Overview - China is the world's largest consumer of edible oil, with a daily per capita intake far exceeding recommended levels, leading to a growing demand for healthy cooking oils due to increasing rates of chronic diseases such as hypertension, diabetes, and obesity [1][15] - The market for glycerol diester oil (diester oil) is projected to reach 17.977 billion yuan in 2024, reflecting a year-on-year growth of 0.21% [1][15] Development Background - Rising living standards have enhanced consumer willingness to pay for high-end, healthy oils, with glycerol diester oil gaining market share as a functional oil [8] - The Chinese population's daily cooking oil consumption significantly exceeds WHO recommendations, contributing to a high prevalence of chronic diseases, thus increasing the urgency for healthy oil options [8] Industry Chain - The upstream of the glycerol diester oil industry includes suppliers of soybean oil, rapeseed oil, peanut oil, corn oil, and other raw materials, as well as suppliers of fat enzyme preparations, water, glycerol, and production equipment [10] - The midstream consists of glycerol diester oil production companies, while the downstream includes various sales channels such as supermarkets, convenience stores, and e-commerce platforms [10] Consumer Demographics - The primary consumers of glycerol diester oil include health-conscious elderly individuals, those with chronic diseases, weight loss seekers, and young people pursuing a healthy lifestyle, with the elderly demographic accounting for over 80% of the market [13] Competitive Landscape - The glycerol diester oil industry in China has relatively few companies compared to mainstream oils, resulting in moderate competition. Key players include Changshouhua Food Co., Ltd., Zhidai Technology (Beijing) Co., Ltd., and Yihai Kerry Arawana Holdings Co., Ltd. [17][19] - Changshouhua Food Co., Ltd. is recognized as a leader in the industrialization of glycerol diester oil, having established the world's first large-scale production line for this oil [19] Industry Trends - The demand for healthy cooking oils is expected to continue rising as consumer health awareness increases, with glycerol diester oil being recognized for its fat-reducing and blood lipid-regulating properties [23] - Companies are likely to enhance market promotion and education efforts, developing differentiated products targeting various consumer groups, such as high-purity options for the elderly and affordable, convenient packaging for younger consumers [23]

Overview - China is the world's largest consumer of edible oil, with a daily per capita intake far exceeding recommended levels, leading to a growing demand for healthy cooking oils due to increasing rates of chronic diseases such as hypertension, diabetes, and obesity [1][15] - The market for glycerol diester oil (DAG oil) is expanding, with a projected market size of 17.977 billion yuan in 2024, reflecting a year-on-year growth of 0.21% [1][15] Development Background - Rising living standards have increased consumer willingness to pay higher prices for high-end, healthy oils, with DAG oil gaining market share as a functional oil [8] - The Chinese population's high daily cooking oil consumption and the prevalence of chronic diseases have intensified the demand for healthy oils [8] Industry Chain - The upstream of the DAG oil industry includes suppliers of soybean oil, rapeseed oil, peanut oil, corn oil, and other raw materials, as well as suppliers of fat enzyme preparations, water, glycerol, and production equipment [10] - The midstream consists of DAG oil production companies, while the downstream includes supermarkets, convenience stores, specialty oil shops, and e-commerce platforms [10] Consumer Demographics - The primary consumers of DAG oil include health-conscious elderly individuals, those with chronic diseases, weight loss seekers, and young people pursuing a healthy lifestyle, with the elderly demographic accounting for over 80% of the consumer base [13] Competitive Landscape - The DAG oil industry in China has relatively few companies compared to mainstream oils, leading to moderate competition [17] - Key players include Changshouhua Food Co., Ltd., Zhidai Technology (Beijing) Co., Ltd., Guangzhou Shanbainian Food Technology Co., Ltd., and Yihai Kerry Arawana Holdings Co., Ltd., among others [17][19] Industry Trends - The demand for healthy cooking oils is expected to continue increasing, with DAG oil being recognized for its fat-reducing and blood lipid-regulating properties [23] - Companies are likely to enhance market promotion and education efforts, developing differentiated products targeting various consumer groups, including high-purity products for the elderly and affordable options for younger consumers [23]

