为壮大产业根基，村党支部以蚕豆种植为核心，联合周边村扩规模、建合作社，引入豌豆品种，联合松 多牧场发展葱花土鸡、白牦牛养殖，形成"种植+养殖"双轮驱动格局。同时，组建"党员+村民"互助组， 将灌溉渠道、村道防护栏等分片包干，硬化村道、改造防渗渠，昔日泥泞路变水泥路，浇水难问题得到 解决。 村里还组织党员对接6家村集体经济投资企业，解决土地流转、用工难题，引导企业投资特色产业，实 现联农带农；党员"产业致富领航员"精准帮扶脱贫户、监测户参与发展。2025年，十八洞沟村集体经济 年均收入达12.2万元，特色产业成为村民"钱袋子"。 村党支部还聚焦产业发展需求，开设"田间课堂+线上培训"，邀请农业技术专家面对面讲授蚕豆高产种 植、畜禽疫病防治等实用技能，夯实种养殖产业的技术根基。积极鼓励引导村内种、养殖大户"触网转 型"，不少村民实现了从"会种养"到"善营销"的跨越。曾经"'养在深闺人未识'的高原农特产品，通过直 播镜头销往全国各地，拓宽了增收渠道，也让柏域藏香的名气越来越大"。十八洞沟村柏域藏香生产企 业负责人林旦成扎华骄傲地说。 本报记者 郑思哲 海东市互助土族自治县松多乡的群山深处，错落有致的梯田勾勒出高原村 ...

（来源：上观新闻） 住宁波的妈一封封来信催："快回来，吃点带魂灵的菜，给你补补。"我没空去，总被妈骂，骂到我再没 办法，才回去一次，多半是春末。蚕豆熟了，豆壳上有茸茸细毛，嫩得可以掐出水来。妈一面煮豆一面 来源：作者：叶良骏 夸，这豆水灵灵的，带着魂灵呢！蚕豆多吃易上火，但我天天吃顿顿吃，一点没异样，没两天，嗓子也 不痛了。妈说，这豆有魂灵，知道缺啥补啥！ 每年冬至前，妈也要我回去。她总无端猜测，我熬夜了？面黄肌瘦了？老家早已没祖坟可扫，冬至回去 干啥！但妈催得紧，我只好去。妈说，打过霜的青菜，又甜又糯，你们上海哪有？那菜碧绿生青，叶子 厚实又嫩滑，一烧就酥，吃在嘴里香、鲜，简直是入口即化。冬天少别的菜蔬，就天天吃青菜，那味道 别提有多好！我每次只能待几天，妈总是说，这带魂灵的菜，你吃了两三天，脸色就转过来了。可惜不 能带到上海去。后来妈回了上海，再后来，她走了，这带魂灵的菜再吃不到了。 近日，益美阿姑听说我嗓子哑得说不出话，打电话要我回老家去。她说，你们吃不到新鲜菜，身体怎会 好！快回来，吃点带魂灵的菜，给你补补！这句话，已几十年没听见，一时没忍住，眼湿了。益美阿姑 的父亲若水太公曾长期做我外公的管家。阿姑 ...

Core Insights - Many people consider consuming coarse grains as a healthy choice for controlling blood sugar, especially for those with high blood sugar or diabetes, but some coarse grains can actually cause blood sugar levels to rise more quickly than white rice or steamed buns [1] Group 1: High Glycemic Index Coarse Grains - Glutinous corn has a glycemic index (GI) of approximately 70-80, which is classified as high, leading to a faster increase in blood sugar levels compared to other grains [2] - Yellow millet porridge, particularly made from glutinous varieties, can raise blood sugar levels faster than white rice porridge, making it important for those with blood sugar issues to limit its consumption [2] - Baked sweet potatoes have a GI of 94, significantly higher than steamed ones (GI of 77), due to the conversion of some sucrose into faster-acting maltose during baking [2] Group 2: Factors Contributing to High Glycemic Response - The breeding of sweeter varieties of foods like sweet potatoes and pumpkins has resulted in higher sugar content and GI values compared to older varieties [3] - Overcooking grains increases the gelatinization of starch, leading to faster absorption in the intestines and a quicker rise in blood sugar [3] - Excessive processing, such as making mashed potatoes or grain pastes, removes dietary fiber that helps slow down sugar absorption, resulting in a doubled glycemic response [3] Group 3: Recommended Coarse Grains for Stable Blood Sugar - Whole grain cereals like oats, barley, and buckwheat have lower GI values compared to refined grains, aiding in better blood sugar control for diabetic patients [5] - Legumes such as red beans, green beans, and chickpeas have a milder GI, providing essential nutrients while avoiding excessive saturated fats and cholesterol [6] - Bran products, including oat bran and whole grain bread, are rich in dietary fiber, which helps slow digestion and sugar absorption, making them beneficial for diabetes management [7] - Germ foods like wheat germ and corn germ are nutrient-dense, containing vitamins, minerals, and healthy fats that support overall health, particularly for diabetic patients [7]

