Investment Rating - The report maintains a "Buy" rating for the company [6][4]. Core Views - The company reported a decline in revenue and net profit for the first half of 2025, with revenue at 2.75 billion and net profit at 90 million, reflecting year-on-year changes of -5.0% and -73.7% respectively. The second quarter showed a revenue increase of 9.7% but a significant drop in net profit [1][2]. - The company is actively launching new snack products such as nuts, ice cream, and konjac, which are expected to contribute to revenue growth. The recent launch of a new nut product achieved sales of 100 million within a month [2][3]. - The gross margin for the first half of 2025 was 20.3%, down 8.1 percentage points year-on-year, primarily due to rising raw material costs and increased promotional expenses [3][4]. Summary by Sections Financial Performance - For the first half of 2025, the company reported revenues of 2.75 billion, with a net profit of 90 million, showing a year-on-year decline of 5.0% and 73.7% respectively. The second quarter saw revenues of 1.18 billion, a 9.7% increase, but net profit fell by 88.2% [1][2]. - The company’s gross margin decreased to 20.3%, with significant drops in the margins for sunflower seeds and nuts, attributed to higher procurement costs [3][4]. Product Development and Market Strategy - The company is focusing on expanding its product line with new snacks, which are expected to drive additional revenue. Recent product launches have shown promising sales figures [2][3]. - The company is also expanding its distribution channels, including high-potential markets, to enhance its product reach [2]. Earnings Forecast and Valuation - The earnings per share (EPS) estimates for 2025, 2026, and 2027 have been adjusted to 1.07, 1.50, and 1.98 RMB respectively, reflecting a downward revision due to a weaker consumption environment and increased competition [4][10]. - The target price for the company is set at 27.36 RMB, based on a price-to-earnings (PE) ratio of 18x for 2026 [4][6].

Core Viewpoint - Qiaqia Food (002557.SZ) reported a decline in both revenue and net profit for the first half of 2025, attributed to macroeconomic conditions, changes in external channels, and the timing of the Spring Festival [1] Financial Performance - The company achieved operating revenue of 2.752 billion yuan, a decrease of 5.05% compared to the same period last year [1] - The net profit attributable to shareholders was 88.64 million yuan, down 73.68% year-on-year [1] Cost and Investment Factors - The decline in profit was primarily due to rising costs of sunflower seeds and core nut raw materials [1] - The company has actively adjusted its product and channel structure, increasing investment in new product development and channel capabilities, which impacted profit margins [1]

Core Insights - The article highlights the agricultural diversification efforts in Yunnan's Jingma County, focusing on the integration of sunflower and corn cultivation to enhance income and land utilization [1][2] - The development of the sugarcane industry in the region is emphasized, with a significant increase in sugarcane planting area and production, contributing to economic growth [2] - The introduction of photovoltaic (solar) energy projects is noted as a means to improve local employment and collective economic income, showcasing a model of sustainable development [3] Agricultural Diversification - The intercropping of sunflowers with corn has been implemented to improve land efficiency and provide additional income through sunflower seed sales [1] - The local variety of sunflower, known as "red melon seeds," is particularly popular among consumers, enhancing the appeal of this agricultural model [1] Sugarcane Industry Development - The total sugarcane planting area in the region has reached 77,000 acres, with a projected sugarcane processing volume of 397,000 tons for the 2024-2025 season, marking a 27.6% increase from the previous season [2] - The economic output from sugarcane is estimated at 186 million yuan, with an average income of 11,600 yuan per sugarcane farmer [2] Photovoltaic Energy Initiatives - The region has adopted a cooperative model involving local party branches, enterprises, and farmers to develop photovoltaic projects, leasing 4,500 acres of barren land for solar energy production [2] - The photovoltaic initiatives have generated significant local employment opportunities, with workers earning over 3,000 yuan monthly, while also contributing to collective economic income of 1.4993 million yuan in 2024 [3] Economic Growth and Income Increase - The average per capita income in the region reached 19,440 yuan in 2024, reflecting a year-on-year growth of 7.3% [3] - The combination of traditional agriculture and modern technology is fostering a harmonious development model that supports rural revitalization [3]

