饮料乳品 泉阳泉：剥离非主业轻装上阵，聚焦矿泉水主业提质增效 泉阳泉（600189.SH） 证券研究报告/公司点评报告 2026 年 01 月 25 日 | 公司盈利预测及估值 | 买入（上调） | 评级： | 指标 | 2023A | 2024A | 2025E | 2026E | 2027E | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 营业收入（百万元） | 1,122 | 1,198 | 1,274 | 1,450 | 1,722 | 分析师：何长天 | 增长率 | -12% | 7% | 6% | 14% | 19% | yoy% | | 归母净利润（百万元） | -457 | 6 | 15 | 20 | 30 | 执业证书编号：S0740522030001 | 增长率 | -900% | 101% | 137% | 40% | 47% | yoy% | | Email：hect@zts.com.cn | 每股收益（元） | -0.64 | 0.0 ...

Group 1 - The core message of the article highlights that Lianhua Holdings is expected to achieve a net profit attributable to shareholders of 290 million to 330 million yuan in 2025, representing a year-on-year growth of 43.15% to 62.90%, marking a historical high for the company [2] - Lianhua Holdings has transformed from a single product focus as the "King of MSG" to a leading enterprise in the seasoning industry, now driven by a dual strategy of "consumption + technology," indicating a significant brand revival and new growth opportunities [2][3] - The company's recent success is attributed to the new board and management's practical approach, emphasizing innovation and comprehensive reform of the management system, which has led to sustainable high-quality development [2] Group 2 - To adapt to new market demands, Lianhua has expanded its traditional product base while leveraging its comprehensive R&D capabilities, focusing on the development of diversified products under the "green, natural, and low three" product philosophy [3] - The product range includes various new offerings such as Matsutake Fresh, premium brewed soy sauce, and natural beverages, showcasing Lianhua's evolution from "MSG King" to a comprehensive kitchen expert [3][4] - Lianhua has actively engaged with consumers and integrated traditional Chinese culture with its brand culture, creating the "Lianbao" brand IP to rejuvenate its brand image and appeal to younger demographics [4]

Core Viewpoint - The company, Quan Yang Quan, expects a significant increase in net profit for the fiscal year 2025, projecting a net profit of 15.22 million yuan, which represents a 147.89% increase compared to the previous year's profit of 6.14 million yuan [1] Financial Performance - The company's profit-related metrics are expected to show substantial growth compared to the previous year, driven by the rapid increase in sales and revenue from its core business of natural mineral water [1] - The improvement in sales volume is anticipated to enhance the company's profitability [1]

Core Viewpoint - The company expects to achieve a net profit attributable to shareholders of 15.22 million yuan in 2025, representing a significant increase of 147.89% compared to the previous year's profit of 6.14 million yuan [1] Group 1: Financial Performance - The company's profit-related metrics are projected to show substantial growth compared to the previous year [1] - The main driver of this growth is the rapid increase in sales and revenue from the natural mineral water business, which has outpaced previous growth rates [1] - As sales volume increases, the company's profitability is expected to improve [1]

Core Viewpoint - The company expects to achieve a net profit attributable to shareholders of 15.22 million yuan in 2025, representing a significant increase of 147.89% compared to the previous year's profit of 6.14 million yuan [1] Financial Performance - The company's profit-related metrics are projected to show substantial growth compared to the previous year [1] - The main driver of this growth is the rapid increase in sales and revenue from the natural mineral water business, which has seen a notable acceleration in growth rate [1] - As sales volume increases, the company's profitability is expected to enhance [1]

Core Viewpoint - The company, Quan Yang Quan, expects a significant increase in net profit for the fiscal year 2025, projecting a net profit of 15.22 million yuan, which represents a 147.89% increase compared to the previous year's profit of 6.14 million yuan [1] Group 1: Financial Performance - The expected net profit for 2025 is 15.22 million yuan, up from 6.14 million yuan in the previous year, indicating a substantial growth rate of 147.89% [1] - The mineral water segment continues to show rapid growth, with sales volume increasing to 1.5034 million tons, a rise of 33.84% compared to the same period last year [1] - Profit-related metrics have seen significant increases compared to the previous year, primarily driven by the strong performance in the natural mineral water segment [1] Group 2: Segment Performance - The mineral water segment is the main driver of the company's performance, with both sales and revenue metrics showing rapid growth and improved growth rates compared to the previous year [1] - The landscaping segment experienced a decline in revenue due to market conditions, contrasting with the growth in the mineral water segment [1] - The wooden door and home furnishing segment showed a recovery in performance during the reporting period [1]

Core Viewpoint - The company, Quan Yang Quan, forecasts a significant increase in net profit for the year 2025, indicating strong growth in its core business of natural mineral water sales [1] Group 1: Financial Performance - The company expects a net profit attributable to shareholders of 15.22 million yuan, representing a year-on-year increase of 147.89% [1] - The sales volume of the company's natural mineral water business has risen to 1.5034 million tons, reflecting a year-on-year growth of 33.84% [1] Group 2: Business Growth - Key performance indicators such as sales volume and revenue in the natural mineral water segment continue to grow rapidly, with a noticeable increase in growth rate compared to the previous year [1] - The enhancement in sales volume is contributing to improved profitability for the company [1]