Core Insights - The winter vegetable harvest in Sanya, Hainan, has begun, with significant production expected to support the market before the Spring Festival [1][3] - Sanya's winter vegetable planting area is projected to reach 166,100 acres, with an expected yield of over 340,000 tons [3][5] Group 1: Production and Harvesting - Farmers in Sanya are currently harvesting cucumbers, with individual farmers like Li Junning expecting to collect two to three thousand pounds in a single day [1][5] - The largest area for winter vegetable cultivation in Sanya is located in the Yazhou District, where 30,000 acres have been prepared for planting, involving approximately 4,300 households [3][5] - The peak harvest period for Sanya's vegetables will see products shipped nationwide, with cucumbers and other vegetables expected to be available in large quantities starting January next year [5][7] Group 2: Agricultural Strategy and Crop Management - The Hainan Provincial Department of Agriculture has proposed adjustments to winter vegetable planting, focusing on stabilizing melon production, increasing bean varieties, and reducing pepper cultivation [5][7] - Sanya is implementing advanced agricultural techniques, such as the "insect net+" green pest control technology for cowpeas, and promoting the "netted cowpea" brand [5][7] - The introduction of high-yield, disease-resistant varieties through the "South Breeding" program has resulted in significant yield increases, with cowpea varieties yielding over 4,000 pounds more per acre compared to traditional varieties [7] Group 3: Research and Development - Sanya is leveraging its favorable climate and research partnerships with institutions like the Chinese Academy of Tropical Agricultural Sciences to introduce and test new vegetable varieties [7] - The establishment of a healthy seedling production base aims to support local vegetable production, with plans to produce at least 10 million seedlings annually through intensive factory-style cultivation [7]

Investment Rating - The report maintains a "Recommendation" rating for the company with a target price of 68 yuan [2][8]. Core Insights - The company reported a total revenue of 1.533 billion yuan for the first three quarters of 2025, a year-on-year decrease of 4.53%. The net profit attributable to the parent company was 156 million yuan, down 43.66% year-on-year [2][8]. - In Q3 2025, the company achieved a revenue of 588 million yuan, an increase of 4.37% year-on-year, while the net profit attributable to the parent company was 82 million yuan, a decrease of 26.31% year-on-year [2][8]. - The company is focusing on improving its channel strategies and product offerings, particularly in the bean and flavored nut categories, which have shown positive sales growth [8][9]. Financial Performance Summary - For 2024A, the total revenue is projected at 2.257 billion yuan with a growth rate of 22.2%. The net profit is expected to be 376 million yuan, reflecting a growth rate of 14.3% [4]. - The company anticipates a decline in revenue for 2025E to 2.211 billion yuan, with a significant drop in net profit to 247 million yuan, a decrease of 34.4% [4]. - The earnings per share (EPS) for 2025E is projected to be 2.65 yuan, with a price-to-earnings (P/E) ratio of 21 times [4][8]. Market Position and Strategy - The company is actively enhancing its product mix and channel distribution, with a focus on high-margin products like beans, which contributed to a gross margin of 37.15% in Q3 2025, an increase of 0.35 percentage points year-on-year [8][9]. - The company is also expanding its overseas market presence, particularly in Thailand, Indonesia, and Malaysia, while facing challenges in Vietnam due to policy adjustments [8][9]. - The report emphasizes the importance of channel diversification and product innovation to sustain growth and improve profitability in the coming years [8][9].

