1. Reported Industry and Investment Rating - The reported industry is food and beverage. There is no information on investment rating in the provided content. [2] 2. Core Viewpoints - In 2025, the company focused on its main business, effectively integrated resources, reduced costs, and achieved double - growth in revenue and profit in a complex global environment. [22] - The company's expansion of Coenzyme Q10 production is based on market growth expectations, which will help consolidate its leading position in the industry and expand its market share. [25] - The company aims to build a complete industrial ecosystem through full - industry - chain and domestic - international layout, and will continue to strengthen relevant business segments. [27] 3. Summary by Relevant Catalogs 3.1. Research Basic Situation - The research object is Jindawei, belonging to the food and beverage industry. The reception time was November 5, 2025. The listed company's reception staff included the board secretary Li Xiaofang, the securities affairs representative Lin Jie, and the securities affairs specialist Zhang Yanting. [17] 3.2. Detailed Research Institutions - Representatives from the fund management company, including Yu Yue, Zheng Zheng, and He Baohua, from Boshi Fund, participated in the research. [20] 3.3. Research Institution Proportion - There is no relevant information provided. [21] 3.4. Main Content Data - **Overall performance in the first three quarters**: In 2025 from January to September, the company achieved an operating income of 2.604 billion yuan, a year - on - year increase of 11.16%; the net profit attributable to shareholders of the listed company was 361 million yuan, a year - on - year increase of 63.47%; the non - recurring profit and loss net profit was 349 million yuan, a year - on - year increase of 56.22%. [22] - **Performance of Coenzyme Q10 in the first three quarters**: The Coenzyme Q10 reconstruction and expansion project is progressing smoothly, and the annual production capacity will reach 920 tons after full production. In the first three quarters of 2025, its sales revenue, sales volume, and gross profit margin all increased compared to the same period last year. [23] - **View on Coenzyme Q10 expansion**: The expansion is based on market growth expectations. The main consumer country is the United States, and emerging markets like China have great potential. The expansion will help maintain and expand the company's market share, and the gross profit margin has remained good in recent years. [25] - **Performance of Doctor's Best in the first three quarters**: It is a 35 - year - old mature brand in the US, with nearly 80% of sales achieved overseas through well - known online platforms, having a high repurchase rate. Its revenue and profit both increased in the first three quarters of this year. [26] - **Domestic sales of Doctor's Best**: The brand has various product matrices in China, with products such as Coenzyme Q10, Ergothioneine, NAD +, magnesium, vitamin K, and D being the most popular. Its revenue and profit also increased in the first three quarters of this year, and the company is highly involved in the Double 11 event. [27] - **View on each business segment**: The company focuses on the global health industry, with a full - industry - chain layout. It will continue to strengthen relevant segments and leverage the advantages of the full - industry - chain layout to enable production and brand to empower each other. [27]

Core Insights - Doctor's Best is a well-established brand in the United States with 35 years of history, appealing to mature and rational consumers through scientific formulations and reliable ingredients [1] - Approximately 80% of Doctor's Best's sales are achieved through well-known online platforms such as Amazon and iHerb in overseas markets, indicating a strong e-commerce presence [1] - The revenue and profit of Doctor's Best have continued to grow in the first three quarters of this year [1]

Group 1: Financial Performance - In the first three quarters of 2025, the company achieved a revenue of CNY 2.604 billion, representing a year-on-year increase of 11.16% [2] - The net profit attributable to shareholders was CNY 361 million, showing a significant year-on-year growth of 63.47% [2] - The non-recurring net profit reached CNY 349 million, with a year-on-year increase of 56.22% [2] Group 2: Coenzyme Q10 Performance - Coenzyme Q10 remains a key product, with sales revenue, sales volume, and gross margin all increasing compared to the same period last year [2] - The expansion project for Coenzyme Q10 is progressing smoothly, with the annual production capacity expected to reach a significant volume upon full completion [2][3] - The market demand for Coenzyme Q10 is growing, driven by its applications in cardiovascular health and anti-aging [3] Group 3: Brand Performance - Doctor's Best, a mature brand established 35 years ago in the U.S., has seen revenue and profit growth in the first three quarters of the year [3] - The brand's products, including Coenzyme Q10, are popular among consumers, particularly in categories like cardiovascular health and anti-aging [3] - Doctor's Best is actively participating in promotional activities, such as the Double Eleven event, to enhance its market presence [3] Group 4: Strategic Outlook - The company focuses on biomanufacturing technology and aims to provide high-quality health solutions through innovation [3] - It is committed to building a complete industrial ecosystem, including raw material production, finished product manufacturing, and brand development [3] - Future strategies include strengthening various business segments and leveraging the advantages of a comprehensive supply chain [3]

