Group 1 - The core viewpoint of the news is that Longda Food's stock has shown a slight increase recently, despite a significant decline in its stock price this year [1] - As of November 10, Longda Food's stock price is 4.92 CNY per share, with a market capitalization of 5.309 billion CNY [1] - The company has experienced a net inflow of main funds amounting to 3.558 million CNY, with large orders contributing significantly to the buying activity [1] Group 2 - For the period from January to September 2025, Longda Food reported a revenue of 7.625 billion CNY, representing a year-on-year decrease of 4.85% [2] - The net profit attributable to the parent company for the same period was -183 million CNY, a significant year-on-year decrease of 349.93% [2] - The number of shareholders increased to 43,300, while the average circulating shares per person decreased to 24,857 shares [2] Group 3 - Since its A-share listing, Longda Food has distributed a total of 443 million CNY in dividends, with no dividends paid in the last three years [3]

Core Viewpoint - The stock of Shuanghui Development has shown a positive trend with a year-to-date increase of 8.79%, reflecting strong market performance and investor interest [1][2]. Financial Performance - For the period from January to September 2025, Shuanghui Development reported a revenue of 446.53 billion yuan, representing a year-on-year growth of 1.23% [2]. - The net profit attributable to shareholders for the same period was 39.59 billion yuan, marking a year-on-year increase of 4.05% [2]. Stock Market Activity - As of November 10, Shuanghui Development's stock price was 26.72 yuan per share, with a market capitalization of 925.76 billion yuan [1]. - The stock experienced a trading volume of 1.86 billion yuan and a turnover rate of 0.20% [1]. - The net inflow of main funds was 17.59 million yuan, with significant buying activity from large orders [1]. Shareholder Information - As of October 31, the number of shareholders for Shuanghui Development was 157,800, a decrease of 2.54% from the previous period [2]. - The average number of circulating shares per shareholder increased by 2.60% to 21,952 shares [2]. Dividend Distribution - Since its A-share listing, Shuanghui Development has distributed a total of 644.95 billion yuan in dividends, with 156.26 billion yuan distributed over the past three years [3]. Major Shareholders - As of September 30, 2025, the top circulating shareholder was Hong Kong Central Clearing Limited, holding 76.67 million shares, an increase of 14.07 million shares from the previous period [3]. - China Securities Finance Corporation remained stable in its holdings, while new shareholders included Southern S&P China A-share Large Cap Dividend Low Volatility ETF and E Fund CSI Major Consumer ETF [3].

Core Viewpoint - The stock of Jinzi Ham fell by 2.04% on November 7, 2023, with a current price of 6.23 CNY per share, reflecting a significant decline in recent trading days despite a year-to-date increase of 38.44% [1] Financial Performance - For the period from January to September 2025, Jinzi Ham reported a revenue of 222 million CNY, a year-on-year decrease of 13.97%, and a net profit attributable to shareholders of 22.01 million CNY, down 26.25% year-on-year [2] - Cumulative cash dividends since the A-share listing amount to 257 million CNY, with 80.1 million CNY distributed over the past three years [3] Shareholder Information - As of September 30, 2025, the number of shareholders increased by 41.57% to 46,200, while the average circulating shares per person decreased by 29.36% to 26,221 shares [2] - Hong Kong Central Clearing Limited is the fifth-largest circulating shareholder, holding 25.51 million shares as a new shareholder [3] Stock Market Activity - On November 7, 2023, the stock experienced a trading volume of 51.26 million CNY, with a turnover rate of 0.67% and a total market capitalization of 7.542 billion CNY [1] - The stock has seen a decline of 5.46% over the last five trading days, 20.23% over the last 20 days, and 13.59% over the last 60 days [1] Business Overview - Jinzi Ham, established on November 15, 1994, and listed on December 3, 2010, specializes in the research, production, and sales of Jinhua ham and various fermented meat products [1] - The company's revenue composition includes 58.94% from ham, 24.82% from specialty meat products, 6.83% from cold chain services, 5.98% from branded meat, 1.82% from ham products, and 1.61% from other sources [1] Industry Classification - Jinzi Ham is classified under the food and beverage industry, specifically in the food processing and meat products sector [1] - The company is associated with several concept sectors, including WeChat concept, pork concept, Tencent concept, online marketing, and chip concept [1]