Investment Rating - The investment rating for the company is "Buy" with a target price not specified [6][17]. Core Views - The company experienced a revenue decline of 9.34% year-on-year in H1 2025, with a net profit decline of 55.20% [1]. - The revenue drop has narrowed quarter-on-quarter, indicating an improvement in operational conditions [1]. - The company plans to distribute a cash dividend of 53.13 million yuan, accounting for 71.22% of its net profit in H1 2025 [1]. - The company has launched four new flavors of nut products, which are expected to meet market demand [4]. Revenue and Profitability - In H1 2025, the company achieved revenues of 9.45 billion yuan and a net profit of 0.75 billion yuan [1]. - The revenue from major product categories showed a decline, primarily due to a decrease in sales volume [1]. - The company reported a gross margin of 32.79% and a net margin of 4.90% in Q2 2025, both showing a year-on-year decline [3]. Segment Performance - The company’s revenue from different regions in H1 2025 was as follows: East China 2.85 billion yuan, Southwest 1.22 billion yuan, and overseas 0.22 billion yuan, with overseas revenue growing significantly by 163% [2]. - E-commerce business showed a revenue increase of 12% year-on-year, with a gross margin improvement of 6 percentage points [2]. Financial Forecast - The company’s revenue projections for 2025-2027 are adjusted to 22.65 billion yuan, 25.55 billion yuan, and 28.17 billion yuan, with expected growth rates of 0%, 13%, and 10% respectively [4]. - The forecasted net profit for the same period is 2.54 billion yuan, 3.46 billion yuan, and 3.99 billion yuan, reflecting a year-on-year decline of 33% in 2025, followed by growth in subsequent years [4]. Market Position - The company is positioned in the food and beverage sector, specifically in the snack food category [6]. - The current market capitalization is approximately 5.36 billion yuan, with a price-to-earnings ratio of 21X for 2025 [5][6].

Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The company reported a decline in revenue and net profit for the first half of 2025, with revenue at 945 million yuan, down 9.34% year-on-year, and net profit at 75 million yuan, down 55.20% year-on-year [1] - The company is optimizing inefficient businesses and experiencing good growth in overseas markets, with significant revenue contributions from new product launches and a focus on high-quality channels [2] - Rising costs of raw materials and increased expenses are impacting profitability, with a gross margin of 33.61% for the first half of 2025 [3] - The profit forecast for 2025-2027 has been revised downwards due to ongoing brand investment, with expected net profits of 249 million, 343 million, and 392 million yuan respectively [4] Summary by Sections Financial Performance - In H1 2025, the company achieved revenue of 945 million yuan, a decrease of 9.34% year-on-year, and a net profit of 75 million yuan, down 55.20% year-on-year [1] - For Q2 2025, revenue was 441 million yuan, a decline of 3.37% year-on-year, and net profit was 22 million yuan, down 70.96% year-on-year [1] Product and Market Analysis - Revenue by product category in H1 2025: green peas (234 million yuan, -1.56%), sunflower seeds (125 million yuan, -9.51%), broad beans (125 million yuan, +2.11%), mixed nuts and beans (273 million yuan, -19.92%), and other series (175 million yuan, -11.50%) [2] - Revenue by channel: distribution (696 million yuan, -19.84%), e-commerce (153 million yuan, +12.42%), direct sales (83 million yuan, +154.63%) [2] - Revenue by region: East China (285 million yuan, +3.57%), Southwest (122 million yuan, -29.76%), Central China (110 million yuan, -31.49%), North China (73 million yuan, -39.85%), South China (93 million yuan, +27.26%), Northwest (30 million yuan, -34.65%), Northeast (22 million yuan, -35.73%), and overseas (44 million yuan, +162.92%) [2] Cost and Profitability - The gross margin for H1 2025 was 33.61%, with a decrease in Q2 to 32.79% [3] - The increase in sales expense ratio to 18.56% in H1 2025 and 19.97% in Q2 2025 reflects higher brand investment and personnel costs [3] - The net profit margin for H1 2025 was 7.89%, dropping to 4.95% in Q2 2025 [3] Profit Forecast and Valuation - The net profit forecast for 2025-2027 has been adjusted to 249 million, 343 million, and 392 million yuan, with corresponding EPS of 2.67, 3.68, and 4.20 yuan [4] - The current stock price corresponds to P/E ratios of 22, 16, and 14 for 2025-2027 [4]

