8月25日，有报道称，喜茶、奈雪、蜜雪冰城、茉莉奶白、爷爷不泡茶、茶百道等主流新茶饮品牌的产 品被送至专业机构检测，结果显示部分产品中检出反式脂肪酸。对此，有行业专家表示，乳及乳制品中 本身含有天然的反式脂肪酸，而目前的植脂末产品已能够做到"0反式脂肪酸"，因此不应仅以"检出反式 脂肪酸"作为传播焦点。那么，检出反式脂肪酸的新茶饮还能不能喝？我们通过以下五个问答为大家解 析。 1、奶茶中的反式脂肪酸从何而来？ 脂肪酸有两种存在形式，一种为顺式脂肪酸，另一种为反式脂肪酸。在自然状态下，大多数不饱和脂肪 酸都是顺式脂肪酸。天然食物中也存在反式脂肪酸，主要包括牛、羊等动物的肉、脂肪、乳及乳制品 等。一般情况下，天然食物总脂肪中含有2%—5%的反式脂肪酸。此外，在加工食品中，反式脂肪酸主 要存在于奶油类、煎炸类、烘烤类和速溶类食品中，如炸薯条、炸猪排、烤面包、西式奶油糕点及饼干 等。另外，氢化植物油也是反式脂肪酸的来源之一。 为何奶茶中也会检出反式脂肪酸呢？喜茶方面表示，该内容为不实信息，严重误导了消费者。其所有产 品均使用真奶、真茶、真果、真糖等高品质原料，所有原料都会经过专业的检测机构进行检测，符合相 关标准。喜 ...

Overview - The demand for powdered fats, specifically plant-based creamers, is rapidly increasing in China due to the growth of downstream markets such as milk tea, coffee, and baked goods [1][11] - However, there is a notable decline in demand projected for 2024, with consumption expected to drop to 705,300 tons and market size to 7.406 billion yuan, driven by rising health consciousness among consumers [1][11] - High-end categories such as cold-soluble creamers, zero trans-fat products, and functional creamers are anticipated to become the main growth engines in the industry [1][11] Market Policy - The plant-based creamer industry is classified under the manufacturing sector, specifically in food manufacturing, and is subject to strict regulations to ensure food safety and quality [4][6] - Recent policies have focused on enhancing food safety supervision and promoting high-quality development within the industry [4][6] Industry Chain - The upstream of the plant-based creamer industry includes suppliers of raw materials like edible vegetable oils, glucose syrup, and milk powder, as well as suppliers of emulsifiers and stabilizers [7] - The midstream involves the production and manufacturing of creamers, while the downstream encompasses application markets including milk tea, coffee, and baked goods [7] Market Demand - Milk tea is the largest consumer market for plant-based creamers in China, accounting for over 50% of the market share [9] - The rapid growth of the ready-to-drink milk tea market has led to increased demand for creamers, which provide a smooth texture and rich flavor [9] - As health awareness rises, there is a shift towards low-sugar and low-fat options, prompting manufacturers to innovate and develop healthier products [9][11] Competitive Landscape - The market concentration has increased, with leading companies like Jiahe Food, Nestlé, and Super Group dominating the market [13][15] - Jiahe Food holds the largest market share, with its Jinghua brand being a well-known name in the plant-based creamer sector [13][16] - Nestlé leverages its international brand influence and extensive distribution channels to maintain a significant presence in the market [13][15] Development Trends - Future demand for low-sugar and low-fat plant-based creamers is expected to rise, leading companies to innovate and introduce products that meet these health requirements [20] - The integration of "Internet + plant-based creamers" is becoming a trend, with companies focusing on digital marketing and channel development to enhance consumer interaction [20] - The use of big data and artificial intelligence is anticipated to optimize production processes, improving efficiency and product quality [20]

