Investment Rating - The report maintains a "Buy" rating for the company [7] Core Views - In the first half of 2025, the company achieved operating revenue of 1.991 billion yuan, a year-on-year increase of 4.16%, while net profit attributable to shareholders was 39 million yuan, a year-on-year decrease of 33.11% [5][10] - The company adheres to the strategy of "strong brand in catering, large-scale food production," aiming to build a "large catering, large food, large brand" industrial pattern [5][10] - The company expects net profits attributable to shareholders for 2025-2027 to be 561 million, 634 million, and 692 million yuan respectively, corresponding to current price-earnings ratios of 17, 15, and 14 times [5][10] Summary by Sections Financial Performance - In Q2 2025, the company reported operating revenue of 945 million yuan, a year-on-year increase of 5.09%, with a net profit of -12 million yuan, continuing the loss trend [5][10] - The food manufacturing business saw a revenue increase of 2.65%, while the catering service business grew by 7.11% [10] - The overall revenue from the main business increased by 4.17% year-on-year [10] Business Strategy - The company is focusing on expanding new stores and entering new markets to enhance brand recognition [10] - It aims to innovate products and expand domestic and international channels through diversified marketing strategies [10] Market and Channel Development - The company is building a flexible and diverse channel system, emphasizing a "online + offline" collaborative strategy [10] - The food manufacturing business experienced strong growth outside Guangdong province, with a year-on-year revenue increase of 16.16% in regions outside Guangdong [10] Profitability and Cost Management - The gross profit margin decreased by 2.08 percentage points to 23.78% due to significant increases in credit impairment losses [10] - The overall period expense ratio decreased by 1.48 percentage points to 20.21%, indicating effective cost control [10]

食品饮料/休闲食品 广州酒家（603043.SH） 省外市场增速亮眼，持续推进新品开发 2025 年 08 月 31 日 投资评级：增持（维持） | 日期 | 2025/8/29 | | --- | --- | | 当前股价(元) | 17.00 | | 一年最高最低(元) | 19.14/12.81 | | 总市值(亿元) | 96.69 | | 流通市值(亿元) | 96.69 | | 总股本(亿股) | 5.69 | | 流通股本(亿股) | 5.69 | | 近 3 个月换手率(%) | 35.27 | 股价走势图 zhangsimin@kysec.cn 证书编号：S0790525080001 2025Q2 公司收入同比+5.1%，维持"增持"评级 公司发布 2025 年中报。2025H1 收入 19.9 亿元，同比+4.2%，归母净利润 0.39 亿元，同比-33.1%；2025Q2 收入 9.5 亿元，同比+5.1%；归母净利润-0.12 亿元， 2024 年同期为-0.12 亿元。我们维持盈利预测，预计公司 2025-2027 年归母净利 为 5.7、6.4、7.0 亿元，EPS 为 1.00、 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a strong performance relative to the market over the next six months [5]. Core Insights - The company has shown robust growth in its out-of-province markets, with a focus on enhancing brand marketing efforts. The revenue from out-of-province markets has increased significantly, contributing to overall growth [5]. - The company reported a total revenue of 1.991 billion yuan for the first half of 2025, reflecting a year-on-year growth of 4.16%. However, the net profit attributable to the parent company decreased by 33.11% to 39.1 million yuan during the same period [5]. - The company is actively expanding its product offerings and optimizing its distribution network, which has led to a steady increase in sales from its food and restaurant segments [5]. Financial Data and Profit Forecast - The total revenue forecast for 2025 is 5.695 billion yuan, with an expected year-on-year growth rate of 11.2%. The net profit attributable to the parent company is projected to be 574 million yuan, representing a growth of 16.3% [4][5]. - The company’s gross margin is expected to improve to 33.3% in 2025, up from 31.7% in 2024, indicating better cost management and pricing strategies [4]. - The return on equity (ROE) is projected to be 13.7% in 2025, reflecting an upward trend in profitability [4].

据证券之星公开数据整理，近期广州酒家（603043）发布2025年中报。根据财报显示，广州酒家增收不 增利。截至本报告期末，公司营业总收入19.91亿元，同比上升4.16%，归母净利润3910.07万元，同比 下降33.11%。按单季度数据看，第二季度营业总收入9.45亿元，同比上升5.09%，第二季度归母净利 润-1190.95万元，同比上升3.4%。 本次财报公布的各项数据指标表现一般。其中，毛利率23.78%，同比减8.06%，净利率2.73%，同比减 29.6%，销售费用、管理费用、财务费用总计3.7亿元，三费占营收比18.57%，同比减5.76%，每股净资 产6.33元，同比增4.55%，每股经营性现金流0.11元，同比减26.97%，每股收益0.07元，同比减33.17% 财报体检工具显示： 建议关注公司现金流状况（货币资金/流动负债仅为55.96%） | 基金筒称 | 基金代码 | 持有股数 | 持仓变动 | 数据来源 | | --- | --- | --- | --- | --- | | 鹏扬景欣混合A | 005664 | 4.60万股 | 减仓 | 2025基金半年报 | | 项目 | 2 ...

