Core Viewpoint - The report indicates that Ziyan Food's revenue declined year-on-year in the first half of 2025, but there was improvement in the second quarter [1] Financial Performance - In H1 2025, the company's operating revenue was 1.473 billion yuan, down 11.5% year-on-year, and the net profit attributable to shareholders was 105 million yuan, down 47.2% [1] - In Q2 2025, the revenue was 909 million yuan, a decrease of 6.2%, while the net profit attributable to shareholders was 89 million yuan, down 38.0%, showing a significant narrowing of the decline compared to Q1 [1] Market Conditions - The overall pressure on the company is attributed to weak consumer recovery and rising labor costs, leading to a decline in gross profit and an increase in expense ratios [1] - Despite challenges in the distribution channel, direct sales and other models provided some support [1] Strategic Initiatives - The company is actively expanding new scenarios such as "University Town + Factory Canteen" and is exploring overseas channels [1] Future Outlook - Overall, while the company faces revenue pressure, there has been improvement in Q2, and future focus will be on the pