转自：黑龙江网 文 | 黑龙江网 石启立 黑土千里献珍品，杭城仲夏启新筵。6月29日至7月1日，由黑龙江省农业农村厅、黑龙江省商务厅指 导，北大荒农垦集团有限公司主办，北大荒食品集团有限公司、浙江省农产品流通行业协会承办的"黑 土优品・杭向未来"一线城市品牌行（杭州专场）活动，将走进浙江省杭州市农发城市厨房、和家园社 区等地，邀请杭州市民共赴一场美食之约。 用冷水鱼做"西湖醋鱼"、杂粮做"桂花糖藕"、油豆角炖"东坡肉"……在这场美食的盛宴中，杭帮菜 与"黑土优品"的相遇，不仅是味蕾上的享受，更是一次文化与情感的交流。活动期间，北大荒食品集团 与各地市企业携大米、大豆、鲜食玉米、杂粮、食用菌、中药材、高端肉、冷水鱼、乳品等品类产品亮 相，共同诠释黑土优品"绿色、有机"的核心竞争力，邀请杭州市民一同体验独特的美食文化魅力。 本次活动包括北大荒知青文艺表演、品牌推介、合作签约仪式、产销座谈等环节，并将在和家园社区南 广场与新疆、西藏、青海、四川、重庆、湖北、吉林等地举行产品展示及农产品产销对接活动，共同打 造"消费帮扶共富和集"，邀请杭州市民现场品尝"更优、更绿、更香、更安全"的东北美食。此外，现场 还设有品鉴交流 ...

Core Viewpoint - The company is expected to continue expanding its profitability in FY24, driven by internal organizational reforms and strong momentum in emerging channels and overseas markets [1] Financial Performance - For FY24, the company's revenue decreased by 0.32% year-on-year, primarily due to the underperformance of ice cream and rice snacks [2] - Gross margin increased by 0.99 percentage points year-on-year, mainly due to lower costs of raw materials and packaging [2] - The net profit margin improved by 1.52 percentage points to 18.41%, with net profit increasing by 8.67% year-on-year [2] - The dividend payout ratio for FY24 was 39.8%, significantly lower than the average level from FY21 to FY23 [2] Product Performance - Dairy beverages saw a revenue increase of 1.3% year-on-year, with a gross margin improvement of 1.2 percentage points, showing a clear recovery in the second half of the fiscal year [2] - Rice snacks experienced a revenue decline of 1.2% year-on-year, with a gross margin decrease of 1.9 percentage points, mainly due to the impact of gift packages and changes in product structure [2] - Snack food revenue decreased by 2.6% year-on-year, but gross margin increased by 0.5 percentage points, with ice cream showing a decline in the first half but achieving rapid growth in the second half [2] Organizational Changes and Market Strategy - In the second half of FY24, the company initiated internal organizational reforms, establishing product-specific divisions to enhance channel collaboration and manage domestic and international operations [3] - The company deepened cooperation with leading snack retailers, with revenue from snack retailers accounting for about 10% [3] - Emerging channels experienced double-digit growth year-on-year, with revenue contribution approaching 10% [3] - Overseas revenue grew by double digits year-on-year, with significant growth in markets such as Japan, North America, and parts of Southeast Asia [3]

股票研究 /[Table_Date] 2025.06.26 盈利维持扩张，股利支付率下行 中国旺旺(0151) 中国旺旺（0151）24 财年业绩点评 报告副标题 | [table_Authors] 訾猛(分析师) | 颜慧菁(分析师) | 张宇轩(分析师) | [当前价格 Table_CurPrice] (港元)： | 5.31 | | --- | --- | --- | --- | --- | | 021-38676666 | 021-38676666 | 021-38676666 | | | | 登记编号 S0880513120002 | S0880525040022 | S0880525040039 | [Table_Market] 交易数据 | | 本报告导读： 公司 FY24 盈利能力持续扩张。下半财年公司启动内部组织改革进一步协同渠道发 展——新兴渠道&海外市场动能充沛。维持增持评级。 投资要点： 股 票 研 究 海 外 公 司 （ 中 国 香 港 证 券 研 究 报 告 请务必阅读正文之后的免责条款部分 ） [Table_Industry] 食品饮料 [Table_Invest] 评级： 增持 ...

