（央视财经《第一时间》）美国对印度尼西亚输美商品征收19%的关税7日生效。印尼虾农协会主席警 告，作为全球主要的虾类产品出口国，关税或导致今年出口总量暴跌30%，百万从业者面临关税威胁。 美国是印尼虾类产品的最大出口市场，面对19%的高额关税，印尼虾农对未来的发展感到担忧。 印度尼西亚虾农 丹尼·莱昂纳多：生存不是问题，这一点上我还是乐观的，总会有需求和供应。但贸易 增长才是大问题，我对此并不乐观。除非印尼政府采取行动，加强与国内行业协作、扩大国际贸易合 作、制定有效的发展计划，否则我们的发展将受到阻碍。 转载请注明央视财经 编辑：王昕宇 在印度尼西亚爪哇岛西南端的大片虾养殖场，虾农莱昂纳多原本打算今年扩建约100个新虾池，但当美 国4月发出关税威胁后，美国的订单迅速减少，他不得不重新考虑这一计划。莱昂纳多表示，关税给虾 农的生意带来巨大损失。 印度尼西亚虾农 丹尼·莱昂纳多：最大的影响是在发展机会上，现在我们的发展机会因关税严重受阻。 所以，在美国对印尼出口施压的情况下，大家都在积极寻找多元化的新机会以减少对美国市场的依赖程 度。这个关税不仅是向我们征收，也是在向美国民众征收。因此，他们的购买力会下降，结果 ...

Group 1 - The core issue in US-India trade negotiations remains agricultural market access, with both sides unable to reach an agreement as the deadline approaches [1] - The US negotiating team is scheduled to visit India in late August, indicating the complexity of the negotiations [1] - Indian officials emphasize that agriculture and dairy products are red lines in the trade talks, with no compromises that could weaken domestic agriculture [1] Group 2 - India is seeking better trade terms in textiles, footwear, specific auto parts, and shrimp, rejecting suboptimal solutions [1] - The US is demanding concessions from India on corn and soybeans, which conflict with India's current ban on genetically modified imports [1] - Concerns over the lack of transparency in trade agreements signed by Trump, particularly with Vietnam and Bangladesh, are complicating negotiations with India [2] Group 3 - Trump has indicated that a trade agreement with India could be finalized soon, but significant differences remain unresolved [2] - The announcement of new tariffs to be imposed on over 150 countries may impact the broader trade landscape and negotiations with India [2]

Investment Rating - The investment rating for the company is "Accumulate" [7] Core Views - The company has experienced pressure on operations since 2024, primarily due to a lackluster overall consumption environment, resulting in a net decrease of 79 franchise stores by the end of 2024 [1][2] - The company is actively expanding its supermarket channel, which contributed to a revenue increase of 89.1% year-on-year, reaching 0.6 billion RMB in 2024 [1][2] - As of Q1 2025, the company has seen a return to positive same-store sales growth, with a 7% year-on-year increase in single-store revenue [1][2] Summary by Sections Financial Performance - In 2024, the company's revenue and net profit attributable to the parent company were 670 million RMB and 90 million RMB, respectively, representing year-on-year declines of 15.9% and 35.4% [1][6] - The gross margin for 2024 decreased by 1.4 percentage points to 25.0%, influenced by raw material cost fluctuations [3] - The net profit margin for 2024 was 13.0%, down 3.9 percentage points year-on-year [3] Revenue Breakdown - In 2024, revenue from various meat categories was as follows: beef 260 million RMB, poultry 120 million RMB, pork 60 million RMB, lamb 10 million RMB, fish 100 million RMB, and shrimp 80 million RMB, with year-on-year declines across most categories [2] - Retail channel revenue in 2024 was 430 million RMB, down 20.4% year-on-year, while wholesale channel revenue was 180 million RMB, down 17.0% [2] Future Outlook - The company expects performance improvements due to product innovation and diversified channel networks, with adjusted earnings per share (EPS) forecasts for 2025 and 2026 at 0.67 RMB and 0.78 RMB, respectively [4] - The target price for the company's stock is set at 26.76 RMB, based on a price-to-earnings (PE) ratio of 40x for 2025 [4][8]