证券研究报告 | 行业定期报告 2025 年 07 月 13 日 白酒逢低配置龙头，食品关注结构性机遇 食品饮料中报前瞻暨板块最新观点 消费品/食品饮料 随着市场风偏逐步提升，食品饮料行业整体估值水位有望得到修复。从 25Q2 各细分板块情况来看，白酒侧淡季叠加行业遭遇"禁酒令冲击"，需求短期阶 段性下滑，高端白酒价格整体承压，宴席与大众消费场景相对平稳。预计多数 酒企进入调整阶段，考虑到企业调整节奏存在差异，建议关注三季报报表检验 期，超跌逢低配置估值安全边际足的头部酒企。食品侧 Q2 需求延续恢复态势， 饮料、休闲食品、宠物食品板块 Q2 整体景气度向上，啤酒、连锁&餐饮供应链 关注结构性增长机遇，保健品中长期渗透率提升趋势延续，乳制品、调味品仍 在恢复过程中，期待下半年需求改善。 推荐（维持） 行业指数 % 1m 6m 12m 绝对表现 -3.2 11.9 35.0 相对表现 -6.3 4.4 19.3 资料来源：公司数据、招商证券 -20 -10 0 10 20 30 40 50 Jul/24 Nov/24 Feb/25 Jun/25 (%) 食品饮料 沪深300 相关报告 1、《食品饮料行业周报（7 ...

Group 1: Technological Innovations and Market Position - Technological Group is the largest global supplier of HMB raw materials, focusing on dietary nutritional supplements and innovative product development [2][3] - The company has established long-term partnerships with renowned brands such as Abbott, Blackmores, and Nutramax, contributing to over 90% of its revenue from overseas markets [7][10] Group 2: Financial Performance and Projections - Technological Group's revenue for 2022, 2023, and 2024 is projected to be 947 million, 892 million, and 1 billion yuan respectively, with net profits of 142 million, 160 million, and 174 million yuan [7][11] - The company anticipates a revenue increase of 15.03% to 27.36% in the first half of 2025, with net profits expected to grow by 8.56% to 19.20% [11][12] Group 3: Business Model and Client Base - Technological Group's business model is centered around the research and development of dietary supplements, with a significant focus on HMB, which aids in muscle synthesis and fatigue reduction [4][10] - The company’s client base includes major players in the dietary supplement industry, ensuring a stable revenue stream [7][10] Group 4: Market Overview and Competitive Landscape - The market for dietary supplements is growing, driven by increasing health awareness and demand for nutritional products, positioning Technological Group favorably within the industry [2][4] Group 5: Company Overview and Offerings - Shanda Electric is a high-tech enterprise focused on the research and development of intelligent products related to power systems, with major products including fault recording and monitoring devices [13][15] - The company derives approximately 80% of its revenue from electric grid enterprises, with 70% coming specifically from the State Grid [15][16] Group 6: Financial Performance and Future Outlook - Shanda Electric's revenue for 2022, 2023, and 2024 is projected to be 478 million, 549 million, and 658 million yuan respectively, with net profits of 76.99 million, 103 million, and 127 million yuan [17][18] - The company expects a revenue increase of 13.55% to 21.66% in the first half of 2025, with net profits projected to grow by 14.87% to 24.65% [19][20]

【导读】下周一两只新股可申购，山大电力收入有赖于国家电网 中国基金报记者 闻言 A股打新投资者注意啦！ 根据目前发行安排，7月14日有两只新股可申购，分别是上交所主板新股技源集团、深交所创业板新股山大电力。 技源集团系全球HMB原料最大供应商 技源集团的申购代码是732262，发行价为10.88元/股，发行市盈率为25.51倍，参考行业市盈率为27.69倍。 技源集团此次总发行数量为5001万股，网上发行数量为1200万股。投资者参与网上申购技源集团，申购数量上限为1.2万股，顶格申购需 配沪市市值为12万元。 技源集团从事膳食营养补充产品的研发创新与产业化发展，已发展成为全球HMB原料的最大供应商，以及高品质氨糖、制剂等产品的核心 供应商，近年来境外收入占 其 总收入的比重均超90%。 | 地区 | 2024 年 | | 2023 年 | | 2022 年 | | | --- | --- | --- | --- | --- | --- | --- | | | 金额 | 比例 | 金额 | 比例 | 金额 | 比例 | | 境外 | 93,848.10 | 93.93% | 84,754.69 | 95.25 ...

