【厚道甘肃 地道甘味】 走进"甘味"超市货架，庄园股份的新品透着浓浓的"西北味儿"：带着花牛苹果清甜的NFC果汁、裹着临 泽小枣醇香的枣汁、复刻老兰州记忆的杏皮茶和酸梅汤，还有金银花柚子汁、胡萝卜汁、杏仁露等饮 品，就连醪糟有奶汽、西北冻梨汽水这样的创意汽水，也让地域风味有了新潮表达。 冰品区更是藏着惊喜：醪糟酸奶、浆水酸奶等多款特色产品，把甘肃人耳熟能详的传统小吃做成了冰爽 零食，上市不久就收获满满，销售额轻松破百万，印证了西北风味的市场号召力。 "不是盲目跨界，是把西北的好东西换种方式呈现。"庄园股份相关负责人介绍，公司靠着多年积累的研 发、品控和供应链优势，深挖本土物产和饮食文化，让花牛苹果、临泽小枣这些地方特产，通过现代工 艺变成了消费者喜爱的健康食品。从遵循古法的特色饮品，到锁鲜技术加持的NFC果汁，再到天然健康 的庄园山泉，每款产品都延续了"做精良品质"的初心。 责任编辑：陈德政 跨界"出圈""甘味"新品热销破千万 每日甘肃网兰州讯（新甘肃·甘肃日报记者冯宝强）从牧场到货架，今年的甘肃农垦庄园股份公司创新 不断。依托深耕乳业多年的功底，该公司通过全资子公司跨界布局饮料、冰品赛道，近20款西北特色新 ...

利润方面，今年下半年成本红利持续释放，公司费用管控能力较强，没有无序地参与价格竞争，盈利能 力有望保持稳健。此外，1元乐享等手段加强了公司的数字化运作能力，强化渠道与消费者链接，在后 续发展过程中有望助力公司持续向上，平台型企业根基稳固。该行将其目标价由56.37港元升至59.23港 元，维持"买入"评级。 华泰证券发表研究报告指，中央财办表示扩内需是明年排首位的重点任务，内需主题预期凸显。农夫山 泉作为软饮品龙头企业，今年饮品行业受到外卖平台价格战的影响，但公司经营稳健性突出。具体而 言，公司包装水业务已走出此前的舆论低谷，今年以来持续扩张市场份额，且公司的经营重心由绿瓶纯 净水转回至红瓶天然水，无糖茶业务延续较好的收入成长速度，加速向下沉市场渗透，进一步获得市场 份额，NFC果汁、碳酸茶、养生水等产品持续加强消费者培育。 ...

Core Viewpoint - The company, Yantai Northern Andeli Juice Co., Ltd., is focusing on health drinks and functional foods due to rising consumer demand, while also planning to explore other health food sectors based on market research and regulatory compliance [1] Financial Performance - In the first three quarters, the company's revenue increased by 28.88% year-on-year, and net profit attributable to shareholders rose by 43.38% [1] Revenue and Profit Growth Drivers - Revenue and profit growth is attributed to three main factors: 1. Increased sales volume and product mix improvement, particularly in concentrated juice sales [2] 2. Higher proportion of high-margin products like decolorized and NFC juices, leading to net profit growth outpacing revenue growth [2] 3. Market share consolidation among leading companies due to the exit of smaller players, allowing the company to capture more market orders [2] Industry Dynamics - The core logic of industry consolidation remains unchanged, focusing on increased concentration and dominance of leading companies, with smaller players exiting due to financial and operational pressures [3] Policy Alignment and Business Strategy - The company is aligning its business strategy with policy directions, emphasizing high-quality supply to meet effective demand, particularly in green food production and quality consumption [4] - Efforts include optimizing green production processes and enhancing product quality through innovation and stringent quality control [4]

