一致魔芋 20250827 摘要 公司 2025 年上半年营收同比增长 35%以上，主要得益于魔芋产品量价 齐升，其中价格上涨贡献较大，库存减少以满足市场需求，增长主要集 中在茶饮小料、休闲速食和食材方面。 魔芋原材料自 2024 年 6 月起涨价约 80%，主要因下游需求快速增长， 预计高位运行至 2025 年 10 月，大幅继续上涨可能性不大，下游行业 竞争激烈难以承担过高成本。 公司通过与农村合作社和初级加工厂合作，锁定部分产能，并提供技术 支持，以确保原材料供应稳定，避免直接与农户交易带来的复杂性。 魔芋食品板块 2025 年上半年增长 58%，茶饮小料占比约 55%，魔芋 速毛肚和食材占 45%，食材项目进展可喜，并建立了外贸渠道，积极调 研预制菜和餐饮连锁市场。 受国际形势和关税影响，对美出口受阻，但在东南亚、欧洲和南美市场 保持增长，外贸毛利率略高于国内市场，并成立部门开拓国外食材市场。 公司魔芋胶产能 1 万吨，晶球产能规划 8 万吨，休闲素食产能 1 万吨， 食材 1.5 万吨，关键在于将产能转化为销售，清水胶体产业园技改项目 提升协同作用。 公司全球魔芋粉和魔芋胶市场占有率约为 12%，未 ...

近日，位于南翔镇和平街的彝州驿站上新了一批云南省楚雄彝族自治州武定县的特色产品，包括彝绣、玫瑰茄花茶、壮鸡、魔芋胶等，为嘉定区市民带来浓 郁的云南风情。 驿站门口，琳琅满目的小工艺品一字排开：耳坠上的彝绣纹样灵动飘逸，手链将传统图腾与现代审美完美融合，精致的冰箱贴别具民族特色。市民赵女士正 在一旁细细挑选："这些彝绣工艺品很漂亮，想买几件送给朋友。" 驿站负责人吕志瑜介绍，彝绣是一项有着1700多年历史的国家级非物质文化遗产，过去由于工艺繁复、价格高昂，市场拓展之路存在不少困难。随着近年来 嘉定和武定两地持续深化"组团式"帮扶内涵，两地干部挂职交流为彝绣的发展铺开了一条协作之路，彝州驿站也成为云南特产在嘉定的展示窗口。 "在武定县的绣娘中，许多是带孩子的妈妈，她们利用闲暇时间制作手工艺品 ，既增加了家庭收入，也实现了自我价值。"吕志瑜说，彝州驿站不仅助推非 遗文化在传承中焕发新生，也拉动了当地就业，实现文化效益与经济效益的双赢。 除了匠心独具的彝绣工艺品，驿站里的云南特产还有不少 "硬货"：武定壮鸡作为国家级地理标识产品，肉质鲜嫩紧实；玫瑰茄花茶色泽艳丽、口感酸甜； 滇红、普洱等茶叶和咖啡，香气醇厚……这些带 ...

Group 1: Investor Relations Activities - The company conducted a specific investor research activity on June 25, 2025, via Tencent online meeting and in the company conference room [3][4] - Attendees included major financial institutions such as Eastmoney Securities, Sequoia China, and BlackRock [4] Group 2: Market Insights and Predictions - The price of konjac raw materials in 2025 will depend on supply factors, including planting area and weather conditions, which directly affect production and pricing [4][5] - The probability of explosive growth in konjac planting area is low due to specific growing conditions, but an increase in planting area is expected this year due to rising prices [5] Group 3: Market Expansion Opportunities - The konjac industry is targeting growth in health-oriented, functional, and environmentally friendly markets, focusing on low-calorie meal replacements, plant-based innovations, and biodegradable materials [6] - The company plans to leverage technological upgrades and precise marketing to capture high-value market segments [6] Group 4: Production Capacity and Future Products - Current production capacity for konjac balls is 35,000 tons, with plans to increase to 80,000 tons based on market feedback [7] - New product development includes frozen products and jelly powders aimed at the beverage and dairy sectors [7] Group 5: Business Collaboration and Profitability - The company collaborates with clients like Wei Long and Mi Xue Bing Cheng, primarily through ODM production [8] - The company aims to maintain stable gross margins by gradually passing on cost pressures through a cost-plus pricing strategy [10] Group 6: Future Business Strategy - The company plans to increase investment in application research and development to explore new uses for konjac gum [11] - The konjac industry is viewed positively, with expectations of continued growth, and the company remains confident in its market prospects [11]

