Core Viewpoint - The company firmly believes that it has not gained any improper benefits and asserts that the judgment against its subsidiary, Guangzhou Yihai, does not constitute a crime, having already filed an appeal [1][2]. Group 1: Legal Proceedings - Guangzhou Yihai was sentenced to a fine of 1 million RMB and ordered to jointly compensate economic losses of 1.881 billion RMB to the victim, Anhui Huawen International Trade Co., Ltd. [1] - The court found Guangzhou Yihai guilty of being an accomplice in contract fraud, which occurred between 2008 and 2014, involving the storage of palm oil [1][2]. - The company plans to fully support Guangzhou Yihai's appeal against the first-instance judgment [1]. Group 2: Company Operations and Financial Performance - During the period from 2008 to 2014, Guangzhou Yihai stored approximately 900,000 tons of goods for Anhui Huawen, which allegedly involved false documentation [2]. - The company highlighted inconsistencies in the claims made by Anhui Huawen, stating that palm oil cannot be stored for over ten years without deteriorating [2]. - In Q3 2025, the company reported a revenue of 68.588 billion RMB, a year-on-year increase of 3.96%, and a net profit of 999 million RMB, reflecting a significant year-on-year growth of 196.96% [2].

Core Viewpoint - Jinlongyu (300999.SZ) announced that its subsidiary, Guangzhou Yihai, was convicted of contract fraud, which it disputes and plans to appeal. The case involves a significant palm oil fraud amounting to 5 billion yuan [1][5]. Group 1: Background of the Case - The fraud case originated from a business collaboration between Guangzhou Yihai, Anhui Huawen, and Yunnan Huijia from 2008 to 2014, where Guangzhou Yihai acted as a storage intermediary for palm oil imported by Anhui Huawen [1][2]. - The transaction between Anhui Huawen and Yunnan Huijia was characterized as a financing trade, which is common in bulk commodities but carries risks such as loss of control over goods and funding chain disruptions [2]. Group 2: Details of the Fraud - Yunnan Huijia's actions included bribing Anhui Huawen executives to change the payment terms from "payment before delivery" to "delivery before payment," leading to significant financial misconduct [4]. - The indictment revealed that from March 2012 to December 2014, Yunnan Huijia misappropriated large quantities of palm oil without adequate payment, resulting in direct losses of 3.23 billion yuan and indirect losses of 2.015 billion yuan for Anhui Huawen [4]. Group 3: Legal Proceedings and Company Response - The court ruled that Guangzhou Yihai was an accomplice in the fraud, imposing a fine of 1 million yuan and ordering it to jointly repay 1.881 billion yuan with Yunnan Huijia [5]. - Guangzhou Yihai has publicly denied any involvement in fraudulent activities, asserting that it acted in accordance with the agreements and conducted due diligence [6][8]. Group 4: Market Implications and Observations - The case has raised questions about the operational practices of Anhui Huawen, particularly regarding the long-term storage of palm oil, which contradicts standard trading practices [8]. - Legal experts suggest that the actual benefits from the fraud may not have accrued to Guangzhou Yihai, as the fraud's proceeds appear to have been misappropriated by individuals rather than the company itself [7][9].

Core Viewpoint - The company Jinlongyu (300999.SZ) is under scrutiny due to its subsidiary being convicted of contract fraud, facing a joint compensation responsibility exceeding 1.88 billion yuan, while the management maintains their innocence and plans to appeal the ruling [1][2]. Group 1: Legal Situation - Jinlongyu's subsidiary, Guangzhou Yihai, was found guilty of contract fraud and fined 1 million yuan, with a joint compensation liability of 1.881 billion yuan to Anhui Huawen International Trade Co., Ltd. and Yunnan Huijia Import and Export Co., Ltd. [1][2] - The management asserts that Guangzhou Yihai was unaware of the fraudulent activities and did not participate in them, emphasizing their intention to appeal the court's decision [3][4]. Group 2: Financial Impact - For the first three quarters of the year, Jinlongyu reported a net profit attributable to shareholders of 2.749 billion yuan, with the compensation amount representing nearly 70% of this profit [2]. - The company’s president stated that the impact of the lawsuit on current and future profits remains uncertain as the case is still in the appeal period [2]. Group 3: Internal Controls and Management Response - The chairman of Guangzhou Yihai, Fang Yanjing, clarified that the actions of employees involved in bribery were personal and not representative of the company's practices, which have strict internal control processes [5]. - The company has mechanisms in place to verify inventory and maintain communication with Anhui Huawen regarding stock levels, asserting that the alleged fraudulent activities were orchestrated by external parties [5][6].