新华财经上海6月26日电（记者吴宇）记者从上海海关获悉，今年前5个月，长三角地区实现进出口6.73 万亿元人民币，比去年同期增长5.2%，占前5个月全国进出口总值的37.5%，江苏省、浙江省、安徽省 和上海市各具特色。其中，长三角地区出口4.29万亿元，同比增长10.3%；进口2.44万亿元，同比下降 2.7%。 前5个月，长三角地区进口机电产品9793.3亿元，同比增长2.5%，占同期长三角地区进口总值的40.1%。 其中，集成电路、电脑及其零部件分别进口3243.4亿元、648亿元，同比分别增长2.7%、29.9%。肉类、 乳品、食用油等民生消费品分别进口227.3亿元、167.6亿元、147.9亿元，同比分别增长3.4%、26.9%、 26.8%。 据海关统计，自2018年11月长三角一体化发展上升为国家战略至今年5月，长三角地区外贸规模累计突 破100万亿元，达101.2万亿元，展现出强大韧性与活力。 （文章来源：新华财经） 前5个月，长三角地区对东盟、欧盟进出口分别为1.07万亿、1.02万亿，同比分别增长16.9%、3.9％；对 共建"一带一路"国家合计进出口3.36万亿元，同比增长10.1%。 ...

新华社阿姆斯特丹6月25日电 专访｜国际乳联呼吁深化欧中乳业合作——访国际乳品联合会总干事劳 伦斯·赖肯 新华社记者王湘江 马志异 "中国正通过创新与科技发展积极建立连接欧洲等传统乳品市场的桥梁。欧中可以开展更深入的合作， 取长补短、共同推动全球乳业的创新和可持续发展。"国际乳品联合会（简称国际乳联）总干事劳伦斯· 赖肯日前接受新华社记者专访时表示。 谈及对中国的印象时，赖肯说，她在今年5月首次访问中国，亲眼看到中国企业如何协作，并推动一系 列新产品开发上市。"让我特别感兴趣的是，中国企业通过技术手段将食品便捷地送达各地，以及乳品 如何被应用于饮品、奶茶等各类消费场景中。中国在提高乳品消费普及度方面的努力与成效，给我留下 了非常深刻的印象。"她说。 赖肯日前在荷兰阿姆斯特丹召开的第十八届全球乳业大会期间表示，全球乳业正经历快速变革，供应与 需求都在发生深刻调整。中国是人口大国，对乳品需求持续上升。在老龄化背景下，保障人口健康和全 面发展是未来全球乳业面临的重要课题。欧洲与中国之间的联系非常紧密，双方优势互补，合作空间广 阔。 她表示，欧洲在制作发酵乳品、酸奶和奶酪方面拥有丰富经验，而中国在创新和科技方面发展迅 ...

Core Insights - China Wangwang Holdings Limited reported a slight revenue decline of 0.3% year-on-year for the fiscal year 2024, with total revenue reaching 23.51 billion yuan, while net profit attributable to shareholders increased by 8.6% to 4.34 billion yuan [1] - The company’s overall gross margin stood at 47.6%, with the dairy and beverage segment being the core business, achieving a revenue growth of 1.3% to 12.11 billion yuan [1][3] Revenue Breakdown - The dairy and beverage segment saw a low single-digit growth, with Wangzai milk experiencing low unit growth and beverages achieving double-digit growth [1] - The rice snack segment reported a revenue of 5.90 billion yuan, down 1.2% year-on-year, affected by weak demand for gift packages during the Spring Festival [1] - The snack food segment experienced a revenue decline of 2.6% to 5.36 billion yuan, primarily due to a slowdown in ice cream sales [2] Market Expansion and Strategy - China Wangwang is focusing on emerging channels such as content e-commerce and social e-commerce, with double-digit revenue growth in overseas markets, particularly in Japan, North America, and parts of Southeast Asia [2] - The company is enhancing its organizational agility to respond quickly to market changes and is actively developing new products to increase consumer engagement [2] - The company plans to invest 705 million New Taiwan dollars in purchasing property in Kaohsiung, Taiwan, to support its production capabilities [3][4] Future Outlook - Analysts expect stable revenue growth for the fiscal year 2025, with profit margins remaining stable due to the company’s organizational changes and expansion into new channels [3] - The overseas market is anticipated to be a key growth driver, supported by localized marketing strategies and the establishment of overseas production bases [3]

上海社科院经济研究所研究室主任、研究员詹宇波对第一财经表示，前5月出口两位数增长有外贸企 业抓住时机加快出口的因素，也与企业加快开拓多元化市场和灵活调整策略有关。 非美地区继续补缺口 本文字数：1510，阅读时长大约3分钟 作者 | 第一财 经 缪琦 据上海海关统计，今年前5个月，上海外贸进出口1.8万亿元人民币，同比（下同）增长1.8%，比前4 个月增速提升0.8个百分点。其中，出口7873.8亿元，增长11.5%；进口9946亿元，下降4.8%，降幅 比前4个月收窄2.5个百分点。 从单月数据看，上海外贸增长态势延续，5月进出口增长4.5%，创下月度进出口连续4个月正增长。 其中，出口增长3.5%，进口增长5.3%。 2025.06. 25 据上海海关数据，2025年5月份，上海对美国进出口下降17.4%，对美国出口下降29.7%，对美国进 口下降1.6%；前5个月对美进出口下降6.5%，对美出口下降15.5%，对美进口增加5.0%。 对非美地区出口的增长正在弥补对美出口下降带来的缺口。上海社科院经济研究所助理研究员王佳告 诉第一财经，根据对上海今年前4个月的外贸数据研究，外贸市场多元化的布局已经起到了效 ...

