股票研究 /[Table_Date] 2025.08.29 本报告导读： 2025Q2 公司收入/净利润显著下降，销售费用率显著增长导致盈利能力承压 投资要点： 食品饮料 [Table_Industry] /必需消费 | [Table_Invest] 评级： | 增持 | | --- | --- | | [Table_Target] 目标价格(元): | 14.04 | Q2 业绩显著承压，盈利能力边际下降 千禾味业(603027) 千禾味业（603027）2025 年中报点评 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | [Table_Invest] 评级： | 增持 | | --- | --- | --- | --- | --- | --- | | 訾猛(分析师) | 021-38676442 | zimeng@gtht.com | S0880513120002 | | | | 颜慧菁(分析师) | 021-23183952 | yanhuijing@gtht.com | S0880525040022 | [Table_Target] 目标价格(元): | 14.04 | ...

Core Viewpoint - Qianhe Flavor Industry (千禾味业) reported a decline in both revenue and net profit in its semi-annual report, attributing this to negative public sentiment surrounding its "zero additives" selling point, which may face uncertainties in the future [1] Financial Performance - For the first half of the year, Qianhe's revenue was 1.318 billion yuan, a year-on-year decrease of 17.07% - The net profit attributable to shareholders was 173 million yuan, down 30.81% year-on-year - The decline in revenue and net profit has accelerated compared to the previous year's decreases of 4.16% and 3.07% respectively [1] Market Challenges - In March, Qianhe faced controversies regarding "zero additives" soy sauce testing positive for cadmium and the labeling of "Qianhe 0" not equating to "zero additives" - The company stated that its products meet national standards and that the cadmium originated from raw materials [1] - The chairman acknowledged a relative decline in product sales due to these issues and mentioned that recovery in the fast-moving consumer goods sector typically takes 10 to 12 months after a public relations crisis [1] Sales Recovery - Qianhe reported a rapid recovery in sales from March to June, with online and offline sales increasing by approximately 15% and 2% respectively in May and June, indicating a U-shaped recovery curve [2] Competitive Landscape - Qianhe has been a rising star in the seasoning industry, leveraging the "zero additives" concept, but growth has plateaued since 2024 - The competitive landscape has intensified as major players have entered the "zero additives" market, leading to increased market consolidation and pressure on smaller enterprises [2] - Consumer preferences are becoming polarized, with a demand for both simple, healthy ingredients and high cost-performance products, necessitating precise target audience positioning and product definition [2] Channel Dynamics - Traditional channel traffic is diversifying, with strong growth in online channels but slowing growth rates - The integration of online and offline channels, along with the rise of near-field retail represented by front warehouses and community stores, has become a significant growth driver [3] Regulatory Challenges - New regulations from the National Health Commission and the State Administration for Market Regulation prohibit the use of terms like "no additives" and "zero additives" on pre-packaged food labels, effective from March 16, 2027 - Qianhe plans to complete the redesign of its product packaging and labeling to comply with these new standards within the year [4] Future Considerations - With the impending implementation of new regulations and pressure on growth, the company faces uncertainty regarding its primary marketing proposition [5]

Financial Performance - Company reported a net profit of 173 million yuan, a year-on-year decrease of 30.81% [1] - Total operating revenue for the period was 1.318 billion yuan, down 17.07% year-on-year [1] - In Q2, operating revenue was 487 million yuan, a decline of 29.86% year-on-year, with net profit at 12.75 million yuan, down 86.66% [1] - Gross margin was 36.58%, an increase of 2.73% year-on-year, while net margin was 13.16%, a decrease of 16.56% [1] - Total expenses (selling, administrative, and financial) amounted to 242 million yuan, accounting for 18.34% of revenue, up 20.1% year-on-year [1] - Earnings per share (EPS) was 0.17 yuan, a decrease of 30.53% year-on-year [1] Business Evaluation - The company's return on invested capital (ROIC) was 12.91%, indicating strong capital returns [2] - Historical median ROIC since listing is 14.02%, with the lowest ROIC recorded in 2021 at 10.99% [2] - The company has a healthy cash asset position, indicating good debt repayment capability [2] - The business model relies heavily on marketing-driven performance, necessitating further analysis of underlying drivers [2] Fund Holdings - The largest fund holding shares in the company is Yongying Hengxin Stable Pension Target Three-Year Holding Mixed Fund (FOF) A, with a current scale of 373 million yuan [4] - The fund's latest net value is 1.1172, down 0.14% from the previous trading day, with a one-year increase of 2.94% [4]

