8月31日，主营羊奶粉和特医食品的 宜品 营养科技（青岛）集团股份有限公司（以下简称 宜品 ）向港交所递表，拟主板挂牌上市。 【导读】尽管宜品集团在细分市场地位显著，但其招股书也披露了一些值得担忧的信号 见习记者 夏天 资料显示，2024年， 宜品 在中国羊奶粉市场、中国婴幼儿配方羊奶粉市场均排名第二；在中国婴儿特医食品市场本土品牌排名第二。 尽管在细分市场地位显著，但其招股书也披露了一些值得担忧的信号：2025年上半年业绩下滑明显、内控合规存在缺陷、被寄予厚望的 特 医食品业务面临多重不确定性 。 上半年业绩下滑 净利润率不断走低 当前， 宜品 的主要业务板块可分为5个部分 ：婴幼儿配方羊奶粉 、特殊医学用途配方食品（ 特医食品 ）、婴幼儿配方牛奶粉、成人及儿 童奶粉、OEM及乳制品相关材料。 其中，婴幼儿配方羊奶粉和特医食品是大头，2024年分别贡献营收58.6%和12.4%。 凭借"高乳清、低致敏、易吸收"的产品特色，宜品近年来发展较快。但其业绩表现存在一定波动性，特别是2025年上半年，公司业绩下滑 明显。 2022年至2024年，公司营收分别为14.02亿元、16.14亿元、17.62亿元，净利润分 ...

Group 1: Recent IPOs on Hong Kong Stock Exchange - Two companies listed on the Hong Kong Stock Exchange from August 25 to August 31 [2] - Shuangdeng Group Co., Ltd. (6960.HK) listed on August 26, focusing on energy storage batteries, with a first-day increase of 31.29% and a market cap of approximately HKD 73 billion [3] - Jiaxin International Resources Investment Co., Ltd. (3858.HK) listed on August 28, specializing in tungsten mining, with a first-day increase of 177.84% and a market cap of approximately HKD 148 billion [3] Group 2: New Stock Offerings - One company completed its new stock offering during the week of August 25 to August 31 [4] - Aux Electric, a global provider of high-quality air conditioning solutions, went through the listing hearing [5] Group 3: Companies Submitting Listing Applications - A total of 22 companies submitted main board listing applications and one company submitted a GEM listing application from August 25 to August 31 [7] - Notable companies include: - Nazhen Technology, a global provider of optical communication solutions, submitted its application on August 25 [8] - Chengdu Guoxing Aerospace Technology Co., Ltd., a participant in China's commercial aerospace industry, submitted its application on August 25 [9] - InxMed Limited-B, a biotech company focused on cancer treatment, submitted its application on August 25 [9] Group 4: Financial Performance and Projections - Nazhen Technology projected revenues of CNY 5.043 billion, CNY 4.239 billion, and CNY 5.087 billion from 2022 to 2024, with profits of CNY 429 million, CNY 216 million, and CNY 89 million respectively [18] - Guoxing Aerospace projected revenues of CNY 177 million, CNY 508 million, and CNY 553 million from 2022 to 2024, with losses of CNY 91 million, CNY 139 million, and CNY 177 million respectively [20] - InxMed Limited-B reported no commercial sales revenue for 2023 and 2024, with losses of CNY 209 million and CNY 185 million respectively [23] Group 5: Industry Insights - The energy storage battery market is growing, with Shuangdeng Group focusing on applications in communication base stations and data centers [3] - The tungsten mining sector is highlighted by Jiaxin International, which is developing the Bakuta tungsten mine in Kazakhstan [3] - The optical communication sector is represented by Nazhen Technology, which ranks fifth globally in optical module revenue [18]

| 日期 | 回购股数（万股） | 回购最高价（港元） | 回购最低价（港元） | 回购金额（万港元） | | --- | --- | --- | --- | --- | | 2025.09.02 | 100.00 | 15.080 | 14.870 | 1497.42 | | 2025.09.01 | 50.00 | 15.190 | 15.140 | 758.13 | | 2025.08.29 | 22.80 | 15.370 | 15.210 | 348.33 | | 2025.08.28 | 30.00 | 16.000 | 15.810 | 477.69 | | 2025.07.25 | 20.00 | 17.280 | 17.020 | 343.33 | | 2025.07.24 | 20.00 | 17.300 | 17.240 | 345.45 | | 2025.07.23 | 20.00 | 17.560 | 17.500 | 351.09 | | 2025.07.22 | 20.00 | 17.200 | 17.180 | 343.67 | | 2025.07.21 | 20.00 | 1 ...

