蒙品入湾，粤享 草原！内蒙古特 色农产品大湾区 （广州）推介活 动圆满举办_南 方+_南方plus "这个冬天，老 广的羊肉煲，内 蒙古包了！" 11月25日，2025 年内蒙古特色农 产品大湾区（广 州）推介活动在 广东省广州市北 京路商圈成功举 办。本次活动为 期两天，现场展 示展销内蒙古优 质农畜产品，并 重磅发布"蒙"字 号品牌，推动一 批内蒙古农牧企 业与粤港澳大湾 区采购商、渠道 商达成合作，加 速"蒙"品融入粤 港澳大湾区，进 一步推动内蒙古 农牧产品布局华 南市场。 内蒙古特色农产品大湾区（广州）推介活动现场。 本次活动由内蒙 古自治区农牧 厅、内蒙古自治 区市场监督管理 局、内蒙古自治 区供销合作社联 合社指导，内蒙 粤蒙携手 "湾区优 势"与"草原资 古自治区人民政 府驻深圳办事处 主办，得到了包 头、赤峰、乌兰 察布、鄂尔多 斯、巴彦淖尔等 盟市的大力支 持，有力推动一 批优质"蒙"品成 为连接草原与湾 区的新纽带，进 一步丰富大湾区 消费者的餐桌。 活动同期举行乌 兰牧骑蒙古歌 舞、马头琴演奏 等文化快闪，营 造"草原就在眼 前"的沉浸氛 围，用多元魅力 点燃"蒙"品市场 热度，以实打 ...

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Core Viewpoint - Southwest Securities has given a "Buy" rating to Chengde Lolo (000848.SZ) based on its stable main business in almond milk, significant cost advantages, and effective stock incentives for new product launches [1][2]. Group 1: Business Performance - The main business of almond milk is stable, and the layout of new products opens up growth opportunities [1]. - Significant cost advantages are being released, leading to a steady improvement in profitability [1]. Group 2: Strategic Initiatives - Stock incentive plans are in place, and there is an active layout for new products [1].

Core Viewpoint - Chengde Lulule's financial performance in the first three quarters of 2025 shows a decline in both revenue and net profit, reflecting ongoing challenges in consumer demand and seasonal sales fluctuations [1] Financial Performance - For the first three quarters of 2025, the company achieved operating revenue of approximately 1.956 billion yuan, a year-on-year decrease of 9.42% [1] - The net profit attributable to shareholders was about 384 million yuan, down 8.47% year-on-year [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was approximately 382 million yuan, a decline of 8.55% year-on-year [1] Sales and Market Conditions - The company experiences significant seasonal sales variations, with the first quarter of 2025 facing pressure due to an early Spring Festival and a continuation of weak overall consumer sentiment [1] - Revenue in the first half of 2025 decreased by 15.30% year-on-year [1] - Despite underperformance in the first half, the third quarter showed better-than-expected revenue performance as the company accelerated its efforts to meet targets for the second year of its equity incentive plan [1] Product Development - The main product contributing to revenue remains almond milk, while new products are still in the cultivation phase, with some contribution in the third quarter but not yet significant [1] Project Development - The construction project for "annual production of 150,000 tons of Lulule series beverages" is progressing, with 90% of the foundation work completed, 85% of the main structure finished, and 10% of the secondary structure completed as of September 30, 2025 [1]

Core Viewpoint - The rise of traditional Chinese health drinks is evident, with various products like hawthorn and dried tangerine peel water gaining popularity, while leading plant protein beverage company Chengde Lulule is seeking new growth opportunities in a competitive market [1][3]. Group 1: Financial Performance - Chengde Lulule reported a revenue of 1.956 billion yuan for the first three quarters of the year, a year-on-year decrease of 9.42%, with a net profit attributable to shareholders of 384 million yuan, down 8.47% year-on-year [3]. - Quarterly revenue figures show approximately 1.002 billion yuan, 382 million yuan, and 572 million yuan for Q1, Q2, and Q3 respectively, with net profits of about 215 million yuan, 43 million yuan, and 125 million yuan, indicating a significant improvement in Q3 compared to Q2 [3]. - The gross profit margin for Q3 increased to 44.73%, attributed to lower procurement prices for raw materials and packaging [3]. Group 2: Market Trends and Strategies - The beverage industry is entering a peak season, prompting companies to enhance marketing efforts through promotions and new product launches [3]. - Chengde Lulule is adjusting its marketing strategy by leveraging online platforms like Douyin and focusing on convenience store and restaurant channels, including collaborations with hotpot chains [3]. - The company is also exploring new product lines, launching the "Lulule Herbal Series" with various flavors aimed at health-conscious consumers [4][5]. Group 3: Product Development - The herbal drinks are positioned as clean-label products with minimal ingredients, such as the goji berry and mulberry drink containing only five ingredients and low sugar content [5]. - The herbal series generated revenue of 32.85 million yuan in the first half of the year, accounting for 2.37% of total revenue, indicating early signs of growth [5]. - Chengde Lulule's R&D expenses have been declining for three consecutive years, with figures of approximately 18.48 million yuan, 11.97 million yuan, and 6.47 million yuan for the first three quarters of 2023 [5].

