8月20日，嘉华股份发布2025年中报，嘉华股份是农林牧渔行业中的代表性企业，其主营业务包含大豆蛋白、大豆膳食纤维研发、生产、销售。截至8月19 日，嘉华股份股价报收于14.4元，总市值达到23.70亿元。 来源:金融界 从反映盈利质量的指标来看，嘉华股份净利率由2024年上半年的7.39%提升至9.15%，毛利率从13.20%提升至16.00%，净资产收益率为5.64%，同比增长0.12 个百分点，盈利质量整体改善。 从机构持股情况来看，截至2025年上半年，持有嘉华股份股票的机构家数为3家，相比2024年同期的50家减少47家，机构投资者参与度明显下降。 在2025年上半年，嘉华股份的经营业绩呈现收入下降但利润增长的态势，实现营业收入6.81亿元，同比下滑12.86%，归母净利润0.62亿元，同比增长 7.79%。 值得一提的是，嘉华股份市值最高时出现在2022年9月19日，总市值达到40.15亿元。而当前市值为23.70亿元，若要达到历史最高市值，股价需上涨 69.44%。不过，公司在盈利质量改善和财务结构优化方面展现出积极变化。 在经营稳健性方面，嘉华股份面临存货周转效率下降的挑战，存货周转天数为71 ...

证券代码：603182 证券简称：嘉华股份 公告编号：2025-019 山东嘉华生物科技股份有限公司 2025 年半年度主要经营数据公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 根据《上海证券交易所上市公司自律监管指引第 3 号行业信息披露：第十四 号——食品制造》的相关要求，山东嘉华生物科技股份有限公司（以下简称"公 司"）现将 2025 年半年度主要经营数据公告如下： | | | 单位：万元 | | --- | --- | --- | | 项目 | 金额 | 比例（%） | | 大豆蛋白 | 39,554.66 | 58.23 | | 大豆油 | 14,944.04 | 22.00 | | 大豆膳食纤维 | 4,158.90 | 6.12 | | 低温食用豆粕 | 2,426.80 | 3.57 | | 蒸汽 | 3,115.44 | 4.59 | | 电力 | 1,666.80 | 2.45 | | 副产品 | 2,067.26 | 3.04 | | 合计 | 67,933.90 | 100.00 | 一、按产品 ...

Group 1 - The demand for health-related products is increasing in China due to rising living standards and health awareness among residents [1] - Anqi Nutri, a subsidiary of Angel Yeast, is focusing on developing yeast-based nutritional products, including yeast protein powder, which has been included in the new food raw material directory by the end of 2023 [1] - The global sports nutrition market is projected to reach $25.191 billion by 2026, up from $18.56 billion in 2022, driven by the growth of fitness enthusiasts [1] Group 2 - The "silver economy" targeting the elderly and children is expected to exceed 10 trillion yuan by 2025, with health care accounting for 35% of this market [2] - Anqi Nutri is actively developing innovative products for the elderly and children, leveraging the advantages of yeast protein over traditional soy and whey proteins [2] - The reliance on imported raw materials for protein products, such as whey and soy protein, presents an opportunity for yeast protein to serve as a domestic alternative, potentially reducing costs [2] Group 3 - The average monthly cost of whey protein has increased significantly, with isolated whey protein rising by 55% and concentrated whey protein by 31% compared to the previous year, impacting profitability for related companies [3] - Anqi Nutri is promoting the use of yeast protein as a substitute for whey protein, highlighting its comparable essential amino acid profile and cost advantages [3] - The maturation of technology and industry is facilitating the entry of yeast protein and other supplements into the consumer market, which is seen as a positive factor for the health industry during its transition period [3]

Core Insights - Consumers are increasingly scrutinizing ingredient lists before purchasing frozen dumplings, revealing industry practices regarding the use of soy protein and similar ingredients in meat dumplings [1][3][10] - Many brands list soy protein or similar components prominently in their ingredient lists, often ahead of actual meat, leading to concerns about the true meat content in these products [1][3][11] Ingredient Composition - A significant number of frozen dumpling products contain soy protein or similar ingredients, which are often not labeled with specific quantities, raising questions about the actual meat content [3][6][10] - The ingredient order in the lists typically indicates the proportion of each component, with higher quantities appearing first; however, the exact content is often considered a trade secret [3][5][11] Pricing and Cost Implications - Dumplings with higher soy protein content tend to be priced lower per gram compared to those with higher meat content, indicating a cost-saving strategy by manufacturers [5][6][10] - For example, a dumpling without soy protein costs approximately 0.055 yuan per gram, while one containing soy protein is priced at about 0.017 yuan per gram [5] Regulatory and Standardization Issues - Current national standards do not require specific labeling for the quantity of soy protein or similar ingredients, leading to a lack of transparency for consumers [6][7][10] - The absence of strict regulations allows companies to use these cheaper ingredients to reduce costs without clear disclosure to consumers [6][8][12] Consumer Awareness and Industry Practices - Consumers are advised to pay close attention to the first few ingredients listed, as these represent the primary components of the product [10][12] - There are ongoing discussions about the need for stricter regulations and clearer labeling practices in the industry to ensure consumers are not misled about the content of meat dumplings [8][13]

