聊起山东邹平的大企业，多数人首先想到的是魏桥创业集团，但这座小城还孕育了另一段更具乡土底色 的商业叙事，主角是西王集团。 其起点始于1986年那个连村干部薪酬都需靠"变卖河边树木"抵扣的贫困村落，此后靠玉米深加工产业崛 起，手握三家上市公司，创始人王勇在2016年收购海外企业后身价曾达百亿。 1986年的西王村，是北方农村"一穷二白"的典型样本，36岁的王勇刚当选村书记时，面对村民守着薄田 度日的现状，连最基础的"启动资金"都无从筹措。 王勇的破局思路，源于自家经营的面粉厂，他主动将私人所有的面粉厂捐给村集体，带动其他村干部与 村民筹集40万元。 1986年10月，邹平县西王福利油棉厂正式投产，当年便实现23万利税，远超全村农业收入总和。 棉油业务的红火并未持续太久，1990年，王勇顶住压力从银行贷款200万，建成年产能3000吨的玉米淀 粉厂。 恰逢国内饼干、糕点等食品需求爆发，玉米淀粉成为市场紧俏品，借这波行业风口，西王村集体资产飙 升至2000多万元，成为"小康村"。 西王早期的成功背后，隐现关键隐患：企业发展过度依赖王勇个人决策，这种"强人引领"模式，为后期 的困境埋下伏笔。 如今却陷入债务困境，20 ...

同时，大豆油中所含的维生素E、亚油酸和α-亚麻酸等营养成分也会在高温下被破坏，导致营养价 值下降。 金晖建议，炸鸡排最好选用椰子油、精炼花生油或精炼菜籽油等更适合高温烹炸的油类。 不同烹饪方法要用不同的油 近日，江西景德镇的"鸡排哥"火出了圈。有顾客发现，"鸡排哥"炸鸡排使用的是非转基因大豆油。 专家表示，大豆油在反复高温煎炸过程中，更容易产生有害物质。平时家里做菜，食用油应该怎么选？ 不同种类的食用油有什么区别？ 为何不建议用来炸鸡排？ 家庭炒菜常用的大豆油 东南大学附属中大医院临床营养科主任金晖介绍，大豆油中不饱和脂肪酸含量较高，在反复高温煎 炸过程中，其分子结构容易发生变化，可能生成反式脂肪酸、苯并芘、丙烯酰胺及杂环胺等有害物质。 为什么大豆油不适合高温烹炸使用，而椰子油、精炼花生油等却适合？这里你需要了解一个概念 ——"烟点"。 在油加热过程中，开始冒烟的温度叫作"烟点"。油冒烟的时候，油烟里的有害物质对眼睛和呼吸道 有很强的刺激作用，还会增加肺癌风险。 因此在烹饪的时候，我们需要根据不同的做法，选择不同烟点的油。比如，爆炒煎炸的时候温度 高，选择用烟点高的油；凉拌温度低，可以选用烟点低的油。 食用油 ...

25-30克烹调油，相当于普通的白瓷勺2-3勺，超则过量。 如何判断烹调油摄入是否过量？ 按照健康摄油标准，一人一天建议摄入25-30克油。以一个三口之家消耗一桶5升食用油为例估算， 全家一天的适宜摄油量约为80克，一桶5升的食用油大约重5000克，适宜摄入天数约为5000 ÷ 80 ≈ 62天 （考虑到损耗）。如果这家人的食用油消耗速度明显短于62天，则可能意味着每日油脂摄入量偏高，存 在过量风险。 植物油与动物油，谁更有利于健康？ 烹调油主要分为动物油和植物油，首先认识二者的特点。 人民网北京9月28日电 （记者乔业琼）据安徽疾控微信公众号消息，"油多，菜香"，中国传统饮食 历来讲究"色香味俱全"，尤其追求"味"。美味的食物虽能刺激食欲，但油（脂肪的一种存在形式）过多 摄入会增加心血管疾病、代谢综合征等慢性病的发病风险。日常用油，需要注意以下几个事项。 食用油多样化。应经常更换烹饪油的种类，食用多种植物油，如橄榄油、大豆油、菜籽油、葵花籽 油、玉米油等。 改变烹饪方式。日常烹饪多采用凉拌、蒸、炖等用油少的烹饪方法,避免采用煎、炸等用油多的烹 饪方法。 控油温。食用油和食物在高温下会发生裂解，产生大量的有害 ...

