成都市新津区素有"中国民营经济摇篮"美誉。如今，新津的产业门类日渐丰富，如绿色食品、新能源、 轨道交通等，其中，绿色食品产业规模已连续两年居于成都首位。 新津经济开发区管委会副主任何贞告诉记者："发展绿色食品产业对保护生态环境、服务乡村振兴、促 进农业提质增效和农民增收具有重要意义。" 早上上班时走进园区，面包和蛋糕的香味弥漫在空气中，十分香甜。新津区按照优存量、育增量、谋新 量进行布局，已在新津区健康食品产业园形成绿色食品产业"一核三区"的空间发展格局。"'一核'指的是 位于健康食品产业园核心区域的科创核，集创新孵化、中试小试、检验检测等功能于一体。'三区'则分 别是依托现有企业进行产品创新、功能突破的存量提质区，围绕主攻产业领域承接重点项目的重点集聚 区，为远期项目承接留足空间的未来拓展区。"据何贞介绍，今年新津区健康食品企业数量已突破100 家，年底产值将突破200亿元。 全链条发展是良好产业生态的重要一环。成都希望食品有限公司生产的农家小酥肉在新津的本地化配套 率达90%。从猪肉到食用油、面粉等，再到冷链运输环节，一套高效配套的产业链已成熟运行多年。 仅隔一条6米的作业通道，一条57米长的液蛋输送管线 ...

如今，沈师傅食品与四川农业大学等高校院所共建科研平台，联合优化37道生产工艺，参与制定行业标准。 今年7月，中粮集团自主研发的D-阿洛酮糖通过国家新食品原料评审。"这款产品不仅填补了国内高端功能糖 市场的空白，还打破了生物制造领域相关技术垄断。"中粮生化（成都）有限公司副总经理于含介绍，该产品 已在新津生产上市。 图为新津区健康食品产业园展厅内展示的各类"新津造"绿色健康食品。 本报记者 刘 畅摄 11月20日，四川省健康食品产业园在新津区正式开园，着力推动企业数量能级、产业规模质效"双提升"，努 力构建四川省产业规模大、创新能力强、具有全国影响力的健康食品产业园。 成都市新津区素有"中国民营经济摇篮"美誉。如今，新津的产业门类日渐丰富，如绿色食品、新能源、轨道 交通等，其中，绿色食品产业规模已连续两年居于成都首位。 新津经济开发区管委会副主任何贞告诉记者："发展绿色食品产业对保护生态环境、服务乡村振兴、促进农业 提质增效和农民增收具有重要意义。" 早上上班时走进园区，面包和蛋糕的香味弥漫在空气中，十分香甜。新津区按照优存量、育增量、谋新量进 行布局，已在新津区健康食品产业园形成绿色食品产业"一核三区"的空间 ...

Core Insights - The "9·17 Nut Health Week" has become a significant event for promoting healthy dietary concepts and driving innovation in the nut industry over the past decade [3] - The theme "A handful of nuts daily is beneficial for health" has evolved into a widely accepted lifestyle [3] - The event serves as a platform for industry leaders and entrepreneurs to showcase innovative products and drive consumption upgrades [1][3] Industry Development - Anhui Wuwei has transformed from a "land of fish and rice" to a "capital of nuts," showcasing its industrial evolution [3] - The city promotes a "1+N" green food industry development model, focusing on ecological and green development [3] - Wuwei has established a 1.248 million mu grain production base and created a national-level aquatic health breeding demonstration area [3] Business Environment - Wuwei has implemented the "most satisfactory" service action to support enterprises, enhancing the business environment [4] - The city has provided multi-faceted support in areas such as land supply, technological innovation, and financial services [5] - In 2024, the total output value of the green food industry chain in Wuwei is projected to reach 16.57 billion, with a growth rate of 15.6% [5] Corporate Leadership - Wuwei emphasizes the role of leading enterprises, supporting key players like Three Squirrels and Purple Blueberry [6] - The establishment of a green food industry research institute in collaboration with Anhui University of Engineering aims to commercialize technological achievements [6] - The Three Squirrels East China base has an automated production line that can process from raw materials to finished products in as little as one to two minutes [6] Innovation and Product Launch - Over 200 food companies participated in the precision supply conference, showcasing new products and facilitating one-stop shopping for buyers and consumers [7] - A roundtable forum gathered industry leaders to discuss new development strategies and showcase innovative results [7] - The "Healthy Nut Experience Officer" initiative attracted nearly 100,000 participants, providing valuable consumer feedback on product quality and preferences [7]

