Industry Overview - The company operates in the kitchen food and feed raw materials and oil technology sectors, focusing on the agricultural and food processing industry chain to provide nutritious, healthy, safe, and high-quality grain and oil products [1][4] - The edible oil industry in China has shown stable development with significant market opportunities due to rising consumer income levels and demand for high-quality products [1][2] - The rice industry remains robust, with a projected production of 208 million tons in 2024, although overall consumption growth has not met expectations [1][2] - The flour industry is experiencing stable consumption, with a shift towards specialized and high-quality products, despite a decline in overall demand for staple foods [1][2] Company Position - The company is a key player in the domestic agricultural and food processing sector, owning several well-known brands such as "Golden Dragon Fish" and "Hu Jihua" [3][4] - The company has been recognized for its quality, receiving a nomination for the China Quality Award and ranking in the BrandFinance 2024 global food brands list [3] Business Operations - The company's main business includes the research, production, and sales of kitchen foods, feed raw materials, and oil technology products, with no significant changes reported during the period [4][5] - The product range encompasses edible oils, rice, flour, seasonings, and various feed raw materials [5] Future Outlook - The company anticipates that China will become the largest and most diverse high-quality food market, driven by continuous consumer demand for health and quality [6] - The company plans to leverage its strengths in branding, channels, scale, and R&D to expand its market presence and product offerings [6] - The company aims to enhance its operational efficiency through digital transformation and lean management practices [6] - The company is committed to sustainable development and aims to build a green and low-carbon ecosystem while ensuring product quality and safety [6]

Core Viewpoint - The company Jinlongyu, a leading player in China's grain and oil market, has reported a decline in both revenue and net profit for the second consecutive year, indicating ongoing challenges in its business model of "low profit, high sales" [1][2]. Financial Performance - In the 2024 fiscal year, Jinlongyu achieved a revenue of 238.87 billion yuan, a decrease of 5.03% year-on-year, and a net profit attributable to shareholders of 2.50 billion yuan, down 12.14% year-on-year [2][3]. - The company's net profit has declined for four consecutive years, dropping from 6.00 billion yuan in its first year post-IPO to 2.50 billion yuan in 2024, representing a cumulative decline of over 58% [3][4]. Business Model and Challenges - Jinlongyu's low gross margin, which fell from a peak of 12.33% in 2020 to just 5.35% in 2024, has been a significant barrier to entry for potential competitors [4][5]. - The company faces high raw material costs, with direct material costs accounting for approximately 90% of operating costs over the past three years, limiting profit margins [5][6]. Diversification Efforts - To address stagnation in its core business, Jinlongyu is exploring new avenues such as central kitchens, soy sauce, vinegar, and plant-based meat products, although these ventures have yet to yield significant revenue [6][7]. - The central kitchen initiative, focusing on pre-prepared meals, has seen the establishment of 25 factories, but the business is still in its early stages and faces intense competition [7][8]. Food Safety Issues - Jinlongyu has encountered multiple food safety incidents, including allegations of improper handling of cooking oil and product quality issues, leading to a decline in consumer trust [9][10]. - The company has faced over a thousand complaints related to product quality and authenticity, further complicating its recovery efforts [10][11]. Overall Assessment - The combination of pressure on core business, weak performance in diversification efforts, and recurring food safety issues presents significant challenges for Jinlongyu as it seeks to recover from declining profits and market value [11].

