本届论坛聚焦产业对接、科技创新、文明互鉴、现代农业、卫生健康、绿色发展等领域，43个国家和地区的政要、外交官、外宾代表，以及中国与非洲高等 院校、科研机构、企业代表等与会。 湖北省省长李殿勋致辞表示，湖北于1963年向阿尔及利亚派出中国首支援非医疗队，拉开同非洲国家交往合作序幕。多年来，双方在科技创新、经贸往来、 基建工程等领域合作成果丰硕，去年湖北与非洲贸易超过500亿元；今年前7月，湖北对非贸易额逾300亿元人民币，同比增长42.5%。湖北牵头建设的中非 创新合作中心目前已在非洲布局6家分中心，组织中非112家机构加入技术转移协作网络。 论坛组织了中-坦疾病预防与公共卫生联合实验室、中国-埃及天然活性多肽资源发掘与利用联合实验室、芝麻育种与产业化开发合作等科研合作、人才培 养、产业对接项目，签署合作协议39项；集中授（挂）牌成立"非洲智能建造推广中心""武汉市（中国—埃及）植物生物安全'一带一路'联合实验室"等服务 平台23个。 埃及科学研究部科技创新基金委主席瓦拉·谢塔在主旨演讲中指出，日益密切的中非科研合作为非洲国家提高科技水平改善民生和实现可持续发展提供了高 效机制和动力来源，我们对此有目共睹，并希 ...

机构观点汇总： 格林大华期货：当下处于国内新旧食糖交替的过度局面，整体工业库存偏少对糖价形成一定支撑。同时 近期外盘止跌反弹也对郑糖走势形成影响。但中长期视角看，后续国内及印泰新糖集中上量后，供应压 力依然显著，因此看空观点不变。【交易策略】SR601合约关注5500附近多空争夺，5600以上卖看涨期 权持有；企业择机卖保。 西南期货：综合来看，国外方面，当前巴西进入季节性减产周期，但印度增产预期强烈。国内方面，北 方地区开榨，南方要等到12中下旬才大规模开榨；预计四季度国内进口量仍然较高，未来两个月国内将 面临国产糖和进口糖双重压力，糖价有压力。策略方面：震荡运行。 墨西哥对来自无贸易协定国家的糖加征最高达210%的关税，称此举是为了保护国内产业免受价格下跌 的冲击。官方公报称，该措施自周二起生效，对蔗糖、精炼液体糖、甜菜糖和糖浆征收156%至210%的 关税。 Datagro表示，在10月开始的2025/26榨季，全球糖供应过剩量料为100万吨，低于其之前预测的280万 吨。 法国农业部近日发布报告，将2025/26榨季甜菜产量预测下调至3370万吨，较此前预估的3420万吨减少 50万吨。 截至2025 ...

在前七届进博会上，嘉吉已成功将众多创新成果推向中国市场，并累计签署超过300亿美元的合作 意向协议。今年，嘉吉依托进博会平台持续深化其在中国市场的产业共赢网络，与各行业伙伴在谷物、 牛肉、动物营养、铁矿石等领域签署多项战略采购与重要合作协议，预计签约总金额将超过30亿美元。 刘畅表示，作为一家在华深耕多年的跨国企业，嘉吉深切感受到中国持续优化营商环境、推进高水 平对外开放的决心，这为企业带来了更广阔的市场机遇与政策红利。近年来，"稳外资20条"等政策的落 地，显著增强了外资企业在华经营的确定性与便利性，对嘉吉这样注重产品与技术创新的企业而言，这 意味着开放之门更宽，创新之路更畅。 "中国始终是嘉吉重要的市场之一，嘉吉深耕中国市场已超过五十年，持续探索新的方式以服务亚 洲不断增长的食品和农业市场。我们将继续加大对中国市场的投入，坚持以客户为中心，深化在创新、 人才与可持续发展等关键领域的布局，助力中国农业与食品行业提升新质生产力，推动高质量、可持续 发展。"刘畅表示。 中证报中证网讯（记者 连润）11月5日至10日，第八届中国国际进口博览会在上海举办。作为进博 会的"全勤生"，今年嘉吉展示区面积达300平米，展 ...

