Group 1 - The core viewpoint of the news is that Daodaoquan's stock price increased by 5.15% to 11.23 CNY per share, with a total market capitalization of 3.863 billion CNY as of the report date [1] - Daodaoquan Grain and Oil Co., Ltd. is located in Changsha, Hunan Province, and was established on July 28, 1999, with its listing date on March 10, 2017 [1] - The company's main business involves the research, production, and sales of edible vegetable oil products, with revenue composition as follows: packaged oil 62.71%, meal products 22.45%, bulk oil 13.67%, and others 1.17% [1] Group 2 - From the perspective of fund holdings, one fund under Invesco Great Wall has a significant position in Daodaoquan, holding 48,500 shares, which accounts for 0.54% of the fund's net value, ranking as the seventh-largest holding [2] - The Invesco Great Wall National Index 2000 Enhanced A fund was established on September 5, 2023, with a latest scale of 8.1886 million CNY and has achieved a year-to-date return of 39.57% [2] - The fund managers, Li Haiwei and Xu Yujun, have tenures of 11 years and 11 years respectively, with Li managing assets totaling 7.433 billion CNY and Xu managing 2.085 billion CNY [2]

投资要点 西南证券股份有限公司徐卿,赵磐近期对道道全（002852）进行研究并发布了研究报告《2025年中报点 评：主业稳健增长，渠道扩张成效显现》，给予道道全买入评级。 道道全 风险提示：极端天气、自然灾害、原材料成本升高、消费端需求不及预期等风险。 最新盈利预测明细如下： | 报告日期 机构简称 研究员 近三年业绩 | 2025预测 净利润（元） 净利润（元） 净利润（元） (元) | | 2026预测 | 2027预测 | 目輕松 | | --- | --- | --- | --- | --- | --- | | 2025-05-14 西南证券 徐卿 | | 2.24亿 | 2.84亿 | 3.50亿 | 16.25 | | 2025-05-06 中泰证券 姚雪梅 | 2.22 Z | | 2.85 Z | 3.50 Z | | 该股最近90天内共有1家机构给出评级，买入评级1家；过去90天内机构目标均价为16.25。 业绩总结：公司发布2025年半年度报告，2025年上半年公司实现营收27.92亿元，同比增长1.16%；归母净 利润1.81亿元，同比增长563.15%；扣非后归母净利润1.57亿元，同 ...

Core Points - The grain storage capacity at Yangpu Port has been significantly increased from 164,400 tons to 507,400 tons, representing an expansion of over three times [2] - The total investment for the grain storage project by China Grain Reserves Corporation at Yangpu Port is 568 million yuan, covering an area of 67.6 acres [2] - Oscar Company, a leading grain and oil processing enterprise in Hainan, has enhanced its processing capabilities, achieving an annual processing capacity of 2 million tons of rapeseed/soybeans, 900,000 tons of refined oil, 160,000 tons of packaged oil, and 500,000 tons of compound feed [2] Company and Industry Summary - The successful customs inspection of the designated supervision warehouse for imported grain at Yangpu Port marks a significant milestone for grain storage and processing capabilities in the region [2] - The project includes the construction of 20 large-diameter shallow round silos and 3 reserve oil tanks, establishing a modern benchmark for grain storage [2] - Yangpu Port is the only designated port for imported grain in Hainan Province, and the collaboration between key grain storage and processing enterprises has strengthened the province's food security foundation [2]

