大湖健康产业股份有限公司2025年年度报告摘要——投资者详解

一、报告亮点与关键信息

• 2025年度业绩实现扭亏为盈：公司2025年实现归属于母公司的净利润为5,065,308.35元，成功实现由2024年-76,951,033.51元的亏损到盈利的转变，显示出公司经营状况明显改善。
• 营业收入下降：2025年营业收入为920,040,673.13元，同比下降11.92%。尽管实现盈利，但主营业务收入出现较大下滑。
• 现金流大幅增长：2025年经营活动产生的现金流量净额为217,986,607.21元，同比增长223.18%，公司现金流状况显著改善。
• 不进行利润分配：由于母公司合并报表期末未分配利润仍为-80,414,231.02元，公司决定2025年度不进行现金分红，也不转增股本。
• 主营业务结构：公司围绕“健康医疗和健康产品”双主线布局，涵盖康复护理医疗、水产品加工与养殖、白酒生产销售及保健品销售。
• 行业地位与市场潜力：公司在康复护理医疗、水产养殖及预制菜、水产品加工、白酒等行业均有较强竞争力，多项业务居行业前列。
• 股东结构稳定：截至2025年报披露，公司普通股股东总数37,029户，第一大股东为西藏泓杉科技发展有限公司，持股比例28.09%。

二、各主业板块详细分析

1. 康复护理医疗行业

• 国家政策大力支持康复护理医疗行业，人口老龄化背景下康复医疗需求持续增长。2023年康复医学科出院人次数同比增长30.61%，康复医院出院人次数同比增长29.33%。
• 公司拥有3家康复医院、3家护理医院，月均床位配置在全国社会办医疗机构中处于较大规模。
• 公司康复护理医院均为医保定点单位，主打神经康复、骨与关节康复、老年康复等，服务对象涵盖老年人、儿童及亚健康群体。
• 公司通过“东方华康”品牌，轻资产规模化布局康复护理医疗，增强品牌影响力和市场份额。

2. 水产品加工与预制菜业务

• 受益于国家对预制菜及冷链物流建设的政策支持，水产品加工行业发展迅速。
• 公司为湖南湘菜预制菜知名企业，入选2024年胡润中国预制菜生产企业百强榜，处于行业第三竞争梯队，尤其以小龙虾系列产品形成差异化竞争。
• 水产品加工业务实现集研发、采购、加工、销售一体，拥有4.67公顷产业园，产品包括冰鲜鱼类、冰冻小龙虾等，B端市场为主。
• 全国水产加工品总量、市场需求保持增长，预制菜市场潜力巨大，预计2026年中国预制菜市场规模将突破10,720亿元。

3. 水产养殖业务

• 公司是全国唯一拥有淡水鱼养殖产业的上市公司，采用“大水面生态养殖模式”，养殖面积达16.8万亩。
• 主打有机鳙鱼、阳澄湖大闸蟹，销售渠道覆盖全国各地，包括沃尔玛山姆、抖音、天猫、京东等平台。
• 国家大力推动绿色健康养殖，公司模式与政策高度契合，有较强政策红利和市场成长空间。

4. 白酒业务

• 白酒业务由子公司德山酒业负责，拥有70多年酿酒历史，产品涵盖浓香型、酱香型、兼香型三大香型，覆盖高中低端市场。
• 白酒销售以区域市场为主，通过经销商渠道拓展，稳固区域品牌影响力。
• 面对全国名酒和省级强势品牌冲击，公司强调质量、健康化和数字化发展。

三、财务与股东情况

• 资产与净资产：2025年末总资产1,851,280,226.87元，归属于上市公司股东的净资产802,570,248.97元。
• 利润表亮点：利润总额60,764,555.01元，归母净利润5,065,308.35元，扣非净利润-9,580,533.61元，说明主营业务盈利能力仍需提升。
• 现金流：经营现金流净额217,986,607.21元，充分保障公司日常运营和扩张需求。
• 分红政策：母公司未分配利润为负值，未能满足现金分红条件，2025年度公司不进行利润分配及资本公积转增股本。
• 股东结构：西藏泓杉科技发展有限公司为第一大股东，质押股份28,840,000股。前十大股东中有多家机构投资者和自然人。

四、对股价可能产生影响的敏感事项

• 盈利恢复：公司实现扭亏为盈，显示经营改善，有望提升市场信心，利好股价。
• 不分红方案：因母公司未弥补亏损，2025年不分红，可能对部分偏好分红的投资者情绪构成压力。
• 现金流改善：经营活动现金流大幅增长，有助于支持公司业务发展和偿债能力，提升内在价值。
• 行业政策利好：康复医疗、预制菜、水产养殖等主业均受益于国家政策支持，有望带来长期成长性。
• 行业地位巩固：公司在淡水养殖、湘菜预制菜等领域具备较强竞争力，未来如能进一步放大核心优势，预期业绩或将持续向好。

五、投资者需重点关注事项

1. 公司主营业务收入下滑，需关注其业务调整和市场竞争态势。
2. 母公司未弥补亏损导致无法分红，投资者应关注公司未来利润分配政策变化。
3. 水产品加工、康复医疗和白酒等板块面临行业整合和竞争压力，公司应对措施及新业务拓展值得持续跟踪。
4. 公司资产结构和现金流状况良好，有能力支持未来发展，但扣除非经常损益后的净利润仍为负值，主营业务盈利能力需进一步提升。
5. 关注第一大股东股份质押情况及后续变化对公司稳定性的影响。

