Core Insights - The article discusses the evolution of hedging strategies in the oilseed and oil industry, highlighting how companies like Jinlongyu have transformed hedging from a mere risk management tool into a strategic foundation for stable operations [1][3][7] - The performance of Jinlongyu and Daodaquan demonstrates the effectiveness of hedging, with Jinlongyu reporting a revenue of 115.68 billion yuan and a net profit of 1.76 billion yuan in the first half of the year, while Daodaquan achieved a revenue of 2.79 billion yuan and a net profit of 181 million yuan [1][2] Company Performance - Jinlongyu's revenue for the first half of the year reached 115.68 billion yuan, a year-on-year increase of 5.67%, with a net profit of 1.76 billion yuan, up 60% [1] - Daodaquan reported a revenue of 2.79 billion yuan, reflecting a 1.16% year-on-year growth, and a net profit of 181 million yuan, which is a significant increase of 563.15% [2] Hedging Strategy and Impact - Jinlongyu has successfully integrated hedging into its operational strategy, achieving a total profit of 5.8 billion yuan from hedging tools and underlying projects [3][4] - The hedging business has become a standard practice in the industry, with a high participation rate among grain and oil processing companies, indicating a shift towards comprehensive coverage and strategic enhancement [2][3] Information Disclosure Practices - Jinlongyu has improved its information disclosure regarding hedging activities, providing clear insights into its hedging profits and strategies, which enhances investor understanding and trust [4][5][6] - The company’s transparent reporting practices have set a benchmark in the industry, contrasting with the previous opaque disclosures that left investors confused [4][7] Industry Trends and Recommendations - The article emphasizes the importance of transparent information disclosure and robust risk management strategies for oilseed and oil companies to gain market trust and ensure sustainable development [6][9] - Companies are encouraged to learn from Jinlongyu's practices, focusing on enhancing their hedging strategies and improving information disclosure to foster industry growth [7][9]

Core Viewpoint - The successful export of 2,000 tons of edible vegetable oil from Hainan Free Trade Port marks a significant step for Hainan's grain and oil processing industry in entering the international market, leveraging the benefits of the free trade policies [1] Industry Summary - The export was inspected by Yangpu Customs under Haikou Customs, indicating the operational readiness and compliance of Hainan's customs processes for international trade [1] - This event highlights the potential growth opportunities for the grain and oil processing sector in Hainan, driven by favorable trade policies [1]

Group 1 - The first export of 2000 tons of edible vegetable oil from Hainan Free Trade Port marks a significant step for the local grain and oil processing industry to enter the international market [1] - The vegetable oil was processed by Hainan Oscar International Grain and Oil Co., Ltd., a key industry player with an annual output value of approximately 5 billion yuan [1] - The company utilized the advantages of the free trade port policy and a "two ends outside" business model to achieve its first overseas sales [1] Group 2 - The official launch of full island closure operations in Hainan Free Trade Port on December 18 will enhance policy benefits, increasing the proportion of "zero tariff" goods from 21% to 74% [2] - The expansion of processing value-added policies will provide greater development space for the international trade industry [2] - The export of the first batch of vegetable oil is seen as a reflection of the vitality of the grain and oil processing industry under the benefits of the free trade port policy [2]

Group 1 - The "Three Same and Three Trace" regulatory model has been effectively implemented for six months, facilitating the steady development of Hainan's grain and oil industry [1] - Since the launch of the first business in February, the model has served 500,000 tons of food, with a total value exceeding 4 billion yuan, and has reduced customs clearance time by 70% [1] - The model allows for rapid customs clearance of compliant products without waiting for inspection results, thus mitigating inventory accumulation risks for enterprises [1] Group 2 - The "Three Same and Three Trace" model, combined with Hainan Free Trade Port policies, has created a cost advantage that attracts food processing enterprises to the Yangpu Bonded Port Area, which now has over 6,000 registered companies [2] - The focus will continue on optimizing the "second line" supervision for imported food enterprises in the Yangpu Bonded Port Area to benefit more companies from Hainan Free Trade Port policies [2]

Group 1 - The first export of 2000 tons of edible vegetable oil from Hainan marks a significant step for the local grain and oil processing industry to enter the international market, driven by the free trade port policies [1] - Oscar International Grain and Oil Co., Ltd., a key industry player with an annual output value of approximately 5 billion yuan, successfully achieved its first overseas sales of Hainan's grain and oil products by leveraging the advantages of the free trade port policies [1] - The Yangpu Customs established a dedicated service team to provide guidance on import country access rules, inspection standards, and customs procedures, effectively reducing operational costs for companies [1] Group 2 - Starting December 18, Hainan will officially launch full island closure operations, increasing the proportion of "zero tariff" goods from 21% to 74%, which will further expand the scope of processing and value-added policies [2] - The export of the first batch of vegetable oil is a reflection of the vitality of the grain and oil processing industry under the policy dividends of the Hainan free trade port [2] - The customs will continue to optimize regulatory services to promote more Hainan特色 products to the global market [2]

