Cal-Maine Foods (NasdaqGS:CALM) Q2 2026 Earnings Call January 07, 2026 09:00 AM ET Speaker1Good morning, everyone, and welcome to the Cal-Maine Foods second quarter fiscal 2026 earnings conference call. All participants are on a listen-only mode. After today's prepared remarks, there will be a question-and-answer session. At that time, I will provide instructions for those wishing to ask a question. Please note that this call is being recorded. I will now turn the call over to Sherman Miller, President and ...

-投资动态- Hugo Boss获6亿欧元融资支持助推战略升级 近日，德国时尚集团Hugo Boss宣布成功签署一笔6亿欧元的循环信贷协议，旨在为升级版增长战略"Claim 5 Touchdown"提供关键资金支持。 该笔银团贷款获市场大幅超额认购，利率条款将与ESG可持续发展指标直接挂钩，期限五年并附带扩容选项。（fashion有料） 小编评： 12月19日，得利斯发布公告称，山东得利斯食品股份有限公司拟将持有的全资子公司山东宾得利食品有限公司11%股权转让给飞熊领鲜建设发展有限公 司，股权转让含税价格为人民币2530万元整。 本次交易完成后，宾得利将由公司全资子公司变更为公司控股子公司，公司持股比例变为89%，仍在公司合并报表范围内。宾得利是得利斯于2018年投资 设立，由公司全额认缴出资，是一家专注于进口牛肉的精细化加工与食品开发的现代化企业，目前已与海底捞、山姆会员店、京东生鲜、银座、信誉楼等 众多优质客户建立了长期稳定的合作关系。（证券之星） 可以看到，此举置换了Hugo Boss原有债务，进一步彰显了资本市场对其长期发展的信心。 飞熊领鲜的进口冻品直采与云仓网络将帮宾得利锁住低价牛源、快速切入直播 ...

Core Insights - The proposal outlines the development strategy for Shenyang during the 15th Five-Year Plan period, emphasizing the enhancement of the real economy and the promotion of intelligent, green, and integrated manufacturing [1][2] Group 1: Economic Development and Industry Upgrades - Shenyang aims to optimize and elevate traditional industries by advancing intelligent, green, and service-oriented manufacturing, and promoting the "smart transformation and digital upgrade" of manufacturing [2] - The city plans to cultivate emerging and future industries, focusing on innovative infrastructure, technology research and development, and large-scale application of new technologies and products [2] - Key industrial chains and advanced manufacturing clusters will be developed, with a focus on the automotive and parts industry, equipment manufacturing, aerospace, information technology, and renewable energy sectors [3] Group 2: Financial and Systemic Reforms - The proposal emphasizes the need for comprehensive economic system reforms, particularly in the financial sector, to enhance financial supply and support the development of various financial services [4] - It includes plans to optimize the financial institution system, expand financing scales in credit, bonds, and capital markets, and establish a multi-level investment fund system [4] - The initiative aims to improve the financial ecosystem by establishing a bad asset trading center and enhancing financial arbitration and mediation mechanisms [4]

Core Insights - The report highlights a gradual recovery in the domestic economy, with A-share market performance expected to improve due to supportive policies and capital flow [4][7][14] - The semiconductor industry is experiencing growth driven by AI demand, with significant capital expenditure from major cloud providers [24][25][27] - The chemical industry is entering a phase of recovery, with supply-demand dynamics improving and investment strategies focusing on specific sub-sectors [34][35] Domestic Market Performance - The A-share market has shown mixed performance, with the Shanghai Composite Index at 3,873.32, down 0.70%, and the Shenzhen Component Index at 13,147.39, down 1.27% [3] - The average P/E ratios for the Shanghai Composite and ChiNext are 16.00 and 49.52, respectively, indicating a suitable environment for medium to long-term investments [7][8] Industry Analysis - The chemical sector is witnessing a slowdown in price declines, with notable performance in sulfur and phosphate fertilizers, and an overall industry P/E ratio of 27.76, slightly below historical averages [15][16] - The telecommunications sector is benefiting from a rise in 5G users and increased telecom revenue, with a 10-month cumulative revenue of 14,670 billion yuan, up 0.9% year-on-year [17][18] - The food and beverage sector is experiencing a rebound, particularly in prepared foods and liquor, although overall performance remains weak compared to market benchmarks [21][22][23] Investment Strategies - The report suggests focusing on sectors with strong recovery potential, such as renewable energy, AI applications, and specific chemical sub-sectors like organic silicon and phosphate chemicals [34][35] - Investment opportunities are identified in the semiconductor industry, particularly in companies involved in AI chip production and telecommunications equipment [20][24][27] - The report emphasizes the importance of monitoring macroeconomic data and policy changes to identify potential investment opportunities across various sectors [7][14][30]

