证券日报网讯12月11日，永顺泰（001338）在互动平台回答投资者提问时表示，公司的麦芽生产基地分 布于广东、浙江、江苏、山东、河北等地区，该布局与啤酒酿造及消费的主要市场相匹配。公司持续推 进与区域性中小客户及精酿啤酒客户的合作，能够为其提供品类齐全、质量可靠的特种麦芽、定制麦芽 产品及细致周到的售后服务。 ...

证券日报网讯 12月9日，永顺泰在互动平台回答投资者提问时表示，公司在与百威啤酒、嘉士伯啤酒、 喜力啤酒、华润雪花啤酒、青岛啤酒、燕京啤酒、珠江啤酒等知名啤酒制造商均有超过20年合作历史的 基础上，也通过分布于广东、浙江、江苏、山东、河北等地区的生产基地，持续推进与区域性中小客户 及精酿啤酒客户的合作，能够快速便捷响应各类客户需求，为其提供品类齐全、质量可靠的特种麦芽、 定制麦芽产品及细致周到的售后服务。 （文章来源：证券日报） ...

（编辑 楚丽君） 证券日报网讯 12月5日，永顺泰在互动平台回答投资者提问时表示，公司是国内较早介入特种麦芽领域 的生产企业之一，具有较长时间的技术和市场积累，能够为客户提供质量可靠的产品和细致周到的售后 服务，满足不同种类客户的需求。 ...

Core Insights - The company, Yongshuntai, is the largest malt manufacturer in China, ranking first in Asia and fourth globally in terms of production capacity [1] - The company has been expanding its operational scale and steadily increasing its net profit attributable to shareholders through capacity optimization, product structure upgrades, and refined management practices [1] - Yongshuntai is one of the early entrants in the specialty malt sector in China and has established stable partnerships with various craft beer clients [1] - The company plans to enhance the proportion of specialty and customized products in response to the structural upgrades in the downstream beer industry, leveraging its technological expertise in the mid-to-high-end malt segment to drive stable growth in operational performance [1]

Core Viewpoint - Yongshuntai announced on September 22 that it holds the largest production capacity in Asia and the fourth largest in the world, primarily focusing on standard malt production [1] Company Overview - The company is one of the early entrants in the specialty malt production sector in China, possessing a long history of technological and market accumulation [1] - Yongshuntai has established strong partnerships with several medium to large craft beer clients, enabling it to provide a comprehensive range of high-quality specialty malt products and attentive after-sales service [1] Market Position - The company is capable of meeting diverse customer needs across different levels, which contributes to its positive market reputation [1]

Core Viewpoint - The company aims to deepen its focus on the malt industry, solidifying its leading position and striving to become a world-class malt supplier to meet the diverse needs of beer brewing customers [1] Group 1: Strategic Focus - The company has a development strategy centered on the malt industry, emphasizing long-term partnerships with major beer manufacturers such as Budweiser, Carlsberg, Heineken, China Resources Snow Beer, Tsingtao Brewery, Yanjing Beer, and Zhujiang Beer, all of which have over 20 years of collaboration [1] - The company is also committed to collaborating with regional small and medium-sized clients and craft beer customers, providing a wide range of reliable specialty and customized malt products along with attentive after-sales service [1] Group 2: Production Capacity Expansion - The company is currently constructing a production line project with a capacity of 50,000 tons per year for specialty malt, which will further enhance its production capacity to meet the market demand for high-end malt [1] - There are plans for timely optimization of production capacity structure and improvement of capacity layout to better align with market needs [1]

Group 1: Market Growth and Company Position - The Chinese craft beer market is expected to exceed 130 billion yuan in 2025, accounting for 17.2% of the overall beer market, indicating significant growth potential [2][3] - The company is the largest malt manufacturer in China, ranking first in Asia and fourth globally, with a focus on optimizing production capacity and upgrading product structure [2][3] Group 2: Production Capacity and Strategy - The company has a total production capacity of 1.08 million tons per year, with ongoing projects to build a 50,000 tons/year specialty malt production line to meet high-end malt demand [3][4] - The company aims to deepen its core malt business and strengthen its position as a world-class malt supplier, ensuring a balance between quantity and quality in production [3][4] Group 3: Customer Relationships and Market Demand - The company has established long-term partnerships with major beer manufacturers, including Budweiser and Carlsberg, with over 20 years of collaboration [3] - The company is committed to providing a wide range of specialty and customized malt products, catering to various customer needs and maintaining a good market reputation [3][4] Group 4: Financial Health and Shareholder Information - As of June 30, 2025, the company had 44,001 shareholders, with financial stability and low debt levels [3][4] - The company is focused on maintaining high production utilization rates while adjusting sales strategies based on market changes to maximize profit opportunities [3][4]

