证券代码：002626 证券简称：金达威 20260129 投资者关系活动记录表 编号：20260129 | | 特定对象调研 □分析师会议 ☑ | | --- | --- | | 投资者关系活动 | □媒体采访 □业绩说明会 | | 类别 | □新闻发布会 □路演活动 | | | □现场参观 | | | □其他 （） 华夏基金 胡慧婷，平安基金 张健维，长城基金 覃晓露，睿 | | | 郡资产 谭一苇，国盛证券 李梓语、陈熠，国海证券 秦一方、 | | 参与单位名称或 | 黄诗汶，光大证券 李嘉祺，财通证券 马咏怡，嘉实基金 张 | | 人员姓名 | 浩嵩，鑫巢资本 刘力铜，国泰基金 施钰，广发证券 符蓉、 | | | 谌保罗，中银基金 雷泽成，安信基金 郑婉玲，财通资管 赵 | | | 雯，东北证券 吴兆峰，西南证券 李茂怡 | | 时间 | 年 月 月 日 2026 1 27 日-1 29 | | 地点 | 公司会议室或线上 | | 上市公司接待人 | 董事会秘书 李晓芳、证券事务代表 林洁、证券事务专员 张 | | 员姓名 | 燕婷 | | | 的市场前景怎样？公司对辅酶 的产能布 1、辅酶 Q10 ...

Group 1: iMoutai Packaging Correction and After-Sales Solutions - iMoutai has corrected the packaging of the classic version of Guizhou Moutai liquor (53% vol 500ml) and announced two after-sales solutions [1] - The first solution allows consumers to exchange the original product for the corrected version at Moutai self-operated stores until December 31, 2026 [1] - The second solution involves a "pen tool" for consumers to correct the packaging themselves, with further details to be announced [1] Group 2: Jinsha Liquor's Organizational Restructuring - Jinsha Liquor has shifted its strategy from "pan-nationalization" to "regional market gradient cultivation" to pursue high-quality development [2] - The company has restructured its organization into a "functional department + regional district" model to enhance market responsiveness and decision-making efficiency [2] - Marketing strategies will focus on content and scenario marketing, with a strong emphasis on digital capabilities for cost control and data analysis [2] Group 3: Xijiu's Sales Growth on JD.com - Xijiu's sales on JD.com have surpassed 1.4 billion yuan in 2025, marking a significant milestone in their partnership with the platform [3] Group 4: Yanjing Beer Profit Forecast - Yanjing Beer expects a net profit of 1.583 billion to 1.742 billion yuan for the previous year, representing a year-on-year growth of 50% to 65% [4] - The company is focusing on a big product strategy and enhancing brand management to drive growth [4][5] Group 5: ST Juewei's Revenue and Loss Forecast - ST Juewei anticipates a revenue of 5.3 billion to 5.5 billion yuan for 2025, a decline of 12.09% to 15.29% year-on-year, with a projected net loss of 160 million to 220 million yuan [10] - The company cites underutilized production capacity and increased non-operating expenses as factors affecting performance [10] Group 6: Liangpinpuzi's Expected Losses - Liangpinpuzi forecasts a net loss of 120 million to 160 million yuan for 2025, primarily due to store optimization and product adjustments [11] - The company is focusing on improving management efficiency and reducing costs, but revenue and gross margin declines have impacted profitability [11] Group 7: Yijia Yue's Profit Growth Projection - Yijia Yue expects a net profit increase of 50.06% to 72.79% for 2025, driven by enhanced customer orientation and store upgrades [18] - The company is optimizing its product offerings and improving operational efficiency to boost profitability [18] Group 8: Yonghui Supermarket's Stake Sale - Yonghui Supermarket plans to sell a 28.095% stake in YunJin Technology for 80 million yuan to focus on its core business [16][17]

Core Viewpoint - The article discusses the shift in investment focus for the company from producing allulose and myo-inositol to developing high-end functional oils and nutritional health products due to declining investment value and increased competition in the allulose market [4][6][10]. Industry Trends - The biomanufacturing industry is experiencing a transformation, with a focus on enhancing key technological barriers and exploring differentiated products to overcome raw material cost challenges [2]. - The demand for high-end functional oils, particularly Omega-3 and ARA, is increasing in the Chinese market, driven by new standards for infant formula and a shift towards modern biomanufacturing techniques [8]. Company Actions - The company has announced a change in its fundraising projects, reallocating funds from the allulose and myo-inositol projects to new initiatives in oil and nutritional health products [4][6]. - The new projects include a 10,000-ton oil project and a smart factory for nutritional health products, with total planned investments of 25,708.54 million and 36,173.86 million respectively [5][9]. Financial Overview - The total planned investment for the new projects is 147,883.52 million, with 128,125.87 million expected to come from fundraising [5]. - The allulose and myo-inositol project had an original planned investment of 53,655.12 million, but was deemed less viable due to market conditions [6]. Project Details - The oil project aims to meet the growing demand for high-end functional oils and enhance China's market share in the international arena [7][8]. - The smart factory project will focus on creating a transparent and automated production system to improve product quality and traceability, enhancing competitiveness in the domestic market [9][10].