Core Viewpoint - Consumers are increasingly scrutinizing ingredient lists before purchasing frozen dumplings, revealing industry practices where soybean protein or similar ingredients are often prioritized over actual meat content in the ingredient lists [2][3][6]. Ingredient Composition - Many brands of frozen meat dumplings contain soybean protein or similar ingredients, often listed prominently in the ingredient list without specific quantity disclosures [3][6]. - The presence of soybean protein or similar ingredients is common in frozen dumplings, with some products showing these ingredients listed before actual meat, indicating a higher proportion of plant-based content [3][4][12]. Pricing Dynamics - Dumplings with higher proportions of soybean protein or similar ingredients tend to be priced lower per gram compared to those with higher meat content [5][6]. - For example, a dumpling containing no soybean protein is priced at 0.055 yuan per gram, while one with soybean protein is priced at 0.017 yuan per gram [5]. Regulatory Standards - Current national standards do not require specific labeling of soybean protein or similar ingredients, leading to a lack of transparency for consumers [8][9]. - The absence of clear regulations on the proportion of meat versus plant-based proteins in frozen dumplings allows companies to reduce costs significantly by increasing the use of plant-based ingredients [8][9][10]. Consumer Awareness - Consumers are advised to pay attention to the order of ingredients listed, as the first few ingredients typically represent the majority of the product [12][13]. - There is a growing concern about misleading labeling practices, where products may be marketed as "meat dumplings" despite having a higher content of plant-based proteins [12][13]. Future Trends - The industry is expected to see increased regulation and standardization regarding the labeling of plant-based proteins, with potential future requirements for quantitative disclosures [14][15]. - Companies are gradually shifting towards cleaner ingredient lists and may reduce or eliminate the use of non-native ingredients in response to consumer preferences for natural foods [15].

Core Insights - The article highlights the remarkable growth of Rui Mei Tong, a supply chain leader based in Henan, China, which has successfully expanded its operations globally despite its inland location [1][2]. Group 1: Company Development - Rui Mei Tong was founded in 2000, focusing on coal supply chain management, and has since evolved into the largest importer of thermal coal in China, maintaining a top-three position among importers for seven consecutive years [2][3]. - The company began its international expansion in 2009, transitioning from a coal-exporting nation to a net importer, with a net import volume of 103 million tons that year [2]. - By 2024, Rui Mei Tong is projected to ship 43.13 million tons of coal, with international coal business accounting for 38.93 million tons, reflecting a year-on-year growth of 17.65% [3]. Group 2: Strategic Initiatives - Rui Mei Tong established long-term agreements with Indonesian mining companies to secure stable supply channels and optimize transportation costs, enhancing its market influence [3]. - The company gained trading qualifications at the Platts window in Singapore, positioning itself within the global oil pricing framework and significantly increasing its market presence [4]. - In the agricultural sector, Rui Mei Tong is set to launch a soybean protein processing plant in Henan with an annual capacity of 120,000 tons, addressing local production gaps [4]. Group 3: Shipping and Logistics - The establishment of Rui Mei Tong's shipping company in 2012 marked a significant step in its international strategy, with the fleet expanding to 19 vessels by 2024 [5][6]. - The company emphasizes the importance of its shipping operations in reducing logistics costs and enhancing operational flexibility, particularly in response to global supply chain challenges [6]. Group 4: Talent Strategy - Rui Mei Tong has shifted to a localization strategy for its workforce, with approximately 65% of its overseas employees being local hires, which helps navigate local regulations and cultural nuances [7]. - The company has invested in leadership and supply chain education to enhance employee skills and global perspectives, establishing specialized training programs [7]. Group 5: Long-term Strategy - The company adheres to a long-term growth strategy in international markets, emphasizing thorough market research and risk management tailored to local conditions [8]. - Rui Mei Tong advocates for diversification to mitigate risks associated with over-reliance on single markets, alongside implementing localized hiring practices to integrate into different cultural environments [8].

证券代码：603182 证券简称：嘉华股份 公告编号：2025-013 山东嘉华生物科技股份有限公司 2025 年第一季度主要经营数据公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 根据《上海证券交易所上市公司自律监管指引第 3 号行业信息披露：第十四 号——食品制造》的相关要求，山东嘉华生物科技股份有限公司（以下简称"公 司"）现将 2025 年第一季度主要经营数据公告如下： | 项目 | 金额 | 比例（%） | | --- | --- | --- | | 大豆蛋白 | 19,867.28 | 57.33 | | 大豆油 | 7,158.68 | 20.66 | | 大豆膳食纤维 | 2,404.70 | 6.94 | | 低温食用豆粕 | 1,293.57 | 3.73 | | 蒸汽 | 2,022.53 | 5.84 | | 电力 | 847.35 | 2.45 | | 副产品 | 1,059.51 | 3.05 | | 合计 | 34,653.62 | 100.00 | 一、按产品类别分类的销售情况 单位：万元 ...