Core Insights - Yihai Kerry Arawana released its 2024 ESG report, marking its fourth report on sustainable development, showcasing the company's commitment to integrating ESG management with business strategy [1] - The company achieved a score of 68 in the S&P Global 2024 Corporate Sustainability Assessment, ranking in the top 4% globally in the food industry, and was recognized as the "Best Progress Company" in the global food sector [1] Environmental Responsibility - Yihai Kerry Arawana aims for net-zero emissions by 2050, becoming the first in the Chinese grain and oil food industry to publish a detailed roadmap for achieving this goal [2] - The company reduced greenhouse gas emissions by 1.363 million tons of CO2e in 2024 through various measures, including energy efficiency improvements and biomass energy usage [3] - As of the end of 2024, the company has received 103 "green factory" certifications, with 44 being national-level, and has completed carbon footprint certifications for 30 core products [3] Health and Nutrition - The shift in consumer dietary preferences towards health has driven Yihai Kerry Arawana to innovate in health food products, launching items like medium-chain fatty acid oils and low-GI rice and flour products in 2024 [4] - The company is responding to national policies aimed at promoting health and nutrition, aligning its product development with modern health concepts [4] Social Responsibility - Yihai Kerry Arawana employs over 35,000 individuals in China, focusing on enhancing employee welfare and community engagement through various initiatives [5] - The company supports rural revitalization by leveraging agricultural technology and has funded demonstration projects to improve peanut production in traditional growing areas [5] Philanthropy and Community Engagement - Yihai Kerry Arawana is committed to developing replicable and sustainable philanthropic models, emphasizing practical support and continuous assistance in its charitable endeavors [6] - The company plans to upgrade production processes and business models, focusing on technological innovation and green transformation to enhance its social responsibility [6]

Financial Performance - In 2024, the company achieved a revenue of CNY 238.87 billion, a decrease of 5.03% compared to 2023 [14] - The total profit amounted to CNY 3.66 billion, reflecting a growth of 7.05% year-on-year [15] - Net profit attributable to shareholders was CNY 2.50 billion, down 12.14% from the previous year [14] - The net profit after excluding non-recurring items was CNY 972.27 million, a decline of 26.42% [14] Market Insights - The decline in profits in the kitchen food retail channel was influenced by the prices of rice and wheat, despite a positive impact from falling soybean prices [2][3] - The company anticipates improved performance across various segments in 2025, driven by increased consumer confidence in the Chinese economy [3] Business Development - The central kitchen business is progressing well, with plans for further investment as the domestic economy improves [3][11] - The company is focusing on high-end product development, including health-oriented products like DAG oil and low GI products, which are expected to perform well in the market [3][11] Distribution and Sales Channels - The number of distributors increased by approximately 8% year-on-year, attributed to ongoing channel expansion efforts [3] - The company is leveraging both traditional and new retail channels, including e-commerce and social commerce, to enhance market penetration [7][8] Financial Ratios and Cash Flow - As of December 31, 2024, the total assets were CNY 225.06 billion, down 5.64% from the previous year [18] - The net cash flow from operating activities decreased by 66.53% to CNY 4.99 billion [19] - The current ratio improved slightly to 1.18, while the quick ratio decreased to 0.72 [20]

Investment Rating - The report maintains a "Buy" investment rating for the company [9] Core Views - The company has shown improvement in operating margins, with a continuous optimization of gross profit margins. In 2024, total operating revenue was 238.87 billion yuan, a decrease of 5% year-on-year, primarily due to the impact of falling product prices outweighing sales growth. The net profit attributable to shareholders was 2.50 billion yuan, down 12% year-on-year, while the non-recurring net profit was 0.97 billion yuan, down 26% year-on-year [5] - The company is experiencing an increase in sales volume for its main products, with ample incremental channel space. In 2024, revenue from kitchen foods was 145.42 billion yuan, a decrease of 2% year-on-year, with sales volume of 24.07 million tons, an increase of 4% year-on-year. The company is focusing on high-end product development and expanding into the health sector to diversify its business [6] - The company is expected to recover further as raw material and end-product prices stabilize. The forecasted EPS for 2025-2027 is 0.52, 0.65, and 0.84 yuan, respectively, with corresponding PE ratios of 62, 50, and 38 times [9] Summary by Sections Financial Performance - In Q4 2024, total operating revenue was 63.41 billion yuan, an increase of 1% year-on-year, with net profit attributable to shareholders of 1.07 billion yuan, up 49% year-on-year. The improvement was mainly due to better performance in the flour business and enhanced product profitability from the feed raw materials and oil technology industry chain [5] Sales and Market Expansion - The company is actively expanding its wholesale distribution channels and has established a dedicated team to tap into lower-tier markets. Additionally, rice oil products are being gradually introduced into overseas markets such as the US, Canada, and Japan, which is expected to contribute to performance growth [6] Profitability Forecast - The company is projected to see steady sales volume growth despite short-term revenue pressure from raw material cost fluctuations. The anticipated revenue growth rates for 2025-2027 are 7.3%, 8.0%, and 9.4%, respectively, with net profit growth rates of 12.4%, 24.6%, and 29.4% [11]