Core Viewpoint - The incident involving the recall of infant formula by Nestlé has significantly impacted its supplier, Jia Bi You Biotechnology, leading to regulatory scrutiny and a sharp decline in its stock price [1][2][3] Group 1: Company Response and Actions - Jia Bi You received a regulatory notice from the Shanghai Stock Exchange, urging the company to respond promptly and fulfill its information disclosure obligations [1] - The company is currently in contact with relevant testing agencies and regulatory bodies to conduct product testing, with results pending [1] - Nestlé has initiated a precautionary recall of infant formula products in multiple countries, including China, due to potential contamination with Bacillus cereus from the ARA oil supplied by Jia Bi You [1][2] Group 2: Market Reaction - Following the announcement of the recall, Jia Bi You's stock price fell over 12% at one point, closing down 11.91% at 21.15 yuan per share, resulting in a market capitalization decrease to 3.56 billion yuan [3] - As of January 12, the stock price remained stable at 20.45 yuan per share, with a market capitalization of 3.442 billion yuan [3] Group 3: Industry Impact - Several dairy companies, including Danone and Mengniu, have distanced themselves from the incident, confirming that they do not use ARA raw materials from the affected supplier [2] - Jia Bi You, established in 2004 and listed on the STAR Market in 2019, is a key supplier of ARA and DHA, essential nutrients in infant formula, and collaborates with major dairy companies [2]

Core Viewpoint - The article discusses the recent preventive recall of infant formula by Nestlé due to potential quality risks associated with ARA supplied by Jia Bi You Biotechnology (Wuhan) Co., Ltd. The situation has led to significant stock price declines for Jia Bi You and raised concerns in the market regarding the safety of infant formula products [3][4][5]. Group 1: Company Impact - Jia Bi You, the supplier involved in the recall, received a regulatory notice from the Shanghai Stock Exchange urging timely responses and compliance with information disclosure obligations [3]. - Following the recall announcement, Jia Bi You's stock price opened at 20.2 yuan, reflecting a decline of 1.22%, with a cumulative drop exceeding 16.7% since the incident [5]. - The company has stated that it has sent products for testing and will release results once available [5]. Group 2: Industry Response - Nestlé announced a global recall of certain batches of infant formula across 31 countries due to potential quality risks from ARA, although no disease reports related to the affected raw materials have been confirmed [4]. - The State Council's Food Safety Office and the Market Supervision Administration have emphasized the importance of corporate responsibility and have mandated Nestlé (China) to implement the recall effectively [6]. - Other major infant formula brands in China, including Yili, Mengniu, and others, have issued statements asserting the safety and reliability of their products, distancing themselves from the incident [6].

Core Viewpoint - The incident involving ARA supplier Jia Bi You Biotechnology (Wuhan) Co., Ltd. has led to a global recall of infant formula by Nestlé due to potential quality risks associated with ARA ingredients [2][4]. Group 1: Company Impact - Jia Bi You received a regulatory notice from the Shanghai Stock Exchange, urging timely responses and compliance with information disclosure obligations [2]. - Following the recall announcement, Jia Bi You's stock price opened at 20.2 yuan, reflecting a decline of 1.22%, with a cumulative drop exceeding 16.7% since the incident [3]. Group 2: Industry Response - ARA is commonly used in infant formula and dietary supplements, raising market concerns about product safety [4]. - The State Council's Food Safety Office and the Market Regulation Administration emphasized the importance of Nestlé (China) fulfilling its corporate responsibilities and executing the recall of affected products sold in China [4]. - Major domestic infant formula brands, including Yili, Mengniu, and others, have issued statements to clarify that their products remain safe and reliable [4].

Core Viewpoint - The incident involving the recall of infant formula by Nestlé due to potential quality risks associated with ARA raw materials from supplier Jabiou Biotechnology has raised significant concerns in the market, impacting the stock price of Jabiou and prompting regulatory scrutiny [1][2]. Group 1: Company Impact - Jabiou Biotechnology (Wuhan) Co., Ltd. received a regulatory notice from the Shanghai Stock Exchange urging timely responses and compliance with information disclosure obligations [1] - Following the recall announcement by Nestlé, Jabiou's stock price opened at 20.2 yuan, reflecting a decline of 1.22%, with a cumulative drop exceeding 16.7% since the incident [1] - Jabiou has stated that it has sent products for testing and will release results once available [1] Group 2: Industry Response - The State Council's Food Safety Office and the Market Supervision Administration emphasized the importance of Nestlé (China) fulfilling its corporate responsibilities and executing the recall of affected products sold in China [2] - Major domestic infant formula brands, including Yili, Mengniu, and others, have issued statements asserting the safety and reliability of their products, distancing themselves from the incident [2]

