科技成果转化提速 技术突破的价值最终需通过市场检验。今年以来，双塔食品加速将科研成果向产品端转化。据该公司负 责人介绍，目前，已针对不同客户需求开发具有特定功能性的豌豆蛋白产品，并扩展绿豆、鹰嘴豆等小 品类蛋白；同时，针对运动场景开发高支链氨基酸肽粉，纯度达95%以上；开发低钠高钙豌豆分离蛋 白、膳食纤维多糖等，应用于代餐粉、烘焙食品等。此外，该公司的豌豆蛋白肽产品在海外市场获得积 极反馈。 双塔食品研发部门有关负责人对《证券日报》记者表示，该课题将集成模拟移动床色谱、多级梯次分离 等绿色工艺，旨在突破植物蛋白提取效率、纯度与活性保持等技术瓶颈，实现高得率、高纯度与活性稳 定的工业化生产。 推动生产工艺升级 作为豌豆蛋白精深加工领域的头部企业，双塔食品此次承担国家级课题，标志着其在行业技术攻关中扮 演核心角色。双塔食品相关方面表示，课题的实施旨在推动生产工艺向清洁化、高效化、智能化升级， 助力产品向功能化、差异化、高端化迈进。 前述双塔食品研发部门负责人表示，目前，功能性蛋白高效绿色制备技术体系不完善，制备过程中的活 性变化规律不明确，导致我国功能性蛋白生产成本高。 "一旦把提取率、纯度和活性保持率提升到关键 ...

据了解，该课题是"十四五"国家重点研发计划"食品营养与安全关键技术研发"重点专项项目，由上海理 工大学作为牵头单位，联合国内优势单位协同攻关。项目旨在突破功能性蛋白绿色制备与生物合成关键 技术，开发功能性蛋白健康食品，助力我国大健康产业的发展。 从"跟跑"到"领航"，科创实力铸就行业标杆 作为豌豆蛋白精深加工领域的领军企业，双塔食品始终以科技创新为核心引擎，实现了从技术"跟跑"到 行业"领跑"的跨越式发展。自2020年起，企业多次承担山东省级重大科研项目，此次获批国家重点研发 计划课题，不仅成为技术实力进阶的里程碑，更是对双塔食品在功能性蛋白关键技术研发方面综合实力 的高度认可，彰显了其在行业中的绝对技术话语权。 多年来，双塔食品锚定绿色制造、生物合成、功能化改性与高值化应用等前沿方向持续深耕，承担国家 火炬计划、国家科技支撑计划等多项国家级、省级重大课题，建成院士工作站、山东省企业技术中心、 工程实验室等多个省级高端创新平台。凭借不懈的研发投入与创新追求，企业斩获山东省技术创新一等 奖等多项殊荣，核心技术达到国际先进水平，为我国豌豆精深加工产业突破技术瓶颈、实现全球领跑筑 牢根基。 产学研深度融合，构建高端 ...

Core Viewpoint - The financial performance of Shuangta Food in Q3 2025 shows significant pressure, with a notable decline in revenue and a substantial net loss compared to the previous year [1][2]. Financial Performance Summary - In Q3 2025, Shuangta Food reported a revenue of 469 million yuan, a year-on-year decrease of 33.66% [1]. - The net profit attributable to shareholders was -19.92 million yuan, reflecting a year-on-year decline of 319.92% [1]. - For the first nine months of 2025, total revenue was 1.516 billion yuan, down 10.45% year-on-year, and net profit was 34.44 million yuan, a decrease of 45.27% [1]. External Factors Impacting Performance - The change in external trade environment significantly affected performance, particularly due to the EU's anti-dumping investigation into Chinese high-protein pea protein, a core product of the company [2]. - The company's overseas revenue contribution was substantial, with 483 million yuan from international markets in H1 2025, accounting for 46.11% of total revenue [2]. - The EU market share increased from 3.92% in 2024 to 6.48% in H1 2025, but the anti-dumping investigation poses uncertainty for future growth [2]. Internal Operational Challenges - Internal pressures also contributed to the decline in profitability, with asset impairment losses increasing by 40.42% due to rising starch inventory [3]. - Sales expenses rose by 36.19%, primarily due to increased costs associated with order meetings [3]. - Despite reductions in management and financial expenses, the growth in asset impairment and sales costs exerted pressure on net profit [3]. Strategic Responses - In response to current challenges, the company is intensifying its domestic market efforts, achieving a 15.63% increase in domestic sales revenue in H1 2025 [3]. - The company is also constructing a factory in Thailand to leverage Southeast Asia's advantages and mitigate trade barriers [3]. - A special task force has been established to address the EU anti-dumping investigation, including hiring professional legal teams [3]. Industry Context and Future Outlook - The performance of Shuangta Food reflects the common challenges faced by export-dependent plant protein companies in the current global trade environment [4]. - The transition from "export processing" to "domestic brand operation" will take time and may not immediately compensate for lost overseas revenue [4]. - The success of domestic market expansion and overseas capacity building will be crucial for the company to overcome current pressures and achieve stable growth in the long term [4].

