8月28日，伊利股份发布半年报，上半年实现营收619.33亿元，同比增长3.37%；实现扣非净利润70.16亿元，同比增长31.78%。这份亮眼的业绩表现超出市场预期。 这一轮原奶周期从2021年底开始，原奶价格持续下行叠加需求不振给产业链上下游公司均造成影响。2024年A股19家乳制品行业公司营业总收入同比减少7.44%，净利润同比减少26.88%。 随着奶价企稳，龙头乳企率先恢复增长，盈利能力进一步跃升。对于伊利股份来说，多元化业务已经进入收获期，而随着原奶拐点的到来，公司未来增长值得期待。 伊利股份业绩超预期 多元化布局进入收获期 伊利股份上半年实现营收619.33亿元，同比增长3.37%，收入规模大幅领先同行业其他公司；实现扣非净利润70.16亿元，同比增长31.78%，创出历史新高。 单看第二季度，公司收入增长5.77%，同比环比均在提速，归母净利润则同比增长44.65%。第一上海证券研报表示，公司盈利拐点已经清晰。 上半年，伊利多元化业务迅猛增长，在液体乳复苏向好之际，作为第二增长曲线，发挥着增长引擎的作用。 目前，伊利在不少领域已经成为行业第一。其中，上半年，液体乳业务收入361.26 亿元，市 ...

8月28日，伊利股份发布半年报，上半年实现营收619.33亿元，同比增长3.37%；实现扣非净利润70.16 亿元，同比增长31.78%。这份亮眼的业绩表现超出市场预期。 这一轮原奶周期从2021年底开始，原奶价格持续下行叠加需求不振给产业链上下游公司均造成影响。 2024年A股19家乳制品行业公司营业总收入同比减少7.44%，净利润同比减少26.88%。 随着奶价企稳，龙头乳企率先恢复增长，盈利能力进一步跃升。对于伊利股份来说，多元化业务已经进 入收获期，而随着原奶拐点的到来，公司未来增长值得期待。 伊利股份业绩超预期 多元化布局进入收获期 伊利股份上半年实现营收619.33亿元，同比增长3.37%，收入规模大幅领先同行业其他公司；实现扣非 净利润70.16亿元，同比增长31.78%，创出历史新高。 单看第二季度，公司收入增长5.77%，同比环比均在提速，归母净利润则同比增长44.65%。第一上海证 券研报表示，公司盈利拐点已经清晰。 上半年，伊利多元化业务迅猛增长，在液体乳复苏向好之际，作为第二增长曲线，发挥着增长引擎的作 用。 目前，伊利在不少领域已经成为行业第一。其中，上半年，液体乳业务收入361.2 ...

Core Viewpoint - The article highlights the recent emergence of Honghu Fund in the top ten shareholders of several listed companies, indicating a strategic investment approach by insurance capital in the market [1][3]. Group 1: Shareholding Situation - Honghu Fund Phase II has entered the top ten shareholders of China Petroleum and China Shenhua, marking its first appearance in these lists with a market value exceeding 18 billion and 21 billion respectively [1][3]. - Honghu Fund Phase III has been listed as the eighth largest shareholder of Sinopec, holding approximately 3.05 billion shares valued at 17.63 billion [5][6]. - As of June 30, 2025, Honghu Fund has appeared in the top ten shareholders of six listed companies, including Shaanxi Coal, Yili, and China Telecom, with stable holdings compared to the previous quarter [3][6]. Group 2: Fund Structure and Management - Honghu Fund consists of three phases with a total scale of 110 billion, managed by Guofeng Xinghua, a joint venture of China Life Asset and Xinhua Asset [6][8]. - Phase I has a scale of 50 billion, fully invested by China Life and Xinhua Insurance, achieving good returns as of March this year [6][8]. - Phase II, with a scale of 20 billion, has completed its main investment positions by the end of Q2 [6][8]. - Phase III, initiated in early July, has a scale of 40 billion, divided into two products, with significant contributions from various insurance companies [6][8]. Group 3: Investment Strategy and Performance - The investment philosophy of Honghu Fund emphasizes long-term, value, and stable investments, focusing on companies with competitive advantages and good governance [8][11]. - The fund targets large-cap A+H shares that exhibit stable dividends and good liquidity, with a preference for blue-chip companies [8][9]. - The average dividend yield of the six listed companies in which Honghu Fund has invested is relatively high, with four energy and coal stocks exceeding 5% [9][10]. - As of June 30, the total assets of Honghu Fund Phase I reached 57.11 billion, with a net profit of 9.68 billion for the first half of the year, indicating strong performance [11][12].

