【编者按】外贸，是观察区域经济活力的重要窗口，更是河南构建新发展格局的关键支撑。在全球贸易 环境复杂多变、不确定性因素增多的当下，"稳外贸"不仅是稳增长、稳就业的重要抓手，更是河南企业 融入双循环、拓展国际市场的必由之路。如何帮助河南外贸企业在风浪中稳健前行，破解"有单不敢 接、有单无力接"的出海难题？出口信用保险无疑是关键的"护航者"与"助推器"。它既为企业防范海外 买家信用风险、应对贸易壁垒筑起"安全网"，也通过风险保障等支持，为企业大胆开拓新市场、抢抓新 订单注入"强心剂"。 正是基于助力河南外贸高质量发展和河南高水平开放的共同目标，中国出口信用保险公司河南分公司与 河南日报社财经全媒体中心、大河财立方携手推出《稳外贸 信保助力豫企出海》策划。通过走进一家 家深耕国际市场的河南企业，记录他们与信用保险"双向奔赴"的合作故事，挖掘信保工具如何为企业出 海"遮风挡雨"，如何赋能企业从"稳订单"到"拓市场"的进阶之路，为更多河南企业扬帆出海提供借鉴与 启发。 【大河财立方 记者 徐兵 文 李博 摄影】在国际贸易环境急速变化的当下，企业"走出去"早已不是比拼 价格与产品，更是一场关于风险管理、信用体系与全球资源 ...

Core Viewpoint - Charoen Pokphand Enterprises International (03839) has seen a significant increase in stock price, rising over 570% year-to-date, with a current price of 10.02 HKD and a trading volume of 15.47 million HKD [1] Group 1: Strategic Partnership - On August 28, Muyuan Foods and Charoen Group signed a strategic cooperation agreement in Bangkok, Thailand, marking a collaboration between the world's first and third largest pig farming giants [1] - The partnership will focus on strategic planning, business integration, and global layout, promoting deep collaboration in areas such as feed, pig farming, slaughtering, food processing, talent, and capital [1] Group 2: Company Performance - Charoen Pokphand Enterprises International is a subsidiary of Charoen Group and is one of the world's leading producers of chlortetracycline [1] - According to Huaxin Securities, the global market for veterinary chlortetracycline is dominated by two companies, Jinhe Biology and Charoen Biology, which together account for over 90% of global production capacity, indicating a duopoly market structure [1] - The company's financial report shows a 768.36% year-on-year increase in net profit for the first half of the year, primarily driven by significant growth in the group's biochemical business, which focuses on animal health pharmaceutical products and chlortetracycline [1]

Core Viewpoint - Charoen Pokphand International (03839) has seen its stock price increase by over 570% year-to-date, with a recent rise of 8.79% to HKD 10.02, reflecting strong market performance and investor interest [1] Company Summary - Charoen Pokphand International is a subsidiary of Charoen Pokphand Group and is one of the world's leading producers of chlortetracycline [1] - The company reported a significant profit increase of 768.36% year-on-year in the first half of the year, primarily driven by substantial growth in its biochemical business, which focuses on animal health products and chlortetracycline [1] Industry Summary - The strategic partnership signed on August 28 between Muyuan Foods and Charoen Group in Bangkok is seen as a collaboration between the world's first and third largest pig farming giants, aiming for comprehensive cooperation in strategic planning, business integration, and global expansion [1] - The global veterinary chlortetracycline market is characterized by a duopoly, with China’s Jinhe Biology and Charoen Biological accounting for over 90% of global production capacity [1]

Group 1 - The core point of the article highlights the significant stock price increase of Charoen Pokphand International (03839), which rose over 15% and reached a historical high of 8.87 HKD, with a current increase of 21.49% at 8.82 HKD and a trading volume of 19.796 million HKD [1] - The article reports that the Ministry of Agriculture and Rural Affairs, in collaboration with the National Development and Reform Commission, is set to hold a meeting on September 16 to discuss pig production capacity regulation, inviting 25 leading companies including Muyuan and Wens [1] - Charoen Pokphand International is a subsidiary of Charoen Pokphand Group and is recognized as one of the world's leading producers of oxytetracycline, with a mid-year revenue of approximately 323 million USD, reflecting a year-on-year growth of 199.44% [1] Group 2 - The company's net profit attributable to shareholders reached 17.046 million USD, marking a year-on-year increase of 768.36%, primarily driven by significant growth in the biochemical business focused on animal health products and oxytetracycline [1] - According to Huaxin Securities, the global market for veterinary oxytetracycline is dominated by two companies, Jinhe Biology and Charoen Pokphand Biology, which together account for over 90% of the global production capacity, indicating a duopoly market structure [1]