Investment Rating - The report maintains a "Buy" investment rating for the company [1][8] Core Views - The company has shown improvement in operating margins, with a continuous optimization of gross profit margins. In 2024, total operating revenue was 238.87 billion yuan, a decrease of 5% year-on-year, primarily due to falling product prices outweighing sales growth. The net profit attributable to shareholders was 2.50 billion yuan, down 12% year-on-year, while the non-recurring net profit was 0.97 billion yuan, down 26% year-on-year [5][8] - The company's main product sales have increased, with ample incremental channel space. In 2024, the revenue from kitchen foods was 145.42 billion yuan, a decrease of 2% year-on-year, with sales volume at 24.07 million tons, an increase of 4% year-on-year. The company is focusing on high-end product development and expanding into the health sector to diversify its business [6][8] - The company is expected to recover further as market demand improves and raw material and end-product prices stabilize. The forecasted EPS for 2025-2027 is 0.52, 0.65, and 0.84 yuan, respectively, with corresponding PE ratios of 62, 50, and 38 times [8][10] Summary by Sections Financial Performance - In Q4 2024, total operating revenue was 63.41 billion yuan, an increase of 1% year-on-year, with net profit attributable to shareholders at 1.07 billion yuan, up 49% year-on-year. The non-recurring net profit was 0.73 billion yuan, up 78% year-on-year, mainly due to improved performance in the flour business and enhanced product profitability from the feed raw materials and oil technology industry chain [5][6] Revenue and Profit Forecast - The company is projected to achieve operating revenues of 256.33 billion yuan in 2025, 276.85 billion yuan in 2026, and 302.89 billion yuan in 2027, with growth rates of 7.3%, 8.0%, and 9.4%, respectively. The net profit attributable to shareholders is expected to be 2.81 billion yuan in 2025, 3.50 billion yuan in 2026, and 4.53 billion yuan in 2027, with growth rates of 12.4%, 24.6%, and 29.4%, respectively [10][11]

Core Viewpoint - The company reported a decline in revenue and net profit for 2024, primarily due to falling product prices despite an increase in sales volume for certain products [1][2]. Revenue and Profit Performance - In 2024, the company achieved an operating revenue of 238.87 billion yuan, a year-on-year decrease of 5.03%, and a net profit attributable to shareholders of 2.50 billion yuan, down 12.14% year-on-year [1]. - The decline in revenue was attributed to a drop in prices of key products like soybean and soybean oil, which outweighed the revenue contribution from increased sales volume [1]. Product Price Fluctuations - The gross margin for the company's two main businesses saw a slight increase, but the revenue from the feed raw materials and oil technology business, which accounts for about 40% of total revenue, decreased significantly by 10.37%, amounting to a reduction of 10.61 billion yuan [1][2]. - Despite a 10.32% increase in sales volume for feed raw materials, the profitability of the feed raw materials industry was squeezed due to weak domestic soybean prices and cautious purchasing by downstream feed and livestock enterprises [2]. Business Segment Analysis - The kitchen food business, which includes rice, flour, and oil, experienced a rise in sales volume but a slight decline in profit due to underperformance in retail channels and increased competition [2]. - The flour business faced losses in the first half of 2024 due to lower-than-expected market demand and fluctuating by-product prices, although the company expects improvement in the second half of the year [2]. Investment Projects and Future Strategy - The company has 81 production bases and is constructing new ones in strategic locations to reduce costs, but 10 investment projects have not met expected returns due to market demand and competition challenges [3]. - The company remains committed to its long-term development strategy in China, focusing on expanding its food and agricultural product businesses and reducing production, logistics, and marketing costs [3][4]. Innovation and R&D - The company is increasing its R&D investment, which grew by 2.41% to 274 million yuan, focusing on upgrading plant protein and grain product applications, as well as key technologies in condiments [4]. - Plans for 2025 include developing more functional and high-quality food products in response to consumer demand for healthier and diversified edible oils [4].