Core Insights - The stock price of Huadong Co., Ltd. increased by 2.03% on November 4, reaching 11.07 CNY per share, with a total market capitalization of 8.912 billion CNY [1] - The company has experienced a year-to-date stock price decline of 12.21%, but a slight increase of 1.56% over the past 20 days [1] - For the first nine months of 2025, Huadong Co. reported a revenue of 6.088 billion CNY, a year-on-year decrease of 6.13%, while net profit attributable to shareholders increased by 32.93% to 71.016 million CNY [2] Financial Performance - The company’s main revenue sources include fresh pork (94.51%), fresh poultry (2.42%), and other products [1] - Cumulative cash dividends since the A-share listing amount to 85.166 million CNY, with 16.549 million CNY distributed over the past three years [3] Shareholder Structure - As of September 30, 2025, the number of shareholders decreased by 4.94% to 33,300, while the average number of circulating shares per shareholder increased by 33.14% to 18,897 shares [2] - Major shareholders include招商产业精选股票A and银华农业产业股票发起式A, with changes in their holdings noted [3]

Core Viewpoint - The stock price of Jinzi Ham fell by 2.12% on November 4, 2023, with a current price of 6.46 CNY per share, reflecting a significant decline in recent trading days despite a year-to-date increase of 43.56% [1]. Financial Performance - For the period from January to September 2025, Jinzi Ham reported a revenue of 222 million CNY, a year-on-year decrease of 13.97%, and a net profit attributable to shareholders of 22.01 million CNY, down 26.25% year-on-year [2]. - Cumulative cash dividends since the company's A-share listing amount to 257 million CNY, with 80.1 million CNY distributed over the past three years [3]. Shareholder Information - As of September 30, 2025, the number of shareholders increased by 41.57% to 46,200, while the average circulating shares per person decreased by 29.36% to 26,221 shares [2]. - Hong Kong Central Clearing Limited is the fifth-largest circulating shareholder, holding 25.51 million shares as a new shareholder [3]. Market Activity - The stock's trading volume on November 4 was 33.44 million CNY, with a turnover rate of 0.42% and a total market capitalization of 7.82 billion CNY [1]. - The main capital outflow was 4.83 million CNY, with significant selling pressure observed in large orders [1].

Core Viewpoints - The A-share market showed a rebound on Monday, with the Shanghai Composite Index rising by 0.55% to 3976.52 points, and the Shenzhen Component Index increasing by 0.19% [2][8] - The media industry led the gains among sectors, while the non-ferrous metals sector lagged behind [2][8] - The total trading volume in the A-share market was approximately 2.11 trillion RMB, with over 3400 stocks rising [2][8] Industry Analysis Food and Beverage Industry - The food and beverage sector continues to experience a downward trend in performance, with a year-on-year revenue growth of 0.15% for the first three quarters of 2025, totaling 831.395 billion RMB, while net profit attributable to shareholders decreased by 4.57% to 171.059 billion RMB [11] - Only soft drinks, beer, and fermented seasoning products showed positive growth in both revenue and net profit, with revenue growth rates of 30.97%, 10.93%, and 3.92% respectively [11] - The white wine sector is facing significant challenges, with revenue and net profit growth rates turning negative at -5.83% and -6.93% respectively for the first three quarters of 2025 [14] - The beer sector showed signs of recovery, with revenue and net profit increasing by 2.02% and 11.82% respectively, indicating improved profitability [15] - The snack and soft drink segments performed well, with notable growth from brands like Dongpeng Beverage, which achieved over 34% growth in both revenue and net profit [16] Social Services Industry - The social services sector reported stable revenue growth of 4.94% year-on-year, totaling 150.954 billion RMB, but net profit decreased by 2.86% to 8.697 billion RMB [19] - The tourism and scenic area segment saw revenue growth of 5.09%, but net profit fell by 17.79%, indicating a disparity in performance across different attractions [19] - The hotel and restaurant sector experienced a revenue decline of 4.05% and a significant net profit drop of 25.46%, reflecting ongoing pressure on consumer spending [19] Investment Recommendations - In the food and beverage sector, there are structural investment opportunities, particularly in the beverage, snack, and health supplement industries, with a focus on quality leaders in energy drinks and innovative snack brands [17] - The white wine industry is expected to stabilize, with low valuations and high dividends providing support, suggesting potential investment opportunities as inventory levels decrease [17] - The social services sector is anticipated to benefit from policy support aimed at boosting service consumption, particularly in tourism and education [20]