Group 1 - The Argentine government has announced a permanent reduction in export withholding tax rates for various agricultural products, including beef and poultry, with rates decreasing from 6.75% to 5% [1] - The tax reductions also apply to corn and sorghum, which will see rates drop from 12% to 9.5%, sunflower seeds from 7.5% to 5.5%, soybeans from 33% to 26%, and soybean by-products from 31% to 24.5% [1] - This policy aims to boost the agricultural sector, which is considered the most productive industry in Argentina, by alleviating the heavy tax burden it has faced over the past two decades [1] Group 2 - Economists suggest that the reduction in export withholding tax rates may lead to an increase in overall agricultural output, which could offset any fiscal shortfall through increased revenue from other taxes such as VAT and income tax [2] - The policy is seen as a step towards the gradual elimination of export taxes by the Milei administration [3]

Group 1: Inflation in Russia and Ukraine - Russia is experiencing significant inflation, with electricity prices rising by 13%, natural gas by 13.5%, and water prices by 14.9%, marking the largest increase in recent years [1] - Ukraine is also facing rising prices, with food prices soaring; for instance, apple prices have nearly tripled, cabbage prices increased by 2.5 times, and chicken egg prices rose by 62.7% [1] Group 2: Agricultural Export Dynamics in Ukraine - The average cost of exporting 1 ton of agricultural products from Ukraine is €291, while the average cost for the EU is $1,538, indicating a significant profit margin for Ukrainian exports [2] - The cost advantage of Ukrainian agricultural products is a key reason for Eastern European countries' resistance to Ukraine's EU membership, fearing detrimental impacts on their agricultural sectors [4] Group 3: Government Measures in Ukraine - To address domestic food price increases due to high agricultural exports, the Ukrainian government plans to impose a 10% export tax on soybeans and sunflower seeds, which is expected to generate over 7 billion hryvnias annually for the government [4] - The export tax will be gradually reduced by 1% each year over the next five years and will only affect traders, not producers [4]