Investment Rating - The report maintains a "Neutral" rating for the company [4][9]. Core Insights - The company is actively optimizing its product structure, leading to a revenue decline in Q3, but profit margins remained stable. Future focus will be on the 2C business and coffee segment [1][4]. - The revenue for the first three quarters of 2025 increased by 5.27% year-on-year, while the gross profit margin decreased by 4.26 percentage points to 12.56% [4][9]. - The net profit attributable to shareholders saw a significant decline of 68.54% year-on-year, with the net profit margin dropping by 3.45 percentage points to 1.47% [4][9]. Financial Summary - Total revenue for 2023 is projected at 2,841 million RMB, with a forecasted decline to 2,311 million RMB in 2024, followed by a slight recovery in 2025 to 2,352 million RMB [3][6]. - Net profit attributable to shareholders is expected to drop from 258 million RMB in 2023 to 84 million RMB in 2024, with a further decline to 47 million RMB in 2025 [3][6]. - The earnings per share (EPS) is forecasted to be 0.57 RMB in 2023, decreasing to 0.18 RMB in 2024, and recovering to 0.10 RMB in 2025 [3][6]. Product Performance - In Q3, the non-dairy creamer segment saw a decline of 2.60% year-on-year, while coffee and plant-based products experienced significant growth of 56.67% and 62.51% respectively [4][9]. - The syrup segment faced a substantial decline of 54.27%, contributing to the overall revenue drop due to the company's product optimization strategy [4][9]. 2C Business Development - The company has achieved a breakthrough in its 2C business, with revenue reaching 57.57 million RMB in the first half of 2025, marking a year-on-year increase of 132.77% [4][9]. - The company employs a dual-drive strategy focusing on both B2B and B2C, with significant investment in online platforms such as TikTok, Pinduoduo, JD.com, and Tmall [4][9].

Group 1: Report Industry Investment Rating - Not provided in the report Group 2: Core View of the Report - Due to strengthened import control on syrups and premixes, Zhengzhou sugar prices rebounded recently, but the external market remained weak. Since August this year, the cumulative sugar production in the central - southern region of Brazil has exceeded last year due to a significant increase in the proportion of sugarcane for sugar production, leading to a continuous decline in raw sugar prices. With an expected increase in production in the northern hemisphere's major producing countries in the 2025/26 new crushing season, the upward space for raw sugar is limited, and the import profit has reached a five - year high. It is recommended to wait for the weakening of the rebound strength and then look for opportunities to short [3]. Group 3: Summary According to Related Contents Syrup and Premix Import Situation - The number of enterprises whose imports of Thai syrups and premixes were suspended by the customs increased from 35 to 44, and the effective ones were left with 16. The scope of suspended imports expanded from tariff number 170290 to 2106906. In September 2025, the total import volume of syrups and white sugar premixes (including tariff numbers 170290 and 2106906) was 15.14 tons, a year - on - year decrease of 13.52 tons. From January to September 2025, the total import volume was 88.52 tons, a year - on - year decrease of 85.24 tons. In the 2024/25 crushing season, the total import volume was 152.44 tons, a year - on - year decrease of 62.96 tons. Stricter supervision on tariff number 2106906 is expected to further reduce future imports and boost Zhengzhou sugar prices [5]. Import Cost and Profit - Based on the March contract price of raw sugar, on October 30, the estimated out - of - quota import cost from Brazil was 5025 yuan/ton, and the in - quota import cost was 4049 yuan/ton. For the January contract of Zhengzhou sugar, the in - quota import profit was 1423 yuan/ton, and the out - of - quota import profit was 447 yuan/ton. For the spot, the current import - processed sugar price was about 6050 yuan/ton, and the out - of - quota spot import profit reached 905 yuan/ton, a five - year high, indicating great import pressure next year. With an expected increase in domestic production in the new crushing season, the supply pressure will still increase [6]. Brazilian Sugar Production - Datagro predicted that the sugar production in the central - southern region of Brazil in the 2025/26 crushing season would reach 4142 tons, a 3.1% increase from the previous season. For the 2026/27 crushing season, the predicted sugar production was 4230 tons, an increase of 88 tons from the current season. In the first half of October, the sugarcane crushing volume in the central - southern region of Brazil was 3403.7 tons, a year - on - year increase of 0.3%. The sugar production was 248.4 tons, a year - on - year increase of 1.25%. As of the first half of October in the 2025/26 crushing season, the cumulative sugar production was 3601.6 tons, a year - on - year increase of 0.89% [12][13]. Northern Hemisphere Sugar Production Forecast - The ISMA estimated that India's total sugar production in the 2025/26 crushing season would increase by 18% to about 3490 tons. The OSCB estimated that Thailand's sugar production in the 2025/26 crushing season would be 1005 tons, basically the same as the previous season. With an expected increase in production in major northern - hemisphere sugar - producing countries, the upward space for raw sugar is limited [14].