Core Viewpoint - Qianhe Flavor Industry (千禾味业) demonstrated strong operational resilience and recovery capabilities in its 2025 semi-annual report, with revenue of 1.318 billion yuan and net profit attributable to shareholders of 173 million yuan for the first half of 2025 [1] Group 1: Sales Recovery and Market Trends - The recovery in Qianhe's sales is attributed to product compliance, stable consumer demand, channel upgrades, and technological innovation [2] - The company's products have maintained a 100% compliance rate in food safety inspections since 2014, reflecting its commitment to quality [2] - The demand for healthy condiments is driving sales, particularly for the Qianhe 0 series soy sauce, which uses natural ingredients without additives [2][4] Group 2: Channel Strategy and Expansion - Qianhe is actively implementing channel reforms, with a focus on optimizing consumer experience through product labeling and category-based shelf displays [4] - Offline sales in May saw a month-on-month increase of approximately 20%, with significant growth in major retailers like Walmart and Yonghui [4] - The company has expanded its distributor network to 3,307, covering over 370 cities, and is enhancing its online presence through content e-commerce and social marketing [4] Group 3: Research and Development - In the first half of 2025, Qianhe invested approximately 41.2 million yuan in R&D, acquiring advanced equipment and establishing a research laboratory [5] - Collaborations with academic institutions have led to innovations in fermentation technology, improving flavor stability and protein utilization in soy sauce production [6] Group 4: Supply Chain Management - Qianhe has strengthened its raw material supply chain management by establishing strategic partnerships with suppliers to ensure quality and traceability [7] - The company has built a dedicated salt production line and a high-standard soybean supply chain to secure high-quality non-GMO soybeans [7] Group 5: Future Outlook - The company anticipates continued growth in the second half of 2025, supported by favorable policies, marketing efforts, and capacity expansion [8][10] - The launch of the "Double Reduction" policy on food additives is expected to further promote the trend of using natural ingredients in the condiment industry [9]

Core Viewpoint - Qianhe Flavor Industry reported a decline in both revenue and net profit in its semi-annual report, attributing the downturn to negative public sentiment surrounding its "zero additives" selling point, which may face future uncertainties [1][2]. Financial Performance - For the first half of the year, Qianhe's revenue was 1.318 billion yuan, a year-on-year decrease of 17.07% - The net profit attributable to shareholders was 173 million yuan, down 30.81% year-on-year - The decline in revenue and net profit has accelerated compared to the previous year's decreases of 4.16% and 3.07% respectively [1]. Market Challenges - The controversy surrounding "zero additives" arose in March when Qianhe's soy sauce was found to contain cadmium, and the labeling of "Qianhe 0" was questioned - The company stated that its products meet national standards and clarified the use of the "Qianhe 0" trademark [1][2]. - The chairman mentioned that the company has not experienced such events before and is uncertain about recovery time, which typically takes 10 to 12 months in the fast-moving consumer goods sector [2]. Brand Recovery and Sales Trends - Following the controversy, Qianhe's sales experienced fluctuations, with a rapid recovery in May and June, where online and offline sales increased by approximately 15% and 2% respectively [2]. - Qianhe has been recognized as a "dark horse" in the seasoning industry, but its growth has plateaued since 2024 due to increased competition in the "zero additives" segment [2]. Consumer Behavior and Market Dynamics - There is a notable bifurcation in consumer preferences, with some seeking simple, healthy, and organic products, while others prioritize basic functionality and cost-effectiveness - This trend necessitates precise target audience identification and product definition by companies [3]. Regulatory Changes - New regulations from the National Health Commission and the State Administration for Market Regulation will prohibit the use of terms like "no additives" and "zero additives" on pre-packaged food labels starting March 16, 2027 - Qianhe plans to update its product packaging and labeling to comply with these new standards within the year [4].

证券之星消息，8月28日调味发酵品板块较上一交易日下跌0.71%，日辰股份领跌。当日上证指数报收于 3843.6，上涨1.14%。深证成指报收于12571.37，上涨2.25%。调味发酵品板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 603696 | 安记食品 | 13.10 | 4.97% | 38.59万 | | 4.91亿 | | 603170 | 宝立食品 | 13.76 | 1.10% | 3.11万 | | 4268.07万 | | 600298 | 安頂酵母 | 39.42 | 0.92% | 11.38万 | | 4.44亿 | | 002650 | ST加加 | 6.96 | 0.87% | 11.81万 | | 8259.16万 | | 600186 | 连化控股 | 6.42 | 0.78% | 74.85万 | | 4.74亿 | | 002495 | 佳隆股份 | 2.70 | 0.00% | 41.26万 | | 1.11亿 | ...