Core Viewpoint - The company, Chengde Lulule, is facing challenges in the plant protein beverage market, with a decline in revenue and net profit in the first three quarters of the year, despite a recovery in the third quarter driven by seasonal demand and strategic marketing efforts [1][3][4]. Financial Performance - For the first three quarters, Chengde Lulule reported revenue of 1.956 billion yuan, a year-on-year decrease of 9.42%, and a net profit of 384 million yuan, down 8.47% [1]. - In the third quarter alone, the company achieved revenue of 572 million yuan, marking an 8.91% year-on-year increase, indicating a recovery trend [1][3]. - The company's gross profit margin improved to 44.73% in the third quarter, attributed to lower raw material costs and packaging prices [3]. Product Development - Chengde Lulule launched the "Lulule Herbal Series" in an attempt to create a "second growth curve" amid a sluggish plant protein beverage market [1][4]. - The new herbal drinks include four flavors, emphasizing clean ingredients and lower sugar content, with a focus on health-conscious consumers [4][5]. - The herbal series generated revenue of 32.85 million yuan in the first half of the year, accounting for 2.37% of total revenue, showing potential for growth [5]. Marketing and Sales Strategy - The company has increased its sales expenses to approximately 365 million yuan in the first three quarters, a year-on-year increase of 12.38%, indicating a push for marketing and promotional activities [5]. - Chengde Lulule has adjusted its marketing channels, utilizing online platforms like Douyin and focusing on offline sales through convenience stores and partnerships with restaurants [3][5]. - The company aims to innovate in product positioning, packaging design, and marketing to differentiate itself from competitors in the herbal beverage segment [5].

Macro Strategy - The GDP growth rate remains resilient, expected to achieve the annual target of 5% [1][16] - Concerns about liquidity risks in the dollar market due to the near exhaustion of reverse repos and continuous TGA replenishment [1][18] - The core of the US economy is still based on "salary income → consumption expenditure," indicating a potential soft landing as long as core sectors do not face substantial risks [1][21] Fixed Income - The report highlights the potential for arbitrage opportunities in the Sci-Tech bond ETF, focusing on bonds with an implied rating of AA+ or higher, smaller issuance sizes, and specific issuer types [3][5] Industry Analysis - **Pet Food Industry**: The company is a leading player in the domestic pet food market, with significant advantages in brand strength, product quality, and channel capabilities. The profit forecast for 2025-2027 has been adjusted downwards due to tariff impacts on overseas OEM business, with net profit estimates of 7.0/8.8/10.7 billion yuan, reflecting year-on-year growth of 12.5%/25.2%/21.8% [6] - **Education Sector**: The company is positioned as a leader in corporate training, with a forecasted net profit of 3.0/3.3/3.6 billion yuan for 2025-2027, maintaining a "hold" rating [9] - **Textile Industry**: The company reported a stable Q3 performance with a revenue increase of 23.2% year-on-year, benefiting from volume growth in key products. The net profit forecast for 2025-2027 is maintained at 35.1/43.0/49.8 billion yuan [13] - **Electrical Equipment**: The company expects a 5-10% revenue growth in the high-voltage sector, driven by strong demand and a robust order backlog. The net profit forecast for 2025-2027 is set at 12.85/16.09/19.46 billion yuan [14] - **Mining Sector**: The company has adjusted its net profit forecast for 2025-2027 to 504/590/690 billion yuan, reflecting the rising prices of gold and copper [15]

