Core Viewpoint - Asian Fruit Industry (00073) reported a revenue of RMB 41 million for the six months ending December 31, 2025, representing an increase of 11.41% year-on-year. The loss attributable to the company's owners was RMB 9.4 million, a decrease of 35.17% year-on-year, with a basic loss per share of RMB 0.6278 [1] Financial Performance - Revenue for the period was RMB 41 million, showing an increase of 11.41% compared to the previous year [1] - The loss attributable to owners decreased to RMB 9.4 million, which is a reduction of 35.17% year-on-year [1] - Basic loss per share was reported at RMB 0.6278 [1] Cost Management - The reduction in losses was primarily due to a decrease in overall employee costs [1] - Significant reductions in general and administrative expenses contributed to the improved financial performance [1] - The reversal of expected credit loss provisions on trade and other receivables, as well as loans, also played a role in reducing losses [1] Asset Valuation - The fair value loss generated from biological assets offset some of the improvements in financial performance [1]

Core Viewpoint - Asian Fruit Industry (00073.HK) reported a revenue of approximately RMB 41 million for the six months ending December 31, 2025, an increase from RMB 36.8 million for the same period in 2024 [1] Financial Performance - The company recorded a loss attributable to owners of approximately RMB 9.4 million, an improvement from a loss of RMB 14.5 million in the previous period [1] - The reduction in loss was primarily due to a decrease in overall employee costs, significant reductions in general and administrative expenses, and the reversal of expected credit loss provisions on trade and other receivables and loans [1] - However, this improvement was offset by losses from the fair value of biological assets [1]

Core Viewpoint - The emergence of high-priced fruits as everyday consumer goods indicates that consumption upgrades are not only driven by stronger purchasing power but also by improved supply-side quality [1][3]. Group 1: High-Priced Fruits and Consumer Behavior - High-priced fruits such as black strawberries (30 yuan each), finger lemons (200 yuan per pound), and pink pineapples (800 yuan each) have gained popularity, with many items showing "out of stock" status on e-commerce platforms, indicating consumer willingness to pay for novelty [1]. - The high prices of these fruits are attributed to factors such as breeding and cultivation technology limitations, reliance on imports, and associated logistics and tariff costs, leading to their perceived scarcity and emotional consumption trends [1]. Group 2: Consumer Expectations and Market Dynamics - Consumers are increasingly expecting that novel fruits will offer both high quality and reasonable prices, a trend supported by recent reductions in cherry prices due to free trade agreements and improved cold chain logistics [2]. - Historical examples show that expensive fruits can become affordable and popular in China, suggesting that with market demand, policy support, and technological advancements, high-priced fruits may eventually fall within acceptable price ranges for consumers [2]. Group 3: Supply-Side Innovations and Future Outlook - Continuous efforts in agricultural technology innovation and improvements in cold chain logistics are essential for making quality fruits accessible to more consumers, as seen with advancements in blueberry cultivation and local durian production [3]. - The "14th Five-Year Plan" emphasizes the need to boost consumption, highlighting that the transition of high-priced fruits to everyday items reflects a broader trend of consumption upgrading, which requires a focus on quality and brand strength in the fruit industry [3].

2026年2月24日，新西兰佳沛宝石红奇异果（RubyRed）首次历史性地尝试以空运的方式正式进入中国市场，这也是新西兰佳沛首次有机会在中国春节期间 上市产自新西兰的奇异果。由于佳沛宝石红产品的特殊性，此次佳沛创新性的选择以空运方式进入中国市场，旨在最大程度缩短运输时间，确保果实以最佳 的新鲜度与风味呈现在中国消费者的餐桌上。 （佳沛宝石红奇异果） 继去年小规模测试空运佳沛宝石红奇异果（RubyRed）后，今年首批空运货量预计约92吨，于2月24日起的一周内陆续抵达中国。这次空运的佳沛宝石红奇 异果（RubyRed）得到了中国市场青睐，除了小部分产品作为中国零售客户、物流供应商等进行相关培训，以帮助其充分熟悉此品种在运输、仓储、销售等 环节上的注意事项外，其他将在百果园、鲜丰、盒马、京东、本来生活、抖音、美团小象、叮咚买菜、Ole等零售平台以及国内的核心批发市场进行销售。 （佳沛奇异果包装厂现场） 佳沛宝石红奇异果（RubyRed）自上市以来，在中国市场广受消费者欢迎。2025产季，佳沛宝石红奇异果（RubyRed）的全球产量为300万个标准零售箱 （约10800吨），其中150万标准零售箱供应大中华区市场。 ...