研究报告 Research Report 2 Sep 2025 中国必需消费 China (A-share) Staples 中国必选消费 9 月投资策略：资金面影响更大，关注低位股和权重股 The impact of funds is greater, pay attention to low position stocks and heavyweight stocks [Table_yemei1] 观点聚焦 Investment Focus | [Table_Info] | | | | --- | --- | --- | | 股票名称 | 评级 股票名称 | 评级 | | 贵州茅台 | Outperform 双汇发展 | Outperform | | 贵州茅台 | Outperform 古井贡酒 | Outperform | | 五粮液 | Outperform 今世缘 | Outperform | | 五粮液 | Outperform 迎驾贡酒 | Outperform | | 山西汾酒 | Outperform 燕京啤酒 | Outperform | | 海天味业 | Outperform 安琪酵母 ...

（文章来源：证券日报） 证券日报网讯 9月2日晚间，天润乳业发布公告称，2025年9月2日，公司之全资子公司新疆天澳牧业有 限公司收到政府补助9，680，817.00元。 ...

奶业仍处温和复苏阶段，但伊利股份却提前穿越周期，交出一份亮眼的"成绩单"。 2025年上半年，伊利股份实现营业收入619.33亿元，同比增长3.37%，实现扣非净利润70.16亿元，同比增长31.78%。从盈利质量上来看，这是伊利股份有史 以来成绩最好的一份"半年报"，龙头优势进一步扩大。 1、扣非净利润大涨31.78% 与"猪周期"逻辑相似，牧业供给阶段性不平衡是形成"奶周期"的根本原因。2021年，受疫情影响，乳制品需求不断增加，上游牧场积极扩建增加产能，由于 奶牛从出生到产奶需经过2-3年的时间，因此即便当时原奶价格已开始下跌，上游牧业的调整也滞后了2-3年。 在这种情况下，伊利股份积极调整，其业绩面率先迎来大幅改善。 2025年上半年，伊利股份实现营业收入619.33亿元，同比增长3.37%，实现扣非净利润70.16亿元，同比增长31.78%。 与去年不同，今年上半年，伊利股份的盈利没有处置非流动资产获得的收益加成，可以说，其上半年的盈利基本得益于自身的积极调整。仅从盈利质量上来 看，这份半年报是伊利股份有史以来最好的一份半年报，可谓"含金量"十足。 2、奶粉业务已成"第二增长曲线" 在终端需求呈现弱 ...

8月27日，蒙牛乳业披露2025年中期业绩，上半年实现营业收入415.67亿元，实现归母净利润20.46亿 元。 在细分领域，蒙牛乳业持续攻城略地，取得了高速增长，上半年鲜奶业务取得了22.3%的增长，市场份 额提升2.4个百分点；冰淇淋业务实现收入38.79亿元，同比增长15%，旗下"艾雪"品牌稳居印度尼西亚 市场份额第一；奶酪业务收入23.74亿元，同比增长12.3%，市占率保持第一。 过去几年，蒙牛一直在加速战略升级与经营提效，竞争力、经营效率、盈利能力均在持续提升，未来一 旦原奶价格迎来拐点，蒙牛将迎来收获期。 半年报亮点：鲜奶业务双位数增长 毛利率继续提升 在乳制品行业整体陷入深度调整之际，作为行业龙头，蒙牛乳业这份半年报有不少亮点。 目前鲜奶仍处在快速扩容期，得益于消费者健康意识的升级、渠道和市场下沉、政策支持，低温鲜奶在 液态奶中的占比不断提升。对于乳企来说，鲜奶业务则成为下一个争夺重点，高毛利的鲜奶业务不仅可 以推动乳企的产品结构升级，更能提升品牌壁垒。 蒙牛布局的每日鲜语已经成为高端鲜奶的标杆，通过产品创新和渠道扩张实现了快速增长。根据媒体数 据，每日鲜语在社媒综合指数、高端鲜奶销售额及鲜奶 ...