Core Viewpoint - Charoen Pokphand Enterprises International (03839) has seen a significant stock price increase, rising over 15% yesterday and reaching a new historical high of 8.87 HKD today, with a current increase of 21.49% at 8.82 HKD and a trading volume of 19.796 million HKD [1] Group 1: Company Performance - Charoen Pokphand Enterprises International reported mid-term revenue of approximately 323 million USD, representing a year-on-year growth of 199.44% [1] - The company's net profit attributable to shareholders was 17.046 million USD, showing a remarkable year-on-year increase of 768.36% [1] - The significant profit growth is primarily attributed to the notable expansion of the group's biochemical business, which focuses on animal health pharmaceutical products and oxytetracycline [1] Group 2: Industry Context - The Ministry of Agriculture and Rural Affairs, in collaboration with the National Development and Reform Commission, is set to hold a meeting on September 16 in Beijing to discuss the implementation of pig production capacity control measures, inviting 25 leading companies including Muyuan and Wens [1] - Recently, Muyuan Group signed a strategic cooperation agreement with Charoen Pokphand Group [1] - The global market for veterinary oxytetracycline is dominated by two companies, Jinhe Biology and Charoen Pokphand Biology, which together account for over 90% of the global production capacity, indicating a duopoly market structure [1]

Company Overview - Charoen Pokphand International (03839.HK) closed at HKD 7.6 per share, up 16.21% with a trading volume of 3.08 million shares and a turnover of HKD 22.33 million, showing a volatility of 18.2% [1] - Over the past month, Charoen Pokphand International has seen a cumulative increase of 23.4%, and a year-to-date increase of 338.93%, outperforming the Hang Seng Index by 25.51% [1] - As of June 30, 2025, the company reported total revenue of CNY 2.315 billion, a year-on-year increase of 199.44%, and a net profit attributable to shareholders of CNY 122 million, a year-on-year increase of 768.36% [1] Financial Metrics - The gross profit margin stands at 12.92%, and the debt-to-asset ratio is 36.48% [1] - The company has a price-to-earnings (P/E) ratio of 7.67, ranking 8th in its industry, while the average P/E ratio for the pharmaceutical and biotechnology sector is -1.3 [2] Industry Context - The pharmaceutical and biotechnology industry has a median P/E ratio of 1.52, with other companies in the sector showing varying P/E ratios: - Other Excellent Pharmaceuticals (00858.HK) at 1.41 - Kingsray Biotechnology (01548.HK) at 1.64 - Dongrui Pharmaceutical (02348.HK) at 3.23 - Jilin Changlong Pharmaceutical (08049.HK) at 5.98 - Hutchison China MediTech (00013.HK) at 6.17 [2] Company Background - Charoen Pokphand International is a Hong Kong-listed company involved in biochemical and industrial businesses, established as part of Charoen Pokphand Group since 1995, and is a leading producer of oxytetracycline globally [2] - The company is also a significant stakeholder in one of China's four major Caterpillar distributors, holding 50% of the equity [2] - Charoen Pokphand International has been listed on the Hong Kong Stock Exchange since July 2015 and is a subsidiary of Charoen Pokphand Foods Public Company Limited (CPF.TB), a leading global agribusiness company listed on the Stock Exchange of Thailand [2]

Core Viewpoint - Charoen Pokphand International (03839) shares increased by over 16%, reaching HKD 6.95 with a trading volume of HKD 4.9455 million following the announcement of its mid-2025 financial results [1] Financial Performance - The company reported revenue of approximately USD 323 million, representing a year-on-year increase of 199.44% [1] - Shareholder profit reached USD 17.046 million, showing a significant year-on-year growth of 768.36% [1] - Earnings per share were reported at 6.7 cents [1] Business Segments - The substantial profit increase is primarily attributed to the remarkable growth in the company's biochemical business [1] - Charoen Pokphand International is engaged in both biochemical and industrial businesses, with the biochemical segment focusing on animal health pharmaceutical products and goldenseal [1]

