格隆汇11月26日丨华宝股份(300741.SZ)在投资者互动平台表示，公司的香精产品品类丰富，可广泛应 用于食品、饮料、日化等多个领域，公司产品的应用领域包含宠物护理类。公司始终关注下游应用领域 的市场需求变化，将持续优化相关产品布局。 ...

Investment Rating - Investment Rating: Buy (Maintain) [4] Core Views - The company's liquor business has stabilized with a year-on-year revenue increase of 1.5% in Q3 2025, while the flavoring segment saw a 14.5% increase. The overall trend indicates a clear improvement in the liquor business after a decline earlier in the year [8] - The gross profit margin for Q3 2025 remained stable at 70.2%. However, the net profit margin decreased by 2.14 percentage points to 20.52% due to increased costs associated with new product launches and capital expenditures related to the whiskey segment [9] - The outlook for 2026 is positive, with expectations for steady growth driven by the stabilization of the pre-mixed liquor segment and the orderly expansion of the whiskey business [10] Financial Summary - Q3 2025: Revenue of 781 million yuan (+2.99%), net profit attributable to shareholders of 160 million yuan (-6.76%) [11] - Revenue for the first three quarters of 2025 was 2.27 billion yuan (-4.89%), with a net profit of 549 million yuan (-4.35%) [11] - Revenue projections for 2025-2027 are adjusted to 3.056 billion yuan, 3.520 billion yuan, and 4.069 billion yuan respectively, reflecting a cautious outlook due to ongoing industry pressures [12]

Core Viewpoint - Andeli is a leading enterprise in the concentrated juice sector in China, showcasing significant investment value due to its full industry chain advantages and strong financial performance [1]. Financial Performance - In Q3 2025, Andeli achieved a revenue of 1.321 billion yuan, ranking third among six companies in the industry, surpassing the industry average of 971 million yuan and the median of 864 million yuan [2]. - The company's net profit for the same period was 284 million yuan, ranking second in the industry, exceeding the industry average of 91 million yuan and the median of 36 million yuan [2]. Profitability and Debt Management - As of Q3 2025, Andeli's debt-to-asset ratio was 6.24%, an increase from 4.95% year-on-year, but significantly lower than the industry average of 39.87%, indicating strong debt management [3]. - The gross profit margin for Q3 2025 was 24.38%, slightly down from 25.53% year-on-year, yet still above the industry average of 12.02%, reflecting robust profitability [3]. Shareholder Information - As of September 30, 2025, the number of A-share shareholders decreased by 23.79% to 7,003, while the average number of circulating A-shares held per account increased by 31.22% to 38,600 [5]. Management Compensation - The chairman, Wang An, received a salary of 80,000 yuan in 2024, unchanged from 2023, while the president, Zhang Hui, saw a reduction in salary to 26,700 yuan, down by 174,800 yuan from the previous year [4]. Future Outlook - Guotai Junan Securities maintains an "overweight" rating for Andeli, forecasting EPS of 1.17, 1.47, and 1.79 yuan per share for 2025-2027, with a target price of 53.40 yuan per share based on a 6x PB for 2025E [6]. - The company is expected to continue high growth, with a 39.18% year-on-year increase in apple juice production in 2024 and a 28.6% increase in inventory by the end of 2024 [6]. - Andeli is expanding its production capacity with new facilities planned in Xinjiang, Shaanxi, and Liaoning, which will enhance its market share [6].

海外監管公告 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或 完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或因倚賴該 等內容而引致的任何損失承擔任何責任 。 本公告乃烟台北方安德利果汁股份有限公司（「本公司」）根據《香港聯合交易所有限公司證券上市 規則》第 13.10B 條作出。 茲載列本公司於二零二五年十月二十九日在上海證券交易所網站刊發之《2025 年前三季度主要經營数 據公告》，僅供參閱。 承董事會命 烟台北方安德利果汁股份有限公司 董事長 王安 中國烟台，二零二五年十月二十九日 於本公告日期，本公司執行董事為王安先生、張輝先生、王萌女士及王艷輝先生，非執行董事為劉宗 宜先生及張偉先生，獨立非執行董事為龔凡先生、王雁女士及王常青先生。 *僅供識別 1 | 产品类别 | 2025 年 1-9 月 | 2024 年 | 1-9 月 | 同比变化（%） | | --- | --- | --- | --- | --- | | 果汁、香精 | 128,445.44 | | 98,210.50 | 30.79 | | 饲料 | 3,070.18 | ...

