资料来源：Wind，国泰海通证券研究 产业链优势强化，投资收益带动业绩高增 圣农发展(002299) ——圣农发展 25 年中报点评 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 林逸丹(分析师) | 021-38038436 | linyidan@gtht.com | S0880524090001 | | 王艳君(分析师) | 021-38674633 | wangyanjun2@gtht.com | S0880520100002 | | 巩健(分析师) | 021-23185702 | gongjian@gtht.com | S0880525040051 | | 蔡子慕(分析师) | 021-23183965 | caizimu@gtht.com | S0880525070015 | 本报告导读： 圣农发展 25 年中报披露，产品销量继续提升，养殖成本继续下降，肉制品市场份额 逆势扩大。公司能力持续提高，随着行业价格触底反弹，公司业绩有望改善。 投资要点： | [Table_Finance] 财务摘要(百万元) | 2 ...

Core Viewpoint - The development of the "Xiniu Ma Bamboo Shoots" industry in Qingyuan has formed a comprehensive industrial chain integrating standardized planting, deep processing, and brand marketing, achieving significant growth in production and value [1][2]. Group 1: Industry Growth and Development - In the first half of this year, the planting area of Xiniu Ma Bamboo Shoots reached 1,005,300 acres, with a total output of 433,200 tons and a comprehensive industrial chain output value of 3.245 billion yuan, marking a growth of 29.8% [1]. - The industry was recognized as one of the "Five Billion" agricultural industries in Qingyuan, with a target of achieving a hundred billion yuan in output value, which was successfully reached in December 2022, totaling 10.965 billion yuan [1][2]. - The planting area of bamboo shoots is projected to increase from 620,000 acres in 2021 to 992,500 acres by 2024, representing a growth of 60.1% [2]. Group 2: Technological Advancements and Standards - Qingyuan has established eight local group standards, including the "Qingyuan Xiniu Ma Bamboo Shoots Planting Technical Regulations," to enhance yield and quality [2]. - The average yield per acre has increased from over 1,000 pounds to over 3,000 pounds, a growth of 200%, supported by technological advancements and research collaborations with institutions [2]. Group 3: Processing and Value Addition - The number of bamboo shoot processing enterprises in Qingyuan has increased to 34, with the deep processing output value rising from 800 million yuan to 2.576 billion yuan, a growth of 222% [3]. - The annual processing capacity for fresh bamboo shoots is expected to reach 250,000 tons, with an estimated annual output value exceeding 2 billion yuan [3]. Group 4: Market Expansion and Branding - Qingyuan has initiated exports of Xiniu Ma Bamboo Shoots to Southeast Asia, with the first shipment of 40 tons planned for quarterly deliveries of approximately 500 tons [5]. - The brand "Xiniu Ma Bamboo Shoots" has been included in the "Yue Brand" regional public brand top 100, enhancing its market recognition [6]. - A comprehensive marketing network has been established, integrating online and offline channels, with 92% of products being exported [5][6].

Core Insights - The article highlights the growth and transformation of the agricultural industry in Heze, particularly focusing on the success of Shandong Jiamei Food Industry Co., Ltd. as a leading fruit and vegetable juice processing enterprise in Asia [2][4]. Group 1: Company Performance - Shandong Jiamei Food Industry has achieved significant growth, with a revenue of 506 million yuan from January to May 2025, representing a year-on-year increase of 61.15% [2]. - The company has made substantial investments in Heze over 30 years, totaling over 200 million USD, with an average investment of over 10 million yuan per mu and an average output of 5 million yuan per mu [2]. Group 2: Agricultural Integration - The integration model of "leading enterprises + cooperatives + farmers + bases" has doubled the income of farmers compared to independent farming [3]. - Jiamei Food has signed contracts for 200,000 mu of standardized agricultural product bases, benefiting over 100,000 households and generating over 40 million yuan in annual income from agricultural by-products [3]. Group 3: Regional Agricultural Development - Heze has seen robust development in its characteristic industries, with the revenue of large-scale agricultural processing enterprises exceeding 100 billion yuan [3]. - The city is focusing on brand development and has successfully established several national-level agricultural product brands, enhancing its economic growth and regional competitiveness [3][4]. Group 4: Flower and Hanfu Industries - The peony industry in Heze has developed a complete ecosystem from planting to processing, with over 30 standardized planting bases and a supply rate of over 85% for national peony seedlings [4]. - The Hanfu industry in Cao County is the largest original Hanfu production base in China, with over 90% of processing enterprises being original manufacturers and a sales revenue of 6.14 billion yuan in the first half of 2025, marking a year-on-year growth of 10.27% [5].