Core Viewpoint - Charoen Pokphand International (03839) experienced a significant stock increase of over 16%, reaching HKD 6.95 with a trading volume of HKD 4.9455 million following the announcement of its mid-2025 financial results [1] Financial Performance - The company reported revenue of approximately USD 323 million, representing a year-on-year growth of 199.44% [1] - Shareholder profit reached USD 17.046 million, marking a substantial increase of 768.36% compared to the previous year [1] - Earnings per share were reported at 6.7 cents [1] Business Segments - The increase in profit is primarily attributed to the significant growth in the company's biochemical business [1] - Charoen Pokphand International is engaged in both biochemical and industrial businesses, with a focus on animal health pharmaceutical products and goldenseal [1]

Core Viewpoint - Charoen Pokphand International (03839) experienced a significant stock increase of over 16%, reaching HKD 6.95 with a trading volume of HKD 4.9455 million following the announcement of its mid-year results for 2025 [1] Financial Performance - The company reported revenue of approximately USD 323 million, representing a year-on-year growth of 199.44% [1] - Shareholder profit attributable to the company was USD 17.046 million, showing a substantial increase of 768.36% compared to the previous year [1] - Earnings per share were recorded at 6.7 cents [1] Business Segments - The significant profit increase is primarily attributed to the remarkable growth in the company's biochemical business [1] - Charoen Pokphand International is engaged in both biochemical and industrial businesses, with a focus on animal health pharmaceutical products and gold mycin, operated by the company's subsidiaries [1]

Core Viewpoint - Jinhe Biology demonstrated strong financial performance in the first half of 2025, with significant revenue and profit growth, particularly in the veterinary chemical drug sector [2][11]. Financial Overview - Total revenue reached 1.39 billion yuan, a year-on-year increase of 30.45% [2]. - Net profit attributable to shareholders was 138 million yuan, up 51.52% year-on-year [2]. - The second quarter saw total revenue of 765 million yuan, a 40.05% increase, and net profit of 86.8 million yuan, growing by 89.2% [2]. Profitability - The company's gross margin improved to 34.55%, an increase of 3.76% year-on-year [3]. - Net profit margin rose to 9.92%, up 16.73% year-on-year, indicating effective cost control and enhanced product value [3]. Costs and Expenses - Total operating expenses amounted to 279 million yuan, accounting for 20.03% of revenue, an increase of 2.32% year-on-year [4]. - Management expenses grew by 36.2%, primarily due to salary increases, depreciation from completed projects, and increased stock incentive costs [4]. - Financial expenses rose by 46.74%, attributed to interest expenses from completed projects and reduced foreign exchange gains in the previous year [4]. Cash Flow and Debt Situation - Cash and cash equivalents decreased to 625 million yuan, down 5.21% year-on-year [5]. - Operating cash flow per share was 0.17 yuan, a decline of 20.08% [5]. - Net cash flow from financing activities dropped by 95.88%, and net increase in cash and cash equivalents fell by 89.9% [5]. - Interest-bearing liabilities increased to 2.528 billion yuan, up 0.72% year-on-year, with an interest-bearing asset-liability ratio of 41.41% [5]. Accounts Receivable - Accounts receivable stood at 590 million yuan, a year-on-year increase of 22.22%, with a ratio to profit of 589.11%, indicating a need to monitor collection [6]. Main Business Analysis - The veterinary chemical drug segment generated 860 million yuan, accounting for 61.83% of total revenue, with a gross margin of 38.13% [7]. - Revenue from starch and related products was 275 million yuan, making up 19.76% of total revenue, with a gross margin of 11.15% [7]. - Veterinary vaccine revenue reached 155 million yuan, representing 11.12% of total revenue, with a gross margin of 54.87% [7]. - Environmental services contributed 69.13 million yuan, accounting for 4.97% of total revenue, with a gross margin of 44.25% [7]. Regional Distribution - Domestic sales revenue was 802 million yuan, accounting for 57.67% of total revenue, with a gross margin of 26.59% [8]. - International sales revenue reached 588 million yuan, making up 42.33% of total revenue, with a gross margin of 45.40% [8]. Development Strategy - The company focuses on its core animal health business, with a dual-driven model of veterinary pharmaceuticals and vaccines, supported by environmental and agricultural processing sectors [9]. - The completion of the sixth phase project added 60,000 tons of production capacity for key products, enhancing competitiveness through cost reduction and improved fermentation indices [9]. - The veterinary vaccine business has rapidly established a comprehensive industry layout through self-built and acquired production bases and R&D centers [9].