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Report Industry Investment Rating - Not provided in the report Core Viewpoints of the Report - The apple market in 2026 has formed a game pattern of "supply - side support" and "demand - side drag". The strong reality of "low quantity, poor quality, and low inventory" on the supply side provides a solid bottom support for prices, while the weak expectation of "high price and low sales" on the demand side continuously suppresses the upward momentum. Apple prices are likely to fluctuate in the balance between supply support and demand pressure. High - quality goods may maintain relatively firm prices, while ordinary goods face price fluctuation pressure due to insufficient demand [6][54]. - The new - season apple production and quality decline, and low inventory strongly support prices. The current market is in a structural game stage of "spot support, futures strengthening, and distant contracts weakening". After the Spring Festival, the prices of medium - and low - grade farmer - sourced apples are likely to decline under pressure, while high - quality goods will remain stable and firm, showing a polarized price trend. The apple futures price may maintain a short - term weak and fluctuating trend [7][54]. Summary by Relevant Catalogs 1. Market Review - **Futures Prices**: Last week, the main contract of apple futures, AP2605, showed an oscillating upward trend, with a significant overall increase. As of the afternoon close on February 13, 2026, the AP2605 contract was reported at 9835 yuan/ton, up 300 yuan/ton for the week, a rise of 3.15% [5][10]. - **Spot Prices**: - **Shandong**: In the week before the Spring Festival, the overall shipment volume in Shandong's apple - producing areas was still high. In the second half of the week, new packaging gradually ended, and the sales of farmer - sourced apples were limited. In Penglai, the mainstream price of 75 first - and second - grade farmer - sourced apples was around 2.8 - 3.6 yuan/jin, 80 first - and second - grade was 3.5 - 4.5 yuan/jin, and third - grade was 1.3 - 2.5 yuan/jin. In Qixia, 80 first - and second - grade late - Fuji farmer - sourced slice - red apples were 3.2 - 4.5 yuan/jin, 75 farmer - sourced general goods were 2.2 - 2.5 yuan/jin, and 65 - 70 small fruits were 1.7 - 2 yuan/jin [15]. - **Shaanxi**: Last week, the overall shipment in Shaanxi's apple - producing areas was average. The prices in Luochuan for 70 and above semi - commercial farmer - sourced apples were around 4.0 - 4.3 yuan/jin for outbound, 3.5 - 4 yuan/jin for general goods, and 2.2 yuan/jin for high - grade inferior goods. In Baishui, 75 and above high - quality general farmer - sourced apples were about 2.8 - 3.0 yuan/jin [20]. 2. Producing Area Situation - As of February 13, 2026, the pre - festival apple trading in major producing areas such as Shandong, Shaanxi, Shanxi, and Gansu basically ended, with few actual transactions and little price change [21]. - **Shandong**: In Qixia, the inventory apple trading basically ended, and the prices of 80 first - and second - grade inventory paper - bagged Fuji were 3.50 - 4.50 yuan/jin. In Yiyuan, the inventory Fuji trading was dull [22]. - **Shaanxi**: In Luochuan, the pre - festival trading of inventory Fuji ended, and the price of 70 and above semi - commercial inventory paper - bagged late - Fuji was 4.10 - 4.30 yuan/jin. In Weinan, the pre - festival stocking of inventory Fuji basically ended, and the prices remained stable and weak [22]. - **Shanxi**: In Yuncheng's Linfen, the e - commerce in cold storage continued to purchase, and the prices were basically stable [23]. - **Gansu**: In Jingning, the inventory Fuji trading basically ended, and the prices changed little [23]. 3. Inventory Situation - The peak storage volume of this season's late - Fuji apples was 7.6675 million tons, the lowest in the past five years. As of February 11, 2026, the total apple cold - storage inventory in major producing areas was 5.8815 million tons, a decrease of 316,500 tons from the previous week, and the de - stocking speed slightly slowed down [31]. - **Shandong**: The inventory ratio in Shandong's apple - producing areas was 45.07%, a decrease of 1.98% from the previous week [31]. - **Shaanxi**: The inventory ratio in Shaanxi's apple - producing areas was 46.74%, a decrease of 2.08% from the previous week [31]. - **Other Areas**: The inventory ratios in Gansu, Shanxi, and Liaoning decreased by 3.75%, 2.01%, and 2.53% respectively from the previous week [32]. 4. Sales Area Situation - In the week before the Spring Festival, the number of early - morning arriving trucks in Guangzhou's Chalong market increased significantly. The market sales improved, and the goods were cleared quickly. The market selling prices were chaotic, with price - cut sales [36]. 5. Apple Storage Profit Analysis - Last week, the profit of 80 first - and second - grade apple storage merchants in Qixia was about 0.3 yuan/ton, the same as the previous week [40]. 6. Key Fruit Market - As of the 7th week of 2026, the average wholesale price of six key fruits monitored by the Ministry of Agriculture and Rural Affairs was 7.99 yuan/kg, a week - on - week increase of 0.10 yuan/kg. Most of the six types of fruits rose this week, except for pineapples [44]. 7. Export Situation - According to customs data, the export volume of fresh apples in December 2025 was about 156,500 tons, a month - on - month increase of 28.63% and a year - on - year increase of 26.76%. It is expected that the export volume of fresh apples will increase quarter - on - quarter in the first quarter of 2026 [49]. 8. Production Statistics - In 2025, the national apple production was 34.3142 million tons, a year - on - year decrease of 6.01%. The production in Shandong, Shaanxi, and Gansu decreased, while that in Henan, Shanxi, and Liaoning increased [51]. 9. Market Outlook - The apple market in 2026 is in a game between supply - side support and demand - side drag. After the Spring Festival, the prices of medium - and low - grade farmer - sourced apples may decline under pressure, while high - quality goods will remain stable. The short - term apple futures prices may fluctuate weakly [54]. 10. Operation Strategies - The main contract of apple futures may fluctuate weakly in the short term. For unilateral trading, it is advisable to wait and see, and aggressive investors can consider shorting lightly at high prices. For arbitrage, consider buying the 2605 contract and selling the 2610 contract. For options, consider buying long - term put options at an appropriate time [56][57].