Core Viewpoint - The company, Jiahe Foods, is experiencing a significant decline in its financial performance for the first half of 2025, with net profit expected to drop by 77.21% to 84.80% compared to the same period last year, raising concerns about the transformation pains of the leading plant-based cream industry player [1] Group 1: Financial Performance - The projected net profit for the first half of 2025 is between 10.55 million to 15.83 million yuan, a substantial decrease from the previous year [1] - The net profit after excluding non-recurring gains and losses is expected to be as low as 2.37 million to 3.55 million yuan, reflecting a year-on-year decline of 94.24% to 96.16% [1] Group 2: Reasons for Decline - The decline in performance is attributed to a dual pressure from rising costs and strategic investments [1] - Increased product costs due to a rise in raw material prices and higher marketing expenses from expanding into coffee and C-end sales channels are key factors [1] Group 3: Business Strategy and Market Trends - Jiahe Foods' core product, plant-based cream, has seen a significant drop in sales due to the trend of "de-plant-based cream" in the new tea beverage industry [1] - The company is shifting focus towards the coffee industry, having announced plans to raise 725 million yuan for coffee production expansion and working capital [1] - In June, the company enhanced brand recognition by gifting coffee products to shareholders [1] Group 4: Sales and Marketing Expenses - Sales expenses surged by 75.14% year-on-year in 2024, primarily due to increased promotional costs for the coffee business and e-commerce platform expenses [2] - In the first half of 2025, the trend of rising marketing expenses continued, significantly impacting profit margins despite efforts to penetrate the market through free product giveaways and strengthening C-end channel construction [2] - The wholly-owned subsidiary, Jinmao Coffee, reported revenue of 292 million yuan in 2024, but its net profit was only 7.67 million yuan, with profit margins below the industry average [2]

Core Viewpoint - The company Jiahe Foods is engaging in shareholder rewards by distributing coffee products, reflecting its ongoing development in the coffee business amidst declining sales in its primary product line, powdered fats [1][2]. Group 1: Company Overview - Jiahe Foods is a leading player in the powdered fat industry in China, focusing on the research, production, and sales of powdered oils, coffee, plant-based products, and others [2]. - Major clients include well-known food companies such as Unification, Xiangpiaopiao, and Wahaha, as well as new tea beverage brands like Mixue Ice City and Hushang Ayi [2]. Group 2: Financial Performance - In 2024, Jiahe Foods reported revenue of 2.311 billion yuan, a year-on-year decline of 18.68%, with a net profit of 84 million yuan, down 67.43% [2]. - The powdered fat segment generated 1.159 billion yuan in revenue, a significant drop of 39.82%, while coffee products achieved revenue of 278 million yuan, growing by 6.58% with a gross margin of 16.26% [2]. Group 3: Market Position and Strategy - Despite partnerships with leading brands in the coffee sector, Jiahe Foods' brand presence in the consumer market remains relatively weak, with the coffee business having a 12% share in the consumer market and 88% in the business market [2]. - As of June 24, the stock price of Jiahe Foods was 13.71 yuan per share, with a total market capitalization of 6.2 billion yuan, reflecting a modest increase of 2.45% year-to-date [3].

Group 1: Company Overview - Jiahe Foods specializes in the research, production, and sales of powdered oils, coffee, plant-based products, and others, with powdered oils being its core product [2][3] - The revenue from powdered oils accounted for over 70% from 2020 to 2022, although it dropped below 70% in 2023, generating a historical high of 1.926 billion yuan [2] Group 2: Market Dynamics - The new tea beverage industry has shifted towards stock competition, requiring brands to innovate raw materials for differentiation, while consumer preferences have evolved towards higher quality [3] - The market share of powdered oils is being pressured as tea brands prefer to eliminate powdered oils as a marketing strategy due to health concerns [3] Group 3: Financial Performance - In 2024, Jiahe Foods experienced a significant decline in powdered oil revenue, dropping by 39.82% to 1.159 billion yuan, with overall revenue decreasing by 18.68% to 2.31 billion yuan and net profit halving by 67.43% to 83.9372 million yuan [1][3] - The first quarter of 2024 saw a dramatic net profit drop of 91.46% to 3.9064 million yuan, attributed to rising costs and declining sales [1] Group 4: Product Performance - Powdered oil production and sales volumes fell by 36.73% and 36.99% respectively in 2024, with inventory levels decreasing by 7.07% [4] - The coffee business is expected to become a second growth driver, with plans to invest 750 million yuan in expansion, aiming for significant production capacity in various coffee products [8] Group 5: Cost and Profitability - The gross margin for the coffee business improved to 16.26% in 2024, but remains lower than the 20.51% margin for powdered oils [9] - Sales expenses surged by 75.14% to 156 million yuan in 2024, significantly impacting profitability, with management indicating a need to control overall expense ratios [10]

