证券研究报告 阜丰集团 (546 HK) 港股通 24 年盈利承压，味精景气有望改善 | 华泰研究 | | | 年报点评 | | --- | --- | --- | --- | | 2025 年 | 4 月 | 28 日│中国香港 | 化学制品 | 阜丰集团 4 月 23 日发布 24 年年报：全年实现营收 278 亿元，同比-1%， 归母净利 23.1 亿元（扣非 23.1 亿元），同比-26%（扣非同比-27%）；其中 24H2 实现归母净利 12.7 亿元，较 24H1 增长 22%。24 年公司现金分红 9.3 亿元，股利支付率为 40%。公司 24 年归母净利润高于我们的预期（19.4 亿元），主要系味精销量较好以及利息收入较高等影响。考虑味精景气有望 改善，以及公司出海有望贡献增量，维持"增持"评级。 24 年苏氨酸等销量持续增长，味精、黄原胶等景气有所下滑拖累全年盈利 24 年食品添加剂板块营收 yoy+6%至 144 亿元，主要系味精及淀粉甜味剂 销量增加，毛利率 yoy-5.2pct 至 10.8%，主要系味精价格下跌；动物营养 板块营收-2%至 87 亿元，主要系 70%氨基酸及玉米提炼产 ...

Group 1 - The core viewpoint of the articles indicates a significant acceleration in the IPO approval process in the A-share market, suggesting signs of recovery, although a full recovery is still uncertain [2][3][4] - In April alone, the number of companies approved for IPOs exceeded the total for the first quarter, with a total of 17 companies having their IPOs approved this year, achieving a 100% approval rate [2][3] - The registration approval cycle has shortened, with some companies completing the process in less than ten days, indicating a more efficient regulatory environment [3][4] Group 2 - Many of the companies seeking IPOs are in key manufacturing and strategic emerging industries, such as semiconductors and new energy, which align well with national policy support [4][5] - The consumer sector is also seeing substantial progress, with several consumer companies achieving significant milestones in their IPO processes, reflecting increased market support for this sector [5][6] - The anticipated growth in the A-share IPO market is expected to continue into 2025, with projections indicating a slight increase in the number of IPOs and fundraising compared to 2024 [7][8] Group 3 - The current IPO market is characterized by a focus on high-quality companies, with regulatory bodies emphasizing the importance of maintaining strict quality standards for listed companies [8] - The overall sentiment in the investment community suggests that while there are signs of recovery, the market is still adjusting to a "new normal" following a period of significant withdrawals from the IPO pipeline [7][8]

证券代码：300146 证券简称：汤臣倍健 汤臣倍健股份有限公司 | | 运营和投放策略，通过产品创新打造高价格带产品，搭建自主可控直播间对 | | --- | --- | | | 品牌心智进行沉淀，增加商品卡的销售和合理比例的达播合作提升公司在 | | | 抖音平台的销售规模。货架电商则会通过运营提效、增加专供品加大产品区 | | | 隔等方面助力销售。 | | | Q：2025 年全年费用指引，费用投放是否集中在下半年 | | | 公司遵循全费用/全费比动态管控原则，注重费用投产比，确保预算与 | | | 收入动态匹配。在今年既定预算目标相对谨慎稳定的整体基调下，公司将进 | | | 一步提升精细化管理能力，通过月度预算管控和销售复盘，根据实际情况动 | | | 态优化资源分配，确保费用投放的合理性。 | | | Q：蛋白粉、健力多迭代情况 | | | 两个大单品的迭代工作在去年年底基本结束，但消费环境和行业处于 | | | 持续变化中，新产品的销售暂时未达到公司预期，还需要继续关注。 | | | Q：药店渠道医保政策实施力度及持续影响 | | | 目前来看医保管理趋严已成常态化。行业层面，从人均消费额、 ...

Core Viewpoint - The case highlights the legal implications of malicious online reviews and the fine line between legitimate consumer feedback and commercial defamation, particularly in the context of competitive business practices [1][2][4]. Group 1: Case Background - A commercial defamation dispute arose from negative reviews on an e-commerce platform, involving an Australian company and a technology firm selling health products [1]. - The plaintiffs alleged that employees from two competing companies engaged in a coordinated effort to submit false negative reviews and request refunds without valid reasons, damaging the plaintiffs' reputation and sales [1][2]. Group 2: Court Proceedings - The first-instance court found that the negative reviews were baseless and constituted commercial defamation, leading to a ruling against the defendants, who were ordered to cease their actions, issue an apology, and pay 90,000 yuan in damages [3]. - The defendants appealed the decision, arguing that the negative reviews were personal actions of employees and not representative of the companies [4]. Group 3: Legal Perspectives - Legal experts emphasize that legitimate reviews should be based on genuine experiences and factual descriptions, while malicious defamation often involves fabricated claims and derogatory language [6]. - Businesses are expected to tolerate reasonable criticism but must take legal action against unfounded and malicious reviews aimed at harming competitors [6].

