最新业绩显示，金达威境外销售占比虽超境内，但境内营收增长率远超境外。具体来看，2025年上半 年，境外销售为13.02亿元，占营收比重75.32%，同比增长5.89%；境内销售为4.27亿元，占营收比重 24.68%，同比增长45.14%。 金达威在互动平台向投资者表示，将持续加强doctor's best在国内的销售力度，着重开发新媒体渠道的多 方面价值，通过产品品质和渠道建设共同推进品牌影响力。目前doctor's best除部分NMN（β-烟酰胺单 核苷酸）、麦角硫因来自于香港，其余成品全部在美国本土生产。 此外，《财经新康养》注意到，2025年上半年，金达威营收净利润双增背后，不同系列产品的营收占比 和销售趋势各不相同。例如，金达威营养保健食品营收占比最高但处于同比下滑趋势，维生素A系列营 收占比最小，但同比增长213.06%。 据悉，维生素A是饲料喂养过程中的元素，是一种饲料添加剂，由于合成工艺复杂，技术壁垒高，中小 企业难以进入，市场格局较为稳定。金达威指出，维生素A系列产品2024年同期受安全事故影响曾阶段 性停产，导致可比基数较低；2025年工厂已恢复正常运行，产、销量相应回升，其中2025年 ...

Core Viewpoint - The stock of Kingdawei has experienced fluctuations, with a recent decline of 2.04% on September 18, 2023, while the company has shown a year-to-date increase of 30.61% in stock price [1] Financial Performance - For the first half of 2025, Kingdawei reported a revenue of 1.728 billion yuan, representing a year-on-year growth of 13.46%, and a net profit attributable to shareholders of 247 million yuan, which is a significant increase of 90.12% [2] - Cumulatively, since its A-share listing, Kingdawei has distributed a total of 2.761 billion yuan in dividends, with 488 million yuan distributed over the past three years [3] Shareholder Information - As of June 30, 2025, the number of shareholders for Kingdawei is 40,700, a decrease of 4.30% from the previous period, while the average circulating shares per person increased by 4.50% to 14,976 shares [2] - The top ten circulating shareholders include Hong Kong Central Clearing Limited, which increased its holdings by 1.5915 million shares, and Southern CSI 1000 ETF, which increased its holdings by 521,500 shares [3] Market Activity - On September 18, 2023, Kingdawei's stock price was 19.20 yuan per share, with a trading volume of 145 million yuan and a turnover rate of 1.22%, resulting in a total market capitalization of 11.711 billion yuan [1] - The net outflow of main funds was 11.648 million yuan, with significant selling pressure observed in large orders [1] Business Overview - Kingdawei, established on November 24, 1997, and listed on October 28, 2011, is primarily engaged in the manufacturing of health food and nutritional products, with its main revenue sources being health food (54.57%), coenzyme Q10 series (22.04%), and vitamin A series (11.41%) [1] - The company is classified under the food and beverage industry, specifically in food processing and health products [1]

Core Insights - On September 11, Jindawei's stock fell by 0.25% with a trading volume of 184 million yuan [1] - As of September 11, the total margin balance for Jindawei was 444 million yuan, which is 3.70% of its circulating market value, indicating a high level of margin financing [1] - For the first half of 2025, Jindawei reported a revenue of 1.728 billion yuan, a year-on-year increase of 13.46%, and a net profit attributable to shareholders of 247 million yuan, up 90.12% year-on-year [2] Financing and Margin Trading - On September 11, Jindawei had a margin buy amount of 22.4998 million yuan and a margin repayment of 23.7208 million yuan, resulting in a net margin buy of -1.2210 million yuan [1] - The margin balance of 444 million yuan is above the 70th percentile of the past year, indicating a relatively high level of margin trading activity [1] - The short selling data shows that on September 11, Jindawei had a short repayment of 15,600 shares and a short sale of 1,300 shares, with a short balance of 22,000 shares, which is below the 20th percentile of the past year [1] Shareholder and Institutional Holdings - As of June 30, 2025, Jindawei had 40,700 shareholders, a decrease of 4.30% from the previous period, while the average circulating shares per person increased by 4.50% to 14,976 shares [2] - The total cash dividends distributed by Jindawei since its A-share listing amount to 2.761 billion yuan, with 488 million yuan distributed in the last three years [2] - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited is the fourth largest with 6.9372 million shares, an increase of 1.5915 million shares from the previous period [2]