证券研究报告 千禾味业 (603027 CH) 经营短期承压，期待逐步恢复 2025 年 8 月 28 日│中国内地 食品 | 华泰研究 | 中报点评 | 投资评级(维持): | 买入 | | --- | --- | --- | --- | | 2025 年 8 月 28 日│中国内地 | 食品 | 目标价(人民币): | 15.12 | | 公司公布 25H1 业绩：收入/归母净利/扣非归母净利 13.2/1.7/1.7 亿，同比 | | 吕若晨 SAC No. S0570525050002 | 研究员 lvruochen@htsc.com | | -17.1%/-30.8%/-30.5%； 25Q2 收入/归母净利/扣非净利 4.9/0.1/0.1 亿，同 | | SFC No. BEE828 | +(86) 755 8249 2388 | 倪欣雨 研究员 SAC No. S0570523080004 SFC No. BVQ058 nixinyu@htsc.com +(86) 21 2897 2228 基本数据 | 目标价 (人民币) | 15.12 | | --- | --- | | 收盘价 (人民币 ...

Group 1 - The company reported a revenue of 1.318 billion yuan for H1 2025, a year-on-year decrease of 17.07% [1] - The net profit attributable to shareholders for H1 2025 was 173 million yuan, down 30.81% year-on-year [1] - In Q2 2025, the company achieved a revenue of 487 million yuan, a decline of 29.86% year-on-year [1] Group 2 - The company faced significant pressure on its revenue due to prior public opinion impacts, with Q2 2025 revenue from soy sauce, vinegar, and other products declining by 31.06%, 35.41%, and 24.02% respectively [1] - Online and offline revenues in Q2 2025 were 72 million yuan and 404 million yuan, reflecting declines of 47.01% and 25.12% year-on-year [1] - The company added 25 new distributors in Q2 2025, indicating an expansion of its distribution channels despite revenue pressures [1] Group 3 - The gross margin for Q2 2025 was 32.64%, a decrease of 2.52 percentage points year-on-year, impacted by rigid depreciation expenses [2] - The net profit margin for Q2 2025 was 2.62%, down 11.15 percentage points year-on-year, due to increased sales and management expenses [2] - The company is expected to stabilize its revenue in the second half of 2025 as it continues to enhance its product matrix and market penetration [2] Group 4 - The company has adjusted its profit forecasts for 2025-2027 down by 16%, 7%, and 4% respectively, with projected net profits of 460 million, 550 million, and 640 million yuan [2] - The corresponding price-to-earnings ratios for 2025-2027 are estimated to be 28x, 23x, and 20x, maintaining a "buy" rating [2]

8月27日千禾味业发布中期分配预案，拟10转增3派1元（含税）。 证券时报·数据宝统计显示，公司8月27日公布了半年报，共实现营业收入13.18亿元，同比下降 17.07%，实现净利润1.73亿元，同比下降30.81%，基本每股收益为0.1693元，加权平均净资产收益率为 4.64%。 资金面上看，该股8月27日主力资金净流出2378.92万元，近5日主力资金净流入1030.84万元。 两融数据显示，该股最新融资余额为3.59亿元，近5日增加2475.13万元，增幅为7.40%。 截至发稿，共有566家公司公布了上半年分配方案，其中分配方案中包含送转的有7只，送转方案公布当 日股价上涨的有4只，涨停的有松原安全、若羽臣等，方案公布后5日股价上涨的有4只，累计涨幅居前 的有松原安全、若羽臣、潍柴重机等，累计涨幅为22.14%、12.83%、5.87%。（数据宝） 千禾味业上市以来分配方案概览 | 日期 | 每10股送转（股） | 每10股派现（元） | 净利润（万元） | 净利润同比（%） | | --- | --- | --- | --- | --- | | 2025.06.30 | 3.00 | 1.00 ...

公司上市以来历次分配方案一览 | 日期 | 分配方案 | 派现金额合计（亿元） | 股息率（%） | | --- | --- | --- | --- | | 2025.06.30 | 10转增3派1元（含税） | 1.03 | 0.86 | | 2024.12.31 | 10派5元（含税） | 5.13 | 3.57 | | 2023.12.31 | 10派3元（含税） | 3.08 | 1.46 | | 2023.09.30 | 10派2元（含税） | 2.06 | 0.92 | | 2022.12.31 | 10派1.08元（含税） | 1.04 | 0.61 | | 2021.12.31 | 10转增2派0.84元（含税） | 0.67 | 0.30 | | 2020.12.31 | 10转增2派0.93元（含税） | 0.62 | 0.28 | | 2019.12.31 | 10转增4派1.28元（含税） | 0.61 | 0.60 | | 2018.12.31 | 10转增4派2.21元（含税） | 0.72 | 1.12 | | 2017.12.31 | 10派1.33元（含税） | 0.43 | ...