格隆汇11月25日丨安德利(605198.SH)在互动平台表示，在生产布局方面，公司深耕浓缩果汁主业多 年，始终遵循"原料产区就近建厂"原则，目前已在山东、陕西、山西、辽宁、江苏、四川、新疆7个苹 果主产省布局10个现代化加工基地，同时2025年8月与绥中县政府签署合作意向书，拟投资约1.6亿元建 设果汁加工生产线项目，建成后可年加工苹果、梨12万吨，进一步完善东北及环渤海区域产能覆盖。公 司现有10个基地均靠近原料核心产区，拥有20条果汁生产线，设计年加工果品能力100万吨，浓缩果汁 加工能力和生产规模居全球同行业前列。公司形成"多产区协同、规模化加工"的布局优势，既能降低原 料运输成本，又能快速响应不同区域的生产与订单需求。原料果收购方面，公司依托产区布局与资金优 势，与各地的广大果农建立长期稳定合作关系，在各地树立良好信誉；公司是农业产业化国家重点龙头 企业，全国农产品加工业出口示范企业，中国食品工业出口百强企业，中国农业国际贸易高质量发展基 地。公司自成立以来，已累计支付给农民种植户原料果款约140亿元。关于2025年原料果价格，结合行 业供需及公司实际采购情况，截至到目前，2025年原料果收购价整体 ...

资料显示，烟台北方安德利果汁股份有限公司位于山东省烟台市牟平区新城大街889号,香港石塘咀德辅 道西452号香港工业大厦2楼E座10室，成立日期1996年3月30日，上市日期2020年9月18日，公司主营业 务涉及浓缩果汁的加工生产及销售。主营业务收入构成为：果汁、香精97.67%，饲料2.33%。 安德利所属申万行业为：农林牧渔-农产品加工-果蔬加工。所属概念板块包括：一带一路、H股、中 盘、养老金概念、乡村振兴等。 截至9月30日，安德利股东户数7021.00，较上期减少23.74%；人均流通股38631股，较上期增加 31.22%。2025年1月-9月，安德利实现营业收入13.21亿元，同比增长28.88%；归母净利润2.84亿元，同 比增长43.38%。 11月17日，安德利盘中下跌2.01%，截至09:39，报39.47元/股，成交1381.09万元，换手率0.13%，总市 值134.67亿元。 资金流向方面，主力资金净流入18.91万元，大单买入92.91万元，占比6.73%，卖出74.01万元，占比 5.36%。 安德利今年以来股价涨44.47%，近5个交易日跌12.48%，近20日跌12.29 ...

Core Viewpoint - The stock of Andeli has experienced fluctuations, with a year-to-date increase of 66.18% but a recent decline in the last five trading days by 1.75% [1] Financial Performance - For the period from January to September 2025, Andeli achieved a revenue of 1.321 billion yuan, representing a year-on-year growth of 28.88% [2] - The net profit attributable to the parent company for the same period was 284 million yuan, showing a year-on-year increase of 43.38% [2] Stock Market Activity - As of November 10, Andeli's stock price was 45.40 yuan per share, with a market capitalization of 15.49 billion yuan [1] - The stock has been on the龙虎榜 four times this year, with the most recent appearance on September 12, where it recorded a net buy of -15.99 million yuan [1] Shareholder Information - As of September 30, 2025, Andeli had 7,021 shareholders, a decrease of 23.74% from the previous period [2] - The average number of circulating shares per shareholder increased by 31.22% to 38,631 shares [2] Dividend Distribution - Since its A-share listing, Andeli has distributed a total of 234 million yuan in dividends, with 198 million yuan distributed over the last three years [3] Institutional Holdings - As of September 30, 2025, the Southern Core Growth Mixed A fund has exited the list of the top ten circulating shareholders of Andeli [3]