Financial Data and Key Metrics Changes - Ethanol sales volumes increased to 70.6 million gallons in Q2 2025 from 65.1 million gallons in Q2 2024, while the average selling price decreased to $1.75 per gallon from $1.79 [12] - Gross profit for Q2 2025 was $14.3 million, down from $19.8 million in Q2 2024, primarily due to lower sales prices for dry distiller grains [13] - Net income attributable to REX shareholders was $7.1 million or $0.43 per diluted share, compared to $12.4 million or $0.70 per diluted share in Q2 2024 [14] Business Line Data and Key Metrics Changes - Dry distiller grain sales volumes were approximately 148,000 tons with an average selling price of $143.63 per ton, down from 133,000 tons at $164.45 per ton in the prior year [12] - Modified distillers grain volumes totaled approximately 19,000 tons at an average selling price of $64.41 per ton [12] - Foreign oil sales volumes increased by approximately 14% year-over-year, with a 26% increase in prices leading to a 46% increase in sales dollars [13] Market Data and Key Metrics Changes - The U.S. corn crop is on track for a potential record harvest, which is expected to benefit REX [18] - Ethanol exports are running about 10% ahead of 2024 levels through June, with expectations for 2025 to set a new export record [17] Company Strategy and Development Direction - REX's strategy is guided by profit, position, and policy, focusing on sustainable long-term organic growth through ethanol expansion and carbon capture initiatives [15] - The company is positioned to maximize benefits from the 45Q and 45Z tax credits, which have been extended through 2029 [10][15] Management's Comments on Operating Environment and Future Outlook - Management anticipates better performance in the second half of 2025 compared to the first half, supported by favorable corn supply trends and steady demand [17] - The company remains confident in its core business outlook and is committed to executing its growth strategy while delivering long-term value to shareholders [18] Other Important Information - REX has invested approximately $126.7 million in carbon capture and ethanol expansion projects, remaining within a combined budget range of $220 million to $230 million [11] - The Board of Directors has authorized a two-for-one stock split, effective for shareholders of record as of September 8, 2025 [5] Q&A Session Summary Question: Can you discuss the event held at the One Earth Energy facility and its implications for local support? - The event was well attended by local officials and shareholders, enhancing community relations and support for growth projects [21][22] Question: Was the issue with the interconnection from the local utility resolved? - Yes, the issue has been resolved, and the company can now obtain utility directly from Amarin [23] Question: What is the outlook for co-products and ethanol margins in the second half? - The third quarter is expected to outperform the second quarter, with favorable feedstock availability and increasing ethanol exports [26][27] Question: What is the status of the CI score and potential credits without a carbon pipeline? - The company has not publicly disclosed its CI score due to unclear guidelines but is optimistic about potential tax credits [32][34] Question: Will the company be able to build the carbon pipeline soon after the expiration of the Illinois moratorium? - The goal is to proceed with construction after receiving necessary approvals, which could allow operations in 2026 [35][36] Question: What is the expected build time for the pipeline once approvals are received? - The pipeline is approximately 6.5 miles long, and construction would take a couple of months once permissions are granted [37][38]

