北京商报讯（记者 孔文燮）12月17日，安德利披露的投资者关系活动记录表显示，对于投资者提问"前 三季度的商品主要出口至哪些国家和地区"，安德利表示，"公司作为国内浓缩果汁行业的出口龙头， 2025年前三季度商品出口业务依旧保持较高占比。出口市场方面，除了传统的美国、日本、俄罗斯、南 非等国家外，2025年以来公司在'一带一路'沿线新兴市场的出口份额进一步提升，中亚、东南亚等地区 的订单贡献度显著增加"。 ...

证券日报网12月17日讯安德利在12月17日回答调研者提问时表示，行业整合核心逻辑未发生变化，过去 3年浓缩果汁行业整合始终围绕"集中度提升、头部企业主导"的逻辑，未出现本质改变。一方面，行业 内部分传统大厂因经营困难陷入债务、诉讼漩涡甚至进入破产重整程序，部分中小产能也因资金压力、 环保压力、成本管控能力不足等因素退出市场；另一方面，头部企业凭借资金实力、多产区产能布局、 规模化采购等优势，持续承接市场空白份额，行业资源不断向头部集聚，目前"两强主导"的竞争格局已 趋于稳固，未来3年-5年行业整合仍将延续这一逻辑。 （文章来源：证券日报） ...

证券日报网12月17日讯安德利在12月17日回答调研者提问时表示，公司作为国内浓缩果汁行业的出口龙 头，2025年前三季度商品出口业务依旧保持较高占比。出口市场方面，除了传统的美国、日本、俄罗 斯、南非等国家外，2025年以来公司在"一带一路"沿线新兴市场的出口份额进一步提升，中亚、东南亚 等地区的订单贡献度显著增加。 （文章来源：证券日报） ...

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。 ...

Core Viewpoint - Andeli Juice expects a significant increase in net profit for Q1 2025, driven by a surge in concentrated juice sales due to increased customer orders [1] Financial Performance - Projected net profit attributable to shareholders is between 80.07 million to 90.87 million yuan, representing a year-on-year growth of 50% to 70% [1] - Non-recurring net profit is expected to be between 79.03 million to 89.83 million yuan, with a year-on-year increase of 32% to 50% [1] - The growth in net profit outpaces that of non-recurring net profit, indicating a significant contribution from non-operating gains such as government subsidies and asset disposal profits [1] Industry Background and Competitive Landscape - The concentrated juice industry in China has shifted from a fragmented market to a duopoly, with Andeli and Guotou Zhonglu emerging as the main players after the exit of smaller competitors [1] - This structural change has led to reduced supply and increased pricing power for leading companies [1] - Andeli's concentrated apple juice production is projected to reach 131,800 tons in 2024, a growth of 39.18%, driven by increased sales volume [1] - The demand for concentrated juice remains robust, with developed markets like the U.S. and Europe being primary consumers, while emerging markets like Russia and India offer growth opportunities [1] Risks and Challenges - The industry faces cyclical volatility, as evidenced by the drop in global orange juice prices due to increased supply from Brazil and decreased demand [2] - Fluctuations in raw material prices, particularly apples, can significantly impact costs and profit margins [2] - Rapid capacity expansion through acquisitions may lead to inventory buildup, with plans to reduce inventory turnover days from 45 to 30 [3] - Increased competition among leading firms could lead to price wars, particularly with Guotou Zhonglu expanding its market share through international acquisitions [3] - A high dependency on exports, with 63% of revenue coming from international clients like Coca-Cola and Pepsi, poses additional risks [3] - Concerns regarding sales-driven growth, customer concentration, and product line limitations may hinder long-term development [3]