屿 海装累计签下了214艘造船订单，已交付121艘，在手订单93艘。 在今年举行的一场投资者活动中，厦门象屿管理层表示，部分产业链加快资产重组，为头部 ...

证券代码：002637 证券简称：赞宇科技 赞宇科技集团股份有限公司投资者关系活动记录表 编号：2025-004 | 投资者关系活 | □特定对象调研 □分析师会议 | | | | | --- | --- | --- | --- | --- | | 动类别 | □媒体采访 □业绩说明会 | | | | | | □新闻发布会 □ 路演活动 | | | | | | □现场参观 | | | | | | （ 电话会议 ） 其他 | | | | | 参与单位名称 | 国信证券杨林，薛聪，张歆钰，浙商证券汤永俊，中信证 | | | | | 及人员姓名 | 券裘科，民生证券曾佳晨等。 | | | | | 时间 | 年 月 日 2025 8 21 10:00-11:00 | | | | | 地点 | | | 杭州市西湖区古墩路 号赞宇大厦 会议室 702 1812 | | | 上市公司接待 | 董秘徐强、证券事务代表郑乐东 | | | | | 人员姓名 | | | | | | | 双方就公司 2025 年半年报的经营业绩、项目建设等相 | | | | | | 关问题进行了沟通，相关问答记录如下： | | | | | | 公 ...

Investment Rating - The report maintains a "Recommended" rating for the company, with a target price based on the closing price on August 20, 2025 [6]. Core Insights - The company reported a revenue of 28.944 billion yuan for H1 2025, a year-on-year decrease of 14.06%, while the net profit attributable to shareholders was 1.463 billion yuan, an increase of 18.63% year-on-year [1]. - In Q2 2025, the company achieved a revenue of 14.592 billion yuan, a year-on-year decrease of 13.18% but a quarter-on-quarter increase of 1.66%. The net profit for Q2 was 0.885 billion yuan, showing a year-on-year increase of 30.21% and a quarter-on-quarter increase of 52.94% [1][2]. Summary by Sections Sales and Profitability - Product sales increased quarter-on-quarter, with Q2 2025 steel sales reaching 2.372 million tons, an 11.90% increase from the previous quarter, although down 5.8% year-on-year. The increase was primarily driven by sales of medium-thick plates [2]. - The gross margin for Q2 2025 was 14.52%, up 2.52 percentage points year-on-year and 2.73 percentage points quarter-on-quarter, despite a slight decrease in sales prices for various steel products [2]. Future Outlook - The company is focusing on high-end products to drive quality growth, with advanced steel material sales reaching 1.3372 million tons in H1 2025, accounting for 29.77% of total steel product sales, an increase of 2.64 percentage points year-on-year [3]. - The company is also extending its industrial chain, having acquired exploration rights for the Fanqiao mine and established a production line for ultra-pure iron powder, marking a breakthrough in key technologies in the permanent magnet materials sector [4]. Financial Forecast - The company is expected to achieve net profits attributable to shareholders of 2.798 billion yuan, 3.023 billion yuan, and 3.440 billion yuan for the years 2025, 2026, and 2027, respectively, with corresponding PE ratios of 10x, 10x, and 8x [4][5].

Core Viewpoint - Zhengfan Technology (688596.SH) is acquiring a 62.23% stake in Liao Ning Han Jing Semiconductor Materials Co., Ltd. for 1.12 billion yuan, aiming to enhance its industry chain and overall competitiveness [1][4]. Acquisition Details - The acquisition is a high-premium deal, with the total valuation of Han Jing Semiconductor at 1.8 billion yuan, representing a premium of approximately 6 times its net asset value of 257 million yuan as of March 31, 2025 [1][6]. - Post-acquisition, Zhengfan Technology will recognize goodwill between 550 million to 700 million yuan [1]. - The sellers include five entities, and the transaction will be funded through the company's own and raised funds [5][6]. Financial Performance - Zhengfan Technology has shown strong growth, with a continuous increase in net profit for nine consecutive years from 2016 to 2024 [8]. - The company reported a net profit of 528 million yuan in 2024, a 2415% increase from 2016 [8]. - As of the first quarter of 2025, the company achieved a net profit of 34.42 million yuan, reflecting a year-on-year growth of 38.23% [9]. Strategic Implications - The acquisition is expected to create strong synergies in product expansion, technology development, and operational capabilities, aligning with the company's strategic goals [7]. - Zhengfan Technology's order backlog is robust, with contract liabilities amounting to 1.777 billion yuan as of the first quarter of 2025 [2][10]. Future Projections - The sellers have committed to a cumulative net profit of no less than 393 million yuan for Han Jing Semiconductor over the next three years [12]. - If Han Jing Semiconductor meets its performance expectations, it is anticipated to further enhance Zhengfan Technology's profitability [3][13].

