8月26日晚，玉米油龙头企业西王食品（000639）发布2025年半年报，报告期内实现营业收入21.2亿 元，净利润-1857万元。 运动营养板块方面，西王食品将继续扩大创新平台，拓展新型产品形态，并开发以科学为基础、聚焦表 现、代谢和健康长效的营养解决方案。 当前，西王食品重点推进运动营养和体重管理业务。在全球品牌建设方面，西王食品旗下品牌Iovate在 运动营养品行业处于全球领先地位，该品牌以自主研发为主，拥有独立产品研发实验室、培训设施和运 动科学研究实验室，拥有100余项全球专利。同时该公司重点深耕战略性增长市场，特别关注印度、中 国、澳大利亚等增长市场，并制定精准的商业规划以推动销售和营销。 目前，Iovate拥有全球性的销售渠道，产品销往全球140多个国家和地区。Iovate现有MuscleTech、 SixStar、Hydroxycut、PurelyInspired等重点品牌，各品牌存在差异又有所互补，形成较为完善的品牌矩 阵。 据介绍，MuscleTech、SixStar在北美运动营养品市场FDMC及沃尔玛等渠道中销售持续排名前列， MuscleTech为行业标杆性产品的代表，为全球健身爱好者 ...

食品饮料 | 食品加工 北交所|公司点评报告 hyzqdatemark 2025 年 08 月 20 日 证券研究报告 投资要点： 赵昊 SAC：S1350524110004 zhaohao@huayuanstock.com 王宇璇 SAC：S1350525050003 wangyuxuan@huayuanstock.com 联系人 请务必仔细阅读正文之后的评级说明和重要声明 | 基本数据 | | | | 2025 | 年 | 08 | 月 | | 日 | 19 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 收盘价（元） | | | | | | | | 21.58 | | | | 一 年 内 最 低 | 最 | 高 | / | | | | | | | | | （元） | | | | | | | | 34.00/8.28 | | | | 总市值（百万元） | | | | | | | | 2,686.71 | | | | 流通市值（百万元） | | | | | | | | 2,444.77 | | | | 总股本（百 ...

Core Viewpoint - Jianying International, a sports nutrition product distributor, is preparing for its IPO on NASDAQ under the code "FIT," aiming to raise between $8 million and $10 million by issuing 2 million shares priced between $4 and $5 each [1] Company Overview - Jianying International has been operating for over eight years, focusing on the distribution of sports nutrition products in Hong Kong, mainland China, and Malaysia, with a diverse range of SKUs available for customers [1] - As of December 31, 2024, the company has over 300 SKUs from more than 30 brands, primarily imported from the US and Europe [2] Market Presence - Hong Kong is the primary market for Jianying International, contributing 65.5% of revenue in 2024, followed by mainland China at 33.7% and Malaysia with a smaller share [2] - The company has established a multi-channel sales network, including gyms, supermarkets, convenience stores, and e-commerce platforms, with over 1,000 sales points across its markets [2][3] Sales Model - Jianying International employs a combined B2B and B2C sales model, distributing products to over 130 B2B clients and operating two online stores with over 9,000 registered members [3] - In 2023, B2C sales accounted for 49.3% of revenue, decreasing to 34.9% in 2024, indicating its importance as a sales channel [3] Revenue Structure - The majority of revenue comes from protein powder, which accounted for nearly 70% of total revenue in 2024 [4] - The company reported a total revenue of approximately $19.46 million in 2024, with significant growth driven by both B2B (up 89.1%) and B2C (up 15.9%) sales [5][4] Financial Performance - Jianying International achieved a gross profit margin of 31.7% in 2024, an increase of 5 percentage points from the previous year, leading to a gross profit of approximately $6.17 million [5][6] - The company turned a profit of $1.02 million in 2024, compared to a loss in the previous year, aided by a moderate increase in operating expenses [5] Industry Trends - The sports nutrition industry is experiencing rapid growth due to rising health awareness and increased participation in fitness activities, with a significant market expansion in China [7] - The market for sports nutrition products is becoming increasingly competitive, with both local and international brands entering the space [8] Challenges - Jianying International faces high customer concentration, with the top five clients accounting for 43.3% of revenue, which may pose risks related to revenue volatility and bargaining power [9]