Group 1: Company Highlights - Zhonghua Yantu is a leading geotechnical and underground engineering service provider in China [2] - Shandong Molong specializes in oil drilling machinery and is a key supplier to CNOOC [2] - Sinopec Oilfield Services ranks fourth globally in the oil service industry [2] - Beiken Energy is a comprehensive service provider for oil and gas resource development [2] - Huibo Pu focuses on oil and gas engineering services and has gained access to multiple oil and gas companies in the UAE, Kuwait, Iraq, and Kurdistan [2] - Maohua Shihua is primarily engaged in petrochemicals [2] Group 2: Market Trends - The market is seeing a rise in state-owned asset securitization and leveraging of state-owned funds [2] - Companies like Wuhan Holdings and Sanxia New Materials are under the control of state-owned assets [2] - The coal enterprise Dayou Energy is undergoing strategic restructuring [2] Group 3: Financial Performance - Haizhou Group's net profit is expected to increase by 625.83% to 756.71% year-on-year [4] - New Link Electronics reported a net profit growth of 421.43% in Q3, attributed to increased investment income [5] - North China Holdings, a major mining vehicle manufacturer, anticipates a net profit increase of 56.9% to 70.74% year-on-year [5] Group 4: Industry Developments - The company plans to acquire an 81.8091% stake in Guangdong Changxing Semiconductor Technology Co., enhancing its control over the semiconductor sector [4] - The domestic market for artificial meat is gaining traction, with companies like Beyond Meat experiencing significant stock price increases [3] - The photovoltaic sector is witnessing a revenue growth of 71.04% year-on-year, with companies like Bluefeng Biochemical leading the way [7]

Core Viewpoint - The European market has initiated an anti-dumping investigation into Chinese pea protein, following similar actions in the U.S., posing significant challenges for the company, Doublestar Foods, which is the largest pea protein producer globally [1][2]. Group 1: Investigation Details - The European Commission has launched an anti-dumping investigation targeting pea protein products with a protein content exceeding 65%, initiated by a temporary alliance of EU pea protein producers [2][3]. - The investigation period is set from July 1, 2024, to June 30, 2025, with damage assessment starting from January 1, 2022 [2]. - Doublestar Foods' sales of the affected products to the EU are projected to account for approximately 3.92% of total revenue in 2024, increasing to 6.48% in the first half of 2025, indicating growth potential [2][3]. Group 2: Impact of U.S. Actions - The U.S. Department of Commerce imposed a final anti-dumping duty of 269.77% and a countervailing duty of 15.15% on Chinese pea protein on July 30, 2024, significantly impacting the company's U.S. operations [2][3]. - In 2022 and the first half of 2023, exports to the U.S. accounted for 8.14% and 9.92% of the company's total revenue, respectively [3]. Group 3: Company Response and Strategy - In response to the investigations, the company has established a special task force and hired a professional legal team to address the EU investigation, mirroring its strategy during the U.S. anti-dumping case [4][5]. - Doublestar Foods is diversifying its market presence by expanding into emerging international markets and enhancing domestic market efforts, with domestic sales revenue growing by 15.63% in the first half of 2025, reaching 53.89% of total revenue [5]. - The company is also advancing the construction of overseas factories, which may help mitigate the impact of trade barriers through flexible supply chain adjustments [5]. Group 4: Technological and Competitive Advantages - Doublestar Foods maintains a leading position in pea protein extraction technology, with expertise in various extraction methods and collaborations with universities for research and development [5][6]. - The company has developed multiple patents and participates in setting industry standards, reinforcing its technological "moat" against competition [6].

Core Viewpoint - The European Union has initiated an anti-dumping investigation into Chinese pea protein, prompting the company to actively respond to the situation [1] Group 1: Company Overview - The company, Double Tower Foods, primarily engages in the production of pea protein, vermicelli, and dietary fiber, focusing on strengthening its core business and optimizing product structure [1][2] - In the first half of 2025, the company reported revenue of 1.047 billion yuan, a year-on-year increase of 6.18%, and a net profit of 54.36 million yuan, up 0.89% year-on-year [1] Group 2: Pea Protein Business - The company's pea protein business involves extracting pea protein as a byproduct from starch production for vermicelli, enhancing it to feed-grade and food-grade pea protein through technological advancements [2] - The company possesses industry-leading extraction technologies and collaborates with several universities for research in pea protein and peptide fields [2] - Pea protein offers advantages over other plant proteins, such as being non-GMO, allergen-free, cholesterol-free, and low in fat, with applications in various sectors including solid beverages, plant-based meat, energy bars, breakfast cereals, baked goods, and pet food [2] Group 3: Impact of Anti-Dumping Investigation - The investigation covers high-protein pea protein with over 65% protein content, with the investigation period set from July 1, 2024, to June 30, 2025 [1] - In 2024, the sales revenue of pea protein with over 65% protein content exported to the EU is expected to account for approximately 3.92% of the company's total revenue, while in the first half of 2025, this figure is projected to be around 6.48% [2] - The company has established a special task force and hired a professional legal team to address the investigation, while also planning to expand into new international markets and accelerate the construction of overseas factories [3]