Industry Overview - The global seed industry has a high concentration, with a CR5 of 52% in 2021, while China's seed industry CR5 is only 17%, indicating significant room for improvement[4] - Major grain prices in China have shown a slight increase, with corn prices up by 11.9%, while soybean prices decreased by 0.7%, and wheat prices increased by 2.9% as of May 23, 2025[4] Genetically Modified Organisms (GMOs) - Three batches of genetically modified corn varieties have been approved for commercialization, totaling 161 varieties, with significant advantages for leading companies[4][16] - The domestic market for genetically modified crops is expected to accelerate, with companies like Kangnong Seed focusing on high-yield and resilient hybrid corn varieties[19] Company Performance - Kangnong Seed's revenue for 2024 is projected to be 337 million yuan, representing a year-over-year increase of 16.80%, with a net profit of approximately 82.60 million yuan and gross/net profit margins of 35.79% and 24.72%, respectively[30] - The company's three-year CAGR for revenue and net profit from 2021 to 2024 is 33.45% and 24.53%, respectively, indicating strong growth potential[30] Market Trends - The median price-to-earnings (P/E) ratio for the North Exchange consumer service sector decreased from 57.9X to 53.2X, reflecting a broader market trend[34] - The total market capitalization of the North Exchange consumer service sector fell from 119.36 billion yuan to 116.79 billion yuan during the week of May 19 to May 23, 2025[38] Risk Factors - Potential risks include macroeconomic fluctuations, market competition, and statistical data inaccuracies, which could impact the overall market performance[52]

Group 1: Agricultural Consumption Market - From May 2025, 56 institutions have conducted research on Yizhi Konjac, with 33 being overseas institutions. The company anticipates growth in konjac powder driven by three main scenarios: increased demand for konjac-based snacks, expansion in the konjac tea ingredient market, and deeper applications in food processing [1] - Yizhi Konjac's production capacity includes 10,000 tons for konjac snacks, 15,000 tons for konjac ingredients, and 3.5 tons for konjac balls. The company is also expanding its production capacity to meet market demand [1] Group 2: Seed Industry Insights - The corn seed industry in China is currently facing an oversupply, presenting both challenges and opportunities for seed companies. The government emphasizes food security, which supports the healthy development of the seed industry. Companies with superior varieties and marketing capabilities are expected to gain market share and improve profitability [2] - Qiule Seed Company reported a decline in performance in Q1 2025 due to intense competition in the corn seed market. The company plans to optimize its product structure and expand market promotion areas to increase market share [2] Group 3: Pharmaceutical Product Promotion - Sanyuan Gene indicated that 2024 is a critical year for centralized procurement, with a significant acceleration in hospital access expected in the second half of the year. The company aims to add over 1,100 new medical terminals and reach a total of over 6,000 hospitals [3] - Nothland announced that its NL003 ulcer drug submitted for registration in July 2024 received a supplementary data request from the regulatory authority, and the company is working on commercializing the product by establishing a sales division and conducting market research [3] Group 4: New Product Launch - Jinbo Bio is actively promoting its injectable recombinant type III humanized collagen gel product and has launched the HiveCOL "honeycomb" collagen tissue network gel technology at the 78th Cannes Film Festival [4]

Group 1: Investor Relations Activities - The company conducted investor relations activities from April 29 to April 30, 2025, at the company meeting room and online [3] - Participants included various investment firms and securities companies, such as Huatai Securities and Janchor Partners Limited [4] Group 2: Company Performance - The company reported strong performance in Q1, driven by health consumption trends, policy support, and expanding market demand [4] - The konjac food and beverage segments experienced rapid growth [4] Group 3: Business Segments - The konjac ingredient business is a new To B segment, focusing on supplying large chain restaurants [5] - Cost advantages have been achieved through technological innovations in production [5] Group 4: Export and International Market - Foreign trade revenue has increased compared to the same period last year, with a focus on expanding into European and South American markets [6] - Key export products include konjac gum, beauty products, and ingredients [6] Group 5: Pricing and Supply - The growth of konjac planting area is unlikely to be explosive due to specific growing conditions [7] - Konjac prices will depend on raw material supply and weather conditions in 2025 [7] Group 6: Brand Development - The company's self-owned brand business is primarily promoted through e-commerce platforms, with a significant share from online sales [8] - Future plans include expanding both domestic and international markets through an integrated online and offline sales strategy [9]