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 公司发布25H1业绩，业绩超预期 25H1：营业总收入619.3亿(同比+3.4%)，归母净利润72亿(同比-4.4%)，扣非归母净利润70.2亿(同比+32%)； 25Q2：营业总收入289.2亿(同比+5.8%)，归母净利润23.3亿(同比+45%)，扣非归母净利润23.9亿(同比+49%)； 25H1收入、利润均超市场预期。 轻装上阵，液奶、冷饮表现好于预期 25Q2公司液体乳/奶粉及奶制品/冷饮/其他产品收入分别同比-0.85%/+9.7%/+38%/-3.1%。 液奶业务：25Q2液奶收入同比降幅较25Q1收窄主因25Q2无库存压力+低基数。分品类看，我们预计25Q2低温业务收入同比实现正增长，其中低温鲜奶表现亮眼，基础白奶、金典等常温白奶收入 冷饮业务：25Q2冷饮收入同比高增主因去年同期去库存形成低基数，25Q2公司库存健康、轻装上阵，天气炎热同样利好。 风险提示 原材料价格大幅上涨，行业竞争加剧，需求不及预期，食品安全问题，减值损失扰动。 成本红利提振毛利率，强化控费 25Q2公司毛利率同比+0.6%，毛利率显著提升预计 ...

证券研究报告：食品饮料 | 公司点评报告 股票投资评级 资料来源：聚源，中邮证券研究所 公司基本情况 | 最新收盘价（元） 28.57 | | | --- | --- | | 总股本/流通股本（亿股）63.25 | / 62.94 | | 总市值/流通市值（亿元）1,807 | / 1,798 | | 周内最高/最低价 52 30.98 | / 21.37 | | 资产负债率(%) 62.9% | | | 市盈率 21.48 | | | 第一大股东 | 香港中央结算有限公司 | 研究所 分析师:蔡雪昱 SAC 登记编号:S1340522070001 Email:caixueyu@cnpsec.com 分析师:张子健 SAC 登记编号:S1340524050001 Email:zhangzijian@cnpsec.com 收入利润略超预期，液体乳逐渐企稳 l 投资要点 公 司 单 Q2 实 现 营 业 收 入 / 归 母 净 利 润 / 扣 非 净 利 润 289.15/23.26/23.87 亿元，同比 5.77%/44.65%/49.48%。25Q2，公司 毛利率/归母净利率为 34.37%/8.05%，分 ...

Core Viewpoint - Panda Dairy Products (300898.SZ), known as the "first stock of condensed milk," reported a decline in revenue and net profit for the first half of the year, indicating ongoing challenges in its business performance [1][2]. Financial Performance - In the first half of the year, Panda Dairy achieved revenue of 353 million yuan, a year-on-year decrease of 2.16%, and a net profit attributable to shareholders of 41.34 million yuan, down 12.76% [1]. - The previous year also saw declines in revenue and net profit, with decreases of 19.29% and 5.98%, respectively [1]. Business Segments - The decline in performance is primarily attributed to poor results in the dairy trading business, which saw revenue drop by 38.37% for the full year and 48.79% for the first half of 2025 [4]. - Excluding the trading business, revenue would have increased by 11% year-on-year [4]. - The main product line, condensed milk, experienced limited growth due to a weak restaurant chain market, although it did see some increase [7]. Product Performance - The revenue from concentrated dairy products was 268.44 million yuan, up 3.80%, while the dairy trading segment's revenue fell to 40.80 million yuan, down 48.79% [6]. - The coconut product line saw a significant revenue increase of 97% to 36.81 million yuan, but its cost of goods sold surged by 174.85%, leading to a negative gross margin of -4.93% [6][8]. Strategic Initiatives - In response to declining revenues, Panda Dairy is investing in R&D, with expenses increasing by 12.88% year-on-year, reaching 896.59 million yuan in the first half of the year [12]. - The company is also expanding its production capacity and exploring new business areas, including jelly, jam, and beverages [14]. - Panda Dairy is shifting focus towards the consumer market (C-end) by developing products like children's cheese and snacks, aiming to capture growth opportunities in the retail sector [18].

