截至9月30日，天味食品股东户数3.17万，较上期减少12.51%；人均流通股33564股，较上期增加 14.30%。2025年1月-9月，天味食品实现营业收入24.11亿元，同比增长1.98%；归母净利润3.92亿元，同 比减少9.30%。 分红方面，天味食品A股上市后累计派现16.44亿元。近三年，累计派现12.50亿元。 机构持仓方面，截止2025年9月30日，天味食品十大流通股东中，香港中央结算有限公司位居第五大流 通股东，持股1628.23万股，相比上期增加132.26万股。景顺长城新兴成长混合A（260108）位居第六大 流通股东，持股863.63万股，持股数量较上期不变。 11月17日，天味食品盘中上涨2.06%，截至13:00，报13.35元/股，成交8835.08万元，换手率0.63%，总 市值142.18亿元。 资金流向方面，主力资金净流入682.65万元，特大单买入119.80万元，占比1.36%，卖出0.00元，占比 0.00%；大单买入1722.64万元，占比19.50%，卖出1159.78万元，占比13.13%。 天味食品今年以来股价涨4.37%，近5个交易日涨2.30%，近20日 ...

Core Viewpoint - Tianwei Food's stock price has shown fluctuations, with a recent decline of 2.07%, while the company has experienced a year-to-date increase of 3.74% in stock price [1] Group 1: Stock Performance - As of November 14, Tianwei Food's stock price is 13.27 CNY per share, with a market capitalization of 14.133 billion CNY [1] - The stock has increased by 5.91% over the last five trading days, 14.99% over the last 20 days, and 12.27% over the last 60 days [1] Group 2: Financial Performance - For the period from January to September 2025, Tianwei Food reported a revenue of 2.411 billion CNY, representing a year-on-year growth of 1.98% [2] - The net profit attributable to shareholders for the same period was 392 million CNY, reflecting a year-on-year decrease of 9.30% [2] Group 3: Shareholder Information - As of September 30, 2025, the number of shareholders for Tianwei Food is 31,700, a decrease of 12.51% from the previous period [2] - The average number of circulating shares per shareholder is 33,564, which is an increase of 14.30% from the previous period [2] Group 4: Dividend Information - Since its A-share listing, Tianwei Food has distributed a total of 1.644 billion CNY in dividends, with 1.250 billion CNY distributed over the last three years [3] Group 5: Institutional Holdings - As of September 30, 2025, Hong Kong Central Clearing Limited is the fifth-largest circulating shareholder, holding 16.2823 million shares, an increase of 1.3226 million shares from the previous period [3] - Invesco Great Wall New Growth Mixed A (260108) is the sixth-largest circulating shareholder, holding 8.6363 million shares, with no change in the number of shares held [3]

Core Viewpoint - Lianhua Holdings has shown a slight increase in stock price and significant trading activity, indicating investor interest and potential market movements [1][2]. Group 1: Stock Performance - On November 10, Lianhua Holdings' stock rose by 2.11%, reaching 5.81 CNY per share, with a trading volume of 231 million CNY and a turnover rate of 2.25%, resulting in a total market capitalization of 10.418 billion CNY [1]. - Year-to-date, the stock price has increased by 1.93%, but it has seen declines of 0.68% over the last five trading days, 2.52% over the last twenty days, and 5.83% over the last sixty days [1]. - The company has appeared on the "Dragon and Tiger List" eight times this year, with the most recent appearance on February 13, where it recorded a net buy of -154 million CNY [1]. Group 2: Company Overview - Lianhua Holdings, established on July 2, 1998, and listed on August 25, 1998, is located in Xiangcheng, Henan Province, and specializes in the research, production, and sales of food and seasoning products [2]. - The main revenue sources include amino acid seasonings (66.70%), compound seasonings (13.51%), and other products such as flour and liquid seasonings [2]. - As of September 30, the number of shareholders decreased by 17.81% to 143,700, while the average circulating shares per person increased by 21.67% to 12,429 shares [2]. Group 3: Financial Performance - For the period from January to September 2025, Lianhua Holdings reported a revenue of 2.491 billion CNY, reflecting a year-on-year growth of 28.74%, and a net profit attributable to shareholders of 253 million CNY, up 53.09% year-on-year [2]. - The company has distributed a total of 204 million CNY in dividends since its A-share listing, with no dividends paid in the last three years [3]. Group 4: Shareholder Structure - As of September 30, 2025, the fourth largest circulating shareholder is Shenwan Hongyuan Securities Co., Ltd., holding 30.8921 million shares as a new shareholder [3]. - Hong Kong Central Clearing Limited is the fifth largest shareholder, increasing its holdings by 13.3345 million shares to 26.3146 million shares [3].