Core Viewpoint - The company Daodaoquan (002852.SZ) reported strong performance in the first half of 2025, with significant increases in both revenue and net profit, driven by higher sales volume and lower raw material costs [1][3][4]. Financial Performance - In the first half of 2025, Daodaoquan achieved operating revenue of 2.792 billion yuan, a year-on-year increase of 1.16% [1][3]. - The net profit attributable to shareholders reached 181 million yuan, a remarkable year-on-year growth of 563.15% [1][3]. - The net profit after deducting non-recurring gains and losses was 157 million yuan, up 428.51% year-on-year [1][3]. - The gross profit margin for the first half of 2025 was 11.65%, the highest for the same period in seven years [1][4]. Cost Management - The company reported a 42.34% reduction in total expenses, with total expenses amounting to 112 million yuan in the first half of 2025, down from 194 million yuan in the same period of 2024 [5]. - Sales expenses decreased by 27.26% to 61.56 million yuan, while R&D and financial expenses also saw declines [5]. Market Performance - Since the beginning of 2025, Daodaoquan's stock price has increased by 40.84%, rising from 8.13 yuan per share to 11.45 yuan per share by the end of July [2][5]. Dividend Distribution - The company plans to distribute a mid-term cash dividend of 1.76 yuan per 10 shares, totaling approximately 60.54 million yuan [6].

Group 1 - The core point of the news is that Daodaoquan's stock is currently trading at 11.45 yuan, reflecting a decline of 5.61%, and the company is in a state of share price below its initial public offering (IPO) price [1] - Daodaoquan was listed on the Shenzhen Stock Exchange on March 10, 2017, with an issuance of 25 million shares at an IPO price of 47.30 yuan per share, raising a total of 118.25 million yuan [1] - The net proceeds from the IPO, after deducting issuance costs of 6.586 million yuan, amounted to 111.664 million yuan, which were allocated to various projects including an edible oil processing project in Yueyang and a refining project in Chongqing [1] Group 2 - In November 2021, Daodaoquan conducted a non-public offering of 70 million shares at a price of 11.31 yuan per share, raising a total of approximately 791.7 million yuan [2] - After deducting underwriting and advisory fees of approximately 10.1 million yuan and other expenses of about 1.68 million yuan, the actual net proceeds from this offering were approximately 779.92 million yuan [2] - The total amount raised from both the IPO and the subsequent non-public offering is approximately 197.42 million yuan [3] Group 3 - Daodaoquan has a history of profit distribution, having announced cash dividends of 2.30 yuan per 10 shares for the 2017 annual profit distribution and 4.10 yuan per 10 shares for the 2017 semi-annual profit distribution [3] - The company also executed a capital reserve conversion, issuing 7 additional shares for every 10 shares held during both profit distributions [3]

（企业公告） 7月31日，道道全发布公告称，2025年上半年，公司实现营业收入27.92亿元，同比增长1.16%；归属净 利润1.81亿元，同比增长563.15%。 分产品看，2025年上半年，公司包装油营收达17.51亿元，同比提升20.53%；粕类、散装油、其他业务 营收分别达6.27亿、3.82亿、0.33亿元。 ...

2025年上半年，道道全实现营业收入27.92亿元，较上年同期小幅增长1.16%；在稳规模的基础上，盈利 指标实现爆发式增长，归属于上市公司股东的净利润达1.81亿元，同比激增563.15%，超上年全年；扣 除非经常性损益后的净利润为1.57亿元，同比大增428.51%；核心业务包装油收入增长20.53%，毛利率 提升0.89个百分点至15.67%，贡献总营收62.71%。 值得关注的是，这一增长并非短期波动。今年一季度，公司净利润同比增长38.63%，而上半年整体增 速进一步放大，显示盈利动能持续强劲，二季度延续了高质量增长态势。 中证报中证网讯(王珞)7月31日晚，道道全（002852）发布2025年半年度报告。报告显示，上半年业绩 表现亮眼，盈利能力实现跨越式增长，降本增效成果显著，运营效能持续释放。 报告期内，净利润的大幅提升，源于公司在市场开拓与费用管控能力提升上的双重突破。从市场端看， 公司持续深耕经销商网络、拓展线上渠道，上半年新增经销商92家至1397家，终端网点约83万个，线上 直销收入同比增长23.64%，双轨模式夯实市场覆盖，上半年核心业务包装油销量同比增长24.19%。从 费用端来看， ...

