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 ...

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]

Summary of Key Points from Conference Call Records Industry or Company Involved - **Industry**: Chemical Industry, specifically focusing on Polyoxymethylene (POM) and its substitutes - **Core Companies**: Jiangtian Chemical, Yuntian Chemical, Kailuan Co., and others in the chemical sector Core Insights and Arguments 1. **Anti-Dumping Tax on POM**: The Ministry of Commerce announced an anti-dumping tax on imported POM from the US, EU, Taiwan, and Japan, effective May 19, 2025, which opens up domestic substitution opportunities [2] 2. **POM Characteristics**: POM, known as "super steel," is a thermoplastic resin with high mechanical strength and fatigue resistance, suitable for automotive and electronic applications [2] 3. **Domestic Substitution Potential**: In 2023, China imported 330,000 tons of POM, with over 70% dependency in high-end sectors. The goal is to achieve a 40% self-sufficiency rate by 2025, translating to a substitution potential of approximately 230,000 tons per year, valued at around 5.75 billion yuan [2] 4. **Core Companies' Revenue Breakdown**: - Jiangtian Chemical: 53.78% of revenue from POM, with a designed capacity of 80,000 tons/year [2] - Yuntian Chemical: 2.09% of revenue from POM, with a production of 31,300 tons in Q1 2025 [3] - Kailuan Co.: 3.05% of revenue from POM, with a production of 15,700 tons in Q1 2025 [3] Other Important but Possibly Overlooked Content 1. **M&A Activity**: The revised regulations for major asset restructuring by the China Securities Regulatory Commission aim to simplify the process, allowing for quicker approvals and reduced financial pressure on companies [5] 2. **Food and Beverage Sector**: Upcoming events such as the National Food and Beverage Forum are expected to boost demand in the food and beverage sector, supported by government policies to expand domestic consumption [8] 3. **Pet Industry Growth**: The pet economy in China is projected to exceed 300 billion yuan, with companies like Tianyuan Pet leading in pet supplies and food, showing significant growth in both segments [20] 4. **Technological Collaborations**: Companies like Madi Technology and Yian Technology are collaborating with Huawei to develop smart robots and flexible gears, indicating a trend towards automation and AI integration in various sectors [13][14] Conclusion The conference call records highlight significant developments in the chemical industry, particularly regarding POM and its domestic substitution potential. Additionally, the M&A landscape is evolving with regulatory changes, and sectors like food and beverage and pet products are poised for growth, driven by consumer demand and technological advancements.

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]