齐鲁晚报.齐鲁壹点李梓博胡允鹏 安全和健康始终是食品行业的红线和底线。 作为液态羊奶行业的龙头企业，阳春三月羊奶深耕液态羊奶领域，经过多年发展，已经实现年产羊奶超万吨，年销售额突破8000万元，成为山东省"专精 特新"中小企业、山东省瞪羚企业等。 自成立来，公司始终把食品安全放在首位，从源头采集到全冷链运输，从智能化生产到层层严格检验，11道生产工序，只为生产一杯中国好羊奶。 2025年12月20日，占地200余亩、总投资超亿元的沂源县鲁村镇阳春三月羊奶产业园静谧地矗立在大山之间。生产车间内，智能化生产线上机器有序运 行，身着无菌工装的工作人员各司其职，每一个环节都透着严谨与专业。 时间回到2020年3月，阳春三月羊奶落户沂源县鲁村镇。同年8月，年产1.08万吨液态羊奶生产线项目正式奠基，阳春三月羊奶开启了从羊奶吧连锁店到羊 乳企业的身份转变。18个月后的2021年10月，项目正式投产。可以说，这个设备先进、技术精湛、工艺前沿的项目，为制造出高品质的羊乳产品提供了强 有力的硬件保障。 此后的5年中，阳春三月羊奶围绕"一核四驱、多元融合"的山羊奶全产业链发展模式，立足沂源县资源优势，以科技创新为引领，努力打造绿 ...

作者 程景伟 董晨钟 粤东揭西的高山深谷间云雾缭绕，大山深处，有一种特别的农作物——苦笋。新鲜苦笋采摘后直达加工 车间，经自动化流水线清洗、分级、蒸煮、封装，3小时内完成从山林到成品的全流程处理——这是揭 西苦笋省级现代农业产业园(以下简称"苦笋产业园")里的日常场景。 揭西得天独厚的自然条件为苦笋生长提供了沃土。张飞鹏 摄 广东揭阳 作为广东推进"跨县集群、一县一园、一镇一业、一村一品"产业体系构建的生动实践，该产业园以苦笋 为媒，深耕特色农业资源，构建起"生产+加工+科技+营销(品牌)"的全产业链发展模式。 2025年12月，农业农村部农产品质量安全中心正式公布2025年第三批全国名特优新农产品名录，全国共 计790个产品通过认定。其中，揭西苦笋榜上有名，这一拥有数百年种植历史的山间珍馐正式跻身全国 优质农产品行列。 揭西县得天独厚的自然条件，为苦笋生长提供了沃土。尤其是大洋片区高海拔、云雾多、雨水足、昼夜 温差大的生态环境，孕育出颜色更绿、笋肉更厚、回甘更醇的苦笋。 中新网揭阳12月28日电 题：广东揭西苦笋产业提档升级 赋能乡村振兴 揭西苦 数据显示，苦笋产业园创建前，揭西县苦笋种植面积已达6万亩，年 ...

Core Insights - Huabang Health, established in 1992, is a leading enterprise in the field of clinical skin medications and skin health in China [1] - The company has developed a diversified business model focusing on the health industry, with independent operations in agricultural chemicals, new materials, and tourism [1] - Huabang Health's business scope includes five major areas: pharmaceuticals, medical services, agricultural chemicals, new materials, and tourism [1] Business Structure - The company controls three listed subsidiaries: Yingtai Biotechnology (920819.BJ), Kaisheng New Materials (301069.SZ), and Lijiang Co. (002033.SZ) [1] - It also holds a controlling stake in a New Third Board enterprise, Qinling Tourism (870256.NQ), and has a stake in another New Third Board company, Purikin (874090.NQ) [1] Future Strategy - The company plans to adhere to its development strategy in pharmaceuticals and medical health, continuously improving its full industry chain model that integrates raw materials, formulations, functional skincare products, comprehensive skin health management, and medical services [1] - Huabang Health aims to maintain the independent and stable operation of its three listed companies while leveraging its role as a controlling shareholder in governance [1]

Company Overview - Founded in 1992, Huabang Life Health Co., Ltd. is a leading enterprise in the field of dermatological clinical medications and health [1] - The company operates in five major sectors: pharmaceuticals, medical services, agricultural chemicals, new materials, and tourism, with three listed subsidiaries [1] - Future strategy focuses on the development of a comprehensive health industry chain, integrating raw materials, formulations, functional skincare products, and medical services [1] Pharmaceutical Business - The pharmaceutical segment is stable, focusing on the R&D, production, and sales of pharmaceutical formulations and active pharmaceutical ingredients (APIs) [3] - The product matrix includes treatments for common skin conditions such as dermatitis, eczema, allergies, acne, and psoriasis, catering to all age groups [3][4] - The company has three major API production bases, ensuring a steady supply of core products and establishing long-term partnerships with international pharmaceutical companies [3] Impact of Drug Procurement Policies - The impact of national drug procurement policies on the company is currently limited due to the slower inclusion of dermatological medications in procurement [6] - The company is actively working on the consistency evaluation of generic drugs and controlling production costs to prepare for future procurement participation [6] - A comprehensive product matrix in dermatology allows the company to mitigate risks associated with procurement by promoting alternative products [6] Medical Services - The company has developed a layered business ecosystem that includes basic medicine, rehabilitation medicine, and health management services [7] - Facilities like Chongqing Songshan Hospital focus on basic medical treatment, while others specialize in rehabilitation and health management [7] Dividend Policy - The company has maintained a high dividend payout policy, distributing approximately 3 billion CNY since 2018 [9] - Plans to sustain a high dividend basis and explore diversified distribution methods in the future [9] Shareholding in Pruijin - The company holds a total of 13.2% equity in Pruijin, making it the third-largest shareholder [10] Collaboration with KITE Pharma - Pruijin has entered a global collaboration with KITE Pharma for in vivo editing therapies, receiving an upfront payment of 120 million USD and potential milestone payments totaling up to 1.52 billion USD [11] Advantages of In Vivo CAR-T Technology - In vivo CAR-T technology simplifies treatment by eliminating complex steps, reducing costs, and allowing for large-scale production [12]