Report Title - Bio - diesel Policy Favorable, US Soybean Oil Leads the Rise of Oils and Fats - Guoxin Futures Weekly Report on Oils and Oilseeds [2] Report Industry Investment Rating - Not provided in the report Core Viewpoints - The protein meal market: Internationally, the probability of abnormal weather for US soybeans is decreasing, and policy may be the key factor affecting the market. US soybeans may run within the range of 950 - 1100 cents. Domestically, the inventory of soybean meal is accelerating, and the Dalian soybean meal market will face the game between cost increase and supply easing, with short - term low - level fluctuations. [136] - The oils and fats market: Internationally, the MPOB report is expected to be favorable, and the US soybean oil market has positive policies for biodiesel. Domestically, the market follows the international trend, with short - term volatile strength, and it is advisable to adopt interval band operations or double - selling option strategies. [136] Section Summaries 1. Protein Meal Market Analysis 1.1 Market Trends - CBOT soybeans rebounded from a low level this week. The near - month contracts were pressured by the higher - than - expected quarterly inventory report at the end of June, while the far - month contracts were supported by the slightly lower - than - expected planting area report. The US Senate's new tax bill and Trump's speech also affected the market. The main contract of US soybeans fluctuated between 950 - 1100 cents. Dalian soybean meal oscillated higher at a low level, with a weaker increase than US soybeans. [6] 1.2 US Soybean Export - The US soybean export inspection volume increased by 11% from the previous week but decreased by 30% year - on - year. As of June 26, 2025, the export inspection volume was 224,787 tons. The total export inspection volume for the 2024/25 season reached 45,851,787 tons, a year - on - year increase of 10.3%, and 91.1% of the revised export target has been achieved. [12] 1.3 North American Weather - In the US, there were active weather conditions in many areas, with heavy rainfall in some parts and drought in others. There were also wildfires in the west. In Canada, the rainfall in the prairies was generally low, and some areas in Saskatchewan experienced drought. [24][30] 1.4 Global Oilseed Market - The US soybean inventory as of June 1 was 1.008 billion bushels, a 4% year - on - year increase. The 2025 US soybean planting area was adjusted down to 83.38 million acres. Argentina restored the original tax rates for soybeans and other crops. The EU's rapeseed production in 2025/26 is expected to increase, while sunflower seed production is expected to decrease. Brazil's 2024/25 soybean production is estimated to reach a record high of 168.75 million tons. [35][36][37] 1.5 Trade Pattern Changes - Italy will increase imports of US soybeans. Trump is rumored to reveal the progress of the trade agreement with China, and the US has reached a trade agreement with Vietnam. [39] 1.6 Domestic Soybean Situation - The domestic spot and futures crushing margins of soybeans have declined. As of the end of this week, the inventory of imported soybeans at domestic ports was about 5.988 million tons, and it is expected to be 5.04 million tons next weekend. The cost of imported soybeans from the US Gulf for September shipment is 4,620 yuan/ton, and that from Brazil is 3,917 yuan/ton. [45][48] 1.7 Soybean Meal Situation - As of the end of the 26th week (June 28), the average soybean opening rate of domestic oil mills was 67.05%, a decrease of 4.44% from the previous week. The inventory of soybean meal was 751,000 tons, an increase of 217,000 tons from the previous week. The estimated apparent consumption of soybean meal in the 26th week was 1.7513 million tons, a decrease from the previous week. [53][57] 1.8 Rapeseed Meal Situation - As of the end of the 26th week (June 28), the weekly opening rate of domestic imported rapeseed processing enterprises was 13.82%, a 0.73% increase from the previous week. The inventory of imported crushed rapeseed meal was 9,000 tons, a decrease of 3,000 tons from the previous week. [63] 2. Oils and Fats Market Analysis 2.1 Market Trends - International oils and fats oscillated higher this week, with US soybean oil rising significantly due to the favorable policy for biodiesel. Malaysian palm oil also rose, and domestic oils and fats followed the trend. Dalian palm oil led the rise, Zhengzhou rapeseed oil oscillated strongly, and Dalian soybean oil rose and then fell. [70] 2.2 International Oils and Fats Information - Malaysian palm oil exports increased in June, with different performance for different varieties. Indonesia raised the reference price of palm oil in July. Indian importers cancelled some palm oil import orders. The US Senate's new tax bill is favorable for US soybeans and corn growers. The production of South Malaysian palm oil decreased in June. [74][75][76][77][78] 2.3 Domestic Oils and Fats Situation - As of the end of the 26th week in 2025, the total inventory of the three major domestic edible oils was 2.4565 million tons, a weekly increase of 188,100 tons. The inventory of soybean oil was 1.0609 million tons, an increase of 75,000 tons; the inventory of edible palm oil was 511,500 tons, an increase of 113,400 tons; the inventory of rapeseed oil was 884,100 tons, a decrease of 400 tons. [93] 2.4 Arbitrage Relationships - This week, the oil - meal ratio of beans and rapeseeds decreased slightly, and the spread between the main contracts of soybean meal and rapeseed meal decreased slightly. The 9 - 1 spread of soybean meal continued to decline, and the 9 - 1 spread of soybean oil decreased significantly, while the 9 - 1 spread of palm oil fluctuated narrowly. [113][117][119] 3. Market Outlook 3.1 Technical Analysis - For soybean meal, short - term indicators are entangled, medium - term indicators are bearish, and long - term indicators are entangled. For rapeseed meal, short - term, medium - term, and long - term indicators are all entangled. For soybean oil, short - term indicators are entangled, medium - term indicators are bullish, and long - term indicators are entangled. For palm oil, short - term, medium - term, and long - term indicators are all bullish. For rapeseed oil, short - term and medium - term indicators are bullish, and long - term indicators are entangled. [135] 3.2 Fundamental Analysis - Protein meal: Internationally, the probability of weather speculation for US soybeans is decreasing, and policy is the key factor. Domestically, the inventory of soybean meal is accelerating, and the market will face the game between cost increase and supply easing. - Oils and fats: Internationally, the MPOB report is expected to be favorable, and the US soybean oil market has positive policies. Domestically, the market follows the international trend, with short - term volatile strength, and it is advisable to adopt interval band operations or double - selling option strategies. [136]