Investment Rating - The investment rating for the company is "Accumulate" [5] Core Views - The company reported a significant year-on-year increase in performance for the first half of 2025, with revenue and net profit reaching 115.68 billion and 1.76 billion yuan, respectively, representing growth of 5.67% and 60.07% [1][5] - The growth in sales volume and the decline in costs were the main drivers behind the strong performance [2] - The company has maintained a solid market position with steady product sales growth, leading to an upward revision of profit forecasts for 2025-2027 [3] Summary by Sections Financial Performance - In H1 2025, the kitchen food and feed raw materials and oil technology business generated revenues of 71.55 billion and 43.18 billion yuan, respectively, with year-on-year growth of 2.69% and 10.81% [2] - Sales volumes for kitchen food and feed raw materials were 11.87 million and 14.68 million tons, reflecting increases of 4.37% and 21.02% year-on-year [2] - The average selling prices for kitchen food and feed raw materials decreased by 1.61% and 8.43% year-on-year due to lower raw material prices [2] Profitability - The gross margin improved significantly, with H1 2025 and Q2 2025 gross margins at 6.53% and 6.24%, respectively, up by 1.63 percentage points and 1.59 percentage points year-on-year [3] - The company’s expense ratios remained stable, with a slight decrease in selling and administrative expense ratios due to revenue growth diluting expenses [3] Future Projections - The profit forecast for 2025-2027 has been slightly adjusted upwards, with expected net profits of 3.31 billion, 3.54 billion, and 4.22 billion yuan, representing year-on-year growth of 32.2%, 6.9%, and 19.2%, respectively [3][4] - The corresponding price-to-earnings ratios for these years are projected to be 52, 48, and 41 times [3][4]

Core Viewpoint - The announcement from the company highlights the postponement of two major fundraising projects until December 2027, citing "prudent investment" as the reason, marking the sixth such delay in 2023 alone [1][4]. Group 1: Project Delays - The company has decided to postpone the "Yihai Kerry (Qingdao) Food Industrial Co., Ltd. - Food Processing Project" and the "Oil Pressing and Refining and Supporting Engineering Construction Project" located in Kunming, with both projects now expected to reach usable status by December 31, 2027 [2][3]. - The "Yihai Kerry (Qingdao) Food Processing Project" includes the construction of facilities for an annual production of 800,000 tons of various flours, 48,000 tons of peanut products (excluding peanut oil processing), 45,000 tons of sesame oil, and 32,000 tons of sesame products [3]. Group 2: Project Implementation Status - As of mid-2023, the progress of the "Yihai Kerry (Qingdao) Food Processing Project" stands at 58.25%, with the first phase completed and the second phase under construction, while the third phase has not yet commenced due to prudent investment considerations [4]. - The "Oil Pressing and Refining and Supporting Engineering Construction Project" is also being implemented in phases, with the first phase completed and the second phase's start date postponed [4]. Group 3: Industry Context - The domestic flour supply is currently abundant, leading to low operating rates among milling companies, which has resulted in a market environment characterized by oversupply and low demand [4]. - The company has faced challenges in achieving expected returns on ten fundraising projects, primarily due to lower-than-expected market demand and increased competition in the flour processing industry [7][8].

公告显示，根据募投项目的实施进度，经审慎分析和认真研究，在项目实施主体、募集资金项目投资用途及投资规模 都不发生变更的情况下，金龙鱼决定将募投项目"益海嘉里（青岛）食品工业有限公司-食品加工项目""油脂压榨精炼 及配套工程建设项目"（项目位于昆明市）进行延期。 金龙鱼称，此次延期将"益海嘉里（青岛）食品工业有限公司-食品加工项目""油脂压榨精炼及配套工程建设项目"（项 目位于昆明市）达到预定可使用状态的时间分别调整至2027年12月31日。 根据公告披露的内容，上述募投延期项目均存在前后期脱节的现象。 其中，"益海嘉里（青岛）食品工业有限公司-食品加工项目"主要建设内容包括年产各类面粉80万吨、年产花生制品 4.8万吨（不含花生油加工）、4.5万吨/年芝麻榨油、年产芝麻制品3.2万吨等。 8月12日晚的一纸公告，将金龙鱼募投项目的困局置于聚光灯下。 公告显示，这家粮油"巨头"宣布，其两大核心募投项目延期至2027年12月底。对此，金龙鱼给出的理由是基于"审慎投 资"。 值得一提的是，这是自2023年以来，金龙鱼第6次发布募投项目延期公告，涉及多个重要募投项目。公告显示，截至 2025年6月30日，公司账上未使 ...

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中信建投证券股份有限公司 关于益海嘉里金龙鱼食品集团股份有限公司 部分募投项目延期的核查意见 中信建投证券股份有限公司（以下简称"中信建投"、"保荐机构"）作 为益海嘉里金龙鱼食品集团股份有限公司（以下简称"金龙鱼"、"公司"） 首次公开发行股票并在创业板上市的保荐机构，根据《证券发行上市保荐业务 管理办法》《深圳证券交易所创业板股票上市规则》《深圳证券交易所上市公 司自律监管指引第 2 号——创业板上市公司规范运作》等相关规定，对金龙鱼 部分募集资金投资项目延期的事项进行了审慎核查，具体情况如下： 一、募集资金投资项目的概述 （一）募集资金基本情况 经中国证券监督管理委员会《关于同意益海嘉里金龙鱼粮油食品股份有限 公司首次公开发行股票注册的批复》（证监许可[2020]2121 号）同意注册，公 司首次公开发行人民币普通股（A 股）股票 542,159,154 股，每股面值为人民币 元，扣除发行费用（不含增值税）人民币 24,055.22 万元后，募集资金净额为人 民币 1,369,293.81 万元，于 2020 年 10 月 9 日募集资金到位。安永华明会计师事 务所（特殊普通合伙）已于 2020 年 1 ...