1、主营业务分产品情况 单位：万元 币种：人民币 证券代码：605198 证券简称：安德利 公告编号：2025-062 烟台北方安德利果汁股份有限公司 2025 年前三季度主要经营数据公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者 重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 烟台北方安德利果汁股份有限公司（以下简称"公司"）根据《上海证券交易所 上市公司自律监管指引第 3 号——行业信息披露》之《第十二号——酒制造》相关规 定，现将公司 2025 年前三季度主要经营数据（未经审计）公告如下： | 行业 | 2025 年 1-9 月 | 2024 年 | 1-9 月 | 同比变化（%） | | --- | --- | --- | --- | --- | | 饮料制造业 | 128,445.44 | | 98,210.50 | 30.79 | | 饲料制造业 | 3,070.18 | | 3,806.39 | -19.34 | | 合计 | 131,515.61 | | 102,016.89 | 28.92 | 3、主营业务分地区情况 单位：万元 币种：人民币 | 分 ...

证券代码：603020 证券简称：爱普股份 公告编号：2025-042 爱普香料集团股份有限公司 2025 年第三季度主要经营数据公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 根据 《上海证券交易所上市公司自律监管指引第 3 号---行业信息披露 第 十四号---食品制造》的相关规定，现将爱普香料集团股份有限公司（以下简称： 公司）2025 年第三季度主要经营数据（未经审计）公告如下： 一、报告期经营情况 2025 年 10 月 30 日 二、报告期经销商变动情况 公司通过直销模式进行产品销售，无经销商。公司在全国重要省市设立销售 子公司，自有销售团队可以针对重要客户进行产品开发和业务渗透，在现有产品 的基础上通过导入产品组合、香精和食品配料的一体化服务，提升客户对公司产 品和服务的全方位认知，建立战略伙伴关系；同时，与地方性贸易批发商合作， 由其对接当地或周边地区的小规模客户，从而提升公司产品的辐射度和影响力， 扩大公司产品的市场占有率。 单位：万元 币种：人民币 产品类别 2025 年 1-9 月 2024 年 1 ...

Group 1 - The core point of the article is that Huabao Co., Ltd. announced the convening of its 23rd meeting of the 3rd board of directors on October 27, 2025, to review the Q3 2025 report and other documents [1] - For the year 2024, Huabao's revenue composition is 100% from flavoring products [1] - As of the report date, Huabao's market capitalization is 11.2 billion yuan [1]

Core Insights - Andeli Juice (02218) has seen its shareholders deposit stocks into KGI Securities Asia, with a market value of HKD 160 million, representing 14.14% of the total [1] Financial Performance - For the first half of 2025, Andeli Juice reported a main business revenue of approximately RMB 946 million, reflecting a year-on-year increase of 50.2% [1] - Revenue from juice and flavoring reached approximately RMB 917 million, marking a year-on-year growth of 53.01% [1] - Feed revenue was approximately RMB 28.96 million, showing a year-on-year decline of 5.01% [1]

Group 1 - The core point of the article highlights that Andeli Juice (605198) has seen significant growth in its main business revenue, with a year-on-year increase of 50.2% for the first half of 2025, amounting to approximately RMB 946 million [1] - The revenue from juice and flavoring products reached about RMB 917 million, reflecting a year-on-year increase of 53.01% [1] - The feed revenue was approximately RMB 28.96 million, which represents a year-on-year decrease of 5.01% [1] Group 2 - On September 29, shareholders of Andeli Juice deposited stocks into KGI Securities Asia, with a market value of HKD 160 million, accounting for 14.14% of the total [1]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative price increase of over 20% against the market benchmark within the next six months [15]. Core Views - The company's main business in the liquor sector is currently undergoing adjustments, with a notable decline in revenue. However, there is optimism regarding the growth potential of the whiskey segment, which is expected to drive future growth [2][4]. - The company reported a total revenue of 1.489 billion yuan for the first half of 2025, a decrease of 8.56% year-on-year, with a net profit attributable to shareholders of 389 million yuan, down 3.32% year-on-year [2]. - The company is focusing on a strategic layout that includes stable pre-mixed drinks, growing whiskey sales, and synergy in the flavor business, with expectations for new product launches to stimulate growth [4]. Financial Performance Summary - In Q2 2025, the company achieved a gross margin of 71.00%, a slight decrease of 0.79 percentage points year-on-year, while maintaining a net profit margin of 27.62% [3]. - The revenue from the liquor product segment was 1.297 billion yuan in the first half of 2025, down 9.35% year-on-year, while the flavor business generated 169 million yuan, down 3.91% year-on-year [2]. - The company’s cash flow from operating activities improved significantly, reaching 491 million yuan, an increase of 67.06% year-on-year [2]. Earnings Forecast and Valuation - The report has adjusted the earnings forecast for 2025 and 2026, now estimating net profits of 797 million yuan and 951 million yuan respectively, with a new forecast for 2027 at 1.087 billion yuan [4]. - The expected earnings per share (EPS) for 2025, 2026, and 2027 are projected to be 0.76 yuan, 0.91 yuan, and 1.04 yuan respectively, with corresponding price-to-earnings (P/E) ratios of 37x, 31x, and 27x [4][6].