Group 1: Fixed Income Strategies - The strategy for credit bonds and sci-tech bonds ETFs focuses on four main considerations: cash retention versus bond allocation, seeking flexibility versus static returns, duration versus credit risk for yield, and the duration structure of holdings being either barbell or bullet [4] - Historical review indicates that cash retention is typically a short-term phenomenon during periods of weak market conditions, and the likelihood of holding cash is low [4] - In the current low interest rate and low spread environment, actively seeking static returns through credit bond ETFs is not cost-effective, and these ETFs tend to extend duration to seek flexibility when interest rates stabilize or decline [4][5] Group 2: Credit Bond ETF Preferences - Given the current market environment, the preference for sci-tech bond ETFs may align with that of credit bond ETFs during correction periods, focusing on high flexibility and high ratings while favoring a barbell strategy with increased allocation to long-duration bonds [5] - The credit dimension shows that during volatile periods, credit bond ETFs have increased their allocation to high-rated bonds, and this trend is expected to continue for sci-tech bond ETFs, maintaining a dominant position in AAA-rated and above securities [5] Group 3: Selection Strategies for Sci-Tech Bonds - The selection strategy for sci-tech bonds during expansion expectations is based on the excess spread between component bonds and non-component bonds, with a narrowing spread observed as of August 29 [6] - There is an anticipated increase in demand for perpetual (non-subordinated) sci-tech bonds due to expansion expectations, with three of the first ten sci-tech bond ETFs including such bonds [6] - The issuance space for new sci-tech bonds has increased, with an average weekly issuance of 427 billion since July, indicating a growing opportunity for new issuances [6] Group 4: Market Trends in Consumer Goods - The food and beverage sector is expected to show performance advantages in growth, with a stable revenue scale and a deceleration in profit growth, particularly in the beverage and snack segments [15] - The overall performance of the food and beverage sector in Q2 2025 showed a slight increase in revenue and a decrease in net profit, with specific segments like soft drinks and snacks experiencing significant growth [16][17] - The high-end and sub-high-end liquor segments are facing pressure on demand, leading to a notable divergence in performance among brands, with top brands maintaining stability while others struggle [16]

Core Viewpoint - Beijing Sanyuan Foods Co., Ltd. has reported a solid performance in the first half of 2025, achieving a net profit growth of 43% despite a 13.77% decline in revenue, demonstrating a focus on profitable income and cash flow [1][3]. Financial Performance - The company achieved an operating income of 3.331 billion yuan, a decrease of 13.77% year-on-year [1]. - The net profit attributable to shareholders was 183 million yuan, an increase of 43% year-on-year [1]. - The net profit after deducting non-recurring items was 174 million yuan, up 66% year-on-year [1]. Business Strategy - Sanyuan Foods emphasized its commitment to core business operations and integrated party building with production management, leading to improved operational quality and efficiency [1]. - The company focused on organizational reform, talent allocation, and mechanism optimization to enhance team effectiveness [3][6]. Product and Sales Breakdown - Sales revenue by product category included liquid milk at 1.993 billion yuan, solid milk at 453 million yuan, and ice cream at 780 million yuan [2]. - Direct sales channel revenue reached 1.351 billion yuan, reflecting a 14.1% increase from the previous year [5]. - Revenue from the Beijing region was 1.406 billion yuan, while revenue from outside Beijing was 1.821 billion yuan [2]. Market Context - The Chinese dairy industry is undergoing a cyclical adjustment, with rational consumption patterns emerging and consumers increasingly focused on product value [2]. - The overall dairy product market is experiencing challenges, with 11 out of 19 listed dairy companies reporting a decline in revenue for the first half of 2025 [2]. Innovation and Development - Sanyuan Foods is committed to enhancing product quality and expanding its market presence through innovation and digital transformation [6]. - The company has invested 37.56 million yuan in research and development, maintaining a high level of investment compared to previous years [6]. Future Outlook - Experts suggest that Sanyuan Foods should leverage its strengths in research and innovation to break into the functional nutrition market, given the shift in consumer preferences [7].

SDICSI 2025 年 9 月 2 日 蒙牛乳业 (2319.HK) 短期承压，待需求恢复 蒙牛 2025 年上半年收入 415.7 亿，同比下降 6.9%；净利润 21.5 亿，同比下降 14.9%。乳制品行业需求恢复不及预期，对业绩产生负面影响。我们认为当前乳制 品消费需求较为疲软，因此我们下调 25/26/27 年净利润至 42.9/43.1/51.5 亿元, （2024/9/5 预测为 49.4/53.3/57.4 亿元），对应每 EPS 收益为 1.14/1.14/1.36 港 元（2024/9/5 预测为 1.33/1.44/1.55 港元）。维持"买入"评级，考虑到同业估值近 期上涨，目标价自 16.4 港元上调至 17.6 港元（基于 DCF 及可比公司估值法）， 较当前股价有 17%的上涨空间。 报告摘要 液态奶受行业供需影响，市场承压。25 年上半年液态奶收入 321.9 亿元，同比下 降 11.2%，经营利润 26.4 亿元，同比增长 3.5%，利润率 8.2%，同比提升 1.2pct。 乳制品行业需求恢复弱于预期，上半年原料奶价格仍在下跌。常温奶承压，但低温 鲜奶增长达到双位数，市 ...