Core Viewpoint - The company has significantly improved its profitability in the first half of 2025, with substantial increases in revenue and net profit compared to the previous year [1] Financial Performance - Total revenue reached 2.792 billion yuan, a year-on-year increase of 1.16% - Net profit attributable to shareholders was 181 million yuan, up 563.15% year-on-year - Non-recurring net profit was 157 million yuan, an increase of 428.51% year-on-year - In Q2, total revenue was 1.306 billion yuan, a 5.15% increase year-on-year - Q2 net profit attributable to shareholders was 78.23 million yuan, up 267.04% year-on-year - Q2 non-recurring net profit was 57.81 million yuan, an increase of 234.08% year-on-year - Gross margin was 11.65%, up 24.85% year-on-year - Net margin was 6.64%, an increase of 612.48% year-on-year [1] Cost Control - Total operating expenses (selling, administrative, and financial expenses) amounted to 109 million yuan, accounting for 3.9% of revenue, a decrease of 43.32% year-on-year - Financial expenses decreased by 98.28%, primarily due to reduced net interest expenses and exchange losses [2] Cash Flow Situation - Operating cash flow per share was 0.94 yuan, a decrease of 76.48% year-on-year - Net cash flow from operating activities decreased by 76.48%, mainly due to increased payment for goods - Monetary funds were 169 million yuan, down 63.83% year-on-year, primarily due to increased raw material procurement [3] Debt Situation - Interest-bearing liabilities were 1.143 billion yuan, a decrease of 39.12% year-on-year - Interest-bearing asset-liability ratio was 25.72%, indicating a relatively high level of debt risk - Accounts payable increased by 77.64%, mainly due to increased raw material payables [4] Main Business Analysis - Revenue from the main business, packaging oil, was 1.751 billion yuan, accounting for 62.71% of total revenue, with a gross margin of 15.67% - Revenue from meal products was 627 million yuan, accounting for 22.45% of total revenue, with a gross margin of 5.40% - Revenue from bulk oil was 382 million yuan, accounting for 13.67% of total revenue, with a gross margin of only 0.19% - Other business revenue was 32.55 million yuan, accounting for 1.17% of total revenue, with a gross margin of 49.84% [5] Regional Distribution - Revenue was primarily concentrated in the Central China region, amounting to 1.284 billion yuan, accounting for 45.99% of total revenue, with a gross margin of 12.20% - Revenue from East China was 769 million yuan, accounting for 27.55% of total revenue, with a gross margin of 10.66% - Revenue from Southwest China was 428 million yuan, accounting for 15.34% of total revenue, with a gross margin of 10.72% - Revenue from other regions was 311 million yuan, accounting for 11.12% of total revenue, with a gross margin of 13.10% [6] Development Prospects - The company is a key national leading enterprise in agricultural industrialization, with a strong market share and brand influence - New products such as high oleic rapeseed oil, tea oil, and various specialty oils have been launched to enhance competitiveness - The company adheres to a brand-oriented operation philosophy and collaborates with quality media for brand promotion - However, cash flow and debt situations need further improvement to ensure long-term stable development [7]

Group 1: Budweiser APAC - Budweiser APAC reported a 5.6% decrease in revenue to $3.136 billion for the first half of 2025, with normalized EBITDA down 8% to $983 million [1] - Sales volume declined by 6.1% to 4.363 billion liters, with a 7.4% drop in sales volume in the Chinese market during Q2 2025 [1] - The company focused on non-immediate consumption channels to drive premiumization, achieving growth in both sales and revenue from these channels [1] Group 2: Unilever - Unilever's revenue for the first half of 2025 was €30.1 billion, a 3.2% year-on-year decline, with ice cream business revenue growing by 0.2% [2] - The company plans to spin off its ice cream business by mid-November 2025, with operational separation already completed [2] Group 3: Daodaoquan - Daodaoquan reported a 563.15% increase in net profit to ¥181 million for the first half of 2025, with total revenue reaching ¥2.792 billion, a 1.16% increase [3] - Revenue from packaged oil increased by 20.53% to ¥1.751 billion [3] Group 4: Food Safety Issues - Taoli Bread issued an apology after a batch of its sliced bread failed quality checks, with 498 bags produced and 21 sold online [4] - The company has initiated a recall and implemented measures to enhance quality control and monitoring [4] Group 5: Regulatory Actions - The State Administration for Market Regulation reported 12,000 instances of non-compliance related to food additives in the first half of the year, with 4,727 companies penalized [5][6] - The agency emphasized the importance of strict monitoring and compliance regarding food additives to ensure food safety [5][6] Group 6: Luckin Coffee - Luckin Coffee's Q2 2025 net revenue reached ¥12.359 billion, a 47.1% year-on-year increase, with a gross merchandise volume of ¥14.179 billion [8] - The company opened 2,109 new stores, bringing the total to 26,206 globally, with significant growth in self-operated stores [8] Group 7: Starbucks China - Starbucks China reported an 8% revenue increase to $790 million for Q3 2025, marking three consecutive quarters of growth [9] - The company is evaluating partnerships with over 20 interested institutions to retain a significant equity stake in its Chinese operations [9] Group 8: L'Oréal - L'Oréal's sales for the first half of 2025 increased by 3.2% to €22.47 billion, with North Asia's skincare division maintaining double-digit growth [10][11] - The company noted strong performance from high-end brands, offsetting weaknesses in the skincare category [11] Group 9: Yonghui Supermarket - Yonghui Supermarket announced plans to raise up to ¥3.992 billion through a private placement of A-shares, with funds allocated for store upgrades and logistics improvements [13]

（企业公告） 7月31日，道道全发布公告称，2025年上半年，公司实现营业收入27.92亿元，同比增长1.16%；归属净 利润1.81亿元，同比增长563.15%。 分产品看，2025年上半年，公司包装油营收达17.51亿元，同比提升20.53%；粕类、散装油、其他业务 营收分别达6.27亿、3.82亿、0.33亿元。 ...

