【厚道甘肃 地道甘味】 走进"甘味"超市货架，庄园股份的新品透着浓浓的"西北味儿"：带着花牛苹果清甜的NFC果汁、裹着临 泽小枣醇香的枣汁、复刻老兰州记忆的杏皮茶和酸梅汤，还有金银花柚子汁、胡萝卜汁、杏仁露等饮 品，就连醪糟有奶汽、西北冻梨汽水这样的创意汽水，也让地域风味有了新潮表达。 冰品区更是藏着惊喜：醪糟酸奶、浆水酸奶等多款特色产品，把甘肃人耳熟能详的传统小吃做成了冰爽 零食，上市不久就收获满满，销售额轻松破百万，印证了西北风味的市场号召力。 "不是盲目跨界，是把西北的好东西换种方式呈现。"庄园股份相关负责人介绍，公司靠着多年积累的研 发、品控和供应链优势，深挖本土物产和饮食文化，让花牛苹果、临泽小枣这些地方特产，通过现代工 艺变成了消费者喜爱的健康食品。从遵循古法的特色饮品，到锁鲜技术加持的NFC果汁，再到天然健康 的庄园山泉，每款产品都延续了"做精良品质"的初心。 责任编辑：陈德政 跨界"出圈""甘味"新品热销破千万 每日甘肃网兰州讯（新甘肃·甘肃日报记者冯宝强）从牧场到货架，今年的甘肃农垦庄园股份公司创新 不断。依托深耕乳业多年的功底，该公司通过全资子公司跨界布局饮料、冰品赛道，近20款西北特色新 ...

黄河越过风沙，向东流去，在鄂尔多斯高原东南部边缘的准格尔旗折成一个急转向南的直角。这里地下 富含煤矿，但近些年，林果业作为准格尔的城市新名片，也呼之欲出。 过去几千年的历史，准格尔旗并不被记载为苹果产区。无论是曾举兵塞北、镇抚美稷的东汉名将张奂， 还是曾亲征葛尔丹、移驻沙圪堵的清康熙帝，也未在乌拉素河流域见过苹果。即便上世纪有村民零星栽 种，也始终未成规模。 2023年，准格尔旗政府出台林果业发展三年行动方案，以真金白银的政策与科技赋能，携手民间力量， 建立起百万亩林果基地。曾经的荒山秃岭，果味飘香。龙头企业更是借助政策东风，在此建起从育苗、 种植到精深加工的全产业链。 准格尔旗大部分面积被"地球癌症"砒砂岩覆盖，但通过近年来的治理，目前，全旗植被覆盖率达 76.2%，水土流失治理度达73%。 准格尔旗发布 图 产业链的延伸也深刻地改变了乡村面貌与农民命运。山村里近年来涌现出一批拥有百亩果园的种植大 户，普普通通的山杏、沙棘也被加工成畅销海内外的高端饮品。在政策持续发力、市场愈加成熟的前景 中，准格尔旗正以特色林果业为绘笔，勾勒出一幅产业兴、生态美、百姓富的乡村振兴新画卷。 在高原丘陵之间，建立起全链条林果产 ...

Core Viewpoint - The Inner Mongolia Specialty Agricultural Products Promotion Event in the Guangdong-Hong Kong-Macao Greater Bay Area aims to enhance the integration of Inner Mongolian agricultural products into the Bay Area market, showcasing high-quality products and fostering cooperation between Inner Mongolian enterprises and Bay Area buyers [3][5][10]. Group 1: Event Overview - The promotion event took place in Guangzhou from November 25, lasting for two days, featuring the exhibition and sale of high-quality agricultural and livestock products from Inner Mongolia [3][4][14]. - The event was guided by various governmental bodies, including the Inner Mongolia Autonomous Region Agricultural and Animal Husbandry Department, and supported by multiple cities within Inner Mongolia [8][9][10]. Group 2: Product Highlights - Inner Mongolia is recognized for its rich agricultural resources, with 2024 projections indicating that beef and lamb production will remain the highest in China, and the total output value of seven key industrial chains will exceed 700 billion yuan [19][20][21]. - The region has been focusing on enhancing the quality and competitiveness of its agricultural products, aiming to integrate them into the national market [22][24]. Group 3: Market Integration Efforts - The event serves as a bridge for Inner Mongolian products, such as beef, dairy, and specialty grains, to enter the Greater Bay Area, which is the largest agricultural product consumer market in China [32][40][41]. - The promotion activities have included strategic partnerships and collaborations with Bay Area enterprises to facilitate the distribution of Inner Mongolian products [47][80][82]. Group 4: Cultural Engagement - The event featured cultural performances, including traditional Mongolian music and dance, to create an immersive experience and attract consumer interest in Inner Mongolian products [11][86][90]. - The promotion utilized media engagement strategies to enhance visibility and consumer awareness of Inner Mongolian products, resulting in significant foot traffic at the event [84][91].

Core Points - The event "Montana Products Enter the Bay" will take place on November 25-26 in Guangzhou, showcasing high-quality agricultural and livestock products from Inner Mongolia [5][6][10] - The theme of the event is "Enjoying the Prairie in Guangdong," aiming to promote cultural and agricultural exchanges between Inner Mongolia and the Guangdong-Hong Kong-Macao Greater Bay Area [9][10][19] Group 1: Event Overview - The event is organized by various governmental bodies from Inner Mongolia and aims to enhance the presence of local products in the Greater Bay Area [5][6][10] - It will feature a "Prairie Market" and cultural performances, including traditional Mongolian music and dance, to engage the local community [11][12][40] - Over 60 types of premium products will be showcased, including milk products, meat, and traditional Mongolian delicacies [15][34] Group 2: Economic Impact - Inner Mongolia's agricultural output is significant, with a projected grain production of 82.01 billion jin in 2024 and leading national rankings in beef and milk production [16][17] - The strategic cooperation agreement signed between Inner Mongolia and Guangdong aims to facilitate the entry of high-quality agricultural products into the Greater Bay Area [18][19] - The event will also include online sales initiatives through platforms like Taobao and JD.com, enhancing market competitiveness and consumer accessibility [32][34] Group 3: Cultural Promotion - The event serves as a platform for showcasing Inner Mongolia's rich cultural heritage alongside its agricultural products [35][36] - Performances by the Ulan Muqi troupe will highlight traditional Mongolian arts, contributing to cultural exchange and awareness [39][44] - The initiative aims to strengthen the brand presence of Inner Mongolian products in the Greater Bay Area, promoting both economic and cultural ties [48][50]

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]