Investment Rating - Industry rating is "Outperform the Market" (maintained rating) [5] Core Viewpoints - The report highlights that the company is the largest global supplier of HMB and focuses on the muscle and joint health market, with a strong presence in various international markets [1][4] - The company is expected to achieve a revenue growth of 12.3% year-on-year in 2024, reaching 1 billion yuan, with a net profit growth of 9.0% to 170 million yuan [2] - The report emphasizes the high growth potential in the muscle health and aging economy sectors, driven by the increasing demand for HMB and joint health products [4] Summary by Sections Company Overview - The company is the largest global supplier of HMB and a core supplier of high-quality glucosamine and chondroitin sulfate, with established partnerships with major brands like Abbott and Blackmores [1] - The company has a significant international revenue share, with over 90% of its income coming from overseas sales [2] Product Performance - In 2024, the revenue from nutritional raw materials and formulations is expected to be 650 million yuan and 350 million yuan, respectively, accounting for 65% and 35% of total revenue [2] - The gross profit margins for HMB, glucosamine, and chondroitin sulfate are projected to be 62%, 39%, and 29%, respectively [2] Market Trends - The global HMB market is projected to grow at a compound annual growth rate (CAGR) of approximately 11.54% from 2024 to 2030, with an expected production of 3,571.69 tons by 2030 [3] - The report notes that the demand for glucosamine and chondroitin sulfate is also on the rise, with a CAGR of 4.2% and 3.5% expected for the respective markets from 2022 to 2027 and 2023 to 2030 [3]

Group 1: Company Overview - Tongli Co., Ltd. (834599.BJ) - The report highlights that Tongli Co., Ltd. is positioned to benefit from the growing demand for autonomous mining trucks, with an expected increase in China's autonomous mining truck shipments from approximately 1,400 units in 2024 to about 5,500 units by 2026 [2][5] - The global market for autonomous mining trucks is projected to grow from around 2,100 units in 2024 to approximately 8,700 units in 2026, with significant demand expected from regions such as the Middle East, Australia, and South America [2][5] - The company has established deep collaborations with Yikong Zhijia and Borei Technology, with an estimated delivery of over 700 autonomous vehicles by 2024, capturing more than half of the domestic market share for controlled chassis [6][7] Group 2: Financial Performance and Dividends - Tongli Co., Ltd. is the only company listed on the Beijing Stock Exchange included in the CSI Dividend Index, with a dividend yield of 5.49% in 2024, reflecting a commitment to returning value to investors [7][8] - The company's dividend payouts from 2021 to 2024 were 179 million, 226 million, 226 million, and 317 million respectively, with corresponding dividend yields of 4.07%, 7.06%, 4.73%, and 5.49% [8] - The forecasted net profits for Tongli Co., Ltd. from 2025 to 2027 are expected to be 887 million, 994 million, and 1.114 billion respectively, with corresponding EPS of 1.94, 2.17, and 2.43 [8] Group 3: Industry Overview - Sports Nutrition Market - The report indicates that the sports nutrition market in China is expected to experience significant growth, with a projected CAGR of 23% from 2015 to 2024, driven by increasing consumer health awareness and low current penetration rates [11][12] - Key products such as whey protein and energy gels are anticipated to see substantial sales growth, with whey protein revenue expected to increase by 73% in 2024 and energy gels by 95% [11][12] - The company, Kangbiter (833429.BJ), is expanding its product offerings into the mass market, successfully launching electrolyte drinks and entering major retail channels, which positions it well for future growth [12][13] Group 4: Competitive Positioning - Kangbiter has established a strong competitive advantage through its extensive experience in the sports nutrition sector and its innovative product development, which has led to a leading market share in whey protein on e-commerce platforms [11][12] - The company is leveraging its brand strength and established sales channels to penetrate the broader health food market, with plans to introduce more products aimed at general consumers [12][13] - The report anticipates that Kangbiter will maintain a significant market presence due to its brand power, technological expertise, and ongoing expansion into new consumer segments [12][13]

