Core Insights - The stock price of Miaokelan Duo increased by 2.02% on November 27, reaching 26.28 CNY per share, with a market capitalization of 13.404 billion CNY [1] - The company has seen a year-to-date stock price increase of 46.82% and a recent 5-day increase of 1.19% [1] Company Overview - Miaokelan Duo, established on November 29, 1988, and listed on December 6, 1995, is located in Shanghai and specializes in the research, production, and sales of dairy products, primarily cheese [1] - The company's revenue composition includes cheese (83.20%), trade (8.94%), liquid milk (7.29%), and others (0.57%) [1] Financial Performance - For the period from January to September 2025, Miaokelan Duo reported a revenue of 3.957 billion CNY, representing a year-on-year growth of 10.09%, and a net profit attributable to shareholders of 176 million CNY, which is a significant increase of 106.88% year-on-year [2] - The company has distributed a total of 368 million CNY in dividends since its A-share listing, with no dividends paid in the last three years [3] Shareholder Information - As of September 30, 2025, the number of shareholders increased by 13.85% to 39,100, while the average circulating shares per person decreased by 12.51% to 13,045 shares [2] - Hong Kong Central Clearing Limited is the seventh-largest circulating shareholder, having recently acquired 6.1521 million shares [3]

Core Viewpoint - Lanzhou Manor Pasture Co., Ltd. is actively expanding its business in the dairy industry while also venturing into the pet food market, indicating a strategic diversification amidst rising costs and competition in traditional dairy operations [3][4]. Group 1: Company Overview - Lanzhou Manor Pasture Co., Ltd. primarily engages in the production, processing, and sales of dairy products and dairy beverages, as well as dairy cattle farming, with a market share of 20% in Gansu and Qinghai [2][9]. - The company operates under three main brands: "Manor Pasture," "Holy Lake," and "Oriental Fresh Manor," focusing on high-quality liquid dairy products [2]. - The company is a state-owned enterprise controlled by the Gansu Provincial Government's State-owned Assets Supervision and Administration Commission [4]. Group 2: Financial Performance - For the period from January to September 2025, the company reported a revenue of 629 million yuan, a year-on-year decrease of 3.10%, while the net profit attributable to shareholders was -48.44 million yuan, showing a year-on-year increase of 59.08% [9]. - The company has distributed a total of 64.69 million yuan in dividends since its A-share listing, with 12.19 million yuan distributed over the past three years [10]. Group 3: Market Strategy and Initiatives - The company is responding to national policies on rural revitalization by engaging in various initiatives that support local farmers, such as logistics agreements and order-based procurement models [4]. - Lanzhou Manor Pasture has launched a pet food brand "Safiyy," utilizing a unique "milk beef" ingredient to differentiate itself in the pet food market [3].

Core Viewpoint - The stock of Sanyuan Foods has shown volatility with a recent increase of 2.06%, but has experienced a decline of 6.04% over the past five trading days, indicating mixed market sentiment towards the company [1]. Company Performance - Sanyuan Foods reported a revenue of 4.871 billion yuan for the first nine months of 2025, a year-on-year decrease of 9.74%, while the net profit attributable to shareholders increased by 128.16% to 236 million yuan [2]. - The company has a market capitalization of 8.171 billion yuan, with a stock price of 5.44 yuan per share as of November 25 [1]. Shareholder Information - As of September 30, 2025, the number of shareholders for Sanyuan Foods decreased by 9.19% to 31,300, while the average number of circulating shares per person increased by 10.12% to 47,776 shares [2]. - The company has distributed a total of 317 million yuan in dividends since its A-share listing, with 104 million yuan distributed in the last three years [3]. Institutional Holdings - As of September 30, 2025, Hong Kong Central Clearing Limited is the sixth largest circulating shareholder, holding 8.8706 million shares, an increase of 1.4604 million shares from the previous period [3]. - The fund "Guangfa Quantitative Multi-Factor Mixed A" is a new institutional shareholder, holding 4.2951 million shares [3].

