Core Viewpoint - Linyi is establishing itself as "China's Food Capital" through a modern industrial chain that integrates raw material cultivation and deep processing, achieving significant growth in the grain and oil industry [1] Industry Overview - By 2024, Linyi will have 161 large-scale enterprises in the premium grain and oil processing industry, with a production value exceeding 30 billion yuan [1] - From January to July this year, the number of large-scale enterprises increased to 177, achieving a production value of 19.69 billion yuan, representing a year-on-year growth of 25.2% [1] Raw Material Base - Linyi is a major grain and oil production base in China, with 9 national grain-producing counties and 6 top peanut counties [1] - The peanut planting area is 2.303 million acres, with a total output of 713,000 tons, ranking first in the province; wheat planting area is 4.388 million acres with a total output of 1.881 million tons; soybean planting area is 294,000 acres with processing capacity exceeding 1 million tons [1] Processing Industry - The processing sector is described as the "heart" of the industrial chain, with a focus on cluster development and intelligent transformation [1] - Three major processing clusters have emerged: - Peanut and vegetable oil processing cluster, centered in Ju County, with 222 peanut processing enterprises, including 21 large-scale ones, producing about 1/6 of the country's refined peanut oil [1] - Baked goods processing cluster, with over 670 enterprises producing more than 6 million tons of processed foods annually, covering over 1,000 varieties [1] - Grain processing industry chain, featuring the world's largest single flour mill and innovative products like zero-additive natural tofu [1] Technological and Collaborative Efforts - Linyi has 26 provincial-level specialized and innovative enterprises and 18 provincial-level R&D centers, collaborating with universities to tackle key processes [1] - The establishment of a 60-member "expert think tank" and various initiatives to support enterprise development have been implemented to enhance the industrial ecosystem [1] Future Outlook - The continuous efforts in "supplementing, strengthening, and extending" the industrial chain are expected to enhance Linyi's status as "China's Food Capital" [1]

Core Viewpoint - Zhejiang Dongri Co., Ltd. reported a revenue increase of 6.23% year-on-year for the first half of 2025, reaching approximately 373.46 million RMB, with a net profit attributable to shareholders of approximately 68.83 million RMB, reflecting a 12.12% increase compared to the previous year [2][11]. Company Overview and Financial Indicators - The company operates primarily in the agricultural product wholesale market, fresh food distribution, and soybean product processing, with the wholesale market contributing 36.25% to total revenue [11]. - Key financial metrics for the first half of 2025 include: - Total revenue: 373,455,552.81 RMB - Total profit: 90,473,978.94 RMB - Net profit attributable to shareholders: 68,829,035.32 RMB - Basic earnings per share: 0.16 RMB, up 6.67% from the previous year [2][20]. Industry Analysis - The agricultural product wholesale market is expected to see continued growth due to increasing agricultural supply and consumer demand, with a projected increase in grain yield per mu by 7.8% over the next decade [3][4]. - The market is characterized by a significant reliance on traditional wholesale channels, with approximately 70% of agricultural products distributed through wholesale markets, indicating their continued importance in the supply chain [5][6]. Business Operations - The company is focused on enhancing its digital and information technology capabilities to improve operational efficiency and customer experience in the agricultural wholesale market [8][19]. - The company has implemented various technological advancements, including smart electronic scales and digital management systems, to streamline operations and enhance service quality [13][19]. Future Development - The company aims to transition from traditional wholesale operations to a more integrated, technology-driven model that includes processing, storage, and distribution, aligning with national policies promoting agricultural modernization [6][7]. - The emphasis on digital transformation and smart logistics is expected to enhance the company's competitive edge in the agricultural product market [8][19].

VITASOY INT'L即维他奶国际集团有限公司，是一家在香港上市的知名企业。维他奶主要从事生产及 销售植物奶饮品和食品等业务。其产品包括各种类型的豆奶、茶饮料等，在亚洲地区乃至全球都拥有广 泛的消费群体。维他奶品牌具有较高的知名度和美誉度，产品在市场上具有一定的竞争力。公司在生 产、研发、销售和品牌推广等方面都积累了丰富的经验。在市场布局方面，除了在本土香港市场占据重 要份额外，还积极拓展内地市场以及海外市场，通过不断推出新的产品口味和包装形式来满足不同消费 者的需求，在植物奶饮品市场中占据一席之地。 本文源自：金融界 作者：港股君 8月5日，VITASOY INT'L回购4.60万股股票，每股回购均价9.20港元，共耗资约42.31万港元，本年累计 回购2349.20万股，占总股本2.18%。 截至当日港股收盘，VITASOY INT'L上涨1.42%，报9.31港元/股。 VITASOY INT'L近期回购情况 回购日期回购均价回购股数回购金额本年累计回购股数2025-08-059.1974.60万42.31万2349.20万2025-08- 049.12222.20万202.50万2344.60万2 ...

Core Viewpoint - Vitasoy reported a revenue of HKD 6.274 billion for the fiscal year ending March 31, 2025, reflecting a 1% year-on-year growth, while net profit attributable to shareholders surged by 102% to HKD 235 million, driven by improved sales execution in mainland China and strong performance in Hong Kong [1][2] Group 1: Financial Performance - Revenue growth of 1% in FY2025 was primarily due to growth in core products in mainland China and stable performance in Hong Kong [1] - Net profit doubled due to cost reduction and efficiency improvement measures, with operating profit in mainland China increasing by 41% and in Hong Kong by 24% [1] Group 2: Market Dynamics - The mainland market is Vitasoy's main revenue source, facing intense competition and rising consumer price sensitivity, leading to a previous price reduction strategy [1][2] - Vitasoy's management announced that there will be no further price reductions in the mainland market, indicating that the pricing of their lemon tea is already competitive after a 10%-15% price cut in the previous half-year [2][3] Group 3: Product Strategy - Vitasoy aims to maintain market advantage through high-quality products and services rather than relying solely on price competition [3] - The company has adjusted its product mix to be more economical and competitive, particularly in the tea beverage segment [3][5] Group 4: Industry Trends - The beverage industry in China is experiencing a shift, with a reported production of 188 million tons in 2024, a 7.5% increase year-on-year, and total revenue of CNY 534.8 billion, up 4.8% [7] - The plant-based beverage market is facing a slowdown, but Vitasoy believes in its long-term potential due to low per capita consumption compared to global averages and significant growth opportunities in lower-tier cities [7][8] Group 5: Competitive Landscape - The tea beverage market is growing, with increasing consumer demand for health-oriented and diverse product offerings [8] - Vitasoy has been expanding its low-sugar and no-sugar beverage options since 2015/16, but faces challenges from increased competition in the no-sugar tea segment [8][9]