Core Viewpoint - The company reported significant growth in both revenue and net profit for the first three quarters of 2025, driven by increased sales of core products and an improved product mix [2] Group 1: Financial Performance - The company achieved a revenue of 1.321 billion yuan, representing a year-on-year increase of 28.88% [2] - The net profit attributable to shareholders reached 283 million yuan, reflecting a year-on-year growth of 43.38% [2] Group 2: Growth Drivers - The growth in revenue and profit is attributed to three main factors: 1. Increased sales volume and improved product structure, particularly in concentrated juice sales, which significantly boosted revenue [2] 2. The accelerated release of industry pattern dividends, with a competitive landscape dominated by two major players, leading to market share consolidation towards leading companies [2] 3. Advantages in production capacity and channel layout, with the company completing a capacity layout across 7 provinces and 10 factories, and experiencing significant order growth from emerging markets along the "Belt and Road" initiative [2]

Core Viewpoint - The main shareholder of the company has reduced their stake by 1% primarily due to reasonable funding needs and to increase the public float of shares, which has decreased due to multiple H-share buybacks since the company's listing in 2020 [2] Group 1: Shareholder Actions - The major shareholder has not sold shares in the secondary market since the company's listing in 2020, and the recent 1% reduction is aimed at addressing funding needs and optimizing the capital structure for future H-share buybacks [2] - The reduction in shareholding is intended to moderately increase the public float of shares, which has significantly declined due to previous buyback activities [2] Group 2: Financial Health - The company reports significant growth in revenue and profit, with ample cash flow over the years, indicating no undisclosed funding gaps [2] Group 3: Future Growth Strategies - The company will continue to focus on its core business of concentrated fruit juice while optimizing its product structure to increase the proportion of high-margin products like decolorized and deacidified juice, NFC juice, and tomato juice in revenue [2] - The company plans to cultivate new profit growth points through technological upgrades and market channel expansion to drive sustained performance improvement [2]

Group 1 - The core viewpoint of the news is that Andeli's major shareholders have initiated a minor share reduction, primarily due to reasonable funding needs and to increase the public float of shares after multiple H-share buybacks since the company's listing in 2020 [1] - The company has reported significant growth in revenue and profit, with ample cash flow and no undisclosed funding gaps [1] - For future profit growth, the company will continue to focus on its core concentrated juice business while optimizing product structure and enhancing the proportion of high-margin products like decolorized and deacidified juices, NFC juices, and tomato juice in revenue [1] Group 2 - Andeli's gross margin for the first three quarters of 2025 is reported at 24.38%, showing a slight increase from 23.93% in the first half of 2025 [2] - The increase in gross margin is attributed to effective cost control through diversified raw material sourcing and economies of scale, which have helped to reduce unit processing and energy costs [2] - Continuous optimization of product structure, with a rising share of high-margin premium juice products in revenue, has significantly improved overall profitability [2]

2025年11月11日，银川首家"胖改店"——物美超市阅彩城店正式开业，当天上午九点，顾客们纷纷涌入 卖场，在烘焙、鲜食和胖东来自主品牌专区前驻足挑选。 这家看似普通的超市，实则是银川借鉴胖东来经营模式的"学习胖东来自主调改店"（简称"胖改店"）之 一。从9月19日吴忠万达店开业头两天客流量超5万人次，到如今银川"胖改店"陆续亮相，这种新型零售 形态正悄然改变着宁夏的消费市场格局，也为整个零售行业带来了深刻启示。 "胖东来模式"并非简单形式模仿，而是回归商业本心，致力于构建与消费者之间牢固的信任桥梁。在消 费增长放缓的今天，这种经营理念的转变尤为可贵。 图据宁夏新闻网 走进银川胖改店，9.9元、19.9元的鲜切花专区首先带来清新气息。这一胖东来标志性场景的引入，为购 物增添了仪式感，让超市不再是单纯的采购场所，更成为感受鲜活生活气息的空间。 "我们还是新手，服务不周，但在努力"的暖心提示，悬挂在熟食区柜台。这样真诚的表达，与传统商超 中过度营销形成鲜明对比。 胖东来模式之所以成功，还因为员工的幸福感直接关系到消费者的体验感。在员工待遇普遍不佳的零售 行业，胖东来却将50%的股份分给了基层员工，40%的股权分给 ...