Core Viewpoint - Andeli's stock price has shown significant volatility, with a year-to-date increase of 69.11%, but recent trading indicates a slight decline in the short term [1][2]. Financial Performance - For the period from January to September 2025, Andeli achieved a revenue of 1.321 billion yuan, representing a year-on-year growth of 28.88%. The net profit attributable to shareholders was 284 million yuan, reflecting a year-on-year increase of 43.38% [2]. Stock Market Activity - As of November 7, Andeli's stock price was 46.20 yuan per share, with a market capitalization of 15.763 billion yuan. The stock experienced a net outflow of 2.4567 million yuan in principal funds, with significant selling pressure observed [1]. - The stock has appeared on the "龙虎榜" (a list of stocks with significant trading activity) four times this year, with the most recent appearance on September 12, where it recorded a net buy of -15.9912 million yuan [1]. Shareholder Information - As of September 30, the number of shareholders for Andeli was 7,021, a decrease of 23.74% from the previous period. The average number of circulating shares per shareholder increased by 31.22% to 38,631 shares [2][3]. Dividend Distribution - Since its A-share listing, Andeli has distributed a total of 234 million yuan in dividends, with 198 million yuan distributed over the past three years [3].

Investment Rating - The report maintains an "Outperform" rating for the company [1][5]. Core Insights - Despite a decline in revenue for the third quarter, the company continues to maintain good profit expansion, with a high growth trend observed in the first three quarters of 2025. The company is expected to continue gaining market share in the future [1][5]. - Both domestic and international markets have shown rapid growth, with the domestic market growing by 21.12% to RMB 379 million and the international market growing by 32.37% to RMB 936 million in the first three quarters of 2025 [3][9]. - The company has plans for capacity expansion, including new plants and production lines, which are expected to enhance future market share [5][9]. Financial Summary - The total revenue for 2025 is projected to be RMB 1.837 billion, with a year-on-year growth of 29.5%. The net profit attributable to shareholders is expected to reach RMB 378 million, reflecting a growth of 44.8% [4][5]. - The earnings per share (EPS) forecast for 2025-2027 is projected at RMB 1.11, RMB 1.33, and RMB 1.61 respectively, while the book value per share (BPS) is expected to be RMB 8.47, RMB 9.37, and RMB 10.45 [5][9]. - The company’s gross profit margin (GPM) for the first three quarters of 2025 was 24.38%, with a slight decrease of 1.14 percentage points compared to the previous year [5][9]. Capacity Expansion Plans - The company has established a plant in Xinjiang Aksu in 2023 and signed a strategic cooperation agreement in May 2024 for further capacity investment in Shaanxi Province. Additionally, plans are in place to invest in a juice processing line in Liaoning Province, which is expected to process 120,000 tons of apples and pears annually, generating approximately RMB 200 million in revenue [5][9].

Core Viewpoint - Andeli is a leading enterprise in the concentrated juice sector in China, showcasing significant investment value due to its full industry chain advantages and strong financial performance [1]. Financial Performance - In Q3 2025, Andeli achieved a revenue of 1.321 billion yuan, ranking third among six companies in the industry, surpassing the industry average of 971 million yuan and the median of 864 million yuan [2]. - The company's net profit for the same period was 284 million yuan, ranking second in the industry, exceeding the industry average of 91 million yuan and the median of 36 million yuan [2]. Profitability and Debt Management - As of Q3 2025, Andeli's debt-to-asset ratio was 6.24%, an increase from 4.95% year-on-year, but significantly lower than the industry average of 39.87%, indicating strong debt management [3]. - The gross profit margin for Q3 2025 was 24.38%, slightly down from 25.53% year-on-year, yet still above the industry average of 12.02%, reflecting robust profitability [3]. Shareholder Information - As of September 30, 2025, the number of A-share shareholders decreased by 23.79% to 7,003, while the average number of circulating A-shares held per account increased by 31.22% to 38,600 [5]. Management Compensation - The chairman, Wang An, received a salary of 80,000 yuan in 2024, unchanged from 2023, while the president, Zhang Hui, saw a reduction in salary to 26,700 yuan, down by 174,800 yuan from the previous year [4]. Future Outlook - Guotai Junan Securities maintains an "overweight" rating for Andeli, forecasting EPS of 1.17, 1.47, and 1.79 yuan per share for 2025-2027, with a target price of 53.40 yuan per share based on a 6x PB for 2025E [6]. - The company is expected to continue high growth, with a 39.18% year-on-year increase in apple juice production in 2024 and a 28.6% increase in inventory by the end of 2024 [6]. - Andeli is expanding its production capacity with new facilities planned in Xinjiang, Shaanxi, and Liaoning, which will enhance its market share [6].