证券研究报告 行业研究 / 行业点评 2025 年 11 月 24 日 食品饮料 强于大市 投资要点： 一年内行业指数与沪深 300 指数对比走势： 资料来源：聚源数据，爱建证券研究所 相关研究 《食品饮料行业跟踪报告：10 月 CPI 同比转正， 板块估值修复可期》2025-11-18 《食品饮料及新消费行业跟踪报告：黄金税收 新政落地，头部企业份额有望提升》 2025-11-10 《食品饮料及新消费行业跟踪报告：茅台降速 纾压，白酒加速出清》2025-11-04 《食品饮料及新消费行业跟踪报告：三季报陆 续披露，细分龙头表现亮眼》2025-10-28 《食品饮料行业跟踪报告：白酒双节动销符合 预期，关注三季报业绩》2025-10-13 范林泉 S0820525020001 021-32229888-25516 朱振浩 S0820125020001 021-32229888-25515 zhuzhenhao@ajzq.com 行业及产业 伊利推进多元化转型升级，高分红彰显配置价值 ——食品饮料行业跟踪报告 投资建议： fanlinquan@ajzq.com 白酒：酒企步入业绩快速出清通道。随着政策压力逐渐消 ...

Group 1 - The food and beverage industry underperformed the CSI 300 index from January to October 2025, with the SW food and beverage index declining by 5.52%, the largest drop among all Shenwan first-level industries, lagging behind the CSI 300 by 23.46 percentage points [5][14][15] - All sub-sectors within the food and beverage industry also underperformed the CSI 300 index, with the beer sector experiencing the largest decline of 10.74%, while the health products sector saw an increase of 15.02% [15][19] - The overall valuation of the food and beverage industry is below the historical average, with a PE ratio of approximately 21 times as of October 31, 2025, compared to a five-year average of 32 times [19][21] Group 2 - The liquor sector is undergoing a deep adjustment, with sales under pressure due to weak demand recovery and restrictions on alcohol consumption, leading to a significant decline in sales during key festive periods [23][24] - Major liquor companies are pragmatically lowering growth targets to alleviate channel pressures, with firms like Moutai and Wuliangye adopting flexible strategies in response to market changes [29][30] - Liquor companies are actively embracing new consumption trends by innovating products and channels, focusing on younger consumers and developing lower-alcohol products to cater to changing preferences [30][32] Group 3 - The beer sector is experiencing stable sales, with a focus on the recovery of consumption scenarios and the ongoing trend of product structure upgrades [3][14] - Beer companies are leveraging instant retail channels to contribute to sales growth, although cost advantages may narrow in the future [3][17] - The third quarter of 2025 saw a decline in beer sales, but there are expectations for marginal improvements moving forward [3][18] Group 4 - The condiment sector is expected to benefit from the recovery of the restaurant industry, which will drive demand growth for condiments [19][20] - Health-oriented products are pushing for structural optimization within the condiment industry, with leading companies likely to increase their market share [20][21] - The overall cost for condiment companies is anticipated to remain manageable, despite a slowdown in growth during the third quarter [22][23] Group 5 - The dairy sector is witnessing a weak recovery in demand, with a focus on supply and demand structures [23][25] - The penetration rate of low-temperature milk is expected to increase, supported by online channels and instant retail contributing to sales growth [25][26] - Leading dairy companies are likely to enhance their competitive advantages in the market [26][27] Group 6 - The snack sector is experiencing steady growth, with an increase in per capita consumption and a focus on core products driving company performance [27][28] - Companies in the snack sector are utilizing multiple channels to enhance market competitiveness, although performance remains varied across the sector [28][30] - The overall market size of the snack industry is steadily increasing, with significant growth potential in consumer spending [27][28]