Core Viewpoint - The performance of Yili in 1H25 demonstrates its long-term competitive advantages, with a revenue growth of 3.4% year-on-year despite industry challenges and declining demand [1] Group 1: Revenue and Profitability - Yili's liquid milk revenue only decreased by 2.1% year-on-year, significantly less than major competitors [1] - Core operating profit increased by 26% year-on-year, with a core operating profit margin expanding by 2.4 percentage points, attributed to a decrease in raw milk prices and a reduction in overall expense ratios [1] - The contribution of new retail channels to liquid milk revenue was nearly 30%, while new product revenue contributed approximately 15% [2] Group 2: Competitive Advantages - Yili has stronger channel control, actively providing benefits to distributors to ensure their profitability, which motivates them to promote Yili products [1][2] - The company has a more balanced product structure compared to major competitors, with double-digit revenue growth in categories like milk powder, cheese, and ice cream, which collectively contributed over 40% to total revenue [2] - Yili has found a better balance between sales volume, price, and product structure, ensuring stable market share despite a slight decline in liquid milk revenue [2] Group 3: Future Outlook - Revenue trends are expected to maintain in 2H25, but profit margins may face pressure due to narrowing declines in raw milk prices, continued product structure decline, increased industry promotions, and strategic benefits to channels [3] - The company forecasts a 1.0 percentage point expansion in operating profit margin to 10.9% for the full year 2025, with net profit margin increasing by 2.2 percentage points to 9.5% [3] - Market sentiment is expected to improve, with an upgrade to "buy" rating due to Yili's stronger performance resilience compared to competitors, enhancing investor confidence [3]

智通财经APP获悉，优然牧业(09858)跌超5%，截至发稿，跌5.87%，报3.51港元，成交额6.85亿港元。 消息面上，优然牧业近日发布截至2025年6月30日止六个月的中期业绩，收入102.84亿元(人民币，下 同)，同比增加2.28%;股东应占亏损2.97亿元，同比收窄10.37%;每股基本亏损0.08元。公告称，由于国 内原料奶供需阶段性不平衡带来原料奶价格下行，报告期间集团原料奶平均单价为3.87元/公斤，较 2024年中期的4.16元/公斤，下降7.0%。 华泰证券指出，乳制品2025上半年收入表现平淡，液奶需求整体平淡，但当前渠道库存处于合理水位， 期待后续需求回暖，中秋&国庆双节旺季或为核心观察窗口。 ...

昨日大幅上涨的港股三大指数低开，恒指、国指、恒生科技指数均下跌0.11%。盘面上，昨日强势的大 型科技股多数下跌，网易跌近2%，美团跌超1%，快手、京东飘绿，昨日飙涨超18%的阿里巴巴继续上 涨2%；机构指9月美降息概率较大，重视金银板块机会，黄金股继续上涨行情，中国黄金国际、招金矿 业、招金矿业、灵宝黄金再度刷新历史新高价，生物医药股继续活跃，濠赌股、汽车股、互联网医药股 多数上涨。另一方面，乳制品概念股走低，优然牧业跌6.67%，内险股、海运股、食品饮料股、煤炭股 多数低迷。(格隆汇) ...

Core Viewpoint - The article highlights the performance and investment strategies of the Honghu Fund, particularly focusing on its long-term investment approach and the significant role of insurance capital in the A-share market. Group 1: Fund Performance - As of June 30, 2025, the total assets of Honghu Fund I reached 57.112 billion yuan, with net assets of 55.684 billion yuan and a total comprehensive income of 5.684 billion yuan [1][3] - The fund has fully invested its initial capital of 50 billion yuan, achieving a performance that is lower in risk and higher in returns than the benchmark [3] - The fund's operating income for the period was 1.203 billion yuan, with a net profit of 968 million yuan [3] Group 2: Investment Holdings - Honghu Fund I is among the top ten shareholders of Yili Group, Shaanxi Coal, and China Telecom, with a total market value of holdings amounting to 12.04 billion yuan as of the end of Q2 2025 [1][5] - The fund increased its holdings in Yili Group to 153 million shares, raising its ownership percentage from 1.88% to 2.42%, ranking it as the 7th largest shareholder [5] - In Shaanxi Coal, the fund's holdings increased to 116 million shares, with a shareholding percentage rising from 1.04% to 1.2%, making it the 5th largest shareholder [5] Group 3: Investment Strategy - The investment strategy of Honghu Fund II focuses on long-term investments in large listed companies that meet specific criteria, particularly those in the CSI A500 index [1][10] - The fund aims to achieve stable dividend income through low-frequency trading and long-term holding [10] - The emphasis on high-dividend and strong cash flow assets is seen as a core logic for insurance capital allocation, particularly in energy sector leading stocks [11] Group 4: Market Trends - The proportion of long-term capital entering the market is increasing, positioning insurance capital private equity as one of the largest private equity institutions holding A-shares [2][12] - The total scale of the Honghu Fund series has reached 92.5 billion yuan, nearing the target of 100 billion yuan, with ongoing operations of the 222 billion yuan long-term investment reform pilot [13][14] - Analysts predict that as long-term capital increases, the A-share market may enter a more sustainable slow bull phase [12]