证券研究报告 北交所定期报告 hyzqdatemark 2026 年 01 月 06 日 证券分析师 赵昊 SAC：S1350524110004 zhaohao@huayuanstock.com 王宇璇 SAC：S1350525050003 wangyuxuan@huayuanstock.com 请务必仔细阅读正文之后的评级说明和重要声明 联系人 2025 年国内消费市场热点涌现，11 月 CPI 同比增速达到年内高点。2025 年 1-11 月，CPI 同比增速整体呈低位波动后逐渐回升的趋势，11 月 CPI 同比增长 0.7%， 增速提升，达到年内高点。2025 年 1-11 月，PPI 同比增速整体为负，但边际好转， 工业品价格通缩压力略微得到缓解。2025 年 1-11 月主要商品零售品类呈现分化， 其中通讯器材类、家用电器和音像器材、家具类等受政策补贴增长强劲，体育、娱 乐用品、金银珠宝类增速也较高，烟酒、服装、饮料、建筑及装潢材料类等传统消 费品行业表现偏弱。2025 年中国消费市场涌现出一系列消费热点，如政策驱动类、 情感经济类、健康消费类、银发经济类、国潮经济类、体验经济类等消费热点。梳 理北 ...

上 市 公 司 公 司 研 究 / 公 司 深 度 农林牧渔 2025 年 12 月 19 日 欧福蛋业 (920371) ——开创并引领中国蛋品加工业，有望继续领跑行业成长 报告原因：首次覆盖 买入（首次评级） | 市场数据： 2025 年 12 月 18 日 | | | --- | --- | | 收盘价（元） | 10.92 | | 一年内最高/最低（元） | 18.40/6.50 | | 市净率 | 3.8 | | 股息率%（分红/股价） | 0.92 | | 流通 A 股市值（百万元） | 2,114 | | 上证指数/深证成指 3,876.37/13,053.97 | | | 注："股息率"以最近一年已公布分红计算 | | | 基础数据: | 2025 年 09 月 30 日 | | --- | --- | | 每股净资产（元） | 2.91 | | 资产负债率% | 19.51 | | 总股本/流通 A 股（百万） | 205/194 | | 流通 B 股/H 股（百万） | -/- | 一年内股价与大盘对比走势： -100% 0% 100% 200% 12-18 01-18 02-18 03- ...

Group 1 - The historic launch of the Hainan Free Trade Port on December 18, 2025, coincided with the groundbreaking of the first egg deep processing project by Hainan Hongchu Food Technology Co., Ltd, marking a significant step in local agricultural enterprise chain upgrades [1] - Jin Yuan Futures Co., Ltd recognizes the unprecedented opportunities created by the "zero tariff" policy from the free trade port, which facilitates the upgrade and iteration of the local agricultural industry chain [1] - The egg deep processing project aims to transform primary eggs into high-value products such as liquid eggs and egg powder, promoting the transition of Hainan's egg industry from traditional farming to a high-quality development model through the entire industry chain and deep processing [1] Group 2 - Eggs are a crucial "basket product," and their price fluctuations directly impact both consumer livelihoods and farmers' incomes [2] - Jin Yuan Futures is committed to using futures and derivative tools to provide precise risk management solutions for agricultural industry chain enterprises, enabling them to effectively lock in raw material procurement costs or finished product sales prices [2] - The deep integration of finance and industry is viewed as an essential path for high-quality development, with Jin Yuan Futures expressing a desire to collaborate with more local enterprises in Hainan to leverage free trade port policies and financial market tools for industrial upgrades and rural revitalization [2]

Investment Rating - The report indicates a positive outlook for the egg processing industry, particularly highlighting the potential of Oufu Egg Industry as a key player in the market [1] Core Viewpoints - The egg processing industry in China is still in its early stages, with only 5%-7% of eggs being processed compared to 50% in Japan and 33% in the USA, indicating significant growth potential [2][13] - The market for egg products has seen a steady increase, with a compound annual growth rate (CAGR) of 11.8% from 2011 to 2021, driven by the industrialization of food and the rise of chain restaurants [2][13] - Oufu Egg Industry focuses on the B-end market, providing solutions such as liquid eggs and egg powder to industrial clients, while also expanding into C-end products like egg white beverages [2][19] - The company is projected to achieve revenue of 906 million yuan in 2024, with a year-over-year growth of 5.65% in net profit [24][28] Summary by Sections Market Overview - The egg product market in China is expanding, with liquid eggs being the core growth driver, achieving a CAGR of 12.0% from 2011 to 2021 [13][16] - The demand for high-quality protein products is increasing, with 72.7% of consumers prioritizing protein type over quantity when choosing protein sources [5][8] Company Analysis - Oufu Egg Industry has a robust product line, including various types of liquid and powdered eggs, and is actively developing functional products to meet changing consumer demands [18][19] - The company aims to tap into the functional beverage market with its egg white drink, which offers high protein content with low calories, appealing to health-conscious consumers [22][19] Financial Performance - Oufu Egg Industry's revenue is expected to reach 906 million yuan in 2024, with a net profit of approximately 45.6 million yuan, reflecting a CAGR of 2.19% in revenue and 26.57% in net profit from 2021 to 2024 [24][28] - The overall market capitalization of the North Exchange consumer service sector increased from 123.9 billion yuan to 126.1 billion yuan, indicating positive market sentiment [30][36]

Industry Overview - The egg products industry in China has seen significant growth, with the market size increasing from 39.743 billion yuan in 2020 to 51.543 billion yuan in 2024 [1][9] - The industry includes traditional products like salted eggs and century eggs, as well as modern products such as liquid eggs and egg powder, which are increasingly in demand due to changing consumer preferences [1][9] Market Environment - In 2024, China's total retail sales of consumer goods reached 48.334 trillion yuan, with a year-on-year growth rate of 3.48%, indicating a stable recovery in market consumption [7] - The demand for egg products is expected to grow, driven by the increasing reliance of the baking and catering industries on egg products [7] Current Industry Status - The consumption of egg products in China is still low, with only 5%-7% of the total egg consumption being processed, compared to higher percentages in countries like Japan and the USA [11] - The industry is in its early stages, with many companies having small scales and low market concentration, primarily producing traditional egg products [13] Competitive Landscape - The egg products industry in China is characterized by small-scale enterprises, with most companies having a market capitalization of less than 5 billion yuan [13] - Key players in the industry include Suzhou Oufu Egg Industry Co., Ltd., Jilin Jinyi Food Co., Ltd., and Heilongjiang Zhongnong Xinghe Biotechnology Co., Ltd. [13][15] Future Trends - The industry is transitioning towards scale and standardization, with the top ten egg-laying enterprises holding a market share of 42% in 2024, expected to exceed 50% by 2030 [19] - Technological advancements in processing methods are extending the shelf life of egg products and driving the development of functional products, which are becoming a new growth area [20][21] - Consumer demand is shifting towards healthier and more convenient options, with organic and ready-to-eat egg products seeing significant growth [22]