11月24日，新乳业盘中下跌2.02%，截至10:29，报16.95元/股，成交2767.80万元，换手率0.19%，总市 值145.88亿元。 资金流向方面，主力资金净流出82.33万元，大单买入123.72万元，占比4.47%，卖出206.04万元，占比 7.44%。 新乳业今年以来股价涨19.16%，近5个交易日跌3.80%，近20日涨0.77%，近60日跌5.52%。 今年以来新乳业已经1次登上龙虎榜，最近一次登上龙虎榜为4月10日，当日龙虎榜净买入6708.16万 元；买入总计1.39亿元 ，占总成交额比27.48%；卖出总计7234.20万元 ，占总成交额比14.26%。 资料显示，新希望乳业股份有限公司位于四川省成都市锦江区金石路366号新希望中鼎国际2栋8楼2号， 成立日期2006年7月5日，上市日期2019年1月25日，公司主营业务涉及从事乳制品及含乳饮料的研发、 生产和销售。主营业务收入构成为：液体乳91.70%，其他(补充)7.47%，奶粉0.83%。 新乳业所属申万行业为：食品饮料-饮料乳品-乳品。所属概念板块包括：国产乳业、社区团购、新零 售、多胎概念、植物蛋白等。 截至11月20日 ...

Core Viewpoint - The company, Lanzhou Zhuangyuan Pasture Co., Ltd., is facing challenges in the traditional dairy industry but is exploring new opportunities in the pet food market through its subsidiary, Gansu Duoxian Supply Chain Co., Ltd., which launched a pet food brand using unique "milk beef" as a key ingredient [3]. Company Overview - Lanzhou Zhuangyuan Pasture Co., Ltd. primarily engages in the production, processing, and sales of dairy products and dairy beverages, as well as dairy cattle breeding. Its product range includes pasteurized milk, sterilized milk, fermented milk, and various liquid dairy products under the brands "Zhuangyuan Pasture," "Shenghu," and "Dongfang Duoxian Zhuangyuan" [2]. - The company has established itself as a leading dairy product enterprise in Gansu and Qinghai, holding a market share of 20% [2]. Financial Performance - For the period from January to September 2025, the company reported a revenue of 629 million yuan, a year-on-year decrease of 3.10%. However, the net profit attributable to the parent company was -48.44 million yuan, reflecting a significant year-on-year increase of 59.08% [9]. Market Position and Strategy - The company operates under the control of the Gansu Provincial Government's State-owned Assets Supervision and Administration Commission and is recognized as a national-level agricultural industrialization leading enterprise. It actively supports rural revitalization policies and engages in various initiatives to increase farmers' income [4]. - The company has adopted a balanced development strategy that aligns market development with supply capacity, focusing on quality management to meet the demands for safe and fresh products [2]. Recent Market Activity - On November 21, the company's stock fell by 6.47%, with a trading volume of 104 million yuan and a turnover rate of 5.72%, bringing the total market capitalization to 2.036 billion yuan [1]. - The stock has seen a net outflow of 4.8096 million yuan from major investors, indicating a trend of reduced holdings over the past three days [5][6]. Shareholder Information - As of September 30, 2025, the number of shareholders decreased by 12.97% to 18,100, while the average circulating shares per person increased by 14.91% to 9,466 shares [9]. - The top ten circulating shareholders include notable funds, with some increasing their holdings [10].

Core Viewpoint - The stock of Sanyuan Foods has experienced fluctuations, with a recent decline of 2.17% and a year-to-date increase of 23.06%, indicating volatility in its market performance [1]. Financial Performance - For the period from January to September 2025, Sanyuan Foods reported a revenue of 4.871 billion yuan, a year-on-year decrease of 9.74%, while the net profit attributable to shareholders increased by 128.16% to 236 million yuan [2]. - The company has distributed a total of 317 million yuan in dividends since its A-share listing, with 104 million yuan distributed in the last three years [3]. Stock Market Activity - As of November 21, Sanyuan Foods' stock price was 5.40 yuan per share, with a market capitalization of 8.111 billion yuan. The stock has seen a trading volume of 139 million yuan and a turnover rate of 1.69% [1]. - The company has appeared on the "龙虎榜" (a list of stocks with significant trading activity) three times this year, with the most recent appearance on November 14, where it recorded a net buy of -127.629 million yuan [1]. Shareholder Information - As of September 30, 2025, Sanyuan Foods had 31,300 shareholders, a decrease of 9.19% from the previous period, with an average of 47,776 circulating shares per shareholder, an increase of 10.12% [2]. - Notable institutional holdings include Hong Kong Central Clearing Limited as the sixth-largest shareholder, increasing its stake by 1.4604 million shares, and Guangfa Quantitative Multi-Factor Mixed A as a new ninth-largest shareholder with 4.2951 million shares [3].