1. Report Information - Report Title: Sugar Daily Report - Date: October 29, 2025 - Researchers: Wang Haifeng, Lin Zhenlei, Yu Lanlan, Hong Chenliang, Liu Youran [1][2][3] 2. Investment Rating - No investment rating information is provided in the report. 3. Core Viewpoints - The New York raw sugar futures continued to decline due to sufficient sugar supply in Brazil and the gradual start of the new season in India and Thailand, which put pressure on the market and pushed sugar prices down. The Zhengzhou sugar futures' main contract rebounded sharply, mainly because China suspended the import of all syrups and premixed sugars, which reduced the domestic sugar supply. However, the positive impact may be limited as the two countries' institutions are expected to communicate and find a solution [7][8]. 4. Summary by Directory 4.1 Market Review and Operation Suggestions - **Futures Market Conditions**: The main contract of New York raw sugar futures in March closed down 3.34% to 14.47 cents per pound, and the main contract of London ICE white sugar futures in December closed down 2.1% to $422.20 per ton. The main contract of Zhengzhou sugar futures 01 closed at 5,483 yuan per ton, up 50 yuan or 0.92%, with a reduction of 1,562 positions. The 05 contract closed at 5,418 yuan per ton, up 30 yuan or 0.56%, with an increase of 3,098 positions. The US sugar 03 contract closed at 14.47 cents per pound, down 0.50 cents or 3.34%, with a reduction of 954 positions. The US sugar 05 contract closed at 14.08 cents per pound, down 0.40 cents or 2.76%, with an increase of 3,215 positions [7]. - **Spot Market Conditions**: The spot prices in domestic production areas remained unchanged. The price of Nanning sugar was 5,750 yuan per ton, and the price of Kunming sugar was 5,640 yuan per ton [8]. 4.2 Industry News - China suspended the import of all syrups and premixed sugars from Thailand since October 27 due to the unqualified inspection results of a Thai factory and the defects in the Thai inspection system. The average sugarcane yield per hectare in the central - southern region of Brazil this season decreased by 6.5% compared with the previous season, and the sugarcane quality (measured by ATR) decreased by 0.8%. As of now, 11 sugar mills in Inner Mongolia have started production in the 2025/2026 sugar - making season, and the last one is expected to start tomorrow. The current white sugar price of Inner Mongolia Lingyunhai in the 2025/2026 sugar - making season is 5,850 yuan per ton, and the price of refined sugar is 5,950 yuan per ton [11]. 4.3 Data Overview - The report provides multiple charts, including spot price trends, 2601 contract basis, SR1 - 5 spread, Brazilian raw sugar import profit, Zhengzhou Commodity Exchange warehouse receipts, Brazilian real exchange rate, and the trading and holding positions of the top 20 seats of the Zhengzhou sugar main contract [12][14][15][18][21]. - The table shows the trading volume, increase/decrease in trading volume, long - position holding volume, increase/decrease in long - position holding volume, short - position holding volume, and increase/decrease in short - position holding volume of the top 20 futures companies [21].

