w 江西润田实业股份有限公司 审 计 报 告 华兴审字[2025]25008850015 号 华兴会计师事务所（特殊普通合伙） 审 计 报 告 华兴审字[2025]25008850015 号 江西润田实业股份有限公司全体股东： 一、审计意见 我们审计了江西润田实业股份有限公司（以下简称润田实业）模拟财务 报表，包括 2025 年 4 月 30 日、2024 年 12 月 31 日和 2023 年 12 月 31 日的模 拟合并及母公司资产负债表，2025 年 1-4 月、2024 年度和 2023 年度的模拟 合并及母公司利润表、模拟合并及母公司现金流量表、模拟合并及母公司所 有者权益变动表以及相关模拟财务报表附注。 我们认为，后附的模拟财务报表在所有重大方面按照"模拟财务报表附 注二、财务报表的编制基础"所述的编制基础编制，公允反映了润田实业 2025 年 4 月 30 日、2024 年 12 月 31 日和 2023 年 12 月 31 日的模拟合并及母公司 财务状况以及 2025 年 1-4 月、2024 年度和 2023 年度的模拟合并及母公司经 营成果和现金流量。 二、形成审计意见的基础 我们按照中 ...

2023年，洞庭山集团旗下品牌洞庭山泉正式上市，进军长三角包装饮用水市场。仅两年时间，洞庭山泉 便在竞争激烈的市场中强势突围。依托江南天然优质水源、精准的品牌差异化策略与完善的渠道布局， 洞庭山泉迅速夯实市场根基，成为长三角地区包装饮用水市场不容忽视的强劲力量。 优质水源，筑牢品牌核心竞争力 优质水源是包装饮用水品牌的根基。洞庭山集团董事长汪利明先生说道："江南的天然优质水源是洞庭 山集团的立身之本"。自品牌创立之初，洞庭山泉便将水源地的选择与保护置于非常重要的位置。经过 多年的勘探与布局，品牌目前已在长三角区域拥有多处黄金优质水源地。洞庭山泉水源地包含"三净之 地"安吉、"长寿之乡"溧阳、"人间天堂"苏州、"养生天堂"汤山等，这些水源均处于生态环境优越、远 离工业污染的区域，为产品的高品质提供了天然保障。 在水源地的开发与管理上，洞庭山泉始终坚持保护性开发的原则。一方面，严格遵守国家环保法规，对 水源地周边进行严格的生态保护。另一方面，投入大量资金引进先进的水源监测设备和技术，对水质的 各项指标进行全方位、多角度的监测，确保从水源地到成品的每一个环节都安全可控。 中国饮用水行业分析师王锦春指出，在包装饮用水 ...

华经产业研究院为助力企业、科研、投资机构等单位了解包装饮用水行业发展态势及未来趋势，特重磅 推出《2025-2031年中国包装饮用水行业发展监测及投资前景展望报告》，本报告由华经产业研究院研 究团队对包装饮用水行业进行多年跟踪研究，使用桌面研究与定量调查、定性分析相结合的方式，全面 解读包装饮用水行业市场，深度挖掘行业潜在商机；科学运用研究模型，多维度对行业投资风险进行评 估后精心研究编制。 包装饮用水是指包装于瓶子(桶)内用于贩售的饮用水。根据国家标准，包装饮用水根据水源分为三类： 1）饮用天然矿泉水，从地下深处自然涌出或钻井采集的，含有一定量的矿物质和微量元素，在一定区 域内未受污染的水，如百岁山、昆仑山等；2）饮用纯净水，以直接来源于地表、地下或公共供水系统 的水为水源，通过蒸馏、电渗析、离子交换和反渗透等工艺进行适当净化，如怡宝、娃哈哈等；3）其 他类饮用水，包括天然泉水、天然水，其中天然水主要来自水井、山泉、水库、湖泊及高山冰川，如农 夫山泉。 国内包装饮用水市场规模持续增长，2023年中国包装饮用水市场规模1599.71亿元左右，2018-2023年期 间CAGR为2.74%。包装饮用水市场增长很 ...