被誉为"丝绸之乡"的潍坊昌邑，从周朝时起"养蚕织帛，捻线就织"，至今已有三千多年的生产历史， 是近代海上丝绸之路的起点之一。多年来，依托良好的纺织文化积淀和强大的纺织产业基础，昌邑实 现了从"一匹布"到"一条链"、从"一产品"到"一品牌"、从"老丝路"到"新活力"的嬗变，依旧在丝绸之路 上扮演着重要角色。 从"千丝万缕"走向"千变万化"。以"一块布"起家，又以"一块布"傲立产业巅峰的昌邑，正在逐步实现 着"布"的万千种可能。 从"一匹布"到"一条链"，传统行业"升级蝶变" 在昌邑市柳疃镇的潍坊华宝纺织有限公司纺丝车间里，设备正开足马力、轰鸣运转，各工序岗位的工 人精心操作，车间生产现场繁忙而有序。 从"一根丝"到"一匹布"。华宝纺织作为全山东省唯一一个拥有全产业链的纺织印染企业，从苯二甲 酸、乙二醇制取涤纶开始，将纺织产业链条延伸到了初端。 构建全产业链的优势在于成本的控制与可靠稳定的供应体系，仅原材料的包装运输费用每吨就可节约 400元左右。"华宝纺丝厂厂长秦海磊介绍，企业年纺丝量可达22万吨，布匹产能超过7亿米，客户遍布 全球，产品出口到几十个海外国家。 一根丝、一块布"织"入先进科技，会带来多少种可能？ ...

近日，中国砂石协会理事单位——东方雨虹砂粉科技集团有限公司（以下简称东方雨虹）全资子公司华砂矿业（吉安）有限公司正式取得江西省永丰县大 船岭矿区饰面用大理岩矿采矿许可证，标志着其去年竞得的探矿权全面转入开采阶段。这一动作不仅为投资10亿元的吉安新材料产业园奠定资源基础，更 透露出东方雨虹通过垂直整合供应链、拓展工业新材料领域的战略方针。 据悉，此次获批的采矿权有效期限长达20年，年生产规模达100万立方米。该矿区的大理石资源将成为东方雨虹砂粉业务的核心原材料，同时为其进军大 理石板材、碳酸钙超细粉体等工业领域提供资源支撑。 这一进展源于2023年11月的战略布局。彼时，东方雨虹砂粉科技集团宣布投资10亿元建设吉安新材料产业园，涵盖矿山开采、白水泥、特种砂浆、建筑涂 料等多元产品线。同期，华砂矿业以1.005亿元竞得该矿探矿权，如今采矿权的落地使产业链上游资源得到实质性锁定。 目前，东方雨虹已形成特种砂浆、钙基粉体、普通砂浆、砂石骨料的全品类矩阵，并通过"民建+工建"双渠道覆盖工程与零售市场。此次获得自有矿山， 将进一步强化其"全产业链"竞争力。首先是，摆脱对外购砂源的依赖，抵御原材料价格波动，让东方雨虹的成本 ...