证券代码：605300 证券简称：佳禾食品 公告编号：2025-092 佳禾食品工业股份有限公司 关于 2025 年前三季度经营数据公告 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、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 根据《上市公司行业信息披露指引第十四号——食品制造》第十四条相关规 定，现将佳禾食品工业股份有限公司（以下简称"公司"）2025 年前三季度经 营数据（未经审计）公告如下： 单位：元 币种：人民币 | 产品分类 | 年 2025 | 月销售收入 1-9 | 年 2024 | 月销售收入 1-9 | 增减变动幅度 | | --- | --- | --- | --- | --- | --- | | 粉末油脂 | | 791,361,314.30 | | 835,291,390.09 | -5.26% | | 咖啡 | | 313,731,253.96 | | 192,878,415.07 | 62.66% | | 植物基 | | 96,110,232.33 | | 62,569,090.05 | 53.61% | | 糖浆 | | 167,012, ...

Investment Rating - The investment rating for the company is "Accumulate" [3] Core Views - The company's revenue and net profit for H1 2025 were 1.19 billion yuan and 12.43 million yuan, respectively, showing a year-on-year increase of 10.4% in revenue but a significant decline of 82.1% in net profit [1][6] - In Q2 2025, the company experienced a quarter-on-quarter revenue growth rebound, with significant growth in coffee and plant-based products, although profit margins were pressured by rising raw material costs and increased marketing expenses [1][6] - The company is expected to continue expanding its consumer market efforts, particularly in coffee and plant-based products, which are anticipated to maintain rapid growth in H2 2025, despite ongoing profit pressures [1][6] Financial Data and Valuation - The projected total revenue for 2023 is 2.841 billion yuan, with a year-on-year growth of 17%, but a decline of 19% is expected in 2024 [2][12] - The estimated earnings per share (EPS) for 2025, 2026, and 2027 are 0.11 yuan, 0.18 yuan, and 0.23 yuan, respectively [2][12] - The company’s total assets are projected to reach 3.639 billion yuan by 2025, with a total liability of 742 million yuan [11][12] Performance Analysis - In Q2 2025, the company reported revenues of 615 million yuan, with a year-on-year increase of 15.5%, while net profit decreased by 64.1% [6][12] - The gross margin for H1 2025 was 12.4%, down 5.5 percentage points year-on-year, primarily due to rising raw material costs and changes in product structure [6][12] - The company’s major products, including powdered oils, coffee, and plant-based products, showed varied performance, with coffee and plant-based products experiencing significant growth of 72% and 65.4% year-on-year, respectively [6][12]

Core Viewpoint - Jiahe Foods' stock price has experienced a slight decline, while the company reports mixed financial results with significant growth in certain business segments but a drastic drop in net profit [1] Financial Performance - As of August 22, 2025, Jiahe Foods' stock price is 14.19 yuan, down 0.04 yuan or 0.28% from the previous trading day [1] - The company reported a revenue of 1.185 billion yuan for the first half of 2025, representing a year-on-year increase of 10.43% [1] - The net profit attributable to shareholders was 12.43 million yuan, showing a substantial decline of 82.10% compared to the previous year [1] Business Segments - The coffee business performed notably well, generating revenue of 190 million yuan, which is a year-on-year growth of 66.8% [1] - The plant-based business also showed strong performance with revenue of 60.78 million yuan, reflecting a year-on-year increase of 48.87% [1] Cash Flow and Market Activity - The net cash flow from operating activities for the first half of the year was -31.02 million yuan, indicating a shift from positive to negative compared to the same period last year [1] - On August 22, 2025, there was a net outflow of 3.345 million yuan in principal funds, with a cumulative net outflow of 10.3045 million yuan over the past five trading days [1]

Core Insights - Jiahe Foods reported a revenue of 1.19 billion yuan for the first half of 2025, representing a year-on-year growth of 10.4% [1] - The company's net profit attributable to shareholders was 12.43 million yuan, showing a significant decline of 82.1% compared to the previous year [1] Business Segments Performance - The powdered oil business generated a revenue of 550 million yuan, which is a decrease of 6.38% year-on-year [1] - The coffee business, identified as a second growth curve, achieved a revenue of 190 million yuan, marking a substantial increase of 66.8% [1] - The plant-based business reported a revenue of 60.78 million yuan, reflecting a growth of 48.87% year-on-year [1]