Group 1: Recommended Stocks - Torch Electronics (603678.SH) shows confidence with an employee stock ownership plan despite a 20.04% decline in revenue to CNY 2.8 billion in 2024[9] - Jiejie Microelectronics (300623.SZ) reported a 35.05% increase in revenue to CNY 2.845 billion and a 115.87% rise in net profit to CNY 473 million in 2024[13] - Meige Intelligent (002881.SZ) leads in smart cockpit modules with a 35.1% market share, achieving 881,000 units shipped in 2024[19] - Kingsoft Office (688111.SH) achieved a revenue of CNY 26.57 billion in H1 2025, a 10.12% year-on-year increase[20] - Parker New Materials (605123.SH) aims for high-end markets with a focus on aerospace and energy sectors, despite a 46.37% drop in net profit in 2024[25] - Jinyinhai (300619.SZ) is a leader in lithium battery equipment, expecting revenues of CNY 18.95 billion in 2025[29] Group 2: Financial Metrics and Projections - Torch Electronics forecasts EPS of CNY 1.10, 1.40, and 1.74 for 2025-2027[12] - Jiejie Microelectronics anticipates EPS of CNY 0.78, 1.02, and 1.35 for 2025-2027[16] - Kingsoft Office projects net profits of CNY 17.68 billion, 21.50 billion, and 26.93 billion for 2025-2027, with a PE ratio of 84, 69, and 55 respectively[23] - Jinyinhai expects net profits of CNY 0.11 billion, 0.80 billion, and 2.60 billion for 2025-2027, with a PE ratio of 318.45X, 45.82X, and 14.01X[35]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is experiencing pressure on distribution channels and a decline in profitability, with a significant drop in revenue and net profit in the first half of 2025 compared to the previous year [4][6] - The company is undergoing a transformation period, with fluctuations in revenue and performance, but is expected to return to a growth trajectory as channel adjustments are completed and new products are launched [9] Financial Performance Summary - In H1 2025, the company achieved revenue of 945 million yuan, a year-on-year decrease of 9.3%, and a net profit attributable to shareholders of 75 million yuan, down 55.2% year-on-year [4] - The second quarter of 2025 saw revenue of 441 million yuan, a decline of 3.4% year-on-year, and a net profit of 22 million yuan, down 71.0% year-on-year [4] - The company plans to distribute a cash dividend of 5.8 yuan per 10 shares, totaling 53 million yuan, with a payout ratio of 71.22% [4] Product and Channel Performance - The company’s product performance in H1 2025 showed mixed results, with revenue from green peas at 234 million yuan (down 1.56%), sunflower seeds at 125 million yuan (down 9.51%), and broad beans at 125 million yuan (up 2.11%) [6] - E-commerce revenue increased by 12.42% to 153 million yuan, while direct sales and other models surged by 154.63% to 83 million yuan, indicating strong growth in these channels despite a 19.84% decline in distribution revenue [6] Cost and Profitability Analysis - The gross margin for H1 2025 was 33.61%, a decrease of 1.33 percentage points year-on-year, with Q2 gross margin at 32.79%, down 1.57 percentage points [6] - Rising raw material costs, particularly for palm oil, have pressured profit margins, alongside increased sales and management expense ratios [6] Future Earnings Forecast - The company’s revenue projections for 2025-2027 are 2.236 billion yuan, 2.486 billion yuan, and 2.813 billion yuan, respectively, with expected year-on-year growth rates of -1%, +11%, and +13% [9] - Net profit forecasts for the same period are 235 million yuan, 324 million yuan, and 379 million yuan, with corresponding year-on-year growth rates of -37%, +38%, and +17% [9]

Investment Rating - The report has downgraded the investment rating to "Recommended" with a target price of 68 yuan [2][3]. Core Views - The company reported a total revenue of 945 million yuan for the first half of 2025, a year-on-year decrease of 9.3%, and a net profit attributable to shareholders of 75 million yuan, down 55.2% year-on-year [2][3]. - The company is actively adjusting its strategies in response to weak terminal consumption, channel diversification, and intensified competition, focusing on product innovation and market expansion [2][3][6]. Financial Summary - **Revenue Forecasts**: The total revenue is projected to be 2,257 million yuan in 2024, decreasing to 2,211 million yuan in 2025, and then increasing to 2,504 million yuan in 2026 and 2,805 million yuan in 2027 [2][12]. - **Net Profit Forecasts**: The net profit attributable to shareholders is expected to be 376 million yuan in 2024, dropping to 247 million yuan in 2025, then recovering to 352 million yuan in 2026 and 421 million yuan in 2027 [2][12]. - **Earnings Per Share (EPS)**: EPS is forecasted to be 4.04 yuan in 2024, 2.65 yuan in 2025, 3.78 yuan in 2026, and 4.52 yuan in 2027 [2][12]. - **Valuation Ratios**: The price-to-earnings (P/E) ratio is projected to be 14 in 2024, 22 in 2025, 15 in 2026, and 13 in 2027 [2][12]. Market Performance - The company’s stock price has fluctuated between a high of 93.52 yuan and a low of 47.85 yuan over the past 12 months, with a current price of 57.09 yuan [3]. Operational Insights - The company’s revenue from various product lines showed mixed results, with significant declines in categories like mixed nuts and beans, while e-commerce channels saw a 12.4% increase in revenue [2][6]. - The gross profit margin for Q2 2025 was reported at 32.79%, a decrease of 1.58 percentage points year-on-year, primarily due to rising raw material costs [2][6]. Strategic Focus - The company is prioritizing scale and product innovation, with plans to enhance its product offerings and improve channel strategies, particularly in the e-commerce and overseas markets [2][6].