食品饮料 分析师：刘冉 登记编码：S0730516010001 liuran@ccnew.com 021-50586281 节气将近，白酒、预制食品反弹 ——食品饮料行业 11 月月报 证券研究报告-行业月报 同步大市(维持) 发布日期：2025 年 12 月 10 日 食品饮料相对沪深 300 指数表现 相关报告 《食品饮料行业年度策略：海日生残夜，江春 入旧年》 2025-11-28 《食品饮料行业分析报告：成本红利消退，收 入加速下行》 2025-11-20 《食品饮料行业深度分析：蓝海波涌，托起全 面健康》 2025-11-13 联系人：李智 投资要点： 本报告版权属于中原证券股份有限公司 www.ccnew.com 请阅读最后一页各项声明 第1页 / 共15页 -11% -7% -2% 2% 6% 10% 15% 19% 2024.12 2025.04 2025.08 2025.12 食品饮料 沪深300 资料来源：中原证券 电话： 0371-65585629 地址： 郑州郑东新区商务外环路10号18 楼 地址： 上海浦东新区世纪大道1788 号T1 座22 楼 ⚫ 2025 年 11 月，食品饮料 ...

Core Viewpoint - Analysts forecast that Casey's General Stores (CASY) will report quarterly earnings of $4.92 per share, reflecting a year-over-year increase of 1.4%, with revenues expected to reach $4.55 billion, marking a 15.4% increase compared to the previous year [1]. Earnings Estimates - The consensus EPS estimate for the quarter has not changed over the past 30 days, indicating that analysts have not revised their initial projections [2]. - Changes in earnings estimates are crucial for predicting investor reactions, as empirical studies show a strong correlation between earnings estimate revisions and short-term stock performance [3]. Key Metrics Forecast - Analysts predict 'Net Sales- Fuel' will be $2.78 billion, a year-over-year increase of 15.2% [5]. - 'Net Sales- Other' is expected to reach $131.04 million, indicating a significant change of 102.8% from the previous year [5]. - 'Net Sales- Prepared Food & Dispensed Beverage' is projected at $465.04 million, reflecting an 11.3% year-over-year increase [5]. - The consensus estimate for 'Net Sales- Grocery & General Merchandise' stands at $1.18 billion, showing a 12% increase from the year-ago quarter [6]. Store and Sales Performance - Analysts expect the 'Number of Stores (EOP)' to be 2,920, up from 2,685 in the same quarter last year [6]. - The estimated 'Same-store sales - Grocery & General Merchandise - YoY change' is 3.1%, slightly down from 3.6% in the previous year [6]. - 'Number of Fuel gallons sold' is forecasted to reach 919.75 million, compared to 775.91 million in the previous year [7]. - 'Same-store sales - Prepared Food & Dispensed Beverage - YoY change' is expected to be 4.0%, down from 5.2% in the same quarter last year [7]. Profit Estimates - 'Gross Profit- Prepared Food & Dispensed Beverage' is projected at $268.88 million, up from $245.46 million in the same quarter last year [8]. - 'Gross Profit- Grocery & General Merchandise' is expected to reach $417.64 million, compared to $374.19 million in the same quarter last year [8]. Stock Performance - Shares of Casey's have increased by 5.6% in the past month, contrasting with a 0.1% change in the Zacks S&P 500 composite [8].

Core Points - Tyson Foods announced the closure of a major beef processing plant in Lexington, Nebraska, and plans to reduce production at a Texas facility, affecting approximately 1,700 workers [1] - The closed plant employs around 3,200 workers and processes about 5,000 cattle daily, representing 4.8% of the U.S. daily beef slaughter [1] - The beef segment is crucial for Tyson Foods, contributing $21.623 billion to the company's total revenue of $54.44 billion for fiscal year 2025 [1] Financial Performance - Tyson Foods reported a $426 million operating loss in its beef segment for fiscal year 2025, marking an increase in losses compared to the previous year [2] - The beef segment has been the only loss-making division for Tyson Foods, with total losses reaching $648 million in fiscal year 2023 [2][3] - The company anticipates further losses in the beef segment, estimating a loss of $400 million to $600 million for fiscal year 2026 [2] Market Conditions - The ongoing losses in the beef segment are attributed to tight cattle supply in the U.S., exacerbated by tariffs affecting imports from countries like Brazil and Australia, and rising costs for feed and farming equipment [4] - The U.S. cattle herd has reached a 75-year low, with over 100,000 family farms exiting the industry in the past decade, limiting the ability to expand cattle numbers [4] - Tyson Foods' COO indicated that the industry may be in the early stages of a cattle herd recovery, but supply constraints are expected to persist in the short term [4][5] Impact on the Industry - Tyson Foods' decision to reduce beef production capacity may have implications for the broader beef industry, including potential impacts on the Chinese market where Tyson has established operations [7] - Tyson Foods has a significant presence in China, with a comprehensive supply chain that includes processing plants and research centers, which may mitigate the impact of U.S. plant closures on the Chinese beef market [9] - Despite the company's established operations in China, the overall tightness in global beef supply could pose risks to the domestic market, as China relies heavily on imports for beef supply [11]