1. Report Industry Investment Rating - No relevant content provided 2. Core Views of the Report - This week, the price of the Apple Futures 2605 contract rose, with a weekly increase of 3.15%. In the production areas, apples are being packed and shipped intensively, and the sales of gift boxes and framed goods are fair. As of February 12, 2026, the cold storage inventory of apples in the main production areas across the country was 5.8815 million tons, a decrease of 316,500 tons from the previous week, and the inventory removal speed was slightly slower than the previous week. The storage capacity ratio in Shandong and Shaanxi provinces decreased. The overall shipment volume in Shandong is still large, while the shipment in Shaanxi is average. In the sales areas, the backlog of inventory is large, and the sales pressure is obvious. Citrus and other competing fruits continue to have a substitution effect. With the long - holiday approaching, short - term risk control should be noted [4][8]. 3. Summary According to the Directory 3.1 Week - to - Week Summary - The price of the Apple Futures 2605 contract rose this week, with a weekly increase of 3.15%. In the production areas, apples are being packed and shipped intensively. As of February 12, 2026, the cold storage inventory of apples in the main production areas across the country was 5.8815 million tons, a decrease of 316,500 tons from the previous week, and the inventory removal speed was slightly slower than the previous week. The storage capacity ratio in Shandong was 45.07%, a decrease of 1.98% from the previous week, and in Shaanxi it was 46.74%, a decrease of 2.08% from the previous week. The overall shipment volume in Shandong is still large, while the shipment in Shaanxi is average. In the sales areas, the backlog of inventory is large, and the sales pressure is obvious. Citrus and other competing fruits continue to have a substitution effect. Future trading prompts include fruit prices and consumption [4]. 3.2 Futures and Spot Markets 3.2.1 Futures Market - This week, the price of the Apple Futures 2605 contract rose, with a weekly increase of about 3.15%. As of this week, the net position of the top 20 in Apple Futures was 10,404 lots, and the number of Apple Futures warehouse receipts was 0 [8][14]. 3.2.2 Spot Market - As of February 13, 2026, the mainstream price of farmer - owned goods of bagged Red Fuji apples of 80 and above in Qixia, Yantai, Shandong was 3.7 yuan per catty; the price of bagged Fuji apples of 75 and above in Yiyuan, Shandong was 2.40 yuan per catty [17]. 3.3 Industry Situation and Options 3.3.1 Industry Chain Situation - **Supply Side**: As of February 12, 2026, the cold storage inventory of apples in the main production areas across the country was 5.8815 million tons, a decrease of 316,500 tons from the previous week, and the inventory removal speed was slightly slower than the previous week. The storage capacity ratio in Shandong was 45.07%, a decrease of 1.98% from the previous week, and in Shaanxi it was 46.74%, a decrease of 2.08% from the previous week [22]. - **Demand Side** - As of February 12, the average daily number of early - morning arrival vehicles at the main apple wholesale markets in Guangdong increased. The profit of 80 first - and second - grade apple storage merchants was 0.3 yuan per catty [26]. - As of February 6, 2026, the wholesale price of all varieties of apples was 9.55 yuan per kilogram, a week - on - week increase of 0.1 yuan per kilogram; the wholesale price of Fuji apples was 9.29 yuan per kilogram, a week - on - week decrease of 0.04 yuan per kilogram [29]. - As of February 6, 2026, the weekly average wholesale price of 5 kinds of fruits (including Fuji apples, bananas, grapes, pears, and watermelons) was 7.87 yuan per kilogram, a week - on - week decrease of 0.10 yuan per kilogram [33]. - According to customs data, in December 2025, China's total export of fresh apples was about 156,500 tons, a month - on - month increase of 28.625% and a year - on - year increase of 28%. The export value was 162,842,207 US dollars [37]. 3.3.2 Options Market - There is a chart of the implied volatility of Apple at - the - money options this week, but no specific data is provided [38]. 3.4 Futures - Stock Correlation - There is a chart of the price - to - earnings ratio of Honghui Fruit & Vegetable Co., Ltd., but no specific analysis is provided [40].