随着人口老龄化趋势的发展和健康意识的提升，让消费者对抗衰产品的需求不断增长。根据电商平台的数据显示，2024年平台累计上线5000款抗衰相关 的新产品，带动抗衰品类环比增长超7倍。作为口服抗衰的重要成分，胶原蛋白肽2025年市场规模将达75亿元，年均增速达20%。 6月9至11日，第四届生物活性肽国际研讨会在日本召开，五个女博士研究院院长赵春月博士受邀出席，并作题为"罗非鱼皮来源胶原蛋白肽的分离、合 成以及皮肤抗衰老机制研究"的分享。会上，来自京都大学和普渡大学的专家学者分享了胶原蛋白肽对改善皮肤粗糙，以及预防和延缓皮肤衰老的作用。 "人体中的胶原蛋白占据皮肤干重的70%—80%，25岁以后，人皮肤中的胶原蛋白每年下降1%，"赵春月博士在研讨会上分享道，"作为胶原蛋白水解后 的产物，胶原蛋白肽吸收率更高，还具有抑制炎症反应、减轻氧化应激、抑制基质金属蛋白酶表达、调节细胞行为、维持细胞外基质稳态等功效。" 罗非鱼皮富含胶原蛋白，是提取胶原蛋白肽的宝贵资源。会上，赵春月博士重点了分享了"五个女博士"针对罗非鱼源胶原蛋白肽的抗衰老机制研 究。"我们将罗非鱼皮酶解成蛋白肽，通过质谱鉴定选取了含量丰富、可信度高的肽段— ...

Group 1 - The core issue is that Jiaoda Onlly has been investigated by the China Securities Regulatory Commission (CSRC) for suspected violations of information disclosure laws [2] - The company received a regulatory letter from the Shanghai Stock Exchange regarding various issues, including its small loan business and discrepancies in sales revenue and expenses [4] - The company reported significant financial impacts from a debt transfer agreement involving its subsidiary, which was not disclosed in a timely manner [5] Group 2 - Jiaoda Onlly's main business includes the research, production, and sales of health products and the management of elderly care institutions [6] - The company has faced challenges in recent years, with reported net losses of approximately 498 million yuan in 2022 and 35.08 million yuan in 2023, but is projected to return to profitability in 2024 with an estimated net profit of 30.48 million yuan [8] - In the first quarter of 2025, the company experienced a revenue decline of 2.83% and a net loss of 6.88 million yuan, indicating ongoing financial difficulties [11] Group 3 - The stock price of Jiaoda Onlly has seen significant volatility, increasing from 4.52 yuan per share to 9.51 yuan per share, resulting in a market capitalization of 7.4 billion yuan as of July 11 [11] - The chairman of the company has emphasized accountability for the actions of former executives involved in illegal activities, indicating a commitment to protecting shareholder interests [8]

此前收到监管函 【 导读】 交大昂立 因 涉嫌信息披露违法违规 而被立案 中国基金报记者 牛思若 7月11日，交大昂立发布公告称，公司于7月11日收到中国证监会《立案告知书》，因涉嫌信息披露违法违规，根据相关法律法规，中国证 监会决定对公司立案。公司将积极配合调查，并严格履行信息披露义务。 值得注意的是， 此前交大昂立收到上交所发出的信息披露监管工作函。 工作函中，上交所针对公司2024年小额贷款业务、四季度是否存在突击确认收入、保健品销售收入与销售费用变动不匹配、境外毛利率明 显高于境内毛利率等一系列问题，要求交大昂立作出合理解释。 其中，上交所就公司信息披露方面提出问题：年报显示， 交大昂立 下属子公司上海昂立久鼎典当有限公司（ 以下 简称典当公司）于2024 年2月与联营企业上海徐汇昂立小额贷款股份有限公司（ 以下 简称小贷公司）签署债权转让协议，将5700万元债权转给小贷公司，小贷公 司同意以5700万元受让。 前期小贷公司已向典当公司支付4000万元，剩余未支付金额为1700万元。 交大昂立 本期转回贷款减值损失3925万元。上述事项对归母 净利润影响较大， 交大昂立 未在临时公告中予以披露。 对此 ...

2023年6月，当地检察机关对该案提起公诉，法院判决相关当事人犯诈骗罪，而检察机关在办理案件过 程中，认为相关违法行为已涉嫌侵犯众多不特定消费者的合法权益，于是将案件有关线索移送广东省消 委会。经深入研究，考虑到该案的典型性、重大性、社会危害性，广东省消委会依法向人民法院提起消 费民事公益诉讼，请求法院认定被告对消费者实施了欺诈行为，判令被告支付3倍惩罚性赔偿金并公开 赔礼道歉。 广东省消委会还特别提请法院支持权益受损的消费者依法提起诉讼或由消委会支持消费者提起集体诉 讼，探索以"公益诉讼+集体诉讼"方式，实现对受害消费者的经济赔偿。目前法院已受理该案。 广东省消委会表示，希望通过本次诉讼，进一步增强老年消费者的风险防范意识，从源头减少此类纠纷 事件，也希望借助司法力量，对侵害老年人的恶劣行为进行震慑，让不法经营者付出经济成本，真正有 痛感悔感。同时，也希望以此唤醒社会各方对老年人权益保护的关注，共同营造安全放心的消费环境， 为"银发经济"健康发展保驾护航。 近日，广东省消委会针对广东一地区检察院办理并判决生效的涉老诈骗刑事案件，向法院提起消费民事 公益诉讼，依法要求被告企业及其法定代表人作出超1500万元的 ...