Core Insights - Shanghai's import and export value reached 377.15 billion yuan in May, marking a year-on-year increase of 4.5%, with four consecutive months of positive growth in foreign trade [1] - In the first five months of the year, Shanghai's total foreign trade value was 1.8 trillion yuan, up 1.8% year-on-year, with exports at 787.38 billion yuan (up 11.5%) and imports at 994.6 billion yuan (down 4.8%) [1] - Private enterprises emerged as a new driving force for foreign trade, with their import and export value reaching 671.7 billion yuan in the first five months, a year-on-year increase of 22.2%, contributing 7 percentage points to the city's foreign trade growth [1] Trade Performance - In the first five months, the export of electromechanical products was 503.85 billion yuan, accounting for over 60% of the city's total exports, with May exports surpassing 100 billion yuan for three consecutive months [2] - Imports of consumer goods such as meat, dried and fresh fruits, and dairy products increased by 8.9%, 2.4%, and 24.3% respectively in the first five months [2] - The import of raw materials and equipment saw significant growth, with rubber, aircraft parts, audio-visual equipment, and industrial robots increasing by 59.6%, 29.9%, 18.2%, and 23.1% respectively [2] Market Diversification - Shanghai is actively expanding its diversified market, with imports and exports to countries involved in the Belt and Road Initiative reaching 734.63 billion yuan in the first five months, a year-on-year increase of 11.4%, accounting for over 40% of the total foreign trade value [1]

从出口市场看，前5个月，上海企业对共建"一带一路"国家进出口7346.3亿元，同比增长11.4%，占同期 全市外贸总值比例超4成；对东欧、非洲进出口同比增速超2成。 前5个月，上海市出口机电产品5038.5亿元，同比增长2.3%，占全市出口总值的6成以上。从走势看，5 月份机电产品出口1050.7亿元，连续3个月突破千亿元，保持稳中有进的良好势头。前5个月，上海企业 集成电路、笔记本电脑分别出口744亿元、218.7亿元，同比分别增长4.5%、1.6%。劳动密集型产品前5 个月出口777亿元，同比增长8.2%，其中纺织服装、塑料制品、箱包等均实现增长。 前5个月，上海市肉类、干鲜瓜果、乳品等民生消费品进口同比分别增长8.9%、2.4%、24.3%。工业领 域新质生产力带动部分原材料及设备进口增长。前5个月，上海市橡胶、航空器零部件、音视频设备及 其零件、工业机器人进口同比分别增长59.6%、29.9%、18.2%、23.1%。 新华财经上海6月25日电（记者吴宇）上海海关25日公布的统计数据显示，今年前5个月，上海市民营企 业进出口增幅超两成，5月份单月进出口创历史新高，成为外贸发展"新引擎"。 今年前5个月 ...

2024财年毛利率较去年同期上升1.0个百分点达47.6%，主系部分大宗原材料及包装材料单位耗用成本下 降，抵消因渠道多元化带来的产品结构变动使得集团平均单位售价同比略有降低的影响。受益于毛利率 提升和整体营业费用(分销成本与行政费用合计，后文同)控管得宜，同时因2024财年融资成本的减少及 所得税费用率较2023财年同比降低，2024财年本公司权益持有人应占利润额同比成长8.6%达到43.356亿 人民币，权益持有人应占利润率较去年同期上升1.5个百分点达18.4%。集团将持续深化、强化组织的活 力和能动性，以提升对市场变化的快速反应能力，并进一步扩大市场份额。同时，积极开发新产品，拓 展终端覆盖范围，增强消费者的新鲜感与粘性。尽管当前部分大宗原物料成本有所上涨，但凭借多元化 的原材料使用策略，集团会尽力将成本波动的风险降至最低。 格隆汇6月24日丨中国旺旺(00151.HK)公布，截至2025年3月31日止年度，公司收益为人民币235.11亿 元，同比减少0.3%；毛利为人民币 111.89亿元，同比增长1.8%；营运利润为人民币58.37亿元，同比增 长4.1%。公司权益持有人应占利润为人民币43.36 ...