Core Insights - The company Jin Dawei (002626) reported a significant increase in revenue and profit for the first half of 2025, with total revenue reaching 1.728 billion yuan, a year-on-year increase of 13.46%, and net profit attributable to shareholders of 247 million yuan, up 90.12% [1] - The company's gross margin improved to 40.45%, reflecting a year-on-year increase of 9.25%, while the net margin rose to 13.84%, an increase of 59.76% [1] - The company has a strong cash position, with cash and cash equivalents increasing by 160.44% to 1.664 billion yuan [1] Financial Performance - Total revenue for 2025 was 1.728 billion yuan, compared to 1.523 billion yuan in 2024, marking a 13.46% increase [1] - Net profit for 2025 was 247 million yuan, up from 130 million yuan in 2024, representing a 90.12% increase [1] - The company's operating cash flow per share increased by 133.48% to 0.54 yuan [1] Profitability Metrics - Gross margin for 2025 was 40.45%, up from 37.03% in 2024, a 9.25% increase [1] - Net margin improved to 13.84% from 8.66% in the previous year, a 59.76% increase [1] - The company's total expenses (selling, administrative, and financial) decreased by 9.24% to 3.58 billion yuan, accounting for 20.73% of revenue [1] Business Model and Operations - The company primarily engages in the research, production, and sales of nutritional health foods and feed additives, with a significant portion of its production occurring domestically and a high export ratio [6] - The company utilizes synthetic biology for the large-scale production of various raw materials, including Coenzyme Q10 and NMN, and aims to reduce production costs for competitive advantage [7] - In the health food sector, the company operates two major brands, Doctor's Best and Zipfizz, and has established a full industry chain from raw material supply to brand operation [8] Debt and Receivables - The company's interest-bearing debt reached 1.652 billion yuan, reflecting a 77.67% increase from the previous year [1] - The accounts receivable to profit ratio stood at 131.52%, indicating a need for monitoring the company's receivables situation [4]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The expected listing price of Jinwei Convertible Bonds on the first day is between RMB 122.16 and RMB 135.89, and the expected winning rate is 0.0048%. Considering the good bond - bottom protection, average attractiveness in rating and scale, the expected conversion premium rate on the first - day of listing is around 29%. It is recommended to actively subscribe [1][13][14]. - Jindawei is a leading enterprise in the full - industry chain of nutritional health, with fluctuating revenue and net profit attributable to the parent company since 2020. The company's revenue mainly comes from the sales of health products, Coenzyme Q10, and Vitamin A series, and the product structure changes annually. The sales net profit margin and gross profit margin have decreased, while the sales expense ratio has increased [1][20][22]. 3. Summary According to the Directory 3.1. Convertible Bond Basic Information - Jinwei Convertible Bonds (127111.SZ) started online subscription on August 20, 2025, with a total issuance scale of RMB 1.292 billion. After deducting issuance fees, the net raised funds will be used for Coenzyme Q10 reconstruction and expansion projects, construction projects of 30,000 tons of allulose and 5,000 tons of inositol per year, information system construction projects, and supplementary working capital [1]. - The current bond - bottom valuation is RMB 98.24, and the YTM is 2.16%. The conversion parity is RMB 99.95, and the parity premium rate is 0.05%. The convertible bond terms are average, and the total share capital dilution rate is 9.76%, with relatively small dilution pressure on the equity [1][11][12]. 3.2. Investment Subscription Suggestions - The expected listing price of Jinwei Convertible Bonds on the first day is between RMB 122.16 and RMB 135.89. By referring to comparable targets and empirical results, the expected conversion premium rate on the first - day of listing is around 29% [13][14]. - The expected priority subscription ratio of original shareholders is 68.21%, and the expected winning rate is 0.0048% [17]. 3.3. Analysis of the Underlying Stock's Fundamental 3.3.1. Financial Data Analysis - Jindawei is a leading enterprise in the full - industry chain of nutritional health, mainly engaged in the R & D, production, and sales of health food and feed additives. Its revenue has fluctuated since 2020, with a compound growth rate of - 1.94% from 2020 - 2024. In 2024, the revenue was RMB 3.24 billion, a year - on - year increase of 4.43%. The net profit attributable to the parent company also fluctuated, with a compound growth rate of - 22.73% from 2020 - 2024. In 2024, it was RMB 342 million, a year - on - year increase of 23.59% [18][19][20]. - The company's revenue mainly comes from the sales of health products, Coenzyme Q10, and Vitamin A series. The proportion of health product sales revenue in the main business revenue has been increasing steadily since 2022, while the proportions of Coenzyme Q10 and Vitamin A series have been decreasing steadily [22]. - The company's sales net profit margin and gross profit margin have decreased, the sales expense ratio has increased, the financial expense ratio has decreased, and the management expense ratio has increased. The sales revenue is mainly from overseas markets [23]. 3.3.2. Company Highlights - The company uses synthetic biology as the underlying technology, applies it to the large - scale production of most raw material products, and actively uses synthetic biotechnology to layout new products [31]. - The company adheres to the principle of "strengthening innovation and leading the future", establishes a technology R & D and innovation system integrating enterprises, the market, and industry - university - research cooperation. It has multiple R & D platforms, more than 200 R & D personnel, and 194 domestic and foreign patent technologies as of December 31, 2024 [32].