六、结语

2025年，大湖健康产业股份有限公司实现了经营业绩的显著改善，多个核心产业受益于政策和行业趋势，展现出较好的成长潜力。投资者应关注公司主营收入变动、分红政策、现金流及行业政策带来的机遇与挑战。公司当前正处于转型发展关键期，后续业绩表现和行业地位变化或将成为影响股价的重要因素。

免责声明：本文内容仅供投资者参考，不构成任何投资建议。投资者据此操作，风险自负。请投资者关注公司后续公告及市场变化，理性决策。

English Version

Dahu Health Industry Co., Ltd. 2025 Annual Report Highlights—Investor Analysis

Key Points and Highlights

• Return to Profit in 2025: The company achieved a net profit attributable to the parent of RMB 5,065,308.35 in 2025, a significant turnaround from a net loss of RMB -76,951,033.51 in 2024.
• Revenue Decline: Annual operating income decreased by 11.92% to RMB 920,040,673.13. Although profit was achieved, main business revenue saw a notable decline.
• Strong Cash Flow: Net cash flow from operating activities surged 223.18% to RMB 217,986,607.21, indicating a significant improvement in liquidity.
• No Dividend for 2025: Due to a negative undistributed profit at the parent company level (-RMB 80,414,231.02), there will be no cash dividend or capital reserve transfer for 2025.
• Business Structure: The company focuses on “healthy medical” and “healthy products”—covering rehabilitation medical care, aquatic products processing and farming, liquor production/sales, and health products.
• Industry Position: The company is a strong player in rehabilitation medical care, aquaculture, prepared food, aquatic processing, and liquor, with leading positions in several segments.
• Stable Shareholding: Ordinary shareholders total 37,029. The largest shareholder, Xizang Hongsan Technology, holds 28.09%.

Business Segment Details

1. Rehabilitation Medical Care

• Supported by national policy and demographics, demand for rehabilitation is rising fast. In 2023, discharged patients in rehabilitation departments increased 30.61% YoY; rehabilitation hospitals, 29.33% YoY.
• The company operates 3 rehabilitation hospitals and 3 nursing hospitals, all sizable among private medical institutions.
• All facilities are medical insurance designated; core services include neuro, bone/joint, geriatric, cardiopulmonary, and pediatric rehab.
• “Dongfang Huakang” brand expansion is a focus, leveraging asset-light models and market penetration.

2. Aquatic Processing & Prepared Foods

• Riding on policy support for cold-chain logistics and prepared food industry, the company is a recognized Hunan Xiangcai prepared food brand, listed in the 2024 Hurun Top 100 Chinese Prepared Food Companies.
• Business integrates R&D, procurement, production, and sales, with a 4.67-hectare industrial park. Main products: fresh/frozen fish, crayfish, shrimp, etc.—mainly for B2B.
• National aquatic product processing and prepared food markets are expanding, with the prepared food market expected to exceed RMB 1 trillion by 2026.

3. Aquaculture

• The only listed company in China with a freshwater fish farming business, using the “large water surface ecological farming” model with 168,000 mu of lakes.
• Core products: organic silver carp, Yangcheng Lake hairy crab. Channels include Walmart Sam’s Club, e-commerce platforms, and wholesalers.
• Fully aligned with national policies for green, healthy aquaculture.

4. Liquor Business

• Liquor business (Deshan Distillery) boasts 70+ years of heritage; products cover all price segments and aroma types.
• Sales rely mainly on regional distributors. The company is actively defending its regional brand against national/provincial competitors by emphasizing quality, health, and digitalization.

Financial and Shareholder Information

• Total Assets/Net Assets: End-2025 total assets RMB 1.85 billion; net assets attributable to shareholders RMB 803 million.
• Profitability: Total profit RMB 60.76 million; net profit attributable to shareholders RMB 5.07 million; but net profit after non-recurring items still negative (-RMB 9.58 million).
• Cash Flow: Operating cash flow RMB 218 million, providing solid operating support.
• No Dividend: No cash or stock dividend due to negative undistributed profit.
• Shareholding: Main shareholder Xizang Hongsan Technology holds 28.09%, with 28.84 million shares pledged.

Price-Sensitive Matters

• Profit Turnaround: The return to profit is likely to boost market confidence.
• No Dividend: May disappoint yield-focused investors.
• Cash Flow: Substantial improvement supports further growth and debt repayment.
• Policy Tailwinds: Multiple business lines benefit from national policy, offering long-term growth potential.
• Industry Leadership: Strong positions in niche segments may drive further performance as market consolidates.

Investor Focus Areas

1. Operating revenue fell—watch for business model/market adjustments.
2. No dividend due to accumulated losses; monitor profit distribution policy.
3. Competition and industry integration in aquatic, rehab, and liquor segments require attention.
4. While overall cash flow is healthy, core business profitability (excluding non-recurring items) needs improvement.
5. Monitor major shareholder share pledges and potential impacts.

Conclusion

In 2025, Dahu Health Industry Co., Ltd. achieved a significant turnaround, with core businesses benefiting from policy and industry trends. Investors should closely watch revenue trends, dividend policy, cash flow, and ongoing industry changes. The company is at a critical transition point, and future performance will likely impact share price.

Disclaimer: This article is for reference only and does not constitute investment advice. Investors should operate at their own risk and pay attention to company disclosures and market changes.

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