Group 1 - The core point of the article is that Baihe Co., Ltd. announced the convening of its fourth board meeting on August 29, 2025, to review the semi-annual report for 2025 [1] - For the year 2024, Baihe Co., Ltd.'s revenue composition shows that nutritional health products account for 99.27% of total revenue, while other businesses contribute 0.73% [1] - As of the report, Baihe Co., Ltd. has a market capitalization of 2.7 billion yuan [1] Group 2 - The article also mentions the upcoming A-class car exhibition in Southwest China, highlighting the competitive landscape with nearly 120 brands and 1,600 vehicles participating [1] - The event is expected to reshape the market dynamics for new energy vehicles [1]

Group 1 - The core viewpoint of the news is that Baihe Co., Ltd. has experienced fluctuations in its stock price and trading activity, with a recent decline of 2.13% on August 22, 2023, and a total market capitalization of 2.759 billion yuan [1][2] - Baihe Co., Ltd. has seen a year-to-date stock price increase of 25.43%, with a recent 5-day increase of 1.58%, but a decline of 1.53% over the past 20 days and 1.03% over the past 60 days [2] - The company has appeared on the "Dragon and Tiger List" three times this year, with the most recent appearance on May 20, 2023, showing a net buy of -20.08 million yuan on that day [2] Group 2 - Baihe Co., Ltd. is located in Rongcheng City, Shandong Province, and was established on November 16, 2005, with its stock listed on January 25, 2022 [2] - The company's main business involves nutritional health food, and it belongs to the food and beverage industry, specifically in food processing and health products [2] - As of March 31, 2023, the number of shareholders for Baihe Co., Ltd. was 8,115, an increase of 8.47% from the previous period, while the average circulating shares per person decreased by 7.62% to 4,419 shares [2] - For the first quarter of 2023, Baihe Co., Ltd. achieved operating revenue of 207 million yuan, a year-on-year increase of 9.75%, and reported a net profit attributable to the parent company [2] - Since its A-share listing, Baihe Co., Ltd. has distributed a total of 164 million yuan in dividends, with 132 million yuan distributed over the past three years [2]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - On August 18, 2025, Jindawei announced plans to issue convertible bonds worth up to 1.292 billion yuan on August 20, 2025, through online distribution. The funds will be used for projects such as the Coenzyme Q10 Reconstruction and Expansion Project, the Annual Production of 30,000 Tons of Allulose and 5,000 Tons of Inositol Construction Project, the Information System Construction Project, and to supplement working capital [1][12]. - The initial conversion price of Jinwei Convertible Bond is 19.59 yuan. As of August 19, 2025, the bond's parity is 99.95 yuan, and the estimated conversion premium rate on the first - day of listing is in the range of 33% - 36%, with a target price of 133 - 136 yuan. It is recommended to actively subscribe [2][19]. - The estimated first - day new bond subscription winning rate is around 0.0061% - 0.0072% [20]. 3. Summary According to the Directory 3.1. Jinwei Convertible Bond New Bond Analysis and Investment Recommendations 3.1.1. Analysis of Convertible Bond Basic Terms - The issuance methods of Jinwei Convertible Bond are priority placement and online distribution, with a debt and issuer rating of AA. The issuance scale is 1.292 billion yuan, the initial conversion price is 19.59 yuan, the bond parity is 99.95 yuan, and the pure bond value is 98.2 yuan. The game terms are normal, with high issuance scale, good liquidity, acceptable rating, and good bond floor protection. It is easy for institutions to include it in their portfolios, and there is no objection to primary participation [2][14]. 3.1.2. Analysis of New Bond Initial Listing Price - The company mainly engages in the R & D, production, and sales of nutritional health foods (including raw materials and end - products) and feed additives. The funds raised from this issuance will be used for specific projects, which are in line with industry trends, can enhance the company's market competitiveness, optimize its capital structure, and support its development [18]. - The target price of the convertible bond on the first day of listing is 133 - 136 yuan, and it is recommended to actively subscribe. Considering the market environment and parity level, the estimated conversion premium rate on the first - day of listing is in the range of 33% - 36% [2][19]. 3.1.3. Analysis of Convertible Bond New Bond Subscription Winning Rate - As of the end of 2024, the top two shareholders held 53.39% of the shares, and the top ten shareholders held 60.76%. Assuming the old shareholders' placement ratio is 53% - 61%, the scale available for the market is 507 million - 602 million yuan. Referring to recent bond issuances, the estimated winning rate is around 0.0061% - 0.0072% [20]. 3.2. Analysis of the Underlying Stock's Fundamental Situation 3.2.1. Company's Main Business and Industry Upstream and Downstream - The company is mainly involved in the R & D, production, and sales of nutritional health foods and feed additives. The upstream of the nutritional health food industry includes raw material producers, and the downstream includes brand operators and channel merchants. The upstream of the feed additive industry consists of raw material - providing industries, and the downstream is the feed manufacturing industry. Various factors such as raw material price fluctuations, industry development, and market competition affect the industry [21][22]. 3.2.2. Company's Operating Conditions - From 2022 to Q1 2025, the company's operating income showed an increasing trend, with year - on - year growth rates of - 16.78%, 3.1%, 4.43%, and 11.31% respectively. The company's comprehensive gross profit margin fluctuated slightly, and the net profit margin increased. The company's accounts receivable showed an upward trend, and the turnover rate fluctuated. The net profit attributable to the parent company began to grow [25][35][38]. 3.2.3. Company's Equity Structure and Major Subsidiaries - As of the end of 2024, the company's equity structure was relatively concentrated. The top two shareholders held 53.39% of the shares, and the top ten shareholders held 60.76%. The Wang family indirectly controlled 60.18% of the shares and was the actual controller. The company had 28 holding companies and 8 participating companies [42]. 3.2.4. Company's Business Characteristics and Advantages - The company has advantages in technological innovation, overseas operations, large - scale production, personnel reserves, and patents. It has multiple R & D platforms, overseas subsidiaries, rich production experience, a professional talent team, and 194 patents as of December 31, 2024 [44][47][48]. 3.2.5. Arrangement of This Fund - Raising Investment - The company plans to raise up to 1.292 billion yuan. The Coenzyme Q10 Reconstruction and Expansion Project, with a total investment of 320 million yuan and a planned use of 297 million yuan of the raised funds, aims to increase production capacity. The Annual Production of 30,000 Tons of Allulose and 5,000 Tons of Inositol Construction Project, with a total investment of 537 million yuan and a planned use of 464 million yuan of the raised funds, will supplement product categories. The Information System Construction Project, with a total investment of 153 million yuan and a planned use of 144 million yuan of the raised funds, will improve the company's informatization level [49][50][51].