Core Viewpoint - The company reported a revenue of 1.955 billion yuan for the first nine months of 2025, a year-on-year decline of 9.42%, with a net profit attributable to shareholders of 383 million yuan, down 8.47%, although the decline was narrower compared to the first half of the year [1] - Q3 revenue reached 572 million yuan, an increase of 8.91% year-on-year, exceeding market expectations, while net profit attributable to shareholders was 125 million yuan, a slight decrease of 0.28% year-on-year [1] Group 1 - The company experienced a significant seasonal sales pattern, with Q1 under pressure due to an early Spring Festival and overall weak consumer sentiment, leading to a 15.30% year-on-year revenue decline in the first half of 2025 [1] - The company is in the second year of its stock incentive plan, with good progress in meeting targets, which has positively influenced Q3 performance despite slower progress in the first half [1] - The main product, almond milk, continues to be a significant contributor, while new products are still in the cultivation phase, showing some contribution in Q3 but not yet achieving significant volume [1] Group 2 - Q3 gross margin was 44.73%, up 4.05 percentage points year-on-year, primarily due to cost advantages from low-priced raw almond reserves and low packaging material costs [2] - Sales expenses in Q3 were 84.52 million yuan, a year-on-year increase of 61.74%, mainly due to increased advertising and channel costs for the new health water series, leading to a sales expense ratio of 14.78% [2] - Cash flow remained strong, with cash received from sales of 651 million yuan in Q3, a year-on-year increase of 9.17%, and a cash balance of 3.505 billion yuan at the end of Q3, showing significant growth [2] Group 3 - The company has a strong commitment to dividends, with a high level of cash reserves ensuring dividend security, and a significant share buyback plan expected to be executed by mid-November 2025 [3] - Based on the semi-annual performance and cautious outlook for Q4, the company maintains a conservative revenue and profit forecast for 2025, projecting revenues of 2.986 billion yuan and net profits of 628 million yuan for 2025 [3] - The current market valuation corresponds to a PE ratio of 14.8x for 2025 and 13.4x for 2026, with a positive outlook for a return to growth in 2026 due to favorable conditions [3]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][2] Core Views - The company reported better-than-expected revenue in Q3, with a total revenue of 5.72 billion yuan, representing a year-on-year growth of 8.91% [7][2] - The overall revenue for the first nine months of 2025 was 19.55 billion yuan, a decline of 9.42% year-on-year, while the net profit attributable to shareholders was 3.83 billion yuan, down 8.47% year-on-year [7][2] - The company is optimistic about returning to a strong year in 2026, benefiting from the timing of the Spring Festival [2] Financial Forecasts - Total revenue projections for 2025 and 2026 are 29.86 billion yuan and 32.58 billion yuan, respectively, with net profits of 6.28 billion yuan and 6.93 billion yuan [2] - The current market capitalization corresponds to a P/E ratio of 14.8x for 2025 and 13.4x for 2026 [2] - The company maintains a strong cash flow position, with cash on hand of 3.505 billion yuan at the end of Q3 [7][2] Revenue and Profitability - The company experienced a gross margin of 44.73% in Q3, an increase of 4.05 percentage points year-on-year, primarily due to cost advantages from low-priced raw materials [7][2] - Sales expenses increased by 61.74% year-on-year in Q3, mainly due to advertising and channel costs for new product launches [7][2] Market Data - The closing price of the company's stock is 8.83 yuan, with a market capitalization of approximately 9.294 billion yuan [5] - The company has a price-to-book ratio of 2.74 and a total share capital of 1,052.55 million shares [5][6]

Group 1: Industry Transformation - The coal industry in the Zhuoerqi region is undergoing a significant transformation, moving from traditional methods to advanced technologies such as autonomous trucks and smart mining operations [3][4] - The black daigou open-pit coal mine has implemented intelligent projects including 5G-enabled autonomous trucks and slope warning systems, enhancing operational efficiency [3] - The coal-based industry chain is extending into advanced fields, with companies like Ordos New Innovative Materials Co., Ltd. producing coal-derived materials for lithium-ion batteries [4] Group 2: Diversification of Economy - The region is diversifying its economy beyond coal, with agricultural innovations leading to the establishment of apple orchards and the introduction of smart farming technologies [4][5] - The Inner Mongolia Guohua Food Technology Development Co., Ltd. has successfully launched seabuckthorn juice products, capturing markets in North America and generating new overseas orders [5] - The Inner Mongolia Gaoyuan Almond Beverage Co., Ltd. is implementing a company-base-farmer model, significantly increasing income for local farmers through almond production [6] Group 3: Emerging Enterprises - New energy equipment manufacturers like Inner Mongolia Tichen Intelligent Equipment Co., Ltd. are developing autonomous mining vehicles, contributing to the modernization of mining operations [6] - Companies such as Inner Mongolia Yujing Technology Co., Ltd. are producing high-quality specialty glass, with production lines for photovoltaic backplane glass already operational [6] - The emergence of these new enterprises is enriching the industrial ecosystem of Zhuoerqi, supporting the region's transition to a more diversified and sustainable economy [6]