Core Insights - The event highlighted the high-quality development of brands in Shandong, emphasizing innovation as a key driver for growth and the integration of manufacturing processes and product connections [1] Company Summaries - **Furida**: Focuses on creating skincare products tailored for Chinese consumers, having developed the first domestic hyaluronic acid essence and a series of micro-ecological skincare products. The company holds over 170 patents and has achieved a sales scale of 1 billion yuan within five years [2] - **Hisense**: After ten years of development, Hisense has successfully created the RGB-Mini LED technology, with a key component being the "Xin Chip H7," which offers three times the light control precision of traditional LCDs. This innovation has positioned Hisense as a leader in display technology [3] - **Huaguang Guoci**: Innovates in high-end ceramics, developing various advanced materials and techniques, including lead-free glazes and antibacterial glazes, while promoting traditional Chinese culture through brand initiatives [4] - **Luhua**: Invests heavily in R&D to produce high-oleic peanuts, achieving over 75% oleic acid content. The company’s unique 5S physical pressing process enhances nutritional retention and flavor, contributing to the agricultural sector's growth [4] Industry Trends - The "chain development" model in Shandong is fostering growth not only for individual companies but also for the entire industry chain, with Hisense leading investments in 25 companies in 2024 and 28 in 2025 [5] - Furida is establishing a multi-brand group operation and a dual beauty ecosystem, with a projected annual output value of 4 billion yuan from its new innovation park [5] - Luhua's approach extends from edible oils to agricultural products, creating a full industry chain that enhances both economic and ecological benefits [6] - The collective efforts of these companies illustrate Shandong's commitment to high-quality development through technological strength, brand enhancement, and ecological synergy, with an increasing number of Shandong brands gaining international recognition [6]

Core Viewpoint - The recent Sunflower Festival organized by Qiaqia Food Co., Ltd. in Xinjiang Yili highlights the company's commitment to quality sunflower seed sourcing and its extensive agricultural practices in the region [1][3]. Group 1: Company Operations - Qiaqia has established over 100 planting bases across regions including Xinjiang, Gansu, and Inner Mongolia, with 300,000 acres dedicated to sunflower raw material in Xinjiang alone [3][4]. - The company collaborates with local governments to form agricultural technology companies, enhancing processing capabilities and converting local raw material advantages into competitive products [3][4]. - Qiaqia has partnered with over 20,000 farmers, providing seeds and agricultural services while ensuring adherence to quality standards [4]. Group 2: Quality Control and Research - Qiaqia implements strict selection criteria for raw materials, focusing on factors such as mold, insect damage, and uniformity, ensuring high-quality inputs for their products [3][4]. - The company invests over one million yuan annually in research to address key challenges in sunflower cultivation, including disease prevention and mechanization [4]. - Qiaqia emphasizes a full supply chain approach, from seed selection to final product, reflecting its dedication to quality and consumer satisfaction [4].

Core Insights - The article highlights the modernization and industrialization of the silkworm breeding industry in Tongjiang County, Sichuan, focusing on the establishment of a smart agricultural park that enhances production efficiency and quality [1][2] Group 1: Technological Advancements - The agricultural park utilizes an intelligent measurement and control system to manage environmental conditions such as light, wind, temperature, and humidity, which improves hatching rates and ensures the quality of silkworm cocoons [1] - The park has transitioned from a traditional two-crop silkworm breeding model to a continuous feeding system from April to October, allowing for up to ten batches of silkworms annually [1] Group 2: Economic Impact - The annual output value of silkworm cocoons is projected to exceed 4 million yuan, with each batch producing approximately 120 sheets of silkworm paper, equating to around 25,000 silkworms per sheet [1] - The expansion of the park, including the addition of over 1,800 square meters of silkworm housing and 2,600 square meters of drying facilities, is expected to create over 50 new jobs and increase economic benefits by more than 1.5 million yuan annually [1] Group 3: Community and Agricultural Development - The silkworm breeding industry in Tongjiang County has expanded to over 8,000 acres, with expectations to surpass 10,000 acres by the end of the year, directly benefiting over 300 households and increasing average annual income by over 20,000 yuan per household [2] - The integration of the silkworm industry into the local economy is seen as a key driver for rural revitalization, creating a promising "new silk road" for the community [2]