Market Overview - The leisure food sector increased by 0.17% on August 28, with Wancheng Group leading the gains [1] - The Shanghai Composite Index closed at 3843.6, up 1.14%, while the Shenzhen Component Index closed at 12571.37, up 2.25% [1] Individual Stock Performance - Wancheng Group (300972) closed at 176.50, up 5.35% with a trading volume of 38,400 lots and a transaction value of 666 million [1] - Lihai Food (300973) closed at 48.29, up 2.29% with a trading volume of 54,300 lots [1] - Huangshanghuang (002695) closed at 12.59, up 2.11% with a trading volume of 122,600 lots [1] - Other notable stocks include Nanchao Food (605339) and Laiyifen (603777), which saw increases of 1.34% and 0.87% respectively [1] Fund Flow Analysis - The leisure food sector experienced a net outflow of 120 million from institutional investors, while retail investors saw a net inflow of 1.29 billion [2][3] - Major stocks like Wancheng Group had a net inflow of 99.43 million from institutional investors, while retail investors had a net outflow of 70.15 million [3] - Lihai Food saw a net inflow of 38.10 million from institutional investors, but a net outflow of 59.11 million from retail investors [3]

Core Viewpoint - Guangzhou Restaurant (603043.SH) reported a mixed performance in its 2025 interim results, with revenue growth but a significant decline in net profit and cash flow [1][2]. Financial Performance - The company's total operating revenue reached 1.991 billion yuan, ranking 6th among disclosed peers, an increase of 79.58 million yuan or 4.16% year-on-year [1]. - The net profit attributable to shareholders was 39.10 million yuan, ranking 12th among peers, a decrease of 19.35 million yuan or 33.11% year-on-year [1]. - Net cash inflow from operating activities was 60.22 million yuan, ranking 13th among peers, down by 22.23 million yuan or 26.97% year-on-year [1]. Financial Ratios - The latest debt-to-asset ratio stood at 39.22%, ranking 13th among peers, an increase of 4.63 percentage points from the previous quarter but a decrease of 2.15 percentage points year-on-year [1]. - The latest gross profit margin was 23.78%, ranking 15th among peers, down by 1.58 percentage points from the previous quarter and 2.09 percentage points year-on-year [1]. - The latest return on equity (ROE) was 1.09%, ranking 12th among peers, a decrease of 0.61 percentage points year-on-year [1]. Earnings Per Share and Turnover Ratios - The diluted earnings per share were 0.07 yuan, ranking 13th among peers, a decrease of 0.03 yuan or 33.17% year-on-year [2]. - The latest total asset turnover ratio was 0.31 times, ranking 12th among peers, an increase of 0.01 times or 4.54% year-on-year [2]. - The latest inventory turnover ratio was 4.58 times, ranking 6th among peers, an increase of 0.60 times or 15.09% year-on-year [2]. Shareholder Structure - The number of shareholders was 22,300, with the top ten shareholders holding 425 million shares, accounting for 74.71% of the total share capital [2]. - The largest shareholder, Guangzhou Urban Construction Investment Group Co., Ltd., holds 50.72% of the shares [2].

格隆汇8月27日丨广州酒家(603043.SH)发布2025年半年度报告，报告期实现营业收入19.91亿元，同比增长4.16%；归属上市公司股东的净利润3910.07万元，同比下降33.11%；扣除非经 ...

Core Insights - In the first half of 2025, the company reported a revenue of 1.991 billion yuan, representing a year-on-year growth of 4.16% [1] - The net profit attributable to shareholders was 39.1 million yuan, showing a year-on-year decline of 33.11% [1] Business Operations - As of now, the company operates 52 direct dining outlets, including 27 "Guangzhou Restaurant" outlets, 1 "Xingyue City" outlet, and 24 "Taotaoju" outlets, along with 18 franchised "Taotaoju" outlets [1] - The overall renovation project of the Guangzhou Restaurant Wenchang store is nearing completion [1] Product Development - The company is focusing on consumer demand by continuously optimizing its product matrix and developing new products, having launched over 30 new items such as lychee pastry, golden meat fruit pastry, and black truffle sausage biscuits [1] - The company is implementing differentiated marketing strategies for its key products, with a focus on the "Liang Soup Zongzi" series, which has received widespread consumer acclaim [1]

Core Insights - Guangzhou Restaurant reported a revenue of approximately 1.991 billion yuan for the first half of 2025, representing a year-on-year growth of 4.16% [1] - The net profit attributable to shareholders decreased by 33.11% to 39.1007 million yuan, while the net profit after excluding non-recurring gains and losses fell by 30.37% to 35.1198 million yuan [1] - Basic earnings per share stood at 0.0687 yuan [1] Financial Performance - Revenue: 1.991 billion yuan, up 4.16% year-on-year [1] - Net Profit: 39.1007 million yuan, down 33.11% year-on-year [1] - Adjusted Net Profit: 35.1198 million yuan, down 30.37% year-on-year [1] - Basic Earnings per Share: 0.0687 yuan [1] Store Expansion - The company currently operates 52 direct-operated restaurants, including 27 "Guangzhou Restaurant" outlets, 1 "Xingyue City" outlet, and 24 "Taotaoju" outlets [1] - There are 18 franchised "Taotaoju" restaurants operated by third parties [1] - The renovation of the Wenchang store is nearing completion, with plans to reopen soon [1]

证券代码：603043 证券简称：广州酒家 公告编号：2025-042 广州酒家集团股份有限公司 第四届董事会第三十六次会议决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： ? 全体董事出席本次董事会。 ? 本次会议议案均获通过。 一、董事会会议召开情况 广州酒家集团股份有限公司（以下简称"公司"）第四届董事会第三十六次 会议于 2025 年 8 月 15 日发出会议通知，于 2025 年 8 月 26 日在公司 1 号会议室 以现场与通讯结合的会议方式召开。会议由董事长徐伟兵先生主持，会议应参加 表决董事 7 人，实际表决董事 7 人（刘晓军董事、樊霞董事以通讯表决的方式出 席会议），公司监事、部分高级管理人员列席会议。本次会议的召集、召开符合 《公司法》《公司章程》等有关规定，表决形成的决议合法、有效。本次会议没 有董事对议案投反对/弃权票。本次会议议案均获通过。 二、董事会会议审议情况 （一）《公司 2025 年半年度报告全文及摘要》 表决结果：通过（有权表决票数 7 票，同意 7 票，反对 0 ...