Core Viewpoint - The strategic placement of shares in the initial public offering (IPO) of Jiyuan Group Co., Ltd. has been approved, with a total of 5,001,000 shares to be publicly issued, representing 12.50% of the total post-issue share capital [1][3]. Group 1: Strategic Placement Overview - The initial strategic placement amount is set at 1,000,200 shares, accounting for 20.00% of the total issuance [3][5]. - The strategic placement will involve four investors, with the participation of senior management and core employees through a special asset management plan [5][9]. - The total share capital of the company post-issue will be 40,001,000 shares [3]. Group 2: Investor Participation - The strategic placement is limited to investors who meet specific criteria outlined in the Implementation Rules, ensuring compliance with legal requirements [2][16]. - The senior management and core employees' asset management plan will not exceed 500,100 shares, which is 10% of the total issuance [5][9]. - Other participating investors are allowed to commit up to 60,000,000 yuan [3][5]. Group 3: Compliance and Verification - The underwriter has verified that all participating investors have provided valid documentation and guarantees regarding their qualifications [2][15]. - The strategic placement agreement stipulates that investors will not participate in the preliminary inquiry and will commit to the final issuance price [8][16]. - The lock-up period for shares acquired through the strategic placement is set at 12 months from the date of the IPO [16][28]. Group 4: Investor Profiles - Ningbo Tongshang Hui Gong Industrial Investment Fund, a large enterprise with strategic ties to the issuer, is among the investors [4][23]. - Meinian Health Industry Holding Co., Ltd., a leading health examination company, is also participating, leveraging its extensive data for collaboration [24][28]. - Hangzhou Minsheng Health Pharmaceutical Co., Ltd. is included as well, focusing on health-related products and services [29][30].

Core Viewpoint - The current management of Jiaoda Onlly is committed to holding former executives accountable for their alleged misconduct involving insurance purchases and refunds, which have resulted in significant financial losses for the company [6][9][21]. Summary by Sections Background of the Case - The Shanghai Securities Regulatory Commission issued a warning letter indicating that Jiaoda Onlly had issues with the disclosure of executive compensation in its 2016 and 2018 annual reports [5]. - The current management revealed that former executives, including Yang Guoping, used company funds to purchase group insurance and subsequently refunded the premiums to their personal accounts [5][6]. Details of the Insurance Transactions - In October 2016, Jiaoda Onlly transferred 3.8 million yuan to Tianan Life for group insurance premiums, with the insured being former executives [8]. - In November 2017, Yang Guoping signed for a refund of 1.0936 million yuan, with a total of 3.7924 million yuan refunded to five former executives [8]. - In January 2018, the company paid a total of 12.84 million yuan for another group insurance policy, with refunds occurring in January 2019 totaling 1.584 million yuan to the same group of executives [8]. Legal and Compliance Issues - The management stated that these transactions were not disclosed publicly and lacked proper decision-making processes, including board resolutions and contract approvals [9]. - Legal opinions indicated that the actions of the former executives potentially violated laws regarding the misappropriation of company assets, constituting a crime of embezzlement [9][11]. Current Management Actions - Since March 2023, the current management has initiated legal actions against the former executives, discovering that their actions resulted in a loss of 21 million yuan in principal and interest [11]. - The management has reported the case to the police and submitted additional evidence, although they faced challenges in obtaining some information due to the covert nature of the transactions [13][14]. Shareholder Dynamics - The current management emphasized that their pursuit of accountability is aligned with the interests of their major shareholder, Dazhong Transportation, which holds a significant stake in Jiaoda Onlly [21]. - As of the first quarter of 2025, the major shareholders include Shanghai Yun Jian Industrial Development Co., which holds over 30% of the shares, while Dazhong Transportation holds 14.48% [19][21].

7 月 9 日，"品斛堂・紫皮石斛原浆科研成果发布会" 在 "中国紫皮石斛之乡" 龙陵举行，多位权威专家 现场发布研究成果，深度解析紫皮石斛原浆的科研价值，为这一传统本草的现代化应用提供了坚实科学 支撑。 大连理工大学博导、云南省兴滇人才计划产业创新人才董悦生教授，深耕药食同源植物高值化应用 20 年，现场分享《紫皮石斛原浆干预前驱糖尿病的作用和机制》。他通过多年研究，从科学层面解码紫皮 石斛原浆在预防前驱糖尿病方面的作用机理，为其在代谢健康领域的应用提供了重要依据。 各位专家的现场报告，从不同角度挖掘紫皮石斛原浆的科研价值，为其在健康领域的广泛应用奠定了权 威基础，也让业界对紫皮石斛产业的发展前景充满期待。 云南大学生命科学学院、云南省微生物研究所丁章贵博士，专注高原食药材活性成分研究十余年，在普 洱茶、石斛精深加工领域成果显著。他发布的《一种具有降血糖功效的紫皮石斛饮品及其制备方案和应 用》专利成果，从分子层面到临床价值，系统阐述了紫皮石斛原浆辅助降血糖的科学原理，为相关产品 开发提供了专利保障。 西南林业大学生物与食品工程学院副教授、硕士生导师王振兴教授，作为林下药食资源开发领域权威专 家，带领团队将紫 ...