Investment Rating - The report assigns an "Accumulate" rating for the company, indicating a positive outlook for investment in the future [5]. Core Viewpoints - The company is positioned to transition from a professional to a mass-market brand, leveraging both brand strength and channel expansion in the sports nutrition sector [5]. - The sports nutrition market in China is expected to grow significantly, with a projected CAGR of 23% from 2015 to 2024, indicating substantial growth potential [6][47]. - The company has established a strong market presence with its core products, including whey protein and energy gels, which are expected to drive revenue growth [6][9]. Summary by Sections Business Overview - The company, established in 2001, focuses on sports nutrition, health food R&D and manufacturing, and digital sports technology services, catering to various consumer segments including competitive athletes and the general public [14]. - In 2024, sports nutrition products accounted for 75.9% of total revenue, with a revenue growth rate of 71.4% [17]. Financial Performance - Revenue forecasts for 2023 to 2027 show a steady increase, with expected revenues of 843 million RMB in 2023, growing to 2,217 million RMB by 2027 [5]. - The company’s net profit is projected to rise from 88 million RMB in 2023 to 189 million RMB in 2027, reflecting a strong growth trajectory [5]. Market Position and Strategy - The company has a competitive edge in the sports nutrition market due to its differentiated product offerings and established sales channels, which include both online and offline strategies [9][41]. - The introduction of electrolyte drinks and other health products aims to capture a broader consumer base, moving from professional athletes to the general health-conscious public [6][9]. Research and Development - The company emphasizes innovation and has increased its R&D investment, holding 198 authorized patents as of 2024, which positions it as a leader in the industry [42]. - The R&D team comprises a significant proportion of master's and doctoral graduates, enhancing the company's capability to innovate [43]. Future Outlook - The report anticipates that the company will maintain a high market share in the sports nutrition sector, driven by strong product demand and effective marketing strategies [6][9]. - The overall market for sports nutrition products is expected to grow from 6.27 billion RMB in 2024 to 14.8 billion RMB by 2034, indicating a robust growth environment for the company [9][47].

2025年5月20-22日,备受全球营养健康行业瞩目的 Vitafoods Europe 2025 展会在西班牙巴塞罗那盛大召 开。历经27 年锤炼，Vitafoods Europe已发展成为欧洲营养保健品和原料行业最大的专业展会。为保健 品、功能性食品、运动营养、营养美容品行业的原料、配料、成品、生产技术、咨询服务等优秀企业构 建了一个市场开拓、技术交流的全产业链平台，成为欧洲乃至全球营养健康产业的盛会，Vitafoods Europe的举办，意味着全球健康营养行业开启加速发展新篇章。 今年，展会汇聚了超过 1300 家参展商和来自 110 多个国家的 20000 多名观众，共同探讨营养健康产业 的未来发展趋势。作为美国运动营养领先品牌代表，KORI受邀参会，与全球优秀健康品牌共话未来健 康。 美国KORI以海洋生物科技革新运动营养产业 源自纽约运动健康实验室的KORI，秉持"南极能量，自然出色"的品牌主张，专注将南极磷虾天然活性 成分与前沿生物技术融合，研发符合运动人群需求的精准营养体系，为现代都市人提供活力支持。 KORI与挪威AKER等全球优质供应商建立了长期稳定的合作关系，并且接受MSC等国际权威检 ...

Group 1: Investor Relations Activities - The company conducted investor relations activities including specific object research and performance briefings from May 7 to May 8, 2025 [3] - Participants included various securities and asset management firms, with key company representatives present [3] Group 2: Sales and Market Strategy - The company is optimizing its e-commerce operations but cannot disclose specific sales growth rates due to lack of data from platforms [4] - The company plans to enhance marketing efforts for its sub-brand, 康食季, to improve product visibility [5] - There are no current plans to expand overseas sales channels, but the company is focusing on building a physical sales network [6] Group 3: Product Development and Innovation - The company is exploring the development of non-sport beverages and plans to launch a new sports drink, focusing on taste and packaging improvements [6] - The company has signed military supply orders for 2024, which will be executed in 2025, with military products accounting for approximately 10% of revenue [8] - The company is investing 100 million yuan in expanding its production capacity for sports nutrition products [9] Group 4: Financial Performance and Management - Accounts receivable increased due to military sales, while inventory rose to ensure business continuity [10] - The company aims to enhance gross margins through technological innovation and supply chain optimization [11] - The company has 198 authorized patents, with significant advancements in product development, including a new high-quality protein product [20] Group 5: Social Responsibility and Community Engagement - The company launched the "Public Energy Rabbit" initiative to support runners in marathons, participating in nearly 470 events in 2024 [14] - Future plans include expanding social responsibility projects and promoting sports nutrition knowledge in communities [15] Group 6: Market Trends and Regulatory Environment - The health and sports nutrition industry is experiencing growth due to government policies promoting health consumption and sports participation [21] - The company plans to establish four product project teams targeting protein supplementation, energy products, weight control, and professional sports markets [22] Group 7: Profitability and Operational Efficiency - The company is focused on high-quality operations, with improved inventory turnover from 2.34 in 2022 to 3.02 in 2024 [23] - The accounts receivable turnover increased from 9.5 in 2022 to 14.84 in 2024, indicating enhanced operational efficiency [23]