Core Viewpoint - The Xinjiang Uygur Autonomous Region is advancing the construction of standardized production bases for green food raw materials, leveraging its resource and environmental advantages, with a total of 103 bases established covering over 15 million acres, ranking among the top in the country [1][2] Group 1: Development of Green Food Production Bases - The standardized production bases for green food raw materials meet environmental quality standards and are subject to strict management and production requirements, ensuring high-quality agricultural development [1] - The established bases include various advantageous agricultural products such as wheat, corn, and apples, contributing to the foundation of green food raw materials [1] Group 2: Regulatory and Quality Improvement Measures - Agricultural departments in Xinjiang are enhancing entry thresholds and strict management to improve the total scale and market supply of green food, with a total of 858 green food products and a market supply of 358 million tons [2] - The Xinjiang Green Food Development Center aims to promote the region's green advantage industries and enhance the reputation and quality of green agricultural products [2]

Group 1 - The green food industry chain in Yingshang District, Fuyang City, is projected to reach a total output value of 11 billion yuan in 2024, representing a year-on-year growth of 28.65% [1] - Yingshang District aims to implement a "double hundred billion" plan for the green food industry, accelerating the establishment of a green agricultural product supply base in the Yangtze River Delta [1] Group 2 - The company Tongfu Dajiankang has a daily production capacity of 12,500 nutritious meals, with plans to increase this to 60,000 meals and 300,000 pastries in the first phase [2] - The company sources most of its raw materials locally, benefiting local farmers, especially large-scale growers [2] - A smart dairy central factory project with a total investment of 3 billion yuan is set to begin trial production by the end of August 2024, with an expected annual output of 250,000 tons of dairy products [3] Group 3 - Jianuo Biotechnology has become a leading company in the production of functional nutritional gummy products, achieving nearly 100 million yuan in output value in 2024 [4] - The company has invested 1.2 billion yuan in a synthetic biology research and development project, aiming to collaborate with research institutions for high-end nutrient and biological product development [4] Group 4 - The Yingshang District plans to develop functional food sectors represented by Jianuo Biotechnology and Hengboshi, prepared dishes represented by Yurun and Tongfu Dajiankang, and deep processing of meat, eggs, and dairy represented by Huangshi and enzymes [5]

Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Views - The company reported a revenue of 91.994 billion yuan in 2024, a year-on-year decrease of 34%, with a net profit attributable to shareholders of -7.039 billion yuan. In Q4 2024, revenue was 23.722 billion yuan, down 14% year-on-year, and the net profit was -3.066 billion yuan. For Q1 2025, revenue was 15.933 billion yuan, with a net profit of -2.593 billion yuan [2][5]. Summary by Relevant Sections Company Performance - In 2024, the company achieved a polysilicon sales volume of 467,600 tons, a year-on-year increase of 20.76%, capturing approximately 30% of the national market share, ranking first globally. The battery module sales reached 87.68 GW, a growth of 8.70%, maintaining the top position in global battery shipments for eight consecutive years, with a market share of about 14% [10]. - The company successfully transitioned its battery production capacity from PERC to TOPCon, achieving a TNC capacity of 150 GW. The module sales volume was 45.71 GW, a year-on-year increase of 46.93% [10]. - In the aquaculture sector, the company saw a counter-cyclical growth in feed sales, with a total electricity settlement of 5.007 billion kWh, resulting in a carbon reduction of 2.68 million tons [10]. Financial Data - The company reported an operating cash inflow of 1.14 billion yuan in 2024, but asset impairment provisions of 5.3 billion yuan negatively impacted performance. In Q1 2025, the operating cash outflow was 1.457 billion yuan, remaining stable year-on-year, with asset impairment losses of 796 million yuan primarily due to inventory depreciation [10]. - The company has a strong cost advantage in the silicon material business, with cash production costs at its Inner Mongolia base dropping below 27,000 yuan per ton (excluding tax) [10]. - As of Q1 2025, the company had cash reserves of 29.1 billion yuan and trading financial assets of 10.9 billion yuan, supporting long-term development [10]. Market Outlook - Despite facing operational losses due to supply-demand mismatches, the company remains optimistic about the long-term development of green energy and food industries. It has repurchased shares worth over 2 billion yuan since 2024, acquiring 102 million shares, which is about 2.26% of the total share capital [10].

Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Views - The company reported a revenue of 91.994 billion yuan in 2024, a year-on-year decrease of 34%, with a net profit attributable to shareholders of -7.039 billion yuan. In Q4 2024, revenue was 23.722 billion yuan, down 14% year-on-year, with a net profit of -3.066 billion yuan. For Q1 2025, revenue was 15.933 billion yuan, with a net profit of -2.593 billion yuan [2][5]. Summary by Sections Company Performance - In 2024, the company achieved a polysilicon sales volume of 467,600 tons, a year-on-year increase of 20.76%, capturing approximately 30% of the national market share, ranking first globally. The battery module segment transitioned production from PERC to TOPCon, achieving a production capacity of 150 GW and battery sales of 87.68 GW, a year-on-year growth of 8.70%, maintaining the top position in global battery shipments for eight consecutive years, with a global market share of about 14%. The module sales volume reached 45.71 GW, up 46.93% year-on-year [10]. Financial Data - The company reported an operating cash inflow of 1.14 billion yuan in 2024, with an asset impairment provision of 5.3 billion yuan impacting performance. In Q1 2025, the operating cash outflow was 1.457 billion yuan, roughly stable year-on-year, with an asset impairment loss of 796 million yuan primarily due to inventory depreciation [10]. Future Outlook - The company has a significant cost advantage in the silicon material business, with cash production costs at its Inner Mongolia base dropping to below 27,000 yuan per ton (excluding tax). The battery module business is expanding well, with over 17 GW of distributed shipments in 2024, ranking first in the industry. The company has ample cash reserves, with 29.1 billion yuan in monetary funds and 10.9 billion yuan in trading financial assets as of Q1 2025, supporting long-term development. The company has established a strong competitive advantage across multiple segments of the photovoltaic industry chain, which is expected to be fully realized post-cycle [10].

Core Viewpoint - The company reported a significant decline in revenue and net profit for 2024, with a total revenue of 91.994 billion yuan, a year-on-year decrease of 34%, and a net loss of 7.039 billion yuan [1] Group 1: Financial Performance - In Q4 2024, the company achieved a revenue of 23.722 billion yuan, down 14% year-on-year, with a net loss of 3.066 billion yuan [1] - For Q1 2025, the company reported a revenue of 15.933 billion yuan and a net loss of 2.593 billion yuan [1] - The company recorded an operating cash inflow of 1.14 billion yuan in 2024, but faced asset impairment losses of 5.3 billion yuan, negatively impacting performance [3] Group 2: Business Segments - In the polysilicon segment, the company achieved a sales volume of 467,600 tons, a year-on-year increase of 20.76%, capturing approximately 30% of the national market and ranking first globally [2] - In the battery module segment, the company transitioned production from PERC to TOPCon, achieving a total battery sales volume of 87.68 GW, an increase of 8.7%, maintaining the top position in global battery shipments for eight consecutive years [2] - The company’s module sales reached 45.71 GW, a year-on-year growth of 46.93%, indicating continuous market share expansion and improved shipment structure [2] Group 3: Future Outlook - The company has a clear cost advantage in the silicon material business, with cash production costs at its Inner Mongolia base dropping to below 27,000 yuan per ton (excluding tax) [3] - The company has a strong cash reserve, with monetary funds of 29.1 billion yuan and trading financial assets of 10.9 billion yuan as of Q1 2025, supporting long-term development [3] - Despite facing temporary operational losses due to supply-demand mismatches, the company remains optimistic about the long-term growth of the green energy and food industries, having repurchased shares worth over 2 billion yuan since 2024 [4]

Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Views - In 2024, the company reported a revenue of 91.994 billion yuan, a year-on-year decrease of 34%, with a net profit attributable to shareholders of -7.039 billion yuan. In Q4 2024, revenue was 23.722 billion yuan, down 14% year-on-year, and the net profit was -3.066 billion yuan. For Q1 2025, revenue was 15.933 billion yuan, with a net profit of -2.593 billion yuan [2][5]. - The company achieved a sales volume of 467,600 tons of polysilicon in 2024, a year-on-year increase of 20.76%, maintaining a market share of approximately 30% in China and ranking first globally. In the battery module segment, the company switched production capacity from PERC to TOPCon, achieving a total battery sales volume of 87.68 GW, an increase of 8.70% year-on-year, and holding a global market share of about 14% [10]. - The company has a strong cash reserve, with monetary funds of 29.1 billion yuan and trading financial assets of 10.9 billion yuan as of Q1 2025, supporting long-term development [10]. Summary by Sections Financial Performance - In 2024, the total revenue was 91.994 billion yuan, with a gross profit of 5.877 billion yuan, resulting in a gross margin of 6%. The operating profit was -8.418 billion yuan, and the net profit attributable to shareholders was -7.039 billion yuan [15]. - The company reported an operating cash flow of 1.144 billion yuan in 2024, with a significant asset impairment loss of 5.327 billion yuan impacting performance [10][15]. Business Operations - The company has successfully expanded its module distribution, achieving over 17 GW in distributed shipments in 2024, ranking first in the industry [10]. - The cash cost of polysilicon production has decreased to below 27,000 yuan per ton, excluding tax, enhancing the company's cost advantage [10]. Market Position - The company has maintained its leading position in the photovoltaic industry, with a continuous increase in market share and sales volume across various segments [10]. - Despite facing operational losses due to supply-demand mismatches, the company has confidence in the long-term growth of the green energy and food industries, as evidenced by share buybacks totaling over 2 billion yuan since 2024 [10].