Core Viewpoint - The article highlights the strategic expansion of Baishui Mountain, focusing on the establishment of a new production base in Hainan Wuzhishan, which is crucial for its Southeast Asian market entry and reflects the company's "tortoise philosophy" of steady growth and long-term vision [1][3][10]. Group 1: Company Strategy and Expansion - Baishui Mountain has invested approximately 400 million yuan in a new production base in Hainan, covering an area of 80 acres with a planned construction area of 28,789 square meters and three high-speed production lines capable of bottling 72,000 bottles per hour [6][4]. - The company aims to leverage the growing global bottled natural mineral water market, projected to reach a market size of $33.76 billion by 2032, with a compound annual growth rate of 4.6% from 2024 to 2032 [4][6]. - Baishui Mountain's annual growth rate in the Southeast Asian market is stable at 5%-10%, indicating a strong demand for its products in the region [6][4]. Group 2: Market Position and Achievements - Baishui Mountain has maintained its position as the top seller of natural mineral water in China for 16 consecutive years and is recognized as the global single-brand sales champion in this category [3][12]. - The company has expanded its production footprint with new bases in Jiangxi and Guangdong, enhancing its supply chain capabilities and responding to domestic market demands [7][9]. - Baishui Mountain's strategic focus on high-quality water sources, supported by expert assessments, ensures the purity and consistency of its products, which are essential for maintaining its market leadership [9][10]. Group 3: Future Vision - The company aims to deepen its presence in both the Chinese and global markets, aspiring to transition from a participant to a leader in the global natural mineral water sector [12][10]. - Baishui Mountain's philosophy emphasizes sustainable growth and respect for nature, aligning its operational strategies with environmental considerations [10][12].

Core Viewpoint - The report highlights the financial performance and operational strategies of China Tourism and Culture Investment Group Co., Ltd. for the first half of 2025, indicating a slight decline in revenue but a reduction in net losses, alongside strategic initiatives for business diversification and asset restructuring [1][2][3]. Financial Performance - The company's total revenue for the first half of 2025 was approximately 194.33 million yuan, a decrease of 2.97% compared to the same period last year [2][3]. - The total profit for the period was a loss of approximately 15.36 million yuan, showing an improvement from a loss of 16.21 million yuan in the previous year [2][3]. - The net profit attributable to shareholders was a loss of approximately 16.12 million yuan, compared to a loss of 17.22 million yuan in the same period last year [2][3]. - The company's net assets decreased by 27.01% to approximately 61.82 million yuan compared to the end of the previous year [2][3]. Business Segments - The primary revenue source for the company is the internet digital marketing business, with a focus on the gaming industry, contributing approximately 79.48% of total revenue [4][10]. - The gaming market in China showed strong growth, with a total market size of 168 billion yuan in the first half of 2025, reflecting a year-on-year increase of 14.08% [4][10]. - The company is also involved in cross-border e-commerce, focusing on a wide range of products and leveraging partnerships with major e-commerce platforms [9][10]. Strategic Initiatives - The company is undergoing a significant asset restructuring involving the acquisition of RunTian Industrial, which specializes in bottled water production, aiming to enhance its profitability and operational capabilities [11][12]. - The company is implementing cost reduction and efficiency improvement measures across its business segments to adapt to the competitive market environment [10][11]. - There is a strategic shift towards enhancing the tourism product offerings by integrating local resources and focusing on high-quality tourism goods [10][11]. Market Environment - The tourism market in China is experiencing a robust recovery, with domestic travel increasing significantly, evidenced by 1.794 billion trips in the first quarter of 2025, a year-on-year increase of 26.4% [4][10]. - The cross-border e-commerce sector is also thriving, supported by favorable government policies aimed at enhancing export capabilities and market access [4][10]. - The company faces increasing competition in the tourism and digital marketing sectors, necessitating a focus on innovation and customer retention strategies [16].

| | 国旅文化投资集团股份有限公司2025 年半年度报告摘要 | | | | | | | --- | --- | --- | --- | --- | --- | --- | | 公司代码：600358 | 公司简称：ST | 联合 | | | | | | | 国旅文化投资集团股份有限公司 | | | | | | | | 国旅文化投资集团股份有限公司2025 年半年度报告摘要 | | | | | | | | 第一节 重要提示 | | | | | | | 展规划，投资者应当到网站仔细阅读半年度报告全文。 | | | | | | | | | 完整性，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 | | | | | | | 无 | | | | | | | | | 第二节 公司基本情况 | | | | | | | | 公司股票简况 | | | | | | | 股票种类 | 股票上市交易所 股票简称 | 股票代码 | 变更前股票 | | | | | 简称 | | | | | | | | A股 | 上海证券交易所 ST联合 600358 | | | | 国旅联合 | | | 公司股票自 | 2025 ...

当前，包装饮用水行业发展面临多维挑战。张明表示，在成本端，企业承压明显；市场端，则遭遇渠 道"内卷"与价格战冲击；竞争格局上，大企业的规模化、集约化与多元化竞争优势明显，中小企业面临 更多的挑战和困难；产品结构上，新品开发受限，产品同质化严重。 展望未来，张明认为，一方面，要立足"解渴"核心诉求，以规模化、集约化、数智化助力持续占据饮料 市场"基本盘"；另一方面，则要通过提质升级，以新产品、新场景、新渠道等，持续提升品牌定位与产 品附加值，以"量质结合"推动包装饮用水行业高质量发展。 张明表示，包装饮用水市场竞争激烈、产品价格走低、定位上探困难；企业虽努力开拓新产品、新场 景、新渠道，但行业运行仍面临长期压力。 期货日报网讯(记者韩乐)8月20日，在由郑商所、芝加哥商业交易所集团主办，期货日报承办的2025中 国(郑州)国际期货论坛工业品(聚酯)论坛上，中国饮料工业协会技术部主任张明表示，人工智能、5G、 工业互联网等新技术打造包装饮用水智能工厂，集约化、规模化基础上的数字化，正在给包装饮用水行 业带来深刻变革与深远影响。 ...