Core Viewpoint - The article highlights the significance of the role of a company secretary (董秘) in bridging the gap between the enterprise and the capital market, emphasizing their contribution to corporate governance and investor relations management, particularly in the context of the evolving Chinese capital market [1]. Group 1: Career Development of Liu Xinren - Liu Xinren, the company secretary of Jiahe Foods, transitioned from a procurement manager to a key figure in connecting the company with the capital market over two decades [3]. - His pivotal career moment occurred during the IPO preparation phase, where he led the team through the intense process of IPO application, culminating in Jiahe Foods' successful listing on the A-share market in April 2021 [4]. - Post-IPO, Liu's responsibilities shifted towards regulatory compliance, market capitalization management, and investor communication, earning him multiple accolades for his professional capabilities [5]. Group 2: Strategic Transformation of Jiahe Foods - Jiahe Foods, initially known for its plant-based creamers, faced challenges due to changing consumer preferences and competition, prompting a strategic pivot towards coffee as a new growth avenue [8]. - The company capitalized on the rising coffee consumption trend, increasing from 9 cups per person in 2022 to 16.74 cups in 2023, and had already invested in coffee production capabilities since 2017 [9]. - Liu spearheaded a significant capital operation, raising 725 million yuan through a private placement to expand coffee production capacity, which includes various coffee products [9][10]. Group 3: Role and Challenges of a Company Secretary - The role of a company secretary extends beyond mere compliance; it involves maintaining corporate stability and managing investor relations post-IPO [14]. - Liu emphasized the importance of managing expectations and effectively communicating the company's strategies and long-term value to investors, balancing transparency with strategic messaging [15]. - The company secretary acts as a central figure in coordinating communication among various stakeholders, ensuring that the company's interests are represented accurately [16][17]. Group 4: Conclusion on the Role of Company Secretaries - Liu's career trajectory exemplifies the evolving role of company secretaries as vital contributors to corporate governance and strategic decision-making, particularly in navigating complex capital market dynamics [19]. - The article underscores the need for company secretaries to possess a deep understanding of both regulatory frameworks and market conditions, positioning them as essential players in fostering trust and transparency between companies and investors [19].

Group 1: Prolayya - In 2024, Prolayya aims to become the first beauty company in China to achieve over 10 billion in revenue, with a 'Double Ten Strategy' to enter the top ten global cosmetics companies in the next decade [1] - The main brand Prolayya has room for market share growth in China, focusing on developing skincare, energy, whitening, and base makeup series [1] - The company plans to enhance its online product matrix and improve operational capabilities while exploring new formats in offline channels [1] Group 2: Taotao Automotive - In 2024, Taotao Automotive reported a revenue of 2.977 billion, a year-on-year increase of 38.82%, and a net profit of 431 million, up 53.76% [2] - In Q1 2025, the company continued to show strong performance with a revenue of 639 million, a 22.96% increase year-on-year, and a net profit of 86 million, up 69.46% [2] - The company is expanding overseas production capacity and optimizing its global supply chain to mitigate tariff impacts, with a projected net profit margin of 14.49% in 2024 [2] Group 3: Jiahe Food - Jiahe Food's total revenue in 2024 was 2.31 billion, a decline of 18.68%, with a net profit of 83.94 million, down 67.43% [3] - The revenue drop is attributed to a shrinking demand for plant-based cream and increased marketing expenses due to C-end expansion [3] - In Q1 2025, the coffee business grew by 58.63%, driven by increased domestic demand and market recovery [3] Group 4: Dinglong Co., Ltd. - In 2024, Dinglong Co., Ltd. achieved record revenue of 3.338 billion and a net profit of 521 million, representing year-on-year growth of 25.14% and 134.54% respectively [4] - The semiconductor business significantly contributed to growth, with CMP polishing pads and semiconductor display materials seeing substantial revenue increases [4] - The company is increasing R&D investment by 21.01% to support new business areas and ensure future market demand [4]