Core Viewpoint - The company, Yihai Kerry Arawana Holdings Co., Ltd. (referred to as "Golden Dragon Fish"), is contesting a first-instance court ruling that found its subsidiary, Yihai (Guangzhou) Grain and Oil Industry Co., Ltd. (referred to as "Guangzhou Yihai"), guilty of contract fraud, resulting in a fine of 1 million yuan and a compensation liability of 1.881 billion yuan to Anhui Huawen International Trade Co., Ltd. [3][4][6] Group 1 - Guangzhou Yihai received a criminal judgment on November 19, which stated that it was an accomplice in contract fraud, leading to a significant economic loss for Anhui Huawen [3][4] - The company has filed an appeal against the judgment and maintains that it is innocent, asserting that it was misled by Anhui Huawen's executives who were involved in fraudulent activities [4][5] - The management of Golden Dragon Fish expressed shock at the ruling and emphasized their commitment to supporting Guangzhou Yihai in the appeal process [4][6] Group 2 - The chairman of Guangzhou Yihai, Fang Yanjian, claimed that the case's essence involves Anhui Huawen and Yunnan Huijia engaging in illegal financing trade, with the latter allegedly bribing Anhui Huawen's executives [5][6] - Fang Yanjian stated that the company has no reason to assist in defrauding a state-owned enterprise and highlighted the significant investments made by the parent company in China, amounting to approximately 100 billion yuan [5][6] - The president of Golden Dragon Fish, Mu Yanquan, pointed out that the judgment contradicts basic business logic, as Guangzhou Yihai's storage capacity could not accommodate the alleged volume of palm oil involved in the case [6][7] Group 3 - The company reported that its revenue for the first three quarters of 2025 was 184.3 billion yuan, with a net profit of 2.749 billion yuan [7] - If the appeal fails, Golden Dragon Fish may face a financial impact, as the compensation amount could represent about 68% of its net profit for the period [7] - As of November 21, Golden Dragon Fish's stock price closed at 30.88 yuan per share, reflecting a decline of 2.92% [7][8]

（原标题：金龙鱼"悲壮"上诉：从未参与诈骗 ， "我们是被蒙蔽的"） 21世纪经济报道记者 杨坪 在公告子公司被判合同诈骗罪后，金龙鱼首次公开做出回应。 11月21日下午，千亿市值粮油巨头金龙鱼（300999.SZ）召开投资者交流会，含董事兼总裁穆彦魁、副 总裁邵斌，及涉事子公司益海（广州）粮油工业有限公司（简称"广州益海"）董事长兼总经理房彦江在 内的6名董监高出席了这次会议。 2008年至2014年，广州益海作为中转仓储方，负责储存安徽华文代理云南惠嘉进口的棕榈油。 会上，穆彦魁多次强调，安徽华文国际经贸股份有限公司（以下简称"安徽华文"）的损失是其与云南惠 嘉进出口有限公司（以下简称"云南惠嘉"）内外勾结造成的，广州益海才是被蒙蔽的一方，广州益海并 未参与任何"诈骗行为"。 此前，金龙鱼曾公告，子公司广州益海涉嫌帮助云南惠嘉实施合同诈骗，被安徽华文起诉。近日，淮北 市中级人民法院作出的一审《刑事判决书》结果显示，广州益海构成合同诈骗罪，系从犯，须对安徽华 文的经济损失人民币18.81亿元与云南惠嘉承担共同退赔责任。（详情请进 21 世纪经济报道文章《子公 司被判合同诈骗罪 金龙鱼发表声明：已上诉》） 这 ...