Core Insights - The silver economy in China is experiencing robust growth in the first half of the year, supported by various policy measures, with significant potential in consumer spending among the elderly population [1] Demand Analysis - Revenue from community elderly care services, institutional elderly care services, and home-based elderly care services increased by 30.4%, 22.6%, and 18% year-on-year, respectively [1] - Health-related consumption showed impressive growth, with sales of mobility aids and hearing aids, senior nutrition and health products, and health monitoring devices rising by 32.2%, 30.1%, and 7.5% year-on-year, respectively [1] - The entertainment sector for the elderly is also upgrading, with revenues from elderly tourism services, sports health services, and cultural entertainment activities increasing by 26.2%, 23.9%, and 20.7% year-on-year, indicating a shift from mere "elderly care" to "enjoying old age" [1] Supply Analysis - Revenue from elderly and disabled care services, age-friendly household services, and age-friendly social care services grew by 40.9%, 14.1%, and 8.8% year-on-year, respectively [1] - The number of entities engaged in the production of silver products increased by 14.1% year-on-year; sales revenue from age-friendly fitness equipment manufacturing, rehabilitation aids manufacturing, and health food manufacturing rose by 14.7%, 12.1%, and 6.9% year-on-year, respectively [1]

Group 1 - The silver economy in China is experiencing robust growth in the first half of the year, with increased supply of elderly services and products, and a continuous release of consumption potential among the elderly population [1] - Revenue from elderly care services, including disability care, home services, and social assistance, has seen significant year-on-year growth of 40.9%, 14.1%, and 8.8% respectively, surpassing the national average service industry growth rates by 37.7, 10.9, and 5.6 percentage points [1] - The number of entities engaged in the production of silver products has increased by 14.1% year-on-year, with sales revenue from elderly fitness equipment, rehabilitation aids, and nutritional health products growing by 14.7%, 12.1%, and 6.9% respectively, also exceeding the national manufacturing average growth rates [1] Group 2 - The elderly consumer market shows significant potential, driven by three core factors: essential needs, health, and self-enjoyment, with community, institutional, and home care services experiencing revenue growth of 30.4%, 22.6%, and 18% respectively [1] - Health-related consumption is on the rise, with sales of mobility aids, elderly nutrition and health products, and health monitoring devices increasing by 32.2%, 30.1%, and 7.5% respectively, indicating a shift towards proactive health management [2] - The trend of digitalization is emerging as a new direction for the silver economy, with significant integration of technologies such as 5G, AI, big data, and IoT, leading to a 16.9% year-on-year increase in IT service purchases by silver economy enterprises [2]