报告期内，营业收入较去年有所下降，主要是因为产品价格下跌的影响超过了销量增长带来的营收贡 献。公司厨房食品、饲料原料及油脂科技产品的销量较去年均有增长，但是主要产品的价格随着大豆及 大豆油等主要原材料价格下跌而下降。 金龙鱼(300999.SZ)发布2024年度业绩，归母净利润 25.02亿元，下降12.14% 智通财经APP讯，金龙鱼(300999.SZ)发布2024年年度报告，该公司营业收入为2388.66亿元，同比减少 5.03%。归属于上市公司股东的净利润为25.02亿元，同比减少12.14%。归属于上市公司股东的扣除非经 常性损益的净利润为9.72亿元，同比减少26.42%。基本每股收益为0.46元。此外，拟向全体股东每10股 派发现金红利1.11元(含税)。 ...

益海嘉里金龙鱼食品集团股份有限公司 二、注册会计师的责任 我们的责任是在实施审计工作的基础上，对财务报告内部控制的有效性发表审计意 见，并对注意到的非财务报告内部控制的重大缺陷进行披露。 内部控制审计报告 2024年度 内部控制审计报告 安永华明（2025）专字第70038074_B03号 益海嘉里金龙鱼食品集团股份有限公司 益海嘉里金龙鱼食品集团股份有限公司全体股东： 按照《企业内部控制审计指引》及中国注册会计师执业准则的相关要求，我们审计 了益海嘉里金龙鱼食品集团股份有限公司2024年12月31日的财务报告内部控制的有效 性。 一、企业对内部控制的责任 按照《企业内部控制基本规范》、《企业内部控制应用指引》、《企业内部控制评价指 引》的规定，建立健全和有效实施内部控制，并评价其有效性是企业董事会的责任。 （本页无正文） 安永华明会计师事务所（特殊普通合伙） 中国注册会计师：夏 佳 中国注册会计师：王硕炜 中国 北京 2025 年 3 月 20 日 三、内部控制的固有局限性 内部控制具有固有局限性，存在不能防止和发现错报的可能性。此外，由于情况的 变化可能导致内部控制变得不恰当，或对控制政策和程序遵循的程度 ...

中信建投证券股份有限公司关于 益海嘉里金龙鱼食品集团股份有限公司 部分募投项目延期的核查意见 中信建投证券股份有限公司（以下简称"中信建投"或"保荐机构"）作 为益海嘉里金龙鱼食品集团股份有限公司（以下简称"金龙鱼"或"公司"） 首次公开发行股票并在创业板上市的保荐机构，根据《证券发行上市保荐业务 管理办法》《深圳证券交易所创业板股票上市规则》《深圳证券交易所上市公 司自律监管指引第2号—创业板上市公司规范运作》《上市公司监管指引第2号 ——上市公司募集资金管理和使用的监管要求》等有关规定，对公司部分募投 项目延期的事项进行了核查，具体情况如下： 一、募集资金投资项目的概述 （一）募集资金基本情况 | 序 | | | 拟使用募集 | 截至2024年 12月31日已 | | --- | --- | --- | --- | --- | | 号 | 项目名称 | 投资总额 | 资金投资金 额 | 投入募集资 | | | | | | 金金额 | | | 兰州新区粮油食品加工基地项目（一 | | | | | 1 | 期） | 954,143 | 740,000 | 710,042 | | 2 | 益海嘉里集团粮油深加工 ...