Core Viewpoint - The company expects a significant increase in net profit for 2025, projecting approximately 15.22 million yuan, which represents a year-on-year growth of about 147.89% [1] Financial Performance - The projected net profit attributable to shareholders for 2025 is approximately 15.22 million yuan [1] - The expected net profit excluding non-recurring gains and losses is projected to be -15.76 million yuan, with year-on-year growth not applicable [1] Revenue Drivers - The main reason for the profit increase is attributed to the substantial growth in sales and revenue from the company's core business of natural mineral water, which has shown a significant improvement in performance metrics compared to the previous year [1] - The enhancement in profitability is linked to the increase in sales volume [1]

Group 1 - Financial institution Caibang Fund and a specialized M&A fund have announced a strategic investment in Tianzhushan Spring, focusing on capacity upgrade, channel expansion, and brand enhancement [1][2] - The investment reflects strong market confidence in high-quality companies within the natural drinking water sector and aims to support Tianzhushan Spring's growth in the high-end ecological beverage market [1][2] - Tianzhushan Spring has established a solid market foundation and user reputation due to its premium water source and strict production standards, necessitating capital and resource support for scaling production and optimizing the supply chain [1][2][5] Group 2 - Caibang Fund specializes in consumer upgrades and technology innovation, managing over 10 billion yuan, and focuses on value investment and empowering growth for quality enterprises [3] - The M&A fund targets investment opportunities in consumer upgrades and industry integration, particularly in high-growth sectors like food and beverage, leveraging industry resources and expertise [4] - Tianzhushan Spring has been dedicated to the natural drinking water sector, with products including natural mineral water and spring water, adhering to principles of direct sourcing and ecological bottling [5]

Group 1 - The 2025 Sohu Finance Annual Forum was successfully held in Beijing, featuring over twenty authoritative guests from academia, business, and investment sectors discussing key topics such as macro policies, industrial upgrades, corporate globalization, capital market reforms, and international dynamics [1] - Wu Xiaoqiu, a professor and former vice president of Renmin University, highlighted that China's economy has transitioned from a "shortage era" to an "excess stage" within just over forty years, emphasizing the need to expand consumption under current conditions [3] - Liu Jipeng, a professor at China University of Political Science and Law, identified three key factors for the sustainable development of A-shares after surpassing 4000 points: major shareholder reductions, low-interest buybacks, and utilizing capital markets for the benefit of investors [5] Group 2 - Teng Tai, an economist, proposed three unconventional measures to achieve the "14th Five-Year Plan" goal of a 6% annual growth rate in retail sales of consumer goods, including issuing a trillion yuan in universal consumption vouchers, reallocating state-owned equity to enhance social security, and creating a wealth effect through capital markets [7] - Yan Xuetong, honorary dean of Tsinghua University's International Relations Institute, stated that the changes in the international situation in 2025 cannot be explained by structural factors but are determined by the actions of major power decision-makers [9] - Sun Liping, a sociologist, noted that China's economy is at a turning point characterized by "overdraft, contraction, and internal competition," requiring comprehensive restoration to return to normal circulation [11] Group 3 - Huang Shaoqing, a professor at Shanghai Jiao Tong University, emphasized the importance of regulating local government economic interventions to combat "involution and efficiency traps" [13] - Zhang Bo, director of the 58 Anjuke Research Institute, indicated that the real estate sector is transitioning from high-leverage expansion to high-quality development, moving away from the "real estate-only" wealth logic [16] - Shi Yongqing, founder and chairman of the Zhongyuan Group, suggested that areas with stagnant population growth should halt land sales to allow existing properties to be absorbed [20] Group 4 - Zhang Ruipeng, vice president of Yili Group, discussed the shift in China's dairy industry from "quantity-driven" to "quality-driven," highlighting the importance of deep processing in industry upgrades [24] - Wu Xiangdong, chairman of Jin Dong Investment Group, stressed that white liquor companies must innovate to achieve breakthroughs during the industry's downturn [27] - Zhen Shaoqiang, president of Penghui Energy Group, noted that the energy storage industry is experiencing a "sweet trouble," with increasing demand but also entering a period of adjustment and intensified competition [41] Group 5 - Liang Yonghui, deputy general manager of Shandong Zhaojin Refining, pointed out that while the long-term bullish trend for gold remains, a price adjustment is expected in the short term due to rapid increases in 2025 [45] - Li Tian, a fund manager at Daqing Investment, highlighted that the rise of new consumer brands is driven by the "she economy," which presents both opportunities and challenges for sustained growth [49] - Mao Dingding, a fund manager at Chuangjin Hexin Fund, indicated that the U.S. biotech sector is approaching a significant investment turning point, with opportunities for both beta and alpha returns [51]