承董事會命 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因倚 賴該等內容而引致的任何損失承擔任何責任。 ANJOY FOODS GROUP CO., LTD. 安井食品集團股份有限公司 （於中華人民共和國註冊成立的股份有限公司） （股份代號：2648） 本公告乃根據《香港聯合交易所有限公司證券上市規則》第13.10B條而作出。 茲 載 列 安 井 食 品 集 團 股 份 有 限 公 司（「 本公司 」）在 上 海 證 券 交 易 所 網 站 ( www.sse.com.cn )刊登的本公司2025年半年度報告（A股），僅供參閱。 安井食品集團股份有限公司 董事長兼執行董事 劉鳴鳴先生 中國廈門，2025年8月25日 於本公告日期，本公司董事會成員包括：(i)執行董事劉鳴鳴先生、張清苗先生、 章高路先生及黃建聯先生；(ii)非執行董事鄭亞南博士及戴凡先生；及(iii)獨立非 執行董事張梅女士、劉曉峰博士、趙蓓博士及張躍平先生。 公司代码：603345 公司简称：安井食品 2025 年半年度报告 ...

Core Viewpoint - The Xinwanfu River Branch Center in Jining City is advancing river basin governance through standardized, digitalized, and professional management to ensure regional water security [1] Group 1: Management and Governance - The Xinwanfu River Branch Center focuses on standardized management, having revised and improved over 10 operational management manuals and flood prevention plans, establishing a comprehensive management system covering project operation, flood emergency response, and river chief system implementation [1] - The governance project for the Xinwanfu River has been approved for implementation by the National Development and Reform Commission, with flood prevention standards raised from a 20-year return period to a 50-year return period, and drainage standards increased from a 3-year return period to a 5-year return period, benefiting areas along the river such as Rencheng, Yutai, and Jinxing [1] Group 2: Future Plans - The Xinwanfu River Branch Center will deepen the construction of flood prevention and disaster reduction systems along with a smart management platform, contributing to the development of "Smart Jining" and "Beautiful Jining" [1]

花旗银行发布研究报告，指出平安好医生管理层预计公司收入将实现双位数年均复合增长，中期净利润 率也将达到双位数增长。盈利能力提升得益于供应链效率、集中采购、市场收入增长以及人工智能和数 码化管理的应用，这些措施将控制运营费用。在并购方面，公司将聚焦医疗保健和老年护理领域。花旗 银行因此上调了对平安好医生2024年至2027年的收入和每股盈利预测，并将目标价从12港元上调至20港 元，维持"买入"评级，并将其视为首选股之一。 ...

Core Viewpoint - The trend of the electric motor industry in China is shifting from coastal regions to inland areas, with only about 10% of companies having made this transition so far, indicating a continued trend of relocation in the future [1][20]. Group 1: Industry Transition - A thriving electric motor industry cluster has emerged in Jianghua County, Hunan Province, as companies relocate from the Guangdong Province [4][5]. - Factors such as abundant labor and lower land costs have attracted these companies to establish factories in Jianghua [4][5]. - The electric motor production is transitioning towards smart manufacturing and digital management, with a focus on higher-end products [4][11]. Group 2: Economic Impact - Jianghua County has transformed from a poverty-stricken area to a developing industrial hub, with significant investments from companies affected by industrial upgrades in the Pearl River Delta [5][21]. - The production value of the Jianghua industrial park is projected to reach 6 billion yuan in 2024, with expectations to grow to 10 billion yuan in the following year [6][21]. Group 3: Labor Dynamics - The local workforce in Jianghua is stable, with 98% of employees being local residents, which contributes to high retention rates [6][9]. - Companies are offering incentives such as housing subsidies to attract and retain workers, addressing labor shortages faced in coastal regions [9][10]. Group 4: Competitive Landscape - Jianghua's electric motor industry is experiencing rapid growth, with companies like Guomeng Technology and Ruiyi Motor expanding their production lines and product offerings [12][15]. - The competition is intensifying, with companies investing in automation and digitalization to enhance productivity and reduce costs [14][15]. Group 5: Future Prospects - Jianghua aims to establish a 100 billion yuan electric motor industry, with several companies already achieving significant production values [21][22]. - The industry is expected to continue evolving, with a focus on high-quality development and the establishment of a complete supply chain [11][22].

