Group 1: Business Overview - The company specializes in specialty malt production, which has a more complex processing procedure than regular malt, resulting in higher prices [2] - The company has a total malt production capacity of 1.08 million tons per year, with a utilization rate of 98.90% as of 2024 [2] Group 2: Sales and Market Strategy - Domestic sales account for the majority, with exports typically representing 25-30% of total sales, depending on domestic market conditions [2] - The company aims to balance domestic and overseas sales, actively exploring opportunities in Southeast Asia, Central and South America, Japan, Korea, and Africa [2] Group 3: Production and Capacity Expansion - A new production line for specialty malt with a capacity of 50,000 tons per year is under construction, with a total investment of 259 million yuan, expected to be completed by the end of 2025 [2] - Recent projects have increased production capacity by 27%, with two major projects already achieving full production [3] Group 4: Pricing and Procurement - Pricing for large clients is determined through annual tenders, while small clients have more flexible pricing based on market conditions [3] - The company employs a coordinated procurement strategy to mitigate risks associated with raw material price fluctuations [3] Group 5: Industry Outlook and Development Plans - The domestic beer production has remained stable, with a slight decline of 0.3% in the first half of 2025, but there is a growing demand for high-end products [3] - The company plans to enhance its innovation capabilities and seek acquisition opportunities to achieve sustainable growth and improve product quality [3]

Group 1 - The core viewpoint of the article highlights that domestic beer companies have limited self-built malt production capacity, leading to inefficiencies in malt supply and production [1] - Beer companies face challenges in meeting malt demand due to the relatively small malt requirements of individual breweries, which complicates the economic viability of self-built malt factories [1] - The article notes that malt production has become a specialized independent industry, as malt manufacturers have improved their control over technology, processes, and quality, thus meeting the diverse needs of beer companies [1]

Group 1 - The core viewpoint of the article highlights the stable consumption of beer in recent years, with a noticeable trend towards high-end, craft, and boutique beer products emerging in the industry [1] - The high-end trend in the beer industry is driving improvements in beer quality, which in turn raises the standards for malt used in production [1] - The company, Yongshuntai, has positioned itself in the mid-to-high-end market from the beginning, equipping itself with appropriate production equipment and personnel to meet the evolving demands of the industry [1] Group 2 - The company's customized malt products and specialty malt products effectively cater to the diverse needs of downstream beer manufacturers [1] - Yongshuntai's first-mover advantage in the high-end sector aligns well with the ongoing high-end development trend in the downstream beer industry [1]

证券日报网讯永顺泰（001338）8月1日发布公告，在公司回答调研者提问时表示，公司作为国内产销规 模最大的麦芽企业，发展战略是深耕麦芽主业，巩固公司在行业内的领先地位，致力于打造世界一流的 麦芽供应商，推动企业可持续发展。在主业拓展方面，公司积极提升自主创新能力，持续做强做优麦芽 主业，近年来陆续建成2个募投项目——"广麦4期扩建项目"和"年产13万吨中高档啤酒麦芽项目"，产能 增加27%，目前均已实现满产；2024年公司下属宝麦公司实施新建5万吨/年特制麦芽生产线，目前正按 计划施工；后续将继续结合客户需求，不断优化、完善产能布局，力争实现量的合理增长和质的有效提 升的有机结合、相辅相成。在外延拓展方面，公司将积极挖掘行业内外的新项目机会，充分发挥商业模 式优势，寻求新的利润增长点，加快公司发展。 ...

Group 1: Trade Performance - Jiangsu Province's total import and export value reached 2.81 trillion yuan in the first half of the year, a 5.2% increase compared to the same period last year, surpassing the national growth rate of 2.3% [1] - Exports to countries involved in the "Belt and Road" initiative amounted to 1.39 trillion yuan, a year-on-year increase of 9.5%, contributing 4.5 percentage points to the province's overall export growth [4] Group 2: Company Highlights - JuFu Technology in Changshu reported a 24.9% year-on-year increase in export value, reaching 170 million yuan, after utilizing the advantages of the comprehensive bonded zone [2] - Jiangyin Mingmu Metal Materials Co., Ltd. saw its export value exceed 3 million yuan within three months of entering the comprehensive bonded zone, with expectations to surpass 200 million yuan for the year [3] - Jiangsu RuiTie Rail Equipment Co., Ltd. achieved a 412.4% year-on-year increase in exports to Africa, totaling 24.8 million yuan in the first five months [4] - JinChuang Group successfully exported 27.69 million yuan worth of rail equipment to "Belt and Road" countries, doubling its exports compared to the previous year [5] - Yuehai Yongshuntai (Baoying) Malt Co., Ltd. exported 26,000 tons of malt, a 200-fold increase compared to the same period last year [6] Group 3: Logistics and Trade Channels - The opening of new direct shipping routes, including the "Jiangyin-Chile" container route, significantly reduces logistics cycles by approximately 20 days compared to traditional methods [7] - The "direct loading at port" logistics model enhances customs clearance efficiency and reduces costs, with 188 batches of exports valued at 710 million yuan processed under this model in Changzhou [8]