Group 1 - Wahaha announced a termination of its contract with Jinmailang due to some batches of bottled water failing quality checks [1] - Jinmailang has previously produced bottled water for Wahaha that passed quality inspections [2] - Jinmailang's market share in the packaged drinking water sector has been between 6% and 8.5%, ranking fourth behind competitors like Kangshifu and Unification [5][8] Group 2 - Jinmailang has established a full industrial chain development model, including over 30 OEM partnerships with well-known brands [9][12] - The company has faced increasing competition in the low-price segment of the beverage market, particularly due to price wars initiated by major brands [7][8] - The concentration of the packaged drinking water market has increased, with the top five companies holding a combined market share of 58.6% as of 2023 [8]

Core Viewpoint - The company experienced a significant decline in revenue and net profit in 2024, attributed to weak consumer demand, particularly affecting high-end products [1][2]. Financial Performance - In 2024, the company achieved revenue of 692 million yuan, a decrease of 11.81% year-on-year, and a net profit of 175 million yuan, down 31.34% from the previous year [1]. - For Q1 2025, revenue was 171 million yuan, a decline of 22.68% year-on-year, with a net profit of 58.37 million yuan, down 24.32% [1]. Product Category Analysis - High-end product sales, particularly Lingzhi spore powder, saw a more significant decline compared to mid- to low-end products. Lingzhi spore powder sales dropped by 16.46% to 446 million yuan in 2024 [2]. - Specific sales figures for Lingzhi spore powder products include: - Broken wall Lingzhi spore powder: 102 million yuan, down 20.23% - Broken wall Lingzhi spore powder: 221 million yuan, down 9.46% - Broken wall Lingzhi spore powder granules: 104 million yuan, down 24.46% - Broken wall Lingzhi spore powder slices: 18.63 million yuan, down 21.53% [2]. - Iron-clad Dendrobium products generated 113 million yuan in sales, a decrease of 11%, with specific declines in sales of Iron-clad Dendrobium granules and extracts [2]. Sales Volume and Pricing - The sales volume of Lingzhi spore powder products in 2024 was 25.72 tons, down 13.84%, with an average price of 17.33 yuan per gram, down 3.04% [3]. - Iron-clad Dendrobium products had a sales volume of 13.91 tons, up 7.33%, but the average price fell to 8.11 yuan per gram, down 17.08% [3]. Market Expansion and Strategy - The company reported that 65.23% of its revenue came from Zhejiang province, with only 9.61% from outside the province and 25.16% from online sales [3]. - Revenue growth rates for different regions showed declines: Zhejiang province down 7.52%, outside Zhejiang down 18.81%, and online sales down 19.51% [4]. - The company is restructuring its distributors and plans to enhance its presence in the provincial market through traditional and flagship store channels [4]. Competitive Advantage - The company has established a comprehensive supply chain model and developed proprietary technologies for its products, ensuring safety and efficacy [5]. - The company has cultivated 10 superior varieties of medicinal materials, including three types of Lingzhi and three types of Iron-clad Dendrobium [5]. - The unique low-temperature supersonic airflow breaking technology significantly enhances the absorption rates of active ingredients in its products compared to traditional methods [5]. Future Projections - Revenue projections for 2025-2027 are 732 million yuan, 815 million yuan, and 899 million yuan, representing year-on-year growth rates of 5.9%, 11.4%, and 10.2% respectively [6]. - Net profit forecasts for the same period are 191 million yuan, 219 million yuan, and 244 million yuan, with corresponding growth rates of 9.3%, 14.8%, and 11.4% [6].

Core Viewpoint - The company, Huaying Agriculture, reported significant growth in revenue and profit for the fiscal year 2024, driven by improvements in operational efficiency and market expansion efforts [1][2]. Financial Performance - The company achieved a revenue of 4.731 billion yuan, representing a year-on-year increase of 27.68% [1]. - The net profit attributable to shareholders was 32.36 million yuan, marking a return to profitability [1]. - In the frozen food segment, sales volume reached 90,100 tons, generating revenue of 875 million yuan, a growth of 5.24% [2]. - The revenue from cooked food exports was 381 million yuan, with a volume of 12,700 tons, reflecting a 2.01% increase [2]. - The company’s down products sales reached 7,819.49 tons, with revenue of 3.18 billion yuan, showing a substantial growth of 45.42% [3]. Business Strategy - Huaying Agriculture focuses on a "farm to table" model in the food sector, enhancing product variety and expanding into both domestic and international markets [1]. - The company has established a comprehensive supply chain in the down industry, collaborating with renowned global apparel brands, including Moncler [2]. - The company aims to deepen market penetration and innovate its marketing system to achieve breakthroughs in both domestic and international markets [2]. - A dynamic cost control mechanism for raw materials is being implemented to optimize production efficiency [2]. Industry Position - Huaying Agriculture has maintained a leading position in the export of high-quality duck products, serving over 50 countries and regions [1]. - The company’s full industry chain development model provides a competitive advantage, ensuring product quality and safety while reducing costs and enhancing operational efficiency [3].