（一）基本情况 证券代码：603839 证券简称：安正时尚 公告编号：2025- 048 安正时尚集团股份有限公司 关于控股子公司上海礼尚信息科技有限公司为其全 资子公司提供担保的公告 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。 重要内容提示： ? 担保对象及基本情况 被担保人名称 礼乐（香港）电子商务有限公司 本次担保金额 不超过 800.00 万美元 担保对 象 实际为其提供的担保余额 0 是否在前期预计额度内 ?是 否 □不适用：_________ 本次担保是否有反担保 □是 否 □不适用：_________ ? 累计担保情况 对外担保逾期的累计金额（万元） 0 截至本公告日上市公司及其控股 子公司对外担保总额（万元） 对外担保总额占上市公司最近一 期经审计净资产的比例（%） □对外担保总额（含本次）超过上市公司最 近一期经审计净资产 50% □对外担保总额（含本次）超过上市公司最 近一期经审计净资产 100% 特别风险提示（如有请勾选） □对合并报表外单位担保总额（含本次）达 到或超过最近一期经审计净资产 30% ...

新和成（002001）27日晚间公告，公司上半年实现营业收入111.01亿元，同比增长12.76%；归属于上市 公司股东的净利润36.03亿元，同比增幅达63.46%，扣非净利润36.79亿元，同比增长70.50%，盈利能力 显著增强。 盈利质量同步改善，经营活动产生的现金流量净额达32.43亿元，较上年同期的21.38亿元增长51.65%， 主要因收入增加带动货款回笼提升。 外销业务增长显著，报告期内实现收入64.43亿元，占营收58.04%，同比增长18.43%，毛利率49.16%， 同比上升10.97个百分点；内销收入46.58亿元，占比41.96%，同比增长5.75%，毛利率41.37%，同比上 升5.59个百分点，海外市场拓展成效凸显。销售模式上，直销收入81.76亿元，占比73.66%，同比增长 8.74%；经销收入29.24亿元，占比26.34%，同比增长25.76%。 报告期内公司重点项目进展顺利。与中石化镇海炼化合资合作的18万吨/年液体蛋氨酸（折纯）项目已 投入试生产运营；天津尼龙新材料项目完成能源、土地等各项资源合规审批；其他技改提升、管理提升 项目稳步推进，储备项目及新项目规划有序开展 ...

格隆汇8月27日丨澳优(01717.HK)发布公告，2025年中期期间集团整体收入达人民币3,886.8百万元，较 2024年同期人民币3,681.1百万元增长人民币205.7百万元或5.6%。增长主要源于集团自家品牌配方羊奶 粉（自家羊奶粉或佳贝艾特）海外市场表现优异，同比大幅增长65.7%，再次超越市场预期。其次， 2024年10月，集团完成对荷兰羊乳酪公司Amalthea Group B.V.余下50%股份的战略收购。这一重要布局 不仅实现了佳贝艾特核心产品原料的自主可控，更通过新增奶酪产品线进一步丰富集团业务版图，为营 收增长注入新动力。此外，营养品业务的突破亦带来上半年营收的增量。截至2025年上半年，集团录得 公司权益持有人应占利润为人民币180.5百万元，较2024年同期实现24.1%的反弹。 ...

经过历时两年的战略调整与业务优化，本集团收入持续保持稳健增长态势。2025年中期期间本集团整体 收入达38.87亿元，较2024年同期的36.81亿元增长2.06亿元或5.6%。增长主要源于本集团自家品牌配方 羊奶粉("自家羊奶粉"或"佳贝艾特")海外市场表现优异，同比大幅增长65.7%，再次超越市场预期。其 次，2024年10月，本集团完成对荷兰羊乳酪公司 Amalthea Group B.V.(Amalthea)余下50%股份的战略收 购。这一重要布局不仅实现了佳贝艾特核心产品原料的自主可控，更通过新增奶酪产品线进一步丰富本 集团业务版图，为营收增长注入新动力。此外，营养品业务的突破亦带来上半年营收的增量。 于成本费用方面，2025年中期期间，本集团在奋力拼搏业绩的同时，更加精进业务，并同时实施多项费 用管控措施。另一方面，在奶价上涨、欧元升值等多重压力下，本集团持续提升供应链效率，从而达到 有效的成本管控。截至2025年上半年，本集团录得本公司权益持有人应占利润为 1.8亿元，较2024年同 期实现24.1%的反弹。 澳优(01717)发布截至2025年6月30日止6个月中期业绩，该集团取得收入人民币3 ...