Summary of Industry and Company Insights from Conference Call Records Industry: Baijiu (Chinese Liquor) Key Points: - The overall performance of the baijiu industry in Q3 was under pressure, with most companies experiencing a decline in net profit, particularly those with significant revenue drops. [1][7] - Moutai maintained a stable performance with a 7% revenue increase, despite a drop in batch prices from 1,760 RMB to around 1,670 RMB, reflecting a more than 20% year-on-year decline. [1][10] - Wuliangye saw a significant revenue decline of 52% and a profit drop of 65%, indicating substantial pressure on its performance. [1][4] - Luzhou Laojiao performed better than expected, with effective strategies in place, although external environmental factors need to be monitored. [1][6] - The second-tier brand Fenjiu showed stable performance, with the Qinghua series growing by 9-10%, while Qinghua 30 experienced a decline of 20-30%. [1][5] - The overall baijiu sector is expected to continue adjustments in Q4 in preparation for the Spring Festival, which is a critical sales period. [1][8] Industry: Dairy Products Key Points: - The dairy sector faced weak terminal demand in Q3, with Yili's liquid milk revenue declining by 8.8%, while New Dairy achieved double-digit growth. [1][12] - The outlook for Q4 remains challenging, with expectations of continued pressure on liquid milk demand due to weak consumer confidence. [1][13] - New Dairy and Miaokelando are expected to maintain good growth through product innovation and market expansion. [1][13][14] Industry: Soft Drinks Key Points: - The soft drink industry showed stable performance in Q3, driven by strong travel demand and the introduction of new products. [1][15] - Dongpeng Beverage reported a 30.4% revenue increase, benefiting from new product launches, while competitors like Master Kong and Uni-President experienced revenue declines. [1][15][16] - Long-term growth prospects for Dongpeng and Nongfu Spring are viewed positively, while Master Kong and Uni-President are considered defensive dividend investment options. [1][18] Industry: Frozen Foods Key Points: - The frozen food sector is showing signs of stabilization, with demand not expected to worsen significantly. [1][20] - Leading companies are reducing expenditure, leading to some profit recovery, although growth rates remain modest. [1][20] - The industry is at a bottom turning point, with expectations for improvement in restaurant demand. [1][20] Industry: Snacks Key Points: - The snack sector saw slight revenue growth but at a slower pace, with rapid growth in bulk snack channels. [1][21] - New retail channels like Sam's Club are contributing significantly to revenue growth, despite some short-term impacts from public sentiment. [1][21] - The performance of key brands like Yanjin and Youyou has improved, indicating better operational efficiency and profitability. [1][25] Industry: Meat Products Key Points: - The meat product sector is considered a defensive dividend segment, with companies like Shuanghui Development and WH Group showing stable performance. [1][22] - Shuanghui's meat product sales remained steady, with a target of 30% growth in new channels for the upcoming year. [1][23] - WH Group's U.S. market performance was stable, with expectations for relatively stable pork prices in 2026. [1][24] Overall Market Performance Key Points: - The food and beverage sector has underperformed compared to the CSI 300 index, with a 5.5% decline as of October 31, 2025. [1][9] - The baijiu sector's valuation has decreased, with a forecasted P/E ratio of 18.9 times, lower than historical averages. [1][9] - Fund holdings in the baijiu sector have decreased, indicating potential for future capital inflow if demand improves. [1][9]