Core Insights - The article highlights the investment opportunities in Bayannur, Inner Mongolia, particularly in agriculture and livestock sectors, emphasizing its unique geographical advantages and resources [1][2][4] Group 1: Agricultural and Livestock Potential - Bayannur is a significant production base for organic raw milk, sunflower seeds, dehydrated vegetables, and tomato products, contributing to 40% of China's sunflower seeds and 60% of its tomato sauce exports [1][3] - The region is located in the "golden agricultural planting belt" at 40 degrees north latitude, benefiting from over 3100 hours of annual sunlight and significant temperature variations, making it ideal for crop growth [2][3] - The local government is focusing on attracting investment in agricultural processing and high-value product transformation, with 19 agricultural projects listed in the 2025 investment plan [9][10] Group 2: Investment Initiatives and Support - The "Private Enterprises Entering the Border Areas" initiative aims to encourage private enterprises to invest in Bayannur, with support from national ministries to leverage capital, technology, and management expertise [1][5] - The local government has implemented a "one-stop" approval process and "nanny-style" services to shorten the investment landing period, enhancing the business environment [10] - Significant investment has been noted, with 21 major projects over 1 billion yuan implemented in the first quarter of the year, totaling 4.47 billion yuan, a year-on-year increase of 451.9% [10] Group 3: Challenges and Future Directions - Despite its advantages, Bayannur faces challenges such as insufficient industrial chain collaboration, a shortage of skilled professionals, high logistics costs, and low land utilization [11] - The government plans to improve logistics parks, cold chain storage, and testing centers to support the agricultural and livestock industries [11] - The article suggests that the entry of private enterprises into the border areas could be a transformative opportunity for the region [11]

Group 1: Report Industry Investment Rating - No relevant information provided Group 2: Core Viewpoints of the Report - The reduction of import duties in India may stimulate palm oil purchases, but sentiment needs to be observed for fluctuations; the driving force of the soybean complex for soybean oil is weak, and it will trade in a range [1] - The global vegetable oil market is entering a shortage phase due to reduced production and increased demand, threatening the global balance [5] Group 3: Summary by Relevant Catalogs 1. Fundamental Tracking - **Futures Data**: Palm oil主力 closed at 8,060 yuan/ton with a -1.59% decline; soybean oil主力 at 7,638 yuan/ton with a -1.11% decline; rapeseed oil主力 at 9,348 yuan/ton with a -0.84% decline; Malaysian palm oil主力 at 3,878 ringgit/ton with a -1.40% decline; CBOT soybean oil主力 at 46.23 cents/pound with a -1.41% decline [1] - **Trading Volume and Open Interest**: Palm oil主力 trading volume was 684,233 lots, a decrease of 37,461 lots; open interest was 385,610 lots, a decrease of 89,673 lots. Soybean oil主力 trading volume was 379,525 lots, a decrease of 59,191 lots; open interest was 615,062 lots, an increase of 23,623 lots. Rapeseed oil主力 trading volume was 415,679 lots, a decrease of 84,838 lots; open interest was 292,984 lots, a decrease of 34,499 lots [1] - **Spot Price**: Palm oil (24 - degree, Guangdong) was 8,630 yuan/ton, a decrease of 70 yuan/ton; first - grade soybean oil (Guangdong) was 8,010 yuan/ton, a decrease of 50 yuan/ton; fourth - grade imported rapeseed oil (Guangxi) was 9,410 yuan/ton, a decrease of 40 yuan/ton; Malaysian palm oil FOB was 980 dollars/ton, an increase of 5 dollars/ton [1] - **Basis**: Palm oil (Guangdong) basis was 570 yuan/ton; soybean oil (Guangdong) basis was 372 yuan/ton; rapeseed oil (Guangxi) basis was 62 yuan/ton [1] - **Price Spread**: Rapeseed - palm oil futures主力 spread was 1,288 yuan/ton; soybean - palm oil futures主力 spread was - 422 yuan/ton; palm oil 9 - 1 spread was 36 yuan/ton; soybean oil 9 - 1 spread was 20 yuan/ton; rapeseed oil 9 - 1 spread was 179 yuan/ton [1] 2. Macroeconomic and Industry News - **Weather Conditions**: The US Midwest will have more widespread showers and thunderstorms. Canada is facing spring forest fires, with multiple provinces declaring a state of emergency, and the forest fire prevention level reaching the highest level 5, with a cumulative burned area of nearly 890,000 hectares [2][3] - **Palm Oil Trade**: Malaysia's palm oil exports from May 1 - 31 were 1,320,914 tons, a 17.9% increase from the previous month. Indonesia exported 2.88 million tons of palm oil in March, higher than the same period last year. From January - April, Indonesia's palm oil exports decreased by 5.37% year - on - year, but export value increased by 20% [4] - **Soybean Market**: As of June 1, 2025, the US soybean good - to - excellent rate was 67%, lower than expected; the emergence rate was 63%; the planting rate was 84%, lower than expected. The area affected by drought in the US soybean - growing region was 17%. US soybean crushing in April was 6.07 million short tons. Brazil's 2024/25 soybean production was revised up by 1.3 million tons to 169 million tons. Argentina's 2024/25 soybean harvest rate was 84% as of May 29 [6] - **Other Oilseed Markets**: Strategic Grains significantly revised down the EU's 2025/26 rapeseed production forecast to 18.6 million tons, also lowered the forecasts for sunflower seed and soybean production. In Canada, Saskatchewan's spring rapeseed sowing was 82.61% complete as of May 28; Alberta's rapeseed planting rate was 82.5% as of May 27; Manitoba's was 76% as of May 27 [7][8] 3. Trend Intensity - Palm oil trend intensity was 0; soybean oil trend intensity was 0 [9]

Core Viewpoint - The integration of electricity supply into the agricultural value chain is crucial for enhancing agricultural productivity, increasing farmers' income, and revitalizing rural areas, as demonstrated by various initiatives in Shanxi Province [3][10]. Group 1: Agricultural Development and Electricity Supply - The State Grid Shanxi Electric Power Company actively supports the agricultural industry by ensuring reliable electricity supply for the entire agricultural value chain, which includes planting, management, and sales [3][6]. - In Yuncheng, a major agricultural city in Shanxi, the company has focused on building cold storage facilities to extend the shelf life of fruits, thereby increasing their market value by 30%-40% compared to direct sales [4][6]. - The company has established service teams, such as the "Electricity Small Field" service team, to provide timely support and ensure the safety of electrical supply to cold storage facilities [3][6]. Group 2: Economic Impact on Farmers - In Lingyi County, the establishment of over 600 cold storage facilities allows for the delayed sale of fruits, significantly enhancing farmers' income [4]. - The construction of a strawberry seedling greenhouse in Dajiao Village, supported by the local power company, is expected to reduce seedling costs by 10% and increase survival rates by 15%, generating an annual economic benefit of over 70,000 yuan [6]. - The Dazhong Agricultural Development Company in Datong has successfully processed 1,800 tons of fresh daylilies annually, contributing to local employment and income stability for surrounding villages [9]. Group 3: Technological Advancements and Efficiency - The Hongfeng Kang Agricultural Cooperative has invested in an automated production line that significantly increases processing capacity and product quality, allowing for better market positioning and higher prices for sunflower seeds [10]. - The cooperative's new color selection equipment has reduced labor costs by 70% and increased daily processing capacity to 50 tons, enhancing the overall efficiency of operations [10]. - The proactive approach of local power companies in facilitating electricity supply for new agricultural projects demonstrates their commitment to supporting the agricultural sector's growth and sustainability [9][10].

Investment Rating - The investment rating for the company is "Buy" and is maintained [7] Core Views - The company achieved a total operating revenue of 7.131 billion yuan in 2024, representing a year-on-year growth of 4.79%. The net profit attributable to the parent company was 849 million yuan, up 5.82% year-on-year, and the net profit after deducting non-recurring gains and losses was 773 million yuan, an increase of 8.86% year-on-year. However, in Q4 2024, the operating revenue was 2.374 billion yuan, a year-on-year increase of only 1.99%, while the net profit attributable to the parent company fell by 24.79% to 223 million yuan [2][4][10] - In Q1 2025, the company reported an operating revenue of 1.571 billion yuan, a decline of 13.76% year-on-year, with a net profit of 77 million yuan, down 67.88% year-on-year [2][4] Summary by Sections Financial Performance - In 2024, the company’s total operating revenue was 7.131 billion yuan, with a gross profit margin of 28.78%, and a net profit margin of 11.91%. The Q4 2024 gross profit margin decreased to 25.83%, and the net profit margin fell to 9.41% [10][4] - The company’s revenue from sunflower seed business grew by 2.6%, while the nut business saw a revenue increase of 9.74% due to new product launches and market expansion [10][4] Cost and Profitability - The rising cost of sunflower seed raw materials has put short-term pressure on the company’s profitability. The net profit margin for Q1 2025 dropped to 4.92%, with a gross profit margin of 19.47% [10][4] - The company is expected to face challenges in Q4 2024 and Q1 2025 due to increased procurement costs and weak demand, leading to a significant impact on gross profit [10][4] Future Outlook - The company plans to diversify its channel layout and continue expanding its nut business, with expectations of new product launches in the coming year. It is anticipated that raw material prices will stabilize, potentially improving gross margins in the latter half of the year [10][4] - The projected EPS for 2025 and 2026 is 1.43 yuan and 1.84 yuan, respectively, with corresponding PE ratios of 17 and 13 times [10][4]