Financial Data and Key Metrics Changes - Ethanol sales volumes increased to 70.6 million gallons in Q2 2025 from 65.1 million gallons in Q2 2024, while the average selling price decreased to $1.75 per gallon from $1.79 [12] - Gross profit for Q2 2025 was $14.3 million, down from $19.8 million in Q2 2024, primarily due to lower sales prices for dry distiller grains and higher shipping costs [13] - Net income attributable to REX shareholders was $7.1 million or $0.43 per diluted share, compared to $12.4 million or $0.70 per diluted share in Q2 2024 [14] Business Line Data and Key Metrics Changes - Dry distiller grain sales volumes were approximately 148,000 tons with an average selling price of $143.63 per ton, down from 133,000 tons at $164.45 per ton in the prior year [12] - Modified distillers grain volumes totaled approximately 19,000 tons at an average selling price of $64.41 per ton [12] - Foreign oil sales volumes increased by approximately 14% with a 26% increase in prices, leading to a 46% increase in sales dollars [13] Market Data and Key Metrics Changes - The U.S. corn crop is on track for a potential record harvest, which is expected to benefit REX [17] - Ethanol exports are running about 10% ahead of 2024 levels, with expectations for 2025 to set a new export record [16][17] Company Strategy and Development Direction - REX's strategy is guided by profit, position, and policy, focusing on sustainable long-term organic growth through ethanol expansion and carbon capture initiatives [15] - The company is positioned to maximize benefits from the 45Q and 45Z tax credits, enhancing the economics of operations and future earning potential [15][16] Management's Comments on Operating Environment and Future Outlook - Management anticipates better performance in Q3 2025 compared to Q2 2025, supported by favorable corn supply trends and steady demand, particularly from rising ethanol exports [16][17] - The company remains confident in its core business outlook and is committed to executing its growth strategy while delivering long-term value to shareholders [17] Other Important Information - REX announced a two-for-one stock split to reward shareholders and increase liquidity, effective for shareholders of record as of September 8, 2025 [5][6] - The company has invested approximately $126.7 million in carbon capture and ethanol expansion projects, remaining within a combined budget range of $220 million to $230 million [11] Q&A Session Summary Question: Can you discuss the event held at the One Earth facility and its implications for local support? - The event was well attended by local officials and shareholders, enhancing community relations and support for growth projects [20][21] Question: Was the issue with the interconnection from the local utility resolved? - Yes, the issue has been resolved, allowing for direct utility access [22] Question: What is the outlook for co-products and ethanol margins? - The third quarter is expected to be better than the second quarter, with strong corn oil production but weaker DDG prices relative to corn [24][27] Question: What is the status of the CI score and potential credits without a carbon pipeline? - The CI score has not been publicly discussed due to unclear guidelines, but the removal of Smart Farming from calculations may help improve the score [31][32] Question: If the Class six well is approved, will construction begin soon after the Illinois moratorium expires? - The goal is to begin construction soon after receiving all necessary permits [33][34] Question: What is the expected build time for the pipeline once approvals are received? - The pipeline construction is expected to take a couple of months once permissions are granted [35]

Report Industry Investment Rating - For both soybeans and peanuts, the strategy is rated as neutral [2][4] Core Viewpoints - The soybean market shows that futures prices are fluctuating. In the Northeast, low - protein soybean prices decline due to state - reserve grain auctions. In the South, the increase in market sales during the back - to - school season has limited support for soybean prices. With new soybeans about to be listed, many alternative food varieties, and continuous release of old grain from state - reserve warehouses, the soybean price will oscillate [2] - The peanut market also has fluctuating prices. Continuous rainfall in some peanut - producing areas affects the spring peanut listing progress. Low downstream purchasing enthusiasm, reduced purchase contract prices, and a dull trading atmosphere are observed [3] Summary by Related Content Soybean Market Analysis - Futures: The closing price of the soybeans 2511 contract was 3974.00 yuan/ton, a change of - 18.00 yuan/ton (- 0.45%) from the previous day [1] - Spot: The edible soybean spot basis was A11 + 266, a change of - 2 (- 32.14%) from the previous day. In the Northeast, prices in some regions declined, while in the South, prices remained stable [1] Strategy - The strategy for soybeans is neutral [2] Peanut Market Analysis - Futures: The closing price of the peanut 2510 contract was 7834.00 yuan/ton, a change of + 38.00 yuan/ton (+ 0.49%) from the previous day [2] - Spot: The average peanut spot price was 8470.00 yuan/ton, a change of - 150.00 yuan/ton (- 1.74%) from the previous day. The spot basis was PK10 + 266.00, a change of - 38.00 (- 12.50%) from the previous day. New - season peanut prices were stable with a downward trend, and peanut oil prices showed some changes [2][3] Strategy - The strategy for peanuts is neutral [4]

Core Viewpoint - The project "Dual-Enzyme Refining New Process for Corn Oil" by Xiwang Food has successfully passed the technology innovation achievement review, marking a significant advancement in the company's efforts to enhance the quality and efficiency of corn oil production [1] Group 1: Company Innovations - The new dual-enzyme refining technology aims to improve the refining quality of corn oil and better extract healthy nutrients from corn, thereby enhancing production efficiency and effectiveness [1] - Xiwang Food has established national-level research and innovation platforms, including the National Corn Deep Processing Industry Technology Innovation Center and national laboratories, to drive technological advancements [1] Group 2: Company Achievements - Xiwang Food has applied for a total of 111 patents, with 89 patents granted by the state, including 18 invention patents, showcasing its commitment to innovation and technology development [1] - The company is recognized as a leading enterprise in the corn oil manufacturing sector in Shandong Province and a national innovative enterprise in grain and oil technology [1]