Core Viewpoint - Fuling Mustard Greens' stock price has shown a slight increase recently, with a current trading price of 13.62 CNY per share and a market capitalization of 15.716 billion CNY, despite a year-to-date decline of 0.66% [1] Financial Performance - For the period from January to September 2025, Fuling Mustard Greens reported a revenue of 1.999 billion CNY, reflecting a year-on-year growth of 1.84%, and a net profit attributable to shareholders of 673 million CNY, which is a 0.33% increase compared to the previous year [2] Shareholder Information - As of September 30, 2025, the number of shareholders for Fuling Mustard Greens decreased by 4.40% to 96,300, while the average number of circulating shares per person increased by 4.60% to 11,935 shares [2] - The company has distributed a total of 2.630 billion CNY in dividends since its A-share listing, with 1.168 billion CNY distributed over the last three years [3] Institutional Holdings - Among the top ten circulating shareholders as of September 30, 2025, the Southern CSI 500 ETF holds 11.7543 million shares, a decrease of 228,200 shares from the previous period, while the Huatai-PineBridge CSI Major Consumption ETF increased its holdings by 3.5296 million shares to 10.2053 million shares [3]

Core Viewpoint - Tianwei Food's stock price has shown fluctuations, with a year-to-date decline of 2.98% but a recent recovery of 8.76% over the last five trading days, indicating potential market interest and volatility [2]. Group 1: Stock Performance - As of November 6, Tianwei Food's stock price increased by 2.14% to 12.41 CNY per share, with a trading volume of 27.96 million CNY and a turnover rate of 0.21%, resulting in a total market capitalization of 13.217 billion CNY [1]. - Year-to-date, Tianwei Food's stock has decreased by 2.98%, while it has increased by 8.76% over the last five trading days, 8.86% over the last 20 days, and 9.82% over the last 60 days [2]. Group 2: Company Overview - Tianwei Food, established on March 2, 2007, and listed on April 16, 2019, is based in Chengdu, Sichuan Province, specializing in the research, production, and sales of Sichuan-style compound seasonings [2]. - The company's main revenue sources include recipe-based seasonings (64.45%), hot pot seasonings (30.74%), other products (3.84%), and sausage and cured meat seasonings (0.98%) [2]. Group 3: Financial Performance - For the period from January to September 2025, Tianwei Food reported a revenue of 2.411 billion CNY, reflecting a year-on-year growth of 1.98%, while the net profit attributable to shareholders decreased by 9.30% to 392 million CNY [2]. - Since its A-share listing, Tianwei Food has distributed a total of 1.644 billion CNY in dividends, with 1.250 billion CNY distributed over the past three years [3]. Group 4: Shareholder Information - As of September 30, 2025, the number of shareholders in Tianwei Food decreased by 12.51% to 31,700, with an average of 33,564 circulating shares per shareholder, an increase of 14.30% [2]. - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited holds 16.2823 million shares, an increase of 1.3226 million shares from the previous period, while Invesco Great Wall New Growth Mixed A remains unchanged at 8.6363 million shares [3].