在公告子公司被判合同诈骗罪后，金龙鱼首次公开做出回应。 11月21日下午，千亿市值粮油巨头金龙鱼（300999.SZ）召开投资者交流会，含董事兼总裁穆彦魁、副 总裁邵斌，及涉事子公司益海（广州）粮油工业有限公司（简称"广州益海"）董事长兼总经理房彦江在 内的6名董监高出席了这次会议。 会上，穆彦魁多次强调，安徽华文国际经贸股份有限公司（以下简称"安徽华文"）的损失是其与云南惠 嘉进出口有限公司（以下简称"云南惠嘉"）内外勾结造成的，广州益海才是被蒙蔽的一方，广州益海并 未参与任何"诈骗行为"。 此前，金龙鱼曾公告，子公司广州益海涉嫌帮助云南惠嘉实施合同诈骗，被安徽华文起诉。近日，淮北 市中级人民法院作出的一审《刑事判决书》结果显示，广州益海构成合同诈骗罪，系从犯，须对安徽华 文的经济损失人民币18.81亿元与云南惠嘉承担共同退赔责任。（详情请进 21 世纪经济报道文章《子公 司被判合同诈骗罪金龙鱼发表声明：已上诉》） 这一结果披露后，11月20日-21日，金龙鱼股价连续两日下跌。 房彦江表示，目前案件尚处于一审上诉期，二审的时间尚无法确定；公司不认可一审的判决，如二审败 诉，广州益海会坚决依法申请再审。 总裁 ...

Company Overview - Daodaoquan Grain and Oil Co., Ltd. is located in Changsha, Hunan Province, and was established on July 28, 1999. The company was listed on March 10, 2017. Its main business involves the research, production, and sales of edible vegetable oil products [1]. - The revenue composition of Daodaoquan includes: packaged oil 62.71%, meal products 22.45%, bulk oil 13.67%, and others 1.17% [1]. Financial Performance - For the period from January to September 2025, Daodaoquan achieved operating revenue of 4.397 billion yuan, representing a year-on-year growth of 4.62%. The net profit attributable to the parent company was 216 million yuan, showing a significant year-on-year increase of 93.69% [2]. - Since its A-share listing, Daodaoquan has distributed a total of 485 million yuan in dividends, with 234 million yuan distributed over the past three years [3]. Stock Performance - As of November 21, Daodaoquan's stock price decreased by 2.08%, trading at 10.35 yuan per share, with a total market capitalization of 3.56 billion yuan [1]. - Year-to-date, the stock price has increased by 30.09%, but it has seen declines of 5.39% over the last five trading days, 7.34% over the last 20 days, and 11.19% over the last 60 days [1]. - The number of shareholders as of November 10 was 23,800, an increase of 1.80% from the previous period, while the average circulating shares per person decreased by 1.77% to 11,990 shares [2]. Capital Flow - In terms of capital flow, there was a net outflow of 2.6036 million yuan from main funds, with large orders buying 1.4649 million yuan (5.59% of total) and selling 4.0685 million yuan (15.53% of total) [1].