Core Viewpoint - The article discusses the prevalence of counterfeit products on major e-commerce platforms, particularly focusing on the experiences of consumers who have encountered fake goods, despite purchasing from seemingly reputable sources [1][3][4]. Group 1: Counterfeit Issues on E-commerce Platforms - Consumers have reported buying counterfeit products from platforms like JD.com, including brands such as Jomoo, Supor, Xiaomi, and even Mercedes-Benz engine oil [3][4]. - Many manufacturers claim that unauthorized stores on these platforms are selling counterfeit goods, but the resolution for consumers often results in minimal compensation [3][4]. - The article highlights a cycle where low-priced items are prioritized by platform algorithms, leading to a situation where counterfeit goods can easily infiltrate the marketplace [4][5]. Group 2: Measures Taken by E-commerce Platforms - JD.com announced that starting October 30, all Moutai and Wuliangye products sold on its platform will be guaranteed to be genuine [6]. - JD.com has conducted a thorough review of all authorized stores selling Moutai, resulting in the removal of over 800 unauthorized stores [8]. - In contrast, Douyin has also initiated measures to combat false marketing and counterfeit sales, indicating a broader industry issue with product authenticity [8]. Group 3: Consumer Recommendations - The article suggests that consumers may find it safer to purchase products from larger physical stores to ensure authenticity [8].

Core Insights - The company reported a revenue of 373 million yuan for Q3 2025, a year-on-year decrease of 5.06%, while net profit attributable to shareholders was 83 million yuan, an increase of 29.00% [1] - The decline in revenue is attributed to high shipments in Q2, but the company expects rapid revenue growth for the full year [1] - Domestic market revenue for Q3 was 106 million yuan, up 13.9% year-on-year, while international market revenue was 263 million yuan, down 11.5% year-on-year, indicating seasonal fluctuations [1] Financial Performance - Gross margin improved to 25.53%, an increase of 3.22 percentage points year-on-year [2] - The expense ratio decreased, primarily due to a reduction in financial expenses, with a total expense ratio of 5.02%, down 0.53 percentage points year-on-year [2] - Net profit margin for Q3 was 22.14%, up 5.85 percentage points year-on-year, driven by lower credit impairment losses [2] Capacity Expansion and Market Position - The company is expanding production capacity and diversifying its product matrix, which is expected to enhance market share [2] - Recent expansions in Akesu and Yan'an, along with new projects for decolorized and deacidified concentrated juice and NFC juice, will better meet customer demand and drive revenue growth [2] Investment Outlook - Projected revenues for 2025-2027 are 1.894 billion, 2.175 billion, and 2.393 billion yuan, representing year-on-year growth rates of 33.56%, 14.86%, and 10.00% respectively [3] - Expected net profits for the same period are 399 million, 438 million, and 490 million yuan, with growth rates of 52.92%, 9.96%, and 11.89% respectively [3] - The projected price-to-earnings ratios for 2025-2027 are 39.9, 36.3, and 32.4 times [3]

Core Viewpoint - The company, Andeli, has shown significant growth in revenue and profit, driven by increased demand in the industry, production capacity expansion, and product optimization, while also focusing on high-quality development and market share expansion. Group 1: Financial Performance - As of October 24, 2025, Andeli's stock price rose to 46.42 yuan, a 4.2% increase from the previous week, with a market capitalization of 15.839 billion yuan, ranking 3rd in the agricultural processing sector [1] - The company reported a 97% year-on-year revenue growth in the first half of 2025, reaching 4.8 billion yuan, primarily due to the production launch of factories in Xinjiang and Shaanxi, and increased sales of high-value-added products [2][4] - The net profit attributable to the parent company for the first half of 2025 increased by 26%, benefiting from higher sales leading to a gross profit of 227 million yuan [2] Group 2: Share Buyback and Dividends - From 2020 to 2024, the company repurchased a total of 10.7 million H-shares, spending 299 million HKD, with a cumulative buyback amount of 657 million HKD since its listing [1] - The company has consistently increased its dividend payouts since its listing in 2003, with total dividends amounting to 635 million yuan, and a progressive increase in dividends per 10 shares from 0.5 yuan to 2.5 yuan from 2020 to 2024 [2] Group 3: Strategic Initiatives - The company plans to establish a new factory in Suizhong to leverage local apple resources, optimize procurement channels, reduce production costs, and expand market share [2][4] - The company is actively participating in court auctions to acquire production bases from companies undergoing bankruptcy restructuring, aiming to fill market gaps and strengthen its leading position in the concentrated juice industry [2]