Core Viewpoint - The company, Yiquan Pickled Vegetable Co., Ltd., has experienced growth in overseas orders and is focusing on product innovation and quality control to enhance its market competitiveness [1][2]. Group 1: Company Overview - Yiquan Pickled Vegetable Co., Ltd. is located in Wanzhou District, Chongqing, and specializes in the production and sale of pickled vegetables, recognized as a key agricultural enterprise [1]. - The company aims to produce over 40,000 tons of various pickled vegetable products in 2024, with projected revenue exceeding 300 million yuan [1]. Group 2: Innovation and Technology - The company allocates 3% of its annual sales revenue for R&D, collaborating with universities and research institutions to develop new technologies and products [2]. - It has developed key technologies such as low-temperature rapid fermentation and probiotic secondary fermentation, resulting in 3 invention patents and 5 utility model patents [2]. - Over the past three years, the company has innovated more than 140 processes and launched over 90 new products to meet diverse consumer demands [2]. Group 3: Production and Efficiency - The company has implemented automated production lines and a digital information management system, reducing production cycles by 20% and costs by over 10% [2]. - The entire production process, from order generation to delivery, is managed through data-driven and traceable systems, significantly improving production efficiency [2]. Group 4: Market Strategy and Expansion - The company has diversified its product offerings into six major series with over 200 varieties, leveraging new marketing strategies such as live streaming to expand its market reach [3]. - Since the 1990s, the company has actively pursued international markets, ensuring compliance with various quality standards across 52 countries and regions [3]. - The company emphasizes quality control throughout the supply chain, from raw material cultivation to processing, establishing a high-quality management system [3]. Group 5: Community Engagement - The company supports local farmers by providing training and guaranteed purchase prices, creating a mutually beneficial relationship that enhances both farmer income and company efficiency [3]. - It has established partnerships with over 100,000 pickled vegetable farmers and initial processing households in more than 10 towns in Wanzhou District [3].

Core Insights - The article highlights the significant sales achievement of Luckin Coffee during the "Autumn First Cup" event, with over 20 million cups sold in a single day, marking a new record for the company [4][7][15] - The event has transformed from a tea-centric promotion to a coffee-focused one, indicating a shift in consumer preferences and market dynamics [4][7] - Luckin Coffee's effective supply chain management and digital operations have allowed it to handle the surge in orders efficiently, enhancing its brand reputation [9][11][12][17] Sales Performance - On the day of the "Autumn First Cup," Luckin Coffee achieved a remarkable sales figure of over 20 million cups, with the highest-selling store in Shanghai recording 2,691 cups sold in a single day [4][15] - The top five cities in terms of sales revenue were Shanghai, Shenzhen, Beijing, Guangzhou, and Hangzhou [4] Market Dynamics - The "Autumn First Cup" event has evolved into a major marketing phenomenon, akin to "Double Eleven" in the beverage industry, driving consumer engagement and brand visibility [2][4] - The competition in the beverage market is intensifying, with brands vying for consumer attention and loyalty, particularly in the coffee segment [6][18] Brand Positioning - Luckin Coffee has successfully shifted consumer perception from "Luckin = coffee" to "coffee = Luckin," solidifying its position as a leading brand in the ready-to-drink coffee market [7][17] - According to Euromonitor International, Luckin holds a 35% market share in China's ready-to-drink coffee sector, significantly ahead of its closest competitor [7] Operational Efficiency - Luckin Coffee's self-delivery model has allowed it to bypass delivery platform congestion, ensuring timely product delivery to consumers [10] - The company's digital management system has optimized its supply chain, enabling effective demand forecasting and order fulfillment during peak times [11][12] Supply Chain Development - Recent strategic partnerships and investments in supply chain infrastructure, such as sourcing raw materials from specific regions, have enhanced Luckin's quality control and operational capabilities [12][17] - The establishment of a new roasting facility is expected to increase Luckin's annual roasting capacity to 55,000 tons, further strengthening its supply chain [12] Consumer Engagement - The success of the "Autumn First Cup" event reflects the cumulative effect of previous marketing efforts and operational improvements, showcasing Luckin's ability to adapt and thrive in a competitive landscape [13][18] - The focus on maintaining high efficiency and quality assurance is crucial for building consumer loyalty and brand trust in the beverage industry [18]