6月16日，国家统计局发布2025年5月工业生产数据，工业生产保持较快增长。数据显示，5月份，全国 规模以上工业增加值同比增长5.8%，保持较快增长；剔除季节因素后，环比增长0.61%。 从三大门类看，制造业增长6.2%，高于全部规模以上工业0.4个百分点；采矿业增长5.7%，电力、热 力、燃气及水生产和供应业增长2.2%。从行业和产品看，在41个大类行业中，35个行业增加值同比增 长，增长面为85.4%；在统计的623种主要工业产品中，326种产品产量实现增长，增长面为52.3%。从 累计看，1—5月份，全国规模以上工业增加值同比增长6.3%。 从高频数据来看，重点钢厂钢材产量和需求有所回落，供需两端均有不同程度增速放缓，工业部门产出 缺口在二季度重新走弱，企业对未来生产经营预期不确定性上升。此外，5月份，规模以上工业企业产 销率为95.9%，同比下降0.8个百分点；前5月规模以上工业企业出口交货值累计同比增长4.1%。马泓认 为，这表明内地传统工业部门生产下行压力逐渐增大。 民生证券研究院首席经济学家陶川表示，从工业生产来看，出口景气度出现分化。陶川进一步分析，相 较于大型企业，小型企业在利用美国海关的" ...

Group 1: Industrial Production Overview - In May, the national industrial added value increased by 5.8% year-on-year, maintaining a rapid growth trend; month-on-month growth was 0.61% after seasonal adjustment [1] - Among the three major sectors, manufacturing grew by 6.2%, mining by 5.7%, and electricity, heat, gas, and water production and supply by 2.2% [1] - Out of 41 major industries, 35 saw an increase in added value, with a growth coverage of 85.4%; among 623 major industrial products, 326 experienced production growth, covering 52.3% [1] Group 2: Equipment Manufacturing Sector - In May, the added value of equipment manufacturing increased by 9.0% year-on-year, contributing 54.3% to the overall industrial production growth [2] - The equipment manufacturing sector accounted for 36.7% of the total industrial output, maintaining above 30% for 27 consecutive months [2] - All eight sub-sectors of equipment manufacturing showed growth, with the automotive sector increasing by 11.6%, and other sectors like railway, shipbuilding, and aerospace showing double-digit growth rates [2] Group 3: Consumer Goods Manufacturing - The added value of consumer goods manufacturing increased by 2.5% year-on-year in May, with 10 out of 13 major categories showing growth, covering 76.9% [2] - Specific sectors such as cultural and educational products, chemical fibers, and agricultural by-products grew by 10.1%, 6.1%, and 7.6% respectively [2] - Notable product growth included fiber-reinforced plastic products, carbon fiber composites, and health foods, with increases of 22.6%, 17.9%, and 14.9% respectively [2] Group 4: High-tech and Intelligent Manufacturing - High-tech manufacturing added value increased by 8.6% year-on-year, contributing 1.4 percentage points to overall industrial growth [3] - Key sectors like aircraft manufacturing and industrial control systems saw significant growth rates of 18.7% and 15.5% respectively [3] - The digital product manufacturing sector grew by 9.1%, with smart devices and electronic components increasing by 17.5% and 11.0% respectively [3] Group 5: Policy Impact and Market Trends - The "two new" policies have effectively stimulated consumption, leading to significant growth in sectors like motor manufacturing and shipbuilding, with increases of 23.3% and 12.8% respectively [4] - The automotive sector benefited from vehicle replacement policies, resulting in an 11.3% increase in production, alongside a 26.0% rise in charging station production [4] - Consumer electronics such as tablets and electric bicycles also saw rapid growth, with increases of 30.9% and 20.5% respectively [4]