Group 1: Company Capacity and Projects - The company's current production capacity is 1.08 million tons per year, with sufficient utilization rates [2] - A new 50,000 tons/year specialty malt production line is under construction, expected to be completed by the end of 2025 [2] - The specialty malt project is aligned with the company's strategy to enhance its manufacturing capabilities and cater to large beer group clients [2] Group 2: Specialty Malt Performance - Specialty malt sales and revenue currently represent a small proportion of the overall business, but the gross margin is higher than that of regular malt due to more complex processing [2] - The company is one of the early entrants in the specialty malt sector in China, leveraging long-term technical and market experience [2] - Future plans include enhancing product quality and expanding market reach for specialty malt products [2] Group 3: Market Trends and Company Strategy - The beer industry is shifting towards high-end and craft products, increasing demand for specialty and high-end malts [3] - The company aims to strengthen its technological innovation and product development to meet evolving customer needs [3] Group 4: Financial Performance - In 2024, the company reported an 11.53% decline in revenue, while net profit surged by 72.50% [3] - Revenue decline was attributed to lower selling prices outweighing the increase in malt sales volume, driven by a decrease in raw material costs [3] - Net profit growth resulted from effective procurement strategies and cost control measures, including a reduction in financial expenses by 37.08 million yuan [3] Group 5: Operational Status - As of the second quarter of 2025, the company's operations are stable and progressing steadily compared to the first quarter [3]

Group 1 - The board of directors, supervisory board, and senior management guarantee the authenticity, accuracy, and completeness of the quarterly report, assuming individual and joint legal responsibilities [2] - The company confirms that the quarterly report has not been audited [3][7] - The company has no non-recurring gains and losses items to report [3] Group 2 - The company is implementing a new project to build a special malt production line with an annual capacity of 50,000 tons to enhance its product structure and competitive edge [5]

Core Insights - The company reported a total revenue of 4.282 billion yuan in 2024, a year-on-year decline of 11.53%, marking the first negative growth since 2020 [1][4] - Despite the revenue drop, the net profit attributable to shareholders increased by 72.5% to 299 million yuan, with a non-recurring net profit growth of 112.08% to 282 million yuan [1][5] - The significant profit growth was primarily driven by cost control measures rather than business expansion or market share increase [5][6] Revenue Decline and Market Challenges - The decline in revenue is attributed to challenges in the market, including a slowdown in the beer industry and fluctuations in raw material prices, which directly impacted the company's revenue [4] - Major clients such as Budweiser, Carlsberg, and Heineken are influenced by the global economic environment, leading to reduced order volumes due to weak beer consumption demand in 2024 [4] - Although the company has established a nationwide production base to lower logistics costs, it has not effectively mitigated the negative impact of declining market demand [4] Profit Growth Driven by Cost Control - The impressive net profit growth was largely due to the company's efforts in cost management, implementing "three precision management" strategies to reduce production costs and financial expenses [5] - The company also focused on technological innovation and green transformation to enhance operational efficiency [5] Risks of Dependency on Single Business - The growth in net profit is heavily reliant on internal cost optimization, raising concerns about the sustainability of profit growth if revenue does not recover [6] - The company's dependence on a single business line (malt manufacturing) increases operational risks, as a further decline in malt market demand could severely impact profitability [6] Innovation and Green Transformation - The company has made strides in innovation and green transformation, with its subsidiary becoming the first carbon-neutral malt factory in the industry and receiving various accolades [7] - However, the economic benefits from these innovations and transformations have yet to materialize fully, with significant investments in R&D and environmental initiatives yielding limited contributions to revenue and profit [7] - The company's expansion into emerging markets has not significantly boosted export growth, failing to offset the decline in the domestic market [7]

Group 1 - The company reported a total operating revenue of 4.282 billion yuan for 2024, a year-on-year decrease of 11.53% [1] - The net profit for 2024 was 299 million yuan, representing a year-on-year increase of 72.5% [1] - The basic earnings per share were 0.6 yuan [1] Group 2 - The company experienced a certain growth in malt sales year-on-year [1] - The decline in total operating revenue was primarily due to the decrease in raw material prices, which led to a reduction in malt selling prices [1]