Investment Rating - The report maintains a "Strong Buy" investment rating for the company [2][5]. Core Views - The company is positioned as a leading player in the aquaculture feed industry, with a strong focus on cost-effective products and comprehensive service offerings driving sustained growth. The recovery in major aquatic product prices is expected to boost demand for the company's aquaculture feed. Additionally, the company aims to replicate its successful domestic competitive model in overseas markets, creating new growth opportunities [1][5]. Company Overview - The company is recognized as a comprehensive service leader in domestic aquaculture, with its core business in feed production and sales, holding the top position globally in feed sales. The company has maintained the number one position in domestic aquatic premix feed sales for 21 consecutive years and ranks among the top ten in poultry and livestock feed [5][11]. - In 2024, the company achieved a revenue of 114.6 billion yuan, with feed business revenue accounting for 80% and gross profit contributing 69% [12][19]. Competitive Advantages - The company continuously builds competitive barriers through a combination of product quality, service, and management. It invests approximately 26% of its profits in R&D, significantly lower raw material costs compared to industry averages, and provides a full range of services to enhance customer loyalty [5][29][39]. - The company has established a comprehensive service system that includes seedling, breeding technology, disease prevention, and safety control, ensuring that farmers achieve excess profits and enhancing user stickiness [48][50]. Market Outlook - The aquatic feed market is expected to grow due to increasing per capita consumption of aquatic products and rising penetration rates. The company is well-positioned to benefit from this growth, with plans to expand its overseas market presence, targeting a sales volume of 7.2 million tons by 2030, with a CAGR of 20% [5][11][19]. Financial Projections - The company forecasts net profits of 4.97 billion yuan, 5.86 billion yuan, and 6.63 billion yuan for the years 2025 to 2027, respectively. The target price is set at 71.76 yuan, based on a 24x PE ratio for 2025 [5][6].

Core Viewpoint - Xiamen Xiangyu's foray into shipbuilding has transitioned from losses to profitability, with significant contributions from its shipbuilding segment amidst fluctuating commodity prices and supply chain restructuring [3][4][10]. Financial Performance - In 2024, Xiamen Xiangyu's revenue is approximately 366.67 billion yuan, a decrease of 20.12% year-on-year, with a net profit of about 1.418 billion yuan, down 9.86% [3]. - The shipbuilding business generated a net profit of 544 million yuan, accounting for nearly 40% of the total profit [3]. - In 2023, the shipbuilding segment achieved revenue of 4.737 billion yuan, a year-on-year increase of 42.62%, with a gross margin of 22.56%, up 13.56% [10]. Business Development - Xiamen Xiangyu entered the shipbuilding sector by acquiring two bankrupt shipyards: Jiangsu Hongqiang Shipbuilding and Nantong Mingde Shipbuilding, with the latter being acquired in 2024 for 440 million yuan [5][6]. - The newly established Qidong Xiangyu Marine Equipment has begun production, with a projected annual output value exceeding 3 billion yuan [6]. - The company has signed a total of 214 shipbuilding orders, with 121 delivered and 93 pending as of mid-2023 [3]. Strategic Rationale - The management indicated that the integration of supply chain operations into manufacturing presents new opportunities, allowing for a broader operational scope [4]. - The shipbuilding business serves as a hedge against cyclical fluctuations in the industry, complementing the company's core commodity supply chain operations [4][8]. Historical Context - Xiamen Xiangyu's shipbuilding division, established in 2016, faced a challenging six-year period with cumulative losses of nearly 1.4 billion yuan until it turned profitable in 2023 [9][10]. - The company has a history of acquiring distressed assets, having previously purchased Mingde Shipbuilding in 2017 for 570 million yuan, despite the assets being valued at 1.47 billion yuan [6][7].

Core Insights - Xinjiang's fruit industry is experiencing significant growth, with improved management practices and extended sales networks leading to increased market presence and profitability [1][5][6] Group 1: Enhanced Management Practices - The introduction of modern monitoring equipment in red date cultivation has improved planting efficiency and quality, allowing farmers to better manage water and fertilizer [2] - The shift from traditional farming methods to precision management has resulted in higher yields and better quality for various fruits, including new varieties of plums [2][3] Group 2: Industry Chain Extension - The focus on extending the industry chain has allowed for added value from production to consumption, transforming fresh fruits into processed products like dried fruits, juices, and jams [3][5] - Collaboration with well-known companies has facilitated the establishment of a complete industry chain, enhancing the economic viability of local fruit production [3] Group 3: Logistics and Sales Network Development - The establishment of a comprehensive cold chain logistics system has addressed the challenges of short shelf life and high transportation requirements for Xinjiang's fruits [5] - The integration of online and offline sales strategies has improved market access, with significant increases in procurement volumes from local producers [5][6]

Core Viewpoint - Xueqi Electric (001387.SZ) plans to acquire a 65% stake in Hefei Shengbang Electric Co., Ltd. for RMB 47.45 million and subscribe to RMB 12.16667 million of the company's new registered capital, resulting in a 70% ownership stake, making it the controlling shareholder of Shengbang Electric [1] Group 1 - The target company specializes in the R&D, production, and sales of components and molds for home appliances, including refrigeration parts, piping parts, and metal structural parts [1] - The products are used in refrigerators, washing machines, air conditioners, and light commercial fields such as display cabinets, cabinets, beverage cabinets, and ice makers [1] - Xueqi Electric primarily produces large-capacity refrigerators over 400L and commercial display cabinets, and the target company has been a long-term supplier [1] Group 2 - The transaction aims to extend Xueqi Electric's operations upstream in the supply chain, enhancing synergy between upstream and downstream operations [1] - It is expected to improve the stability and reliability of components, reduce procurement costs, and enhance the company's profitability [1]

Group 1 - The company plans to acquire a 65% stake in Hefei Shengbang Electric Co., Ltd. for 47.45 million yuan and subscribe to an additional registered capital of 12.1667 million yuan [1] - After the completion of the equity transfer and capital increase, the company will hold 70% of Shengbang Electric, becoming its controlling shareholder [1] - Shengbang Electric specializes in the research, production, and sales of components and molds for household appliances, including refrigeration parts, piping parts, and metal structural parts [1] Group 2 - This transaction aims to extend the company's operations upstream in the industrial chain [1]