Core Insights - Nestlé's recall of infant formula due to contamination risks has highlighted vulnerabilities in the global supply chain, particularly in the upstream core raw material sourcing [1] - A Chinese infant formula company’s early investment in key raw materials provides a unique case study for understanding the global supply chain safety crisis [1] Historical Context - In 2001, Shengyuan Group made a significant decision to incorporate ARA from Martek Biosciences into its high-end product line, marking a pivotal moment in China's infant formula industry [2] - This move indicated a shift towards incorporating advanced nutritional science and a long-term strategic focus on the importance of core raw materials [2] Supply Chain Vulnerabilities - Relying on a single overseas supplier for key nutrients has exposed companies to risks, as seen in the recent Nestlé incident, where a quality control lapse at a supplier affected global product networks [3] - Shengyuan's transition from a buyer to a controller of its supply chain involved strategic investments and partnerships, leading to the establishment of a domestic company focused on microbial oil research [3] Safety Logic in the Industry - The incident reflects two contrasting safety approaches in the infant formula sector: - Global efficiency logic, exemplified by Nestlé, which relies on extensive supplier networks and cost reduction [4] - Autonomous control logic, represented by brands like U-Borui, which invest heavily in internalizing quality control through shorter, more transparent supply chains [4] Future Implications - The recall has prompted a reevaluation of safety perceptions among consumers, particularly in China, shifting focus from mere compliance to the origins and handling of nutritional products [6] - Brands that have invested in upstream supply chain integrity and core technologies are likely to gain market recognition and trust, while those focused solely on marketing may face challenges [6] - The evolution from importing expensive ARA to developing a self-sufficient supply chain illustrates the critical importance of self-innovation in ensuring safety in health-related industries [6]

Core Viewpoint - The company plans to change its fundraising project from the "30,000 tons of allulose and 5,000 tons of inositol construction project" to the "10,000 tons of oil project" and the "nutritional health products smart factory project" due to significant changes in supply and demand dynamics in the industry for allulose and inositol products [2][5]. Group 1: Fundraising and Project Changes - The company announced the change in fundraising projects just over four months after completing fundraising of 1.292 billion yuan, with a net amount of 1.281 billion yuan after expenses [4][3]. - Originally, 537 million yuan was planned for the sugar-alcohol project, with 453 million yuan sourced from the fundraising [4][5]. - The company has already invested 40.58 million yuan in the sugar-alcohol project for construction and equipment [4]. Group 2: Industry Dynamics - The company noted that the industry has seen a significant increase in capacity, with allulose production expected to exceed 900,000 tons by the end of 2025, compared to just 10,000 tons in 2022 [5]. - The price of inositol has been declining since Q4 2023, dropping below 40 yuan per kilogram in 2025, indicating a trend of low prices for related products in the future [5][6]. Group 3: New Project Plans - The company plans to invest 257 million yuan in the oil project, using 173 million yuan from the fundraising, which includes funds already allocated to the previous sugar-alcohol project [7]. - The oil project is expected to generate annual revenue of 407 million yuan and a net profit of 56.14 million yuan, with a post-tax internal rate of return of 20.05% [8]. - For the health products factory project, the company plans to invest 362 million yuan, with 280 million yuan coming from the previous sugar-alcohol project funds [9]. - The health products factory is projected to achieve annual revenue of 649 million yuan and a net profit of 96.74 million yuan, with a post-tax internal rate of return of 20.19% [9].

Group 1 - Nestlé has initiated a global recall of infant formula products in 31 countries due to quality issues with a supplier's ARA oil ingredient, which may contain a harmful toxin [2][3] - In China, Nestlé announced a preventive recall of 71 batches of infant formula, including products from brands such as "Nestlé BEBA Supreme" and "Wyeth" [2][3] - The affected brands include four in total: Lait D'or, Platinum Enfamil, Comfort Enfamil, and Wyeth [2] Group 2 - The Chinese government, through the State Administration for Market Regulation, is closely monitoring the situation and has urged Nestlé China to fulfill its corporate responsibilities regarding the recall [3][4] - Other companies in the industry, such as DSM and Runke Bio, have publicly distanced themselves from the issue, asserting that they do not supply the problematic ARA ingredient [5][6] - Domestic dairy companies like Danone, Junlebao, and China Feihe have confirmed that their products do not use the implicated ARA ingredient and have maintained high safety standards [8][9][10] Group 3 - Nestlé's global sales for the first nine months of 2025 reached 65.869 billion Swiss francs, reflecting a 1.9% decline year-on-year, with an organic growth rate of 3.3% after excluding currency effects [10] - The Greater China region, now integrated into the Asia, Oceania, and Africa region, reported a significant decline in organic growth rate of -6.1% for the same period [10]