2025年上半年，道道全实现营业收入27.92亿元，较上年同期小幅增长1.16%；在稳规模的基础上，盈利 指标实现爆发式增长，归属于上市公司股东的净利润达1.81亿元，同比激增563.15%，超上年全年；扣 除非经常性损益后的净利润为1.57亿元，同比大增428.51%；核心业务包装油收入增长20.53%，毛利率 提升0.89个百分点至15.67%，贡献总营收62.71%。 值得关注的是，这一增长并非短期波动。今年一季度，公司净利润同比增长38.63%，而上半年整体增 速进一步放大，显示盈利动能持续强劲，二季度延续了高质量增长态势。 中证报中证网讯(王珞)7月31日晚，道道全（002852）发布2025年半年度报告。报告显示，上半年业绩 表现亮眼，盈利能力实现跨越式增长，降本增效成果显著，运营效能持续释放。 报告期内，净利润的大幅提升，源于公司在市场开拓与费用管控能力提升上的双重突破。从市场端看， 公司持续深耕经销商网络、拓展线上渠道，上半年新增经销商92家至1397家，终端网点约83万个，线上 直销收入同比增长23.64%，双轨模式夯实市场覆盖，上半年核心业务包装油销量同比增长24.19%。从 费用端来看， ...

从费用端来看，公司实施全面的降本增效措施，销售费用同比减少27.26%，主要源于精细化管理与渠 道效率提升；财务费用同比大幅下降98.28%，资金管理效率显著提升。 作为国内菜籽油细分领域的龙头企业，道道全凭借品牌、渠道、质量控制等核心优势，已在华中、西 南、华东等区域建立起稳固的市场地位。 面向未来，道道全表示，公司将进一步整合研发、营销与管理资源，加速全国布局。面对消费者健康意 识升级与行业竞争加剧的双重趋势，公司将继续聚焦主业，通过拓展高端健康油脂品类、提升经销商服 务能力与线上渗透率、强化原材料成本控制与套期保值管理，持续释放增长潜力。 同时，道道全还表示，公司将以上半年的良好业绩为基础，推动品牌价值与市场份额双提升，为股东创 造更多价值。（胡敏） （文章来源：证券时报网） 7月31日晚间，道道全(002852)发布2025年半年度报告。报告显示，公司上半年业绩表现亮眼，盈利能 力实现跨越式增长，降本增效成果显著，运营效能持续释放，为投资者交出了一份超预期的答卷。 2025年上半年，道道全实现营业收入27.92亿元，较上年同期小幅增长1.16%，在稳规模的基础上，盈利 指标实现爆发式增长，归属于上市公 ...

Core Viewpoint - Daodaoquan (002852) reported a significant increase in net profit for the first half of 2025, indicating strong operational performance and effective cost management [1] Financial Performance - The company achieved operating revenue of 2.792 billion yuan, representing a year-on-year growth of 1.16% [1] - The net profit attributable to shareholders reached 181 million yuan, showing a remarkable year-on-year increase of 563.15% [1] - Basic earnings per share were reported at 0.53 yuan [1] Dividend Distribution - The company plans to distribute a cash dividend of 1.76 yuan (including tax) for every 10 shares to all shareholders [1] Operational Efficiency - The increase in packaging oil sales contributed positively to revenue growth [1] - The implementation of refined management practices has enhanced operational efficiency and cost control [1] - A decline in the comprehensive procurement costs of key raw materials has led to an increase in overall sales gross margin and packaging oil gross margin [1]

Core Viewpoint - The company reported a revenue of 2.792 billion yuan for the first half of 2025, reflecting a year-on-year growth of 1.16%, and a net profit attributable to shareholders of 181 million yuan, showing a significant increase of 563.15% [1] Financial Performance - Revenue for the first half of 2025 reached 2.792 billion yuan, marking a 1.16% increase compared to the previous year [1] - Net profit attributable to shareholders was 181 million yuan, which is a substantial increase of 563.15% year-on-year [1] Dividend Distribution - The company plans to distribute a cash dividend of 1.76 yuan per 10 shares (including tax) and will not increase capital through reserve fund transfers [1] Operational Focus - During the reporting period, the company concentrated on its core business, resulting in a favorable growth in packaging oil sales [1] - The decline in the comprehensive procurement cost of major raw materials contributed to the increase in overall sales gross margin and packaging oil gross margin [1]