Core Viewpoint - Yongshuntai (001338) reported a slight increase in total revenue and net profit for the first half of 2025, with total revenue reaching 2.223 billion yuan, up 2.55% year-on-year, and net profit of 169 million yuan, up 0.96% year-on-year [1] Financial Performance - Total revenue for the second quarter of 2025 was 1.2 billion yuan, down 3.63% year-on-year, while net profit for the same period was 98.09 million yuan, up 14.88% year-on-year [1] - The gross profit margin decreased to 11.96%, down 1.8% year-on-year, and the net profit margin decreased to 7.61%, down 1.55% year-on-year [1] - Total operating expenses (selling, administrative, and financial expenses) amounted to 73.94 million yuan, accounting for 3.33% of revenue, a decrease of 16.36% year-on-year [1] - Earnings per share increased to 0.34 yuan, up 3.03% year-on-year, while operating cash flow per share rose to 2.3 yuan, up 4.96% year-on-year [1] Accounts Receivable and Debt - Accounts receivable were significant, with the amount reaching 886 million yuan, a decrease of 17.26% year-on-year, but still representing 295.79% of net profit [1][4] - Interest-bearing debt decreased significantly to 222 million yuan, down 58.61% year-on-year [1] Cash Flow Analysis - Net cash flow from operating activities increased by 4.96%, attributed to a higher cash inflow from sales exceeding the cash outflow for purchases [3] - Net cash flow from investing activities decreased by 233.97%, due to increased cash outflow for structured deposits and fixed asset investments [3] - Net cash flow from financing activities decreased by 42.77%, due to reduced cash inflow from borrowings and increased cash outflow for debt repayment and dividends [3] Business Evaluation - The company's return on invested capital (ROIC) was 8.45%, indicating average capital returns, with a net profit margin of 6.99% [2][4] - The company has established a strong position in the specialty malt market, being one of the early entrants and maintaining good relationships with craft beer clients [4]

Core Viewpoint - Yongshuntai (001338) reported a slight increase in total revenue and net profit for the first half of 2025, with total revenue reaching 2.223 billion yuan, up 2.55% year-on-year, and net profit of 169 million yuan, up 0.96% year-on-year [1] Financial Performance - Total revenue for the second quarter was 1.2 billion yuan, down 3.63% year-on-year, while net profit for the same period was 98.09 million yuan, up 14.88% year-on-year [1] - The gross profit margin was 11.96%, a decrease of 1.8% year-on-year, and the net profit margin was 7.61%, down 1.55% year-on-year [1] - Total operating expenses (selling, administrative, and financial expenses) amounted to 73.94 million yuan, accounting for 3.33% of revenue, a decrease of 16.36% year-on-year [1] - Earnings per share increased to 0.34 yuan, up 3.03% year-on-year, while net assets per share rose to 7.25 yuan, up 4.31% year-on-year [1] Accounts Receivable and Cash Flow - Accounts receivable were significant, with the amount reaching 295.79% of the latest annual net profit [1][4] - The net cash flow from operating activities increased by 4.96%, attributed to a greater increase in cash received from sales than cash paid for purchases [3] - The net cash flow from investing activities decreased significantly by 233.97%, due to increased cash payments for structured deposits and fixed asset investments [3] Business Evaluation - The company's return on invested capital (ROIC) was 8.45%, indicating average capital returns, with a historical median ROIC of 6.64% since its listing [4] - The company has established strong relationships with craft beer clients, providing a wide range of high-quality specialty malt products and attentive after-sales service [5]

Core Viewpoint - The company aims to deepen its focus on the malt business, solidifying its leading position in the industry and striving to become a world-class malt supplier to meet the diverse needs of beer brewing customers [1] Group 1: Business Strategy - The company has a development strategy centered on the malt business, with a commitment to high-end development and organic growth that combines reasonable quantity increases with effective quality improvements [1] - The company has established over 20 years of cooperation with renowned beer manufacturers such as Budweiser, Carlsberg, Heineken, China Resources Snow Beer, Tsingtao Brewery, Yanjing Beer, and Zhujiang Beer [1] Group 2: Market Positioning - The company's malt production bases are strategically located in Guangdong, Zhejiang, Jiangsu, Shandong, and Hebei, aligning with the main markets for beer brewing and consumption across the country [1] - The company is also actively pursuing partnerships with regional small and medium-sized clients and craft beer customers, offering a wide range of reliable specialty and customized malt products along with attentive after-sales service [1]