Core Viewpoint - Andeli Juice (02218) reported a significant increase in revenue and net profit for the first three quarters of 2025, driven by a rise in customer orders and sales of concentrated juice [1] Financial Performance - The company's operating revenue reached approximately 1.321 billion yuan, representing a year-on-year growth of 28.88% [1] - The net profit attributable to shareholders was about 284 million yuan, showing a year-on-year increase of 43.38% [1] - Basic earnings per share stood at 0.82 yuan [1] Sales Growth Drivers - The increase in net profit is primarily attributed to a substantial rise in the sales volume of concentrated juice due to increased customer orders during the period from January to September 2025 [1]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或 完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或因倚賴該 等內容而引致的任何損失承擔任何責任 。 海外監管公告 本公告乃烟台北方安德利果汁股份有限公司（「本公司」）根據《香港聯合交易所有限公司證券上市 規則》第 13.10B 條作出。 茲載列本公司於二零二五年十月二十九日在上海證券交易所網站刊發之《2025 年第三季度報告》，僅 供參閱。 承董事會命 烟台北方安德利果汁股份有限公司 董事長 王安 中國烟台，二零二五年十月二十九日 於本公告日期，本公司執行董事為王安先生、張輝先生、王萌女士及王艷輝先生，非執行董事為劉宗 宜先生及張偉先生，獨立非執行董事為龔凡先生、王雁女士及王常青先生。 *僅供識別 1 第三季度财务报表是否经审计 □是 √否 一、主要财务数据 （一） 主要会计数据和财务指标 烟台北方安德利果汁股份有限公司 2025 年第三季度报告 证券代码：605198 证券简称：安德利 烟台北方安德利果汁股份有限公司 2025 年第三季度报告 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 ...

Core Insights - The company has successfully increased juice production following the acquisition of assets from Hengtong Juice and Hengxing Juice, with new capacities already operational [1] - Plans are in place to establish a new factory in Suizhong by 2025, leveraging local apple resources to optimize raw material procurement and reduce production costs [1] - The concentrated juice industry has shifted from four major players to two, with former leaders facing bankruptcy or legal issues, presenting opportunities for the company to expand its market share through acquisitions [2] Company Developments - The company has seen continuous growth in juice production over the past two years since the acquisitions [1] - The upcoming factory in Suizhong aims to enhance production capacity and overall profitability [1] - The company is actively participating in court auctions and investing in new plants to capitalize on the changing industry landscape [2] Industry Context - The concentrated juice industry is currently dominated by two major players, a significant reduction from the previous four [2] - The company is strategically positioned to fill the market void left by the exiting competitors, benefiting local fruit farmers while increasing its sales and profits [2]

Core Insights - Xinjiang's fruit industry is transitioning from a "large fruit region" to a "strong fruit region," leveraging its unique natural resources and innovative agricultural practices to enhance quality and market reach [1][4] Industry Development - Xinjiang has established a mature "one area, three belts" system for fruit production, which includes various advantageous regions and specialty industry belts, enabling year-round fruit supply [1][2] - The region is the top producer of red dates, grapes, apricots, and almonds in China, showcasing its diverse agricultural output [1] Technological Advancements - Over 50,000 technical training sessions have been conducted, benefiting over 3.8 million farmers and significantly improving overall orchard management [2] - The integration of technology, such as drones for pesticide application and digital management systems, is enhancing the standardization and efficiency of fruit production [2] Value Addition and Processing - Xinjiang has developed over 70 leading fruit processing enterprises and more than 2,000 cooperatives, producing over 180 deep-processed products, thus moving from simple fresh fruit sales to a multi-faceted industry [3] - The establishment of smart production lines has enabled the processing of 70,000 tons of raw fruits and vegetables annually, creating a variety of products like dried fruit and fruit juices [3] Market Expansion - Xinjiang's fruit exports account for 80% of its annual production, with ongoing efforts to enhance brand influence and market reach [4] - Initiatives like the "Big Warehouse East Move" project have facilitated the sale of 311,000 tons of specialty agricultural products from Kashgar to broader markets since 2018 [3][4] Socioeconomic Impact - The fruit industry supports approximately 5.5 million farmers, with fruit income constituting nearly 30% of per capita disposable income in major production areas, and in some regions, exceeding 60% [4]