Core Viewpoint - The expected peak in birth rates during the Year of the Dragon did not materialize, yet the company Aiyingshi reported strong performance in the first half of 2025, achieving revenue growth despite demographic challenges [1] Financial Performance - Aiyingshi achieved operating revenue of 1.835 billion yuan, a year-on-year increase of 8.31% - The net profit attributable to shareholders was 47 million yuan, up 10.17% - The net profit excluding non-recurring items reached 37 million yuan, reflecting a growth of 20.65% [1] Market Strategy - The company capitalized on the trend of increased spending per child among parents born in the 1980s and 1990s, focusing on premium products and services [1] - Aiyingshi's growth was attributed to a dual-channel strategy, expanding offline stores while enhancing online presence through new media platforms [1][2] Store Expansion - Aiyingshi focused on expanding its direct-operated stores in East, Central, and South China, ending the reporting period with a total of 487 stores [2] - The company opened 20 new stores in East China, 6 in South China, and 9 in Central China during the reporting period [2] Revenue Structure - Revenue from various business segments included: - Store sales: 1.28 billion yuan (up 5.76%) - E-commerce: 760 million yuan (down 14.87%) - Maternal and infant services: 200 million yuan (up 13.44%) - Supply chain management: 365 million yuan (up 31.04%) [2][3] Supply Chain Optimization - Aiyingshi's revenue growth was significantly driven by its maternal and infant health supply chain management business [2] - The company implemented a supply chain network optimization strategy, enhancing market penetration and operational efficiency [4] O2O Integration - The company developed an O2O (Online to Offline) instant fulfillment network, partnering with platforms like Meituan and Ele.me to improve delivery efficiency [5] - O2O channel revenue accounted for 18% of total revenue, with a gross margin 3.2 percentage points higher than traditional e-commerce [5] Private Label Strategy - Aiyingshi's private label products now account for 35% of its offerings, allowing for better cost control and product differentiation [5] - The integration of supply chain management with product development has led to a 70% success rate for new product launches [5]

公司来自中国及其他亚洲市场的营收增长了约14%，达到13亿新西兰元，带动集团总营收增长13.5%， 至19亿新西兰元。 a2Milk预计下一财年净利润将与2025财年持平，运营利润率预计在15%—16%之间。 为深化在中国市场的布局，a2Milk将以2.82亿新西兰元收购一家新西兰的营养品制造工厂。该收购的工 厂已拥有两项中国标签产品注册，有助于a2Milk提升在中国市场的渗透率。公司将出售其持有的 Mataura Valley Milk75%的股份，交易金额约为1亿新西兰元，预计将产生1.3亿新西兰元的亏损。若两项 交易顺利完成，a2Milk计划派发3亿新西兰元的特别股息。 a2Milk公司2025财年税后净利润达到2.029亿新西兰元，同比增长21%，略超分析师预期。公司宣布派发 每股11.5新西兰分的末期股息。 ...

Group 1: Silver Economy Growth Potential - The silver economy in China is estimated to reach approximately 70 trillion yuan (6% of GDP) by 2023 and is projected to grow to 190 trillion yuan (10% of GDP) by 2035[1] - The population aged 65 and above in China is around 220 million (15.6% of the total population) in 2023, with predictions of exceeding 380 million (30.9% of the total population) by 2050[1] - Improvements in healthcare and living standards are expected to further expand the silver economy's scale[1] Group 2: Consumption Capacity of the Elderly - The elderly population has a relatively high net asset level, benefiting from early home purchases and low debt ratios, with average annual housing price growth of about 8% from 2000 to 2020[3] - The average household size in China decreased from 3.1 people in 2010 to 2.6 people in 2020, indicating a trend towards smaller families and increased economic independence for the elderly[3] - By 2020, 55.7% of elderly individuals lived alone or with a spouse, and the reliance on family support decreased from 40.7% in 2010 to 32.7%[3] Group 3: Policy Support for Silver Economy - Since 2024, policies have been introduced to support the silver economy, focusing on supply-side adaptations and demand-side subsidies for elderly care services[4] - The government aims to enhance the supply of elderly care services and improve the infrastructure for elderly-friendly living environments[4] - There is a significant potential for expansion in elderly care facilities and services, as many urban homes lack elevators and other necessary amenities[4]