Group 1 - The core point of the news is that Run Tian Industrial clarifies that Huang Angen and his spouse Wei Miaomiao have no equity or labor relationship with the company, and that Run Tian Beverage's business license was revoked in 2020 [1] - Run Tian Beverage, established in January 2003, faced a financial crisis in 2014 due to a broken capital chain and severe insolvency, leading to the establishment of Run Tian Industrial for debt restructuring [1] - After the restructuring, Run Tian Industrial became the sole entity engaged in bottled drinking water business, including "Run Tian" purified water and "Run Tian Cui" mineral water, and transitioned from a private enterprise to a state-controlled enterprise in 2016 [1] Group 2 - Run Tian Industrial is seeking a backdoor listing, with ST United (600358.SH) disclosing plans to acquire 100% equity of Run Tian Industrial through a combination of share issuance and cash payment [2] - Run Tian Industrial reported revenue exceeding 1 billion yuan in 2021, with projected revenues of 1.15 billion yuan and 1.26 billion yuan for 2023 and 2024 respectively, and net profits of approximately 147 million yuan and 177 million yuan for the same years [2]

Group 1 - Yanghe Co. elected Gu Yu as the chairman of the board, with the term consistent with the current board's term [1] - FrieslandCampina reported a 6.4% increase in revenue to €6.847 billion, with a net profit of €230 million, driven by a 19.1% rise in milk prices [2] - OATLY's revenue for the first half of the year was $406 million, a 1.1% increase, while the Greater China region saw a 12.5% growth [2] - Yanzhi House expects a net profit of approximately ¥72 million to ¥81 million for the first half of 2025, a year-on-year growth of 20% to 35% [3] - Angel Yeast plans to acquire 55% of Shengtong Sugar Industry for a transaction amount of ¥506 million [4] - Nestlé's sales for the first half of 2025 were CHF 44.2 billion, with a 1.8% decline attributed to currency fluctuations [5][6] Group 2 - Anji Food completed the acquisition of 70% of Dingwei Thai and 100% of Dingyifeng, integrating them into its consolidated financial statements [7] - Coca-Cola reported a net revenue of $12.5 billion for Q2 2025, a 1% year-on-year increase [7] - Yuanji Cloud Dumplings announced the opening of franchises in Singapore, marking its first step in overseas expansion [8] - Starbucks introduced self-study rooms in some Guangdong stores, planning to explore more "interest-oriented" spaces in the future [9] - Cotton Password stated that under normal usage conditions, the residue of thiourea in their sanitary napkins does not pose a health risk [10] - Sam's Club responded to claims of organic soybean quality downgrade, stating the new high-protein soybeans still meet the first-grade standard [11] - Donglai Yu announced that 50% of the production of Jiugui Ziyouai will be allocated to support enterprises, with accelerated development of milk powder and dairy products [12]

Core Viewpoint - The controversy surrounding the founder of RunTian Mineral Water, Huang Angen, has escalated due to claims made by a woman identifying herself as his wife, leading to significant public discourse and company responses regarding debt issues and corporate relationships [1][3][4]. Company Response - RunTian Industrial Co., Ltd. has stated that there are no debt or trademark disputes with Huang Angen, emphasizing that the claims made by his wife are unfounded [3][7]. - The company is actively managing the situation, indicating that the public discourse has had a considerable impact on its operations and reputation [7]. Historical Context - Huang Angen is the legal representative and actual controller of Jiangxi RunTian Beverage Co., Ltd., which faced severe financial difficulties in 2014, leading to a debt restructuring process that resulted in the formation of RunTian Industrial [3][4]. - RunTian Beverage was declared insolvent and had its business license revoked in June 2020, which has implications for Huang Angen's current business dealings [3][4]. Corporate Structure - RunTian Industrial is the sole entity engaged in the bottled water business under the "RunTian" brand, following the restructuring of RunTian Beverage [3][4]. - Huang Angen's associated companies are primarily inactive, with only three companies currently operational, including Shenzhen Hanshuo Biotechnology Co., Ltd. and Shenzhen Qinwo Food Co., Ltd. [8][12]. Employee and Operational Insights - The operational scale of the active companies is limited, with Shenzhen Hanshuo Biotechnology reported to have around 20 employees and a registered capital of 1 billion yuan, but it is classified as a small enterprise [12][17]. - There is a lack of visibility regarding the status of Shenzhen Qinwo Food Co., Ltd., as it was not found at its registered location, raising questions about its operational existence [10][12].