Core Insights - The company, Shuangta Food, reported a revenue of 1.047 billion yuan for the first half of 2025, representing a year-on-year growth of 6.18% [1] - The net profit attributable to the parent company reached 54 million yuan, with a year-on-year increase of 0.89% [1] Business Performance - The revenue from the noodle business was 266 million yuan, showing a year-on-year growth of 11.92% [1] - The revenue from pea starch business was 129 million yuan, with a year-on-year increase of 16.35% [1] - The edible protein business generated revenue of 400 million yuan, reflecting a year-on-year decline of 8.01% [1] - The dietary fiber business reported revenue of 47 million yuan, indicating a year-on-year decrease of 28.75% [1]

Group 1 - The latest stock price of Shuangta Food is 5.56 yuan, an increase of 1.83% compared to the previous trading day, with a trading volume of 202 million yuan [1] - The company specializes in the processing of agricultural and sideline products, including pea protein, vermicelli, and dietary fiber [1] - In the first half of 2025, the company achieved an operating income of 1.047 billion yuan, a year-on-year increase of 6.18%, and a net profit attributable to shareholders of 54.36 million yuan, a year-on-year increase of 0.89% [1] Group 2 - The company announced a provision for inventory impairment of 34.465 million yuan in the first half of 2025, which reduced the net profit by the same amount [1] - The company plans to distribute a cash dividend of 0.1 yuan for every 10 shares [1] - On August 19, the net outflow of main funds was 11.5089 million yuan, while the cumulative net inflow over the past five trading days was 16.9514 million yuan [1]

Core Insights - The consensus on the upward revaluation of Chinese assets is expanding continuously [4] - The China Securities Regulatory Commission states that the Chinese capital market will provide irreplaceable investment opportunities for global investors [4] Industry Dynamics - The first low-altitude sightseeing route in Shanghai has launched, indicating the rapid emergence of a trillion-level low-altitude economy, with related stocks including Jialiqi (301586) and Hangcai Co. (688563) [5] - The Shenzhen International Optical Fair will be held next month, with AI glasses expected to gain traction, related stocks include Allwinner Technology (300458) and Shuo Beid (300322) [5] - Huawei has released the world's largest commercial foldable computer, suggesting an imminent explosion in the foldable screen industry, with related stocks including Sidike (300806) and Kaisheng Technology (600552) [5] Company Focus - Weixing New Materials (002372) aims to maintain relative price stability by enhancing product and service quality [6] - Shuangta Food (002481) expects the completion of its factory in Thailand in the second half of the year, anticipating an additional pea protein production capacity of 10,000 tons [6] - Guoxuan High-Tech (002074) reports strong demand for its main products, with continuous growth in production [6] - Link Technology (001207) has silica products applicable in humanoid robotics [6] Market Review and Outlook - On May 20, the market experienced a high and then a pullback, with three major indices showing slight increases. The Shanghai Composite Index closed at 3380.66 points, up 0.39%, and the Shenzhen Component Index at 10245.13 points, up 0.73% [7] - The market is currently lacking a clear mainline, with hotspots being dispersed. However, in the medium term, the "loose monetary + weak dollar" environment is expected to favor technology growth styles [7] - The institution anticipates that elastic opportunities will likely revolve around technology growth areas such as self-control, AI, and robotics in the coming month [7]

Group 1: Company Strategy and Operations - The company is actively expanding its raw material import channels to mitigate procurement risks due to international environmental changes [2] - The Thai factory is part of the company's overseas strategy, expected to be completed in the second half of the year, with an anticipated production capacity of 10,000 tons of pea protein [3] - The company is focusing on new applications for pea protein, particularly in high-end pet food and emerging markets in Asia [2] Group 2: Financial and Investment Insights - The company has not yet initiated its share repurchase plan as the loan funds for the buyback have not been received [3] - In 2024, the company's R&D expenses amounted to 65.67 million yuan, with multiple patents granted and participation in key provincial R&D projects [4] - The company expresses confidence in its 2025 share repurchase plan based on optimistic future development prospects [3] Group 3: Market and Clientele - Major clients for the company's pea protein include international giants such as Nestlé, Mars, and DuPont [3] - The company is monitoring trends in the plant-based meat sector, which is expected to have growth potential [3] Group 4: Shareholder Engagement - The company is considering suggestions for online product discount activities for shareholders and evaluating the feasibility of a shareholder ordering program [4] - The company acknowledges the importance of different product development for various demographics and application scenarios [4]