Core Viewpoint - The apple industry in Sanmenxia is experiencing unprecedented growth and modernization, driven by improved logistics, production upgrades, and innovative marketing strategies, contributing to rural revitalization and increased farmer income [1][2][5][6] Logistics and Distribution - The logistics system for apple distribution has significantly improved, allowing for direct delivery to villages, which has reduced costs and increased sales for farmers [2][3] - A goal has been set for 2026 to achieve 90% coverage of village-level logistics services, enhancing the efficiency of agricultural product distribution [2] Production and Quality Enhancement - A new agricultural service project aims to standardize the pruning of 26,000 acres of apple trees, improving quality and brand value [3] - The introduction of an intelligent sorting line in a leading company enhances production efficiency and increases the value of high-quality apples, with premium gift boxes selling for up to 10 yuan each [3] Industry Diversification - The apple industry is part of a broader agricultural diversification strategy, with other fruits like plums and pears also contributing to the local economy, projected to produce 286.22 million tons of fruit by 2025 [4] - The apple sector alone accounts for over 70% of the local agricultural output, generating an annual value of 2.2 billion yuan [4] Marketing and Sales Channels - The integration of online and offline sales channels has created a vibrant ecosystem for the apple industry, with live streaming and e-commerce driving sales [5] - Local initiatives, such as the "Apple Industry Liaison Station," facilitate direct connections between farmers and buyers, resulting in significant sales increases [5] Future Prospects - The city plans to enhance agricultural productivity through technology and brand development, aiming to make "Lingbao Apples" a recognized name in the market [6] - Continuous investment in agricultural innovation and training is expected to support sustainable growth and improve the competitiveness of local products [6]

2月5日，位于二师二十四团的巴州银莱果业有限责任公司员工在保鲜库里分拣葡萄。春节将至，该公司 积极筹备果品，保障节日市场供应，目前已向全国各地发送水果1500余吨。 兵团日报全媒体记者 王志 清 摄 ...

Core Viewpoint - The article highlights the rapid development of the apple industry in Sanmenxia, showcasing a modernized industrial chain that enhances production, processing, and sales, ultimately benefiting farmers and the local economy [1][2][3]. Group 1: Logistics and Distribution - The logistics system for apple distribution has significantly improved, allowing for efficient transportation directly to villages, which has increased the volume of apples purchased by merchants [2][3]. - The city aims to achieve 90% coverage of village-level logistics services by 2026, facilitating a seamless flow of agricultural products and industrial goods [2]. - The establishment of rural logistics service stations integrates various resources, enabling faster and cheaper delivery of apples, enhancing freshness and reducing costs for farmers [3]. Group 2: Production and Quality Improvement - A new agricultural service project will standardize the pruning of nearly 26,000 acres of apple trees, improving quality and brand value [3][4]. - Advanced sorting technology in processing facilities allows for precise grading of apples based on quality, significantly increasing their market value [3][4]. - The apple industry is projected to account for over 70% of the total fruit production in Sanmenxia, with a total output of 286.22 million tons by 2025, reflecting a 1.6% increase [4]. Group 3: Sales Channels and Marketing Innovations - The integration of online and offline sales channels has created a vibrant ecosystem for the apple industry, with live-streaming and innovative marketing strategies driving sales [5]. - The local government and businesses are actively promoting direct sales through platforms that connect farmers with consumers, resulting in significant revenue increases for farmers [5]. - The establishment of liaison stations for direct communication between farmers and buyers has facilitated over 10 million kilograms of apple transactions, generating additional income for farmers [5]. Group 4: Future Prospects and Strategic Initiatives - Sanmenxia is focusing on comprehensive agricultural development, including financial support for farmers and training programs to enhance skills [6]. - The city plans to leverage technology such as drones and IoT to improve agricultural efficiency and product quality, aligning with national agricultural development goals [6]. - The local government emphasizes the importance of the apple industry in driving rural revitalization and aims to strengthen the brand of "Lingbao Apple" for broader market reach [6].