Core Viewpoint - Andeli (605198) reported strong financial performance for the first half of 2025, with significant increases in revenue and net profit compared to the previous year, indicating robust growth in the concentrated juice market [1][3]. Financial Performance Summary - Total revenue for the first half of 2025 reached 948 million yuan, a year-on-year increase of 49.97% from 632 million yuan in 2024 [1]. - Net profit attributable to shareholders was 201 million yuan, up 50.26% from 134 million yuan in the previous year [1]. - The second quarter alone saw revenue of 518 million yuan, a 43.24% increase year-on-year, and net profit of 115 million yuan, up 42.94% [1]. - The gross profit margin decreased to 23.93%, down 13.06% year-on-year, while the net profit margin slightly increased to 21.21% [1]. - Total operating expenses (selling, administrative, and financial) amounted to 16.94 million yuan, representing 1.79% of revenue, an increase of 14.27% year-on-year [1]. Key Financial Metrics - Earnings per share rose to 0.58 yuan, a 52.63% increase from 0.38 yuan [1]. - Operating cash flow per share significantly increased by 153.11% to 2.32 yuan [1]. - The company's receivables were notably high, with accounts receivable reaching 362 million yuan, which is 138.67% of the net profit [5]. Changes in Financial Items - Cash and cash equivalents increased by 305.62% due to seasonal production halts and improved sales collections [3]. - Trade receivables rose by 28.64%, while inventories decreased by 52.92% due to seasonal production halts [3]. - The company experienced a significant increase in contract liabilities by 101% due to higher customer prepayments [3]. Industry Competitiveness - China's concentrated juice industry holds a strong competitive position internationally, primarily due to its abundant apple resources, which account for 54% of global production [6]. - The quality of products has improved significantly, with many companies, including Andeli, obtaining international quality certifications, enhancing their competitiveness in the global market [6].

每经记者｜张文瑜 西安 每经编辑｜贺娟娟 从陕西走出去的浓缩果汁巨头——海升果汁，即将迎来资产拍卖的关键节点。 根据阿里司法拍卖平台披露的信息，陕西海升果业发展股份有限公司（以下简称"海升果业"）位于西安航天基地的集团总部园区及相关资产已正式挂牌，将 于一周后开启公开拍卖程序，此次拍卖起拍价为 2.1 亿元，这也是该资产的第二次拍卖尝试。 今年4月，上述资产曾首次登上法拍平台，起拍价为2.15亿元，但由于无人出价竞买，最终以流拍告终。 海升果业成立于1996年，曾凭借在浓缩果汁领域的突出表现，成为国家级农业产业化重点龙头企业，"中国海升果汁控股有限公司"也是最早在港交所上市的 陕企。 然而，如今的海升果业却陷入资不抵债的困境，多项资产接连被摆上拍卖平台，结局令人唏嘘。 多项资产拍卖遇冷 一纸拍卖公告，再次将海升果业的资产处置困境推至台前。 此次拍卖标的为海升果业位于陕西省西安市航天基地神舟三路359号海升集团园区的土地使用权、房屋建筑物及办公设备等，评估价格2.15亿元，起拍价2.1 亿元，加价幅度设定为5万元。 来源：阿里资产拍卖平台 溯源来看，这片土地于2011年由海升果业竞得，次年企业便将总部迁至此处。 ...

从行业背景与竞争格局来看，安德利的增长与浓缩果汁行业的结构性变化密切相关。近年来，中国浓缩 果汁行业经历了从 "四分天下" 到 "双子星" 竞争的格局演变 ——海升果汁、陕西恒通等企业退出后， 安德利与国投中鲁成为行业主导者，市场集中度进一步提高。这一变化带来两方面影响： 安德利 63% 的收入依赖外销，主要客户包括可口可乐、百事可乐等国际巨头。这种高度集中的客户结 构也可能带来风险。 安德利 2025 年 Q1 的业绩预增显示其在浓缩果汁行业的龙头地位与增长韧性，但隐忧同样不容忽视。 销量驱动的增长模式、客户集中度风险、产品结构单一等问题可能制约长期发展。投资者需关注公司后 续年报中关于成本变化、客户结构、新产品进展的具体披露，以及行业周期性波动对业绩的影响。在行 业集中度提升与消费升级的双重趋势下，安德利能否通过战略调整实现可持续增长，将成为验证其竞争 力的关键。 从财务数据看，公司净利润增速显著高于扣非净利润，显示非经常性损益对业绩贡献较大（如政府补 贴、资产处置收益等）。 供给收缩与价格弹性：中小企业退出导致市场供给减少，头部企业议价能力增强。2024 年安德利浓缩 苹果汁产量达13.18万吨，增长3 ...