Core Viewpoint - The company, Shandong Hongchuang Aluminum Industry Holdings Co., Ltd., is planning to acquire 100% equity of Shandong Hongtuo Industrial Co., Ltd. through a share issuance, which will significantly enhance its operational scale and profitability, transforming it into a leading global aluminum manufacturer [13][14][17]. Group 1: Transaction Overview - The transaction involves issuing shares to acquire assets from multiple parties, including Shandong Weiqiao Aluminum & Electricity Co., Ltd. and others, with a total transaction value of 6,351,793.54 million RMB [10][12]. - The target company, Shandong Hongtuo Industrial Co., Ltd., is a major player in the aluminum industry, specializing in the production and sales of electrolytic aluminum, alumina, and deep-processed aluminum products [13][14]. Group 2: Impact on Business Operations - Post-transaction, the company will transition from a single aluminum deep-processing business to a comprehensive operation covering the entire aluminum industry chain, which includes electrolytic aluminum and alumina production [13]. - The acquisition is expected to enhance the company's profitability and asset scale significantly, with total assets projected to reach approximately 10.8 billion RMB after the transaction [17]. Group 3: Financial Metrics - Key financial metrics before and after the transaction indicate a substantial increase in total assets from 312,712.93 million RMB to 10,802,625.86 million RMB, representing a growth rate of 3354.49% [17]. - The company's net profit is expected to rise dramatically from a loss of 6,898.18 million RMB to a profit of 1,808,205.55 million RMB, marking an increase of 1,815,103.73 million RMB [17]. Group 4: Shareholding Structure Changes - The controlling shareholder will change from Shandong Hongqiao to Weiqiao Aluminum post-transaction, while the actual controller remains unchanged [14]. - The shareholding structure will see Weiqiao Aluminum holding 86.98% of the company, significantly altering the distribution of ownership [14][15]. Group 5: Regulatory and Approval Process - The transaction is subject to various regulatory approvals and must complete all necessary decision-making processes before implementation [18]. - The company has committed to protecting the rights of minority investors throughout the transaction process, ensuring compliance with relevant regulations [19].

Core Insights - The article highlights the comprehensive supply chain of Shou Nong Food Group, emphasizing its evolution from a small operation in 1949 to a leading player in China's dairy industry, with a focus on quality and innovation in milk production [1][5][8] Group 1: Supply Chain and Quality Control - Shou Nong Food Group emphasizes the importance of quality milk sourcing, establishing a complete supply chain that ensures traceable quality for every drop of milk [2] - The company has developed a 31,800-acre premium alfalfa demonstration base in Inner Mongolia, achieving an average yield of over 1 ton per acre, significantly exceeding industry standards [2] - The Beijing Dairy Center, a key breeding facility, accounts for over 30% of the national dairy breeding market, producing high-yielding dairy cattle and leading in domestic frozen semen sales [3] Group 2: Technological Innovation - The use of smart technology in dairy farming, such as automated feeding systems and milking robots, has improved feed conversion rates by 15% and reduced mastitis incidence by 30% [3] - The introduction of a milk breeding liquid chip has advanced China's dairy breeding technology, enhancing the genetic selection process for dairy cattle [3] Group 3: Product Development and Market Position - Shou Nong Food Group has launched several innovative dairy products over its 70-year history, including the first industrially produced yogurt and low-lactose milk, establishing itself as a benchmark in the industry [5] - The company has achieved a 90% market penetration for liquid milk in Beijing, solidifying its position as a leading dairy brand [5] Group 4: Brand Evolution and Consumer Engagement - The brand has successfully transitioned from merely selling products to offering experiences, appealing to younger consumers through innovative marketing strategies [6] - The brand's value increased from 54.706 billion yuan in 2024 to 61.075 billion yuan in 2025, reflecting an 11% growth [6] Group 5: Future Goals and Strategic Vision - Shou Nong Food Group aims to increase the proportion of organic milk to 20% by 2027 and plans to digitize its entire supply chain [8] - The company is also exploring new frontiers in plant-based proteins and precision nutrition, aligning with evolving consumer preferences [8]