Group 1: Macro and Strategy - The fixed income investment strategy indicates a continuation of the bull market, emphasizing the importance of performance in identifying opportunities for 2026 convertible bonds [5][12] - The report highlights the strong performance of the AI sector, with significant growth expected in the chip design industry, projected to reach a scale of 835.7 billion yuan in 2025, reflecting a year-on-year growth of 29.4% [14][16] Group 2: Industry and Company Insights - The social services sector saw a decline of 2.03% during the reporting period, with notable performers including Yum China (up 9.53%) and Kede Education (up 9.20%) [6] - The food and beverage sector experienced a cumulative decline of 1.52%, with leading stocks such as Nanchao Food (up 11.91%) and Yili (up 2.65%) showing resilience [9][10] - The electronic industry remains optimistic, with AI continuing to drive high growth, despite recent market fluctuations [12][13] - The report notes that the white liquor sector is entering a left-side layout phase, with companies like Luzhou Laojiao and Guizhou Moutai recommended for investment [10][11] Group 3: Investment Recommendations - The report maintains an "outperform the market" rating for the social services sector, suggesting investments in companies like China Duty Free Group and Huazhu Group [8] - For the food and beverage sector, the investment strategy focuses on companies with strong growth potential, such as Guizhou Moutai and Yili, while also recommending a diversified portfolio including emerging brands [11] - In the electronic sector, the report advises maintaining a positive outlook and patience in investment, particularly in domestic supply chains and AI-related companies [13][17]

Investment Rating - The report maintains an "Outperform the Market" rating for the social services sector [4][26]. Core Insights - The social services sector is expected to benefit from continuous government policies aimed at expanding domestic demand, leading to a potential valuation recovery during the reporting period [4][26]. - The report highlights the performance of key stocks within the sector, with notable gains from Yum China (9.53%), Kede Education (9.20%), and Jinjiang Hotels (8.99%) [14][17]. - The anticipated increase in the number of college graduates in 2026, projected to reach 12.7 million, is expected to drive demand in the education sector [19]. Summary by Sections Market Review - The consumer services sector experienced a decline of 2.03% during the reporting period but outperformed the broader market by 2.78 percentage points [13][14]. - The report period was from November 10, 2025, to November 23, 2025, with the CSI 300 index declining by 4.81% [13][14]. Industry and Company Dynamics - Sanya launched its sixth round of duty-free consumption vouchers, which will run until December 31, 2025, targeting both travelers and local residents [18]. - JD Retail has established a new prepared food division, indicating a strategic upgrade in its operations [21]. - NetEase Youdao reported a 51.1% year-on-year increase in online marketing service revenue, becoming its largest revenue source for the first time [22]. Stock Holdings Analysis - Key stocks in the Hong Kong market saw changes in holdings, with Tianli International Holdings and Gu Ming receiving increases in shareholding [25]. Investment Recommendations - The report suggests a focus on stocks such as China Duty Free Group, Huazhu Group, and Trip.com Group, among others, for potential investment [4][26]. - Mid-term recommendations include companies like Meituan, Misyue Group, and Ctrip Group, indicating a diversified investment strategy [4][26]. Key Company Earnings Forecasts - The report provides earnings per share (EPS) estimates for several companies, with China Duty Free Group projected to have an EPS of 1.91 CNY in 2025 and 2.28 CNY in 2026 [5].

Core Insights - JD.com is strategically expanding its food service offerings by launching a group meal service under its brand Qixian Xiaochu, targeting various institutional dining operations and online group meal orders [1][3][4] - The establishment of the prepared food division within JD Retail signifies the company's commitment to the prepared food sector as a key growth area [2][3] Group Meal Service Launch - Qixian Xiaochu will provide comprehensive services for institutional dining, including schools and workplaces, marking a strategic extension of its existing business model [1][3] - The brand has gained market recognition since its launch in July, focusing on fresh cooking and ingredient transparency, which has led to continuous growth in order volume [3][9] Prepared Food Division - The newly formed prepared food division is on par with other major divisions within JD Retail, indicating its strategic importance [2][3] - This division aims to innovate in the prepared food industry and develop proprietary brands, enhancing JD's competitive position in the food supply chain [3][4] Market Potential - The group meal market in China is projected to reach approximately 2.7 trillion yuan in 2024, with expectations to exceed 3.5 trillion yuan by 2026, highlighting significant growth opportunities [6] - The market is characterized by diverse product demands across key sectors such as schools, hospitals, and enterprises, presenting substantial market rewards [6] Challenges in the Group Meal Market - The group meal sector faces challenges including food safety issues and rising operational costs, which can erode profit margins [8] - The industry is undergoing a digital transformation, with increasing consumer demands for efficiency and transparency in meal selection and payment processes [8] Competitive Advantages - JD.com leverages its strong supply chain, logistics capabilities, and digital analytics to optimize food procurement and delivery, ensuring quality and cost-effectiveness [9] - The brand's reputation for quality and reliability enhances its appeal to corporate clients, facilitating partnerships with large enterprises and institutions [9] Strategic Vision - The launch of the group meal service represents a significant strategic shift for JD.com, aiming to redefine traditional group meal offerings through a focus on quality and technological integration [9] - This initiative positions JD.com as a potential leader in the evolving food service landscape, driven by supply chain efficiencies and digital innovations [9]