仙乐健康科技股份有限公司 投资者关系活动记录表 证券代码：300791 证券简称：仙乐健康 证券代码：123113 证券简称：仙乐转债 仙乐健康科技股份有限公司 2025 年 4 月 25 日投资者关系活动记录表 编号： 2025-002 投资者关系 活动类别 □特定对象调研 □分析师会议 □媒体采访 ■业绩说明会 □新闻发布会 □路演活动 □现场参观 □其他（ ） 参与单位名称 及人员姓名 投资者网上提问 时间 2025 年 4 月 25 日 15:30-17:30 方式 公司通过"全景·路演天下"（https://rs.p5w.net/）采用网络远程的方式召 开 2024 年度暨 2025 年第一季度网上业绩说明会 上市公司 接待人员姓名 董事长、总经理：林培青 董事：姚壮民 独立董事：高见 副总经理：郑丽群 副总经理、董事会秘书：刘若阳 财务负责人：夏凡 保荐代表人：刘兴德 1 仙乐健康科技股份有限公司 投资者关系活动记录表 | | 问题：24 年报与 25 年一季报显示，公司业绩是否较同期保持平稳， | | --- | --- | | | 以及未来的增长点在哪里 | | | 答：2025 年第一季度， ...

登录新浪财经APP 搜索【信披】查看更多考评等级 公司代码：688069 公司简称：德林海 无锡德林海环保科技股份有限公司2024年年度报告摘要 第一节 重要提示 1、本年度报告摘要来自年度报告全文，为全面了解本公司的经营成果、财务状况及未来发展规划，投 资者应当到上海证券交易所网站www.sse.com.cn仔细阅读年度报告全文。 2、重大风险提示 公司已在本年度报告中详细阐述公司在经营过程中可能面临的各种风险及应对措施，敬请查阅本年度报 告第三节"管理层讨论与分析" 之"四、风险因素"。 3、本公司董事会、监事会及董事、监事、高级管理人员保证年度报告内容的真实性、准确性、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。 4、公司全体董事出席董事会会议。 5、中审众环会计师事务所（特殊普通合伙）为本公司出具了标准无保留意见的审计报告。 6、公司上市时未盈利且尚未实现盈利 □是 √否 7、董事会决议通过的本报告期利润分配预案或公积金转增股本预案 经中审众环会计师事务所（特殊普通合伙）审计，2024年度实现归属于母公司所有者的净利润 为-86,148,756.34元，母公司2024年 ...

2025年5月,第五届中国国际消费品博览会(以下简称"消博会")在海南海口盛大开幕。作为全球消费精品 的展示窗口,消博会吸引了来自60多个国家和地区的2000余个品牌参展。在这场聚焦"共享开放机遇,共创 美好生活"的全球盛会上,来自新西兰的高端健康营养品牌metoday首次亮相,凭借其"科学+天然"的核心理 念与创新产品矩阵,成为健康消费赛道的焦点。 "花颜28"女性多维系列:含28种女性专属营养,采用"23+5"配方策略,兼顾基础维矿与抗衰成分,提升肌肤、 骨骼及免疫力; metoday发肤甲微囊智珠:两粒高达6000mcg生物素,4倍高含量角蛋白,创新微囊缓释技术,八小时持续滋养 毛囊生长,兼顾皮肤和指甲角质的修复及亮泽; 在消费升级的大背景下,年轻群体对健康生活的追求日益强烈。社交媒体上频繁出现的"睡眠焦虑""营养 补充"等话题,正是这一趋势的生动写照。metoday敏锐地捕捉到了这一变化,精准定位年轻消费者群体,致 力于为他们提供"健康与美学兼具"的解决方案。 科学配方与自然美学的融合 作为新西兰健康领域的代表品牌,metoday此次携三大核心系列产品参展,覆盖抗氧化、免疫提升、代谢管 理等多个健康场 ...