Core Viewpoint - Longda Food is a leading meat food enterprise in China, rapidly developing in the prepared food sector, with a full industry chain advantage [1] Group 1: Business Performance - In Q3 2025, Longda Food reported revenue of 7.625 billion, ranking 3rd in the industry, above the median of 6.088 billion but below the average of 11.342 billion [2] - The main business composition includes fresh and frozen meat at 4.073 billion (81.87%), prepared foods at 783 million (15.74%), and cooked products at 83.5 million (1.68%) [2] - The net profit for the same period was -215 million, ranking 7th in the industry, significantly lower than the average net profit of 567 million and the median of 21.57 million [2] Group 2: Financial Ratios - As of Q3 2025, Longda Food's debt-to-asset ratio was 73.58%, higher than the previous year's 70.94% and the industry average of 46.39% [3] - The gross profit margin for the same period was 3.01%, down from 4.84% year-on-year and below the industry average of 10.89% [3] Group 3: Management and Shareholder Information - The chairman and general manager, Yang Xiaochu, received a salary of 485,500, an increase of 404,500 from the previous year [4] - As of September 30, 2025, the number of A-share shareholders increased by 0.83% to 41,600, with an average holding of 25,900 shares, a decrease of 0.82% [5] Group 4: Future Outlook - In H1 2025, Longda Food's revenue and profit both declined, with revenue at 4.975 billion (down 1.38% year-on-year) and net profit at 35.17 million (down 39.52% year-on-year) [5] - The company is focusing on the "one body, two wings" strategy, with online sales of prepared foods increasing by 44.98% year-on-year [5] - For FY 2024, the company is expected to achieve revenue of 10.99 billion (down 17.49% year-on-year) and a net profit of 22 million, turning a profit [6]

Investment Rating - The investment rating for the company is maintained as "Buy" [2] Core Insights - The company reported better-than-expected performance with total revenue for the first three quarters of 2025 reaching 446.53 billion yuan, a year-on-year increase of 1.2%, and net profit attributable to shareholders of 39.6 billion yuan, up 4.1% year-on-year [7] - The company is a leading player in the meat products industry, possessing strong competitive advantages, low valuation, and a high dividend yield of 5.6% for 2024 [7] - The company aims to achieve stable growth in meat product sales through various strategies, including professional reforms, increased market investment, and digital empowerment [7] Financial Data and Profit Forecast - Total revenue forecast for 2025 is 606.63 billion yuan, with a year-on-year growth rate of 1.6% [6] - Net profit attributable to shareholders is projected to be 50.4 billion yuan in 2025, reflecting a year-on-year increase of 1% [6] - Earnings per share for 2025 is estimated at 1.45 yuan, with a price-to-earnings ratio of 17 [6] Business Segment Performance - The meat products segment generated revenue of 179.9 billion yuan in the first three quarters of 2025, a decline of 6.3% year-on-year, with sales volume at 1.03 million tons, down 5.6% [7] - The slaughtering business saw a significant increase in scale, with slaughter volume rising by 26.2% year-on-year, although revenue decreased by 1.7% [7] - The breeding business turned profitable, with revenue from other business segments increasing by 27.5% year-on-year [7]

Investment Rating - The report assigns a "BUY" rating for the company, indicating a potential upside in the stock price [7][12]. Core Insights - The company has shown a slight revenue increase of 1.2% year-on-year for the first three quarters, achieving a total revenue of RMB 446.5 billion, with a net profit of RMB 39.6 billion, reflecting a 4.1% increase [8]. - The third quarter performance exceeded expectations, with a revenue of RMB 161.5 billion, although it represented a 1.8% decline year-on-year, while net profit rose by 8.5% to RMB 16.4 billion [8]. - The company benefits from a strong marketing and sales reform, leading to a 5.9% increase in meat exports, totaling 2.49 million tons [12]. Financial Summary - The company’s projected net profits for 2025, 2026, and 2027 are RMB 52.7 billion, RMB 53.8 billion, and RMB 56 billion, respectively, with year-on-year growth rates of 5.6%, 2.2%, and 4% [12]. - Earnings per share (EPS) are expected to be RMB 1.52, RMB 1.55, and RMB 1.62 for the years 2025, 2026, and 2027, respectively [12]. - The current price-to-earnings (P/E) ratio is projected to be 17 times for 2025 and 16 times for 2026 and 2027, with a dividend yield of 5.6% [12]. Market Position - The company operates primarily in the food and beverage industry, with a market capitalization of RMB 871.25 billion and a share price of RMB 25.15 as of October 28, 2025 [2]. - The major shareholder is Rotex Group, holding 70.33% of the shares [2]. - The company’s product mix includes 43.3% fresh products, 40.3% packaged meat products, and 16.3% other products [3].