Group 1 - The core viewpoint of the news is that Xiwang Food, a leading corn oil producer, reported a revenue of 2.12 billion yuan and a net loss of 18.57 million yuan in the first half of 2025, indicating challenges in profitability due to rising raw material costs and competition in low-margin products [1] - Xiwang Food has a market share of over 30% in the corn oil sector and is recognized as one of the largest corn deep processing and full industry chain enterprises in China [1] - The company is focusing on product innovation and quality control, implementing a "technology-driven enterprise" strategy to enhance its offerings in the sports nutrition sector [3] Group 2 - Xiwang Food is prioritizing its sports nutrition and weight management business, with its brand Iovate being a global leader in the sports nutrition industry, holding over 100 global patents [2] - Iovate has a global sales network, distributing products to over 140 countries, and includes key brands such as MuscleTech, SixStar, Hydroxycut, and PurelyInspired, which complement each other within a comprehensive brand matrix [2] - MuscleTech and SixStar are top sellers in the North American sports nutrition market, while Hydroxycut is the leading weight management supplement in the U.S., and PurelyInspired is rapidly growing in the plant-based nutrition segment [2]

Report Industry Investment Rating - The investment strategy for both soybeans and peanuts is neutral [3][4] Core Viewpoints - The demand for peanuts is weak, and prices are under pressure. The price of soybeans is weakly stable in the short - term due to factors such as new bean supply increase, limited market replenishment, and the release of old grains from state - owned reserves [1][2] Market Analysis of Soybeans Futures and Spot Market - The closing price of the soybeans 2511 contract yesterday was 3992.00 yuan/ton, a change of +7.00 yuan/ton (+0.18%) from the previous day. The spot basis of edible soybeans was A11 + 268, a change of - 7 (-32.14%) from the previous day [1] Market Information - The soybean prices in the Northeast market remained stable today. Some traders sold state - owned reserve soybeans at 2.1 - 2.12 yuan/jin, with average sales. As new beans are approaching the market, a bumper harvest is expected, and with continuous state - owned reserve auctions, new bean prices may suppress old bean prices. The prices in various regions of Heilongjiang remained flat compared to the previous day [1] Price Outlook - Yesterday, the soybeans futures price fluctuated. Grain trading enterprises have little inventory and are waiting for a large number of new beans to enter the market. In the short - term, domestic soybean prices are weakly stable due to new bean supply increase, limited market replenishment, and the release of old grains from state - owned reserves [1][2] Market Analysis of Peanuts Futures and Spot Market - The closing price of the peanut 2510 contract yesterday was 7796.00 yuan/ton, a change of - 6.00 yuan/ton (-0.08%) from the previous day. The average spot price of peanuts was 8620.00 yuan/ton, a change of +140.00 yuan/ton (+1.65%) from the previous day. The spot basis was PK10 + 304.00, a change of +6.00 (+2.01%) from the previous day [3] Market Information - Affected by weak terminal demand, peanut oil factory quotes were basically stable. The price difference between peanut oil and related oils changed. New peanuts were increasing in the market, and prices varied by region. Oil mills have a low operating rate, low pressing demand, and are mainly digesting inventory, waiting for summer peanuts to enter the market [3]

Industry Overview - Corn oil, also known as corn germ oil, is extracted from corn germ and is recognized for its high quality and rich content of unsaturated fatty acids, particularly linoleic acid, and vitamin E [2][4] - The refining output of corn oil in China reached 837,500 tons in the first half of 2025, driven by advancements in cold-pressed technology and enzyme refining, which improved the refining yield from 88% to 93% [1][8] Industry Chain - The upstream of the corn oil industry includes raw materials and production equipment such as corn, soaking tanks, crushers, and various oil extraction and refining machines [4] - The midstream involves the production and manufacturing of corn oil, while the downstream caters to sectors like catering and food processing [4] Policy Support - The 2024 Central Document No. 1 emphasizes continued implementation of corn producer subsidy policies and expansion of insurance coverage, supporting the corn industry [6] - The national corn planting area reached 67.1 million acres, with a production of 295 million tons, reflecting a stable growth trend [6] Key Enterprises - Major players in the corn oil industry include Xiwang Food, which is the largest corn germ oil producer in China, and Long Life Flower, which has established significant technological standards and patents [12][14] - Yihai Kerry Arawana is a significant player with a strong market presence and a diverse product range, including corn oil [16] Market Trends - The demand for high-end corn oil products is expected to rise, driven by consumer preferences for natural and additive-free options [18] - The industry is transitioning towards green production methods, with a focus on reducing carbon emissions and utilizing renewable energy [19] - The restructuring of global supply chains is leading corn oil companies to shift from import reliance to a dual focus on domestic and international markets [20]