Core Viewpoint - The stock of Day Chen Co., Ltd. has experienced a significant increase in price this year, with a year-to-date rise of 47.47% and a recent surge of 15.86% over the past five trading days [1] Financial Performance - For the period from January to September 2025, Day Chen Co., Ltd. achieved a revenue of 344 million yuan, representing a year-on-year growth of 15.69% [2] - The net profit attributable to the parent company for the same period was 64.32 million yuan, reflecting an 18.16% increase compared to the previous year [2] Shareholder Information - As of September 30, 2025, the number of shareholders for Day Chen Co., Ltd. was 6,554, which is an increase of 3.10% from the previous period [2] - The average circulating shares per person decreased by 3.01% to 15,046 shares [2] Dividend Distribution - Since its A-share listing, Day Chen Co., Ltd. has distributed a total of 202 million yuan in dividends, with 88.11 million yuan distributed over the last three years [3] Market Activity - As of November 4, 2025, Day Chen Co., Ltd.'s stock price was 39.31 yuan per share, with a market capitalization of 3.877 billion yuan [1] - The stock has seen a net outflow of 1.0732 million yuan in principal funds, with significant buying and selling activity from large orders [1]

Core Viewpoint - Anqi Yeast is a leading player in the yeast industry, ranking second in both revenue and net profit among its peers, with significant investment value due to its full industry chain advantages [1][2]. Group 1: Company Overview - Anqi Yeast was established on March 25, 1998, and listed on the Shanghai Stock Exchange on August 18, 2000, with its headquarters in Yichang, Hubei Province [1]. - The company is the third largest yeast producer globally, focusing on the development, production, and operation of yeast and related biological products [1]. Group 2: Financial Performance - As of Q3 2025, Anqi Yeast reported a revenue of 11.786 billion yuan, ranking second in the industry, while the industry leader, Haitian Flavoring, achieved 21.628 billion yuan [2]. - The net profit for the same period was 1.151 billion yuan, also placing Anqi Yeast second in the industry, compared to Haitian Flavoring's 5.33 billion yuan [2]. Group 3: Financial Ratios - The asset-liability ratio for Anqi Yeast in Q3 2025 was 48.85%, an increase from 47.72% in the previous year, significantly higher than the industry average of 20.91% [3]. - The gross profit margin for Q3 2025 was 25.54%, up from 23.28% year-on-year, but still below the industry average of 34.44% [3]. Group 4: Management and Shareholder Information - The chairman, Xiong Tao, has extensive management experience in the chemical industry, while the general manager, Xiao Minghua, saw a salary increase of 172,500 yuan year-on-year, reaching 824,500 yuan in 2024 [4]. - As of September 30, 2025, the number of A-share shareholders decreased by 5.29% to 60,500, while the average number of circulating A-shares held per shareholder increased by 5.59% to 14,200 [5]. Group 5: Market Outlook and Analyst Ratings - Analysts from Kaiyuan Securities maintain a "buy" rating, citing cost reductions and profit elasticity, while adjusting the net profit forecast for 2025-2027 to 1.543 billion, 1.969 billion, and 2.408 billion yuan respectively [5]. - Guosheng Securities also maintains a "buy" rating, slightly lowering profit forecasts for 2025-2027 to 1.6 billion, 1.88 billion, and 2.18 billion yuan, highlighting steady performance in the yeast and deep processing sectors [6].

Core Viewpoint - 日辰股份 is a leading company in the compound seasoning industry in China, focusing on personalized custom seasoning solutions for food processing and catering enterprises [1] Group 1: Business Performance - In Q3 2025, 日辰股份 reported revenue of 344 million yuan, ranking 13th among 15 companies in the industry, while the industry leader, 海天味业, achieved revenue of 21.628 billion yuan [2] - The net profit for the same period was 64.32 million yuan, placing 日辰股份 11th in the industry, with the top performer, 海天味业, reporting a net profit of 5.33 billion yuan [2] - The company experienced a year-on-year revenue growth of 27.75% and a net profit growth of 13.15% in Q3 2025, driven by increased orders from major clients and contributions from newly acquired businesses [5] Group 2: Financial Ratios - As of Q3 2025, 日辰股份 had an asset-liability ratio of 31.85%, higher than the previous year's 27.60% and above the industry average of 20.91% [3] - The gross profit margin for the same period was 37.95%, slightly down from 38.49% year-on-year but still above the industry average of 34.44% [3] Group 3: Management and Shareholder Information - The chairman, 张华君, received a salary of 1.2339 million yuan in 2024, an increase of 9,400 yuan from 2023 [4] - The number of A-share shareholders increased by 3.10% to 6,554 as of September 30, 2025, while the average number of shares held per shareholder decreased by 3.01% [5] Group 4: Market Insights - The company achieved revenue growth in the East China market of 9.66% and a significant 84.82% growth in the South China market in the first half of 2025 [6] - The company is expected to have earnings per share of 0.77 yuan, 0.86 yuan, and 0.96 yuan for the years 2025, 2026, and 2027, respectively [6]

Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative price increase of over 20% compared to the market benchmark index within the next six months [4][14]. Core Insights - The company reported a revenue of 2.133 billion yuan for the first three quarters of 2025, reflecting a year-on-year growth of 10.50%. The net profit attributable to the parent company was 192 million yuan, also up by 10.59% year-on-year [2]. - In Q3 2025, the company achieved a revenue of 753 million yuan, marking a 14.60% increase year-on-year, with a net profit of 75 million yuan, up 15.71% year-on-year [2]. - The direct sales channel showed strong performance, with revenue reaching 611 million yuan in Q3 2025, a growth of 17.70% year-on-year, attributed to the expansion into new channels [2]. Financial Performance Summary - The company achieved a gross margin of 32.55% in Q3 2025, an increase of 1.27 percentage points year-on-year, although it decreased by 2.13 percentage points quarter-on-quarter [3]. - The total expenses as a percentage of revenue showed stability year-on-year, with a slight reduction in the quarter-on-quarter expense ratio due to the end of phase-specific expenditures [3]. - The net profit margin for Q3 2025 was 9.99%, reflecting a year-on-year increase of 0.10 percentage points and a quarter-on-quarter improvement of 1.78 percentage points [3]. Earnings Forecast and Valuation - The report forecasts net profits for the years 2025 to 2027 to be 258 million, 302 million, and 344 million yuan respectively, with year-on-year growth rates of 11%, 17%, and 14% [4]. - The expected earnings per share (EPS) for the same period are projected to be 0.64, 0.75, and 0.86 yuan per share, with corresponding price-to-earnings (P/E) ratios of 23x, 19x, and 17x [4].

Core Viewpoint - Qianhe Flavor Industry is a leading player in the zero-additive seasoning market in China, with a strong brand influence and high product quality [1] Group 1: Company Overview - Qianhe Flavor Industry was established on January 31, 1996, and was listed on the Shanghai Stock Exchange on March 7, 2016, with its registered and office address in Meishan, Sichuan Province [1] - The company specializes in the research, production, and sales of high-quality seasonings such as soy sauce, vinegar, and cooking wine, classified under the food and beverage industry [1] Group 2: Financial Performance - For Q3 2025, Qianhe Flavor Industry reported a revenue of 1.987 billion yuan, ranking 8th in the industry, while the net profit was 260 million yuan, ranking 6th [2] - The main business composition includes soy sauce at 839 million yuan (63.70%), other products at 299 million yuan (22.70%), and vinegar at 159 million yuan (12.04%) [2] Group 3: Financial Ratios - As of Q3 2025, the company's debt-to-asset ratio was 23.79%, higher than the previous year's 17.27% and above the industry average of 20.91% [3] - The gross profit margin for Q3 2025 was 37.41%, an increase from 36.20% in the previous year and above the industry average of 34.44% [3] Group 4: Shareholder Information - As of September 30, 2025, the number of A-share shareholders decreased by 6.82% to 73,700, while the average number of circulating A-shares held per shareholder increased by 7.32% to 13,100 [5] - Hong Kong Central Clearing Limited is the fifth-largest circulating shareholder, holding 6.2338 million shares, an increase of 1.0659 million shares from the previous period [5] Group 5: Market Outlook - Southwest Securities noted that Qianhe Flavor Industry faced operational pressure in Q2 2025 due to intense competition in the zero-additive market, leading to a decline in main business revenue [5] - Longjiang Securities indicated that despite negative public sentiment affecting revenue and profit in H1 2025, the company is expected to return to a growth trajectory with product adjustments and brand repositioning [6]