近日，国内高端光伏装备企业与神州云动CloudCC正式签署交付售后平台系统合作协议。此次合作标志 着公司电在智能制造与数字化管理融合进程中迈出关键一步，进一步推动其"智能制造+数字化服务"双 轮驱动战略。 作为中国电子科技集团旗下高端光伏装备核心企业，此次合作旨在通过客户全生命周期管理优化，加速 光伏产业链的智能化协同与全球化布局。公司秉承"装备+工艺+服务"的发展思路，率先在国内推广新 一代高效电池 + 智能制 造生产模式，以成套光伏装备为牵引，与工艺相结合，建立工艺指导设备研 发，设备促进 工艺发展的良性循环发展模式，真正做到了"用自己的设备，创光伏产业奇迹"。 公司是国家光伏装备工程技术研究中心的依托单位，是我国少数几个拥有光伏装备全系列生产研发能力 的企业之一，具有太阳能行业独特优势。作为"一带一路"建设的推动者，拥有国家级对外交流平台"中 国-埃及可再生能源国际联合实验室"，高端光伏装备正服务于"一带一路"数十个国家和地区，打造全球 光伏整线装备的"中国名片"。 神州云动CloudCC系统将助力实现三大核心目标： 项目管理精细化：通过自动化流程与数据分析，优化客户需求响应机制，缩短订单交付周期； 服 ...

Core Viewpoint - The article highlights the progress of the Huadian New Energy Zhongzan 1.2 million kilowatt photovoltaic power generation project in Sichuan, which is a key initiative under China's 14th Five-Year Plan for clean energy development in the upper reaches of the Jinsha River [3][6]. Group 1: Project Overview - The project has a planned installed capacity of 1.2 million kilowatts and is expected to deliver 2.1 billion kilowatt-hours of green electricity annually, which will reduce carbon dioxide emissions by 1.62 million tons [3][6]. - As of now, 413,000 photovoltaic pile foundations have been completed, along with 175,000 spiral piles and 28,000 photovoltaic brackets [6]. Group 2: Construction Challenges - The construction site is located at an altitude of 4,000-4,400 meters, presenting extreme environmental challenges such as low oxygen levels, significant temperature fluctuations, and high ultraviolet radiation [3][6]. - Workers have faced difficulties adapting to the harsh conditions, but there has been a strong commitment to the project, with management implementing detailed task breakdowns and responsibilities [3][6]. Group 3: Environmental Protection Efforts - The company prioritizes ecological protection by utilizing advanced cutting equipment to preserve the original ecological environment and biological activity of the grasslands [6]. - A "green laboratory" has been established to enhance the vitality and survival rate of the native grasslands, employing temperature and humidity control measures [6]. Group 4: Technological Integration - The project employs a digital management platform that allows real-time monitoring of various construction aspects, improving decision-making efficiency and accuracy [7]. - The integration of technology into traditional energy projects is seen as a revitalizing force, enabling precise control over project details [7].