Core Insights - The "Shaanxi Good Grain and Oil" brand has been awarded the title of "China Grain and Oil Influential Public Brand" for the first time, highlighting its significance in promoting local agricultural products [1] - Xi'an Aijiu Grain and Oil Industrial Group Co., Ltd. has been recognized as one of the "Top Ten Innovative Benchmark Enterprises in Grain and Oil" in China, while Shaanxi Shanfu Noodle Co., Ltd. received the "Outstanding Contribution Award for Grain Security in China" and was named a "Top Ten High-Quality Development Model Enterprise in Grain and Oil" [1] Group 1 - "Shaanxi Good Grain and Oil" operates under a carefully designed brand system, utilizing a model of "1 public brand + N regional characteristic sub-brands" [1] - The provincial grain and material reserves bureau has been actively implementing policies to enhance the brand's influence and promote the development of the specialty grain industry [1] - The brand matrix includes sub-brands such as "Yan'an Millet," "Ankang Selenium-rich Grain and Oil," "Guanzhong High-Quality Wheat," "Hanzhong Rice," "Yulin Buckwheat," and "Hanzhong Yangxian Black Rice," which are positioned for complementary advantages [1] Group 2 - The provincial grain and material reserves bureau emphasizes a multi-faceted approach to enhance the influence, value, and comprehensive security of Shaanxi grain and oil products [2] - The "1+N" framework will continue to guide the selection and certification of "Shaanxi Good Grain and Oil" products, with strict standards for production environment, variety selection, production processes, processing technology, quality indicators, and packaging [2]

穿梭于亚欧大陆的中欧班列，已累计开行近12万列。十多年间，这条"钢铁驼队"从最初单一的跨境 物流通道，到如今"班列﹢枢纽﹢产业﹢贸易"的多元融合生态，"中欧班列﹢"效应正持续放大，更以铁 路大动脉为纽带，将沿线分散的产业节点紧密串联、高效聚合，催生出一个个特色鲜明的产业集群，为 亚欧大陆架起了联通机遇、共促发展的产业协作新桥梁。 2011年3月19日，首列中欧班列"渝新欧"发出，开启亚欧铁路运输新纪元。"目前，中欧班列已累计 开行近12万列，形成了联通中国境内128个城市，通达欧洲26个国家232个城市以及亚洲11个国家100多 个城市的国际运输网络，为维护国际产业链、供应链稳定，促进全球经济发展发挥了重要作用。"国铁 集团董事长郭竹学说。 "相较于传统海运，中欧班列通过固定班次、全程可追溯的铁路运输体系，帮助隆基显著降低了货 物运输过程中的损毁风险，有力保障了产品交付的及时性。"李文学说，"借助贯通欧亚大陆的密集物流 网络，我们实现了从西安枢纽直接、快速抵达德国、荷兰、波兰等欧洲关键枢纽。" 全国首列全程时刻表绿色跨境电商专列的开行，让运输成本降至空运的五分之一，推动跨境电商产 业规模化发展；零碳绿色班列采 ...

Core Insights - Hainan Free Trade Port is entering a critical phase of full island closure operations, with Yangpu Economic Development Zone serving as a model for high-level openness and policy innovation [1][6] Policy Implementation Efficiency - Since the release of the Hainan Free Trade Port construction plan in 2020, various pioneering policies have been effectively implemented, including zero tariffs on imported vessels and tax refunds for international shipping [1][2] - The establishment of the "China Yangpu Port" ship registration system has attracted shipping resources and facilitated efficient international ship registration [2] Industry Aggregation and Upgrading - The implementation of the processing and value-added domestic sales tax exemption policy has led to a total value of 9.649 billion yuan in exempted tariffs amounting to 746 million yuan since its launch [3] - The Yangpu Free Trade Port has successfully established itself as an international bonded fuel supply center, with over 1.16 million tons of bonded fuel supplied to 2,481 vessels since 2021 [3][4] Business Environment Enhancement - The establishment of a "three-same three-trace" regulatory model has significantly improved supply chain efficiency and reduced product backlog risks for local food producers [5] - A multi-faceted dispute resolution platform has been created to address shipping disputes, enhancing the efficiency of conflict resolution and aligning with international standards [5] Future Directions - Yangpu will continue to strengthen institutional innovation and align with international high-standard economic and trade rules, aiming to produce more nationally influential and distinctive reform outcomes [6]