Core Viewpoint - The company is experiencing growth in the health supplement market, driven by increasing health awareness and consumer demand for preventive healthcare products, leading to a strategic focus on product innovation and market expansion [3][5][19]. Company Overview - The company operates in the pharmaceutical manufacturing industry, specifically in the OTC (over-the-counter) drug and health supplement sectors, with its main product being the 21 Jinweita Multivitamin [3][4]. - The health supplement market in China is expanding, with significant growth potential compared to developed countries, as consumer awareness and demand for dietary supplements increase [4][7]. Industry Trends - The non-prescription drug market is benefiting from a shift towards preventive healthcare, supported by national policies promoting health awareness and consumer education [5][6]. - The aging population in China is driving demand for health management products, with a notable increase in the elderly demographic, which is expected to further boost the health supplement market [8][9]. Business Performance - The company reported a revenue of 641 million yuan, a year-on-year increase of 10.23%, and a net profit of 91.83 million yuan, up 7.24% from the previous year [19]. - The company is focusing on expanding its product matrix in the health supplement sector, enhancing its brand presence, and optimizing its sales channels to improve market competitiveness [10][14]. Product and Brand Strategy - The company has a diverse product range, primarily focusing on vitamins and minerals, and is committed to continuous research and development to meet varying consumer needs [11][12]. - The brand "21 Jinweita" has established itself as a leading name in the vitamin and mineral sector, with recognition in various industry awards and rankings [13]. Marketing and Sales Network - The company has developed a comprehensive marketing network, utilizing both online and offline channels to reach consumers effectively, including major e-commerce platforms [14]. - The company is adapting its sales strategies to align with changing consumer behaviors and preferences, ensuring broad market coverage [14]. Management and Innovation - The company boasts a professional management team with extensive experience in the health product sector, focusing on innovation and compliance with industry standards [15]. - The company has established a robust core technology system for product formulation and quality control, continuously improving its capabilities [16].

Core Viewpoint - Xianle Health reported a positive performance in Q1 2025, with revenue growth and improved profit margins, indicating strong market positioning and growth potential in both domestic and international markets [1][2][3] Group 1: Financial Performance - In Q1 2025, the company achieved revenue of 954 million yuan, a year-on-year increase of 0.28% [1] - The net profit attributable to shareholders reached 68.64 million yuan, reflecting a year-on-year growth of 8.90% [1] - The gross profit margin was 33.09%, an increase of 2.47 percentage points compared to the previous year [1] Group 2: Domestic Business Development - The company maintained positive revenue growth in the China region despite a high base from the previous year, with order growth outpacing revenue growth [1] - Xianle Health expanded its leading position in the domestic market by targeting new consumer markets and enhancing its MCN channel [1] - The company successfully launched 13 major products and established a global product map, creating vertical solutions [1] Group 3: International Business Strategy - The company adopted a localized operational strategy to enhance its global business layout, responding quickly to market demands [2] - In the Americas, despite tariff-related uncertainties, the company reported a strong start with improved gross margins and significant order growth [2] - The European business performed well, establishing partnerships with top brands in Southern Europe, while the Asia-Pacific region saw a gross margin exceeding 45%, the highest since 2022 [2] Group 4: Research and Innovation - Xianle Health emphasized research and development by establishing an Anti-Aging Research Institute and launching innovative products [2] - New products include QUICKFIZZ probiotic drinks and DHA algae oil gummies, which received regulatory approval [2]

星标 ★ IPO日报 精彩文章第一时间推送 近期，全球动物营养添加剂龙头蓝星安迪苏股份有限公司（600299.SH，下称"安迪苏"）发布公告，公司拟向特定对象发行预计发行数量不超过8 亿股公司股票，募集资金总额不超过30亿元，用于四大核心项目及补充流动资金。 4月16日，该事项获上交所受理。 不过，作为动物必需氨基酸，蛋氨酸市场长期被赢创、住友、诺伟司等国际巨头垄断。兴业证券研报显示，全球蛋氨酸市场规模预计2028年将突破 150万吨，当前国产化率不足30%。 在此次募投项目中，公司拟使用17.43亿元，投入年产能为15万吨的固体蛋氨酸项目，占总募资额的46.3%，进一步扩产。该项目实施地点在福建 省泉州市，预计于2027年投产。 值得关注的是，安迪苏南京工厂的液体蛋氨酸产能已达全球第二，与此次固体蛋氨酸的扩产将形成协同效应。 这是继2015年通过反向收购重组上市后，公司规模最大的资本运作。 制图：佘诗婕 发挥协同效应 据悉，安迪苏主要从事动物营养添加剂的研发、生产及销售。公司在动物饲料添加剂领域中，多个核心产品的产业规模与技术水平处于行业领先地 位。 具体来看，公司产品主要分为两类，包括功能性产品和特种产品 ...