Core Viewpoint - The company reported a revenue of 2.792 billion yuan for the first half of 2025, reflecting a year-on-year growth of 1.16%, and a net profit attributable to shareholders of 181 million yuan, showing a significant increase of 563.15% [1] Financial Performance - Revenue for the first half of 2025 reached 2.792 billion yuan, marking a 1.16% increase compared to the previous year [1] - Net profit attributable to shareholders was 181 million yuan, which is a substantial increase of 563.15% year-on-year [1] Dividend Distribution - The company plans to distribute a cash dividend of 1.76 yuan per 10 shares (including tax) and will not increase capital through reserve fund transfers [1] Operational Focus - During the reporting period, the company concentrated on its core business, resulting in a favorable growth in packaging oil sales [1] - The decline in the comprehensive procurement cost of major raw materials contributed to the increase in overall sales gross margin and packaging oil gross margin [1]

相关报告：智研咨询发布的《2025-2031年中国食用油行业市场竞争状况及发展趋向分析报告》 根据中国海关数据显示：2025年5月中国食用油进口数量为68万吨，同比下降1.5%，进口金额为9.16亿 美元，同比增长14.6%。 知前沿，问智研。智研咨询是中国一流产业咨询机构，十数年持续深耕产业研究领域，提供深度产业研 究报告、商业计划书、可行性研究报告及定制服务等一站式产业咨询服务。专业的角度、品质化的服 务、敏锐的市场洞察力，专注于提供完善的产业解决方案，为您的投资决策赋能。 数据来源：中国海关，智研咨询整理 ...

Core Insights - The event highlighted the importance of brand building in the context of the "Good Products Shandong" initiative, with a focus on the innovative practices of companies like Luhua Group [1][4] - Luhua Group's president emphasized the significance of product quality as the foundation of the brand, showcasing their commitment to health-oriented products [3] Group 1: Brand Building and Innovation - Luhua Group has been proactive in recognizing the health benefits of high oleic acid edible oil since 2009, collaborating with a team from the Chinese Academy of Sciences to develop new peanut varieties [3] - The company successfully cultivated over 10 new peanut varieties with high yield, oil content, and oleic acid levels, marking the sixth upgrade of peanut varieties in China [3] - Luhua implemented a "good seeds + good prices" promotion model, providing seeds for free and purchasing them at 20%-30% above market prices, resulting in an average income increase of 600-800 yuan per mu for farmers [3] Group 2: Product Development and Market Impact - The high oleic acid peanut oil, launched in 2017, contains over 75% oleic acid and has been validated by international studies for its health benefits [3] - Luhua has established an integrated industry chain from breeding and planting to processing and sales, significantly benefiting over 100,000 farming households and achieving high product repurchase rates [3] - The practices of Luhua Group serve as a model for the "Good Products Shandong" initiative, demonstrating how technological innovation can drive industry chain upgrades [3][4]

Core Insights - The edible oil industry in China is characterized by a complex supply chain that includes agricultural production, processing, packaging, and sales channels [1] - Major listed companies in the industry include Jinlongyu (300999.SZ), Shenliang Holdings (000019.SZ), and others, with Jinlongyu leading in revenue and market share [1][8] Industry Overview - The edible oil supply chain consists of upstream agricultural production, midstream processing companies, and downstream sales channels [1] - The industry has seen a decline in revenue across most listed companies in 2024, indicating increased competition and market pressure [8][15] Company Performance - Jinlongyu reported a revenue of 238.87 billion yuan in 2024, maintaining a leading position despite a decline of 10.37% in its feed raw materials and oil technology business [8][15] - Shenliang Holdings and Jinlongyu both experienced growth in net profit in Q1 2025, with increases of 42.97% and 11.24% respectively [9][10] - Other companies like Su Kuan Agricultural Development and Jingliang Holdings faced significant revenue declines in 2024 [10] Financial Metrics - As of May 27, 2025, Jinlongyu's total market capitalization reached 165.196 billion yuan, while other companies like Su Kuan Agricultural Development also exceeded 10 billion yuan [9][10] - The profit margins varied significantly among companies, with West King Food achieving a gross margin of 22.86%, while Jinlongyu and Shenliang Holdings reported margins below 3% [18] Business Strategies - Jinlongyu plans to expand into the health industry and enhance its product offerings through technological innovation [22][24] - Jingliang Holdings aims to strengthen its supply chain and marketing strategies to improve its trade business [22][24] - West King Food focuses on brand building and cost control to enhance competitiveness [22][24] Market Dynamics - The overseas revenue distribution among companies is uneven, with West King Food and others relying heavily on international markets, although some have seen declines in overseas sales [20][21] - The edible oil industry is facing challenges due to increased competition and market pressures, leading to varied performance among listed companies [15][18]