Investment Rating - Industry Rating: Outperform the market (maintained rating) [5] Core Viewpoints - The "anti-involution" trend is driving quality upgrades in the industry, emphasizing investment opportunities in specialized engineering companies. This trend is expected to improve corporate profitability and increase capital expenditures in green and low-carbon transformations, benefiting specialized engineering firms [1][19][32] - The government is focusing on innovation-driven and green transformation, which is broader than the supply-side structural reforms of 2015. This includes enhancing industry self-discipline and optimizing supply structures through technological upgrades [2][13] Summary by Sections Industry Performance - The construction index fell by 2.5% in the week of July 28 to August 1, underperforming the broader market by 1.3 percentage points. Only the architectural design and services sub-sector maintained an upward trend, with notable individual stock gains [4][26] Investment Recommendations - Key investment opportunities include: 1. Cement Engineering: China National Materials (high dividend cement engineering leader, expected dividend yield over 5% in 2025) [19] 2. Metallurgical Engineering: China Steel International (low-carbon metallurgical engineering leader, expected dividend yield of 5.5% in 2025) [19] 3. Steel Structure Manufacturing: Honglu Steel Structure, Jinggong Steel Structure [19] 4. Chemical Engineering: China Chemical, Sanwei Chemical, Donghua Technology, benefiting from rising chemical product prices [19] Key Indicators - As of August 1, 2025, the cement shipment rate was 30%, down 13 percentage points from the previous week, while the asphalt plant operating rate was 33.1%, up 4.3 percentage points [3][20] Structural Changes and Opportunities - The report highlights the importance of focusing on infrastructure investments in regions with high demand, such as Sichuan, Zhejiang, Anhui, and Jiangsu, and recommends local state-owned enterprises and central enterprises involved in major infrastructure projects [32][35] Emerging Trends - The report suggests that the nuclear power sector remains highly attractive, with ongoing investments, and highlights the potential of AI and digital technologies in transforming traditional industries [34][36] Specialized Engineering Investment Targets - The report lists specific companies in specialized engineering fields, including: - China National Materials (Cement) - China Steel International (Metallurgy) - Honglu Steel Structure (Steel Structure) - China Chemical (Chemicals) [20] Conclusion - The overall sentiment is positive towards the construction and specialized engineering sectors, driven by government policies aimed at enhancing industry quality and profitability through technological and structural upgrades [1][19][32]

Core Viewpoint - Consumption is the main driver of economic growth, with new business models and products emerging across various sectors, including dining, tourism, and community services, enhancing consumer experiences and meeting high-quality living standards [1] Group 1: Dining Industry Innovations - The dining industry is increasingly integrating technology and digitalization, with 65.7% of surveyed enterprises incorporating digital strategies into their development plans [6] - Innovations in the dining sector include modernizing traditional food culture, blending different cuisines, and utilizing smart technology to enhance consumer experiences [6] - A coffee shop in Chongqing showcases a unique consumer experience through the use of soundproof materials and an intelligent coffee-making robot, which can produce 300 cups of coffee daily without breaks [5][6] Group 2: Digital Management in Restaurants - A Beijing-based brand noodle shop has adopted digital management systems to streamline operations, allowing customers to pre-order and manage their dining experience through an app [8][10] - The restaurant's market director emphasizes the importance of digital tools for managing front and back-end operations, enhancing customer insights, and optimizing menu offerings based on sales data [10] - The rise of "satellite stores" focused on delivery has led to the establishment of over 5,500 such stores in collaboration with major brands, with plans to reach 10,000 by the end of 2025 [10] Group 3: Consumer Behavior and Experience - The integration of "Internet + transparent kitchens" in delivery services allows consumers to monitor their food preparation, enhancing trust in food safety [14] - The dining experience is evolving to include cultural elements, with restaurants collaborating with well-known brands to create unique dining events that resonate with consumers [14][15] - The shift from viewing customers as mere traffic to understanding them as individuals with unique preferences is crucial for improving service and increasing conversion rates [15]