Core Viewpoint - The company Beiyinmei, often referred to as "A-share变脸王," is facing significant challenges, including delayed financial disclosures, debt disputes, and a struggling business model, raising concerns about its future performance and stability [2][3][8]. Group 1: Financial Disclosure and Debt Issues - Beiyinmei has a history of failing to timely disclose financial conditions, leading to multiple revisions of its financial statements since its listing in 2011 [2]. - The company's major shareholder, Xiaobei Damei Holdings, has filed for pre-restructuring, which has not yet been formally accepted, potentially affecting shareholder equity [2][3]. - The company has been involved in numerous debt disputes, with a high debt ratio of 92.98% reported in 2024, raising questions about its financial health and control stability [7][8]. Group 2: Management and Strategic Changes - After a series of management changes, including the return of founder Xie Hong, the company has attempted various reforms to improve its performance, but results have been underwhelming [9][15]. - Xie Hong's strategy includes a shift towards a "mother-baby ecosystem" and diversification into other product lines, but the effectiveness of these changes remains uncertain [10][12]. - Despite efforts to enhance online sales channels, the company has lagged behind competitors who capitalized on e-commerce growth earlier [13][14]. Group 3: Performance Metrics - Beiyinmei's revenue has stagnated around 2.6 billion yuan since 2018, with net profits fluctuating and often remaining below 5% [12][13]. - The company's primary revenue source remains milk powder, which constituted 90.43% of its revenue in 2024, indicating a lack of successful diversification [13]. - The competitive landscape has intensified, with rivals like Feihe and Junlebao gaining significant market share, further complicating Beiyinmei's recovery efforts [17].

Core Viewpoint - The court has accepted the pre-restructuring application from the controlling shareholder of Beingmate, indicating a potential change in control. Despite the overall downturn in the dairy industry, Beingmate has achieved counter-cyclical growth in its performance. In Q1 2025, foreign institutions heavily bought into Beingmate, but within a month, they significantly reduced their holdings, suggesting a strategy of precise low buying and high selling [1][2][12]. Group 1: Shareholder and Corporate Actions - The controlling shareholder, Zhejiang Xiaobei Demei Holdings Co., Ltd., holds approximately 133 million shares, accounting for 12.28% of the total shares, with about 98.85% of these shares being pledged or frozen [3]. - The shareholder has repeatedly reduced its stake in Beingmate, with a total reduction of approximately 6.38 million shares, representing about 5.91% of the total share capital, through various methods including court-ordered disposals [4][3]. - In 2025, key executives of Beingmate received penalties from the Zhejiang Securities Regulatory Bureau for violations related to information disclosure, highlighting governance issues within the company [6]. Group 2: Performance and Market Dynamics - Beingmate's revenue for 2024 reached 2.773 billion yuan, a year-on-year increase of 9.70%, with a net profit of 103 million yuan, up 116.92%. In Q1 2025, revenue continued to grow to 728 million yuan, a 1.01% increase, and net profit reached 42.8 million yuan, up 93.87% [14]. - The growth is attributed to a significant increase in ODM (Original Design Manufacturer) custom business, which saw a revenue increase of 33.52% year-on-year [14]. - Despite the growth in ODM, other business models such as direct supply and e-commerce experienced declines, with the number of distributors decreasing by 11.53% from 1995 to 1765 [15][16]. Group 3: Foreign Investment Activity - In Q1 2025, several foreign institutions, including Morgan Stanley and Goldman Sachs, entered Beingmate's top ten shareholders, indicating a strategic investment move [7]. - However, by late April 2025, these institutions began to reduce their holdings significantly, with Barclays Bank reducing its stake by 11.25% and Goldman Sachs by 49.75% [9][10]. - The timing of these buy and sell actions suggests that foreign institutions may have strategically avoided public disclosures, raising questions about their investment rationale [13].

Core Viewpoint - The company expects a significant increase in net profit for the period from January 1, 2025, to June 30, 2025, projecting a net profit attributable to shareholders of 3.3 billion to 3.75 billion yuan, representing a growth of 50% to 70% compared to the same period last year [1] Financial Performance - The net profit excluding non-recurring gains and losses is projected to be between 3.25 billion and 3.7 billion yuan, which indicates a growth of 51% to 71% year-on-year [1] - The basic earnings per share are estimated to be between 1.07 yuan and 1.22 yuan [1] Business Segment Performance - The nutrition product segment has seen an increase in both sales volume and sales prices compared to the same period last year, contributing to the overall improvement in operating performance [1]