Core Viewpoint - The company, Lanzhou Zhuangyuan Pasture Co., Ltd., is facing challenges in the traditional dairy industry but is exploring new opportunities in the pet food market through its subsidiary, Gansu Duoxian Supply Chain Co., Ltd., which launched a pet food brand featuring unique "milk beef" as a key ingredient [3]. Company Overview - Lanzhou Zhuangyuan Pasture Co., Ltd. primarily engages in the production, processing, and sales of dairy products and dairy beverages, as well as dairy cattle farming. Its product range includes pasteurized milk, sterilized milk, modified milk, fermented milk, and various liquid dairy products under the brands "Zhuangyuan Pasture," "Shenghu," and "Dongfang Duoxian Zhuangyuan" [2][9]. - The company is a state-owned enterprise controlled by the Gansu Provincial Government's State-owned Assets Supervision and Administration Commission [4]. Market Position - The company has established itself as a leading dairy product enterprise in Gansu and Qinghai, holding a market share of approximately 20% [2]. - As of September 30, 2025, the company reported a revenue of 629 million yuan, a year-on-year decrease of 3.10%, while the net profit attributable to shareholders was -48.44 million yuan, reflecting a year-on-year increase of 59.08% [9]. Strategic Initiatives - The company is actively responding to national policies on rural revitalization by engaging in various initiatives that support local farmers, such as signing logistics agreements and adopting an "enterprise + base + farmer" model for purchasing crops [4]. - The company aims to balance market development with supply capacity, focusing on quality management to meet consumer demands for safe and fresh products [2]. Financial Performance - The company has distributed a total of 64.69 million yuan in dividends since its A-share listing, with 12.19 million yuan distributed over the past three years [10]. - As of September 30, 2025, the number of shareholders decreased by 12.97%, while the average circulating shares per person increased by 14.91% [9].

Financing Dynamics - Ruochuang Technology has completed a Pre-A round financing, raising tens of millions of dollars with participation from global investment firms such as Matter Venture Partners and Vertex Ventures [3] - Kääpä Biotech, a Finnish functional mushroom startup, secured €9 million (approximately 74.24 million RMB) in strategic financing led by PeakBridge Fund, aimed at expanding its global health supplement market [5] - Estée Lauder Group announced a minority stake investment in the luxury Mexican perfume brand XINÚ through its early-stage investment and incubation arm, New Incubation Ventures [8][9] IPO Dynamics - Yushu Technology has completed its IPO counseling report, indicating its intention to apply for an initial public offering in China, with the report completed on November 10 [11] - Tianwei Foods has submitted its application for overseas listing on the Hong Kong Stock Exchange, with the application materials accepted, marking a significant step towards becoming the "first stock of hot pot base" if successful [12][13] Brand Dynamics - Beihai Pasture will operate independently from Yuanqi Forest, focusing on low-temperature yogurt and enhancing its product development [15] - Affinity Equity Partners agreed to sell its 100% stake in the Japanese Burger King business to Goldman Sachs, with the deal expected to generate approximately $1 billion for Affinity [17] - JD.com launched its fresh beverage brand "Qixian Coffee," with plans to expand rapidly in Beijing and recruit various venue partners [20] - Former Hema CEO Hou Yi's pet food brand "Paitexiansheng" is transitioning to an online brand "Chongtiantian," indicating a strategic shift from offline to online channels [23] Personnel Dynamics - John Furner has been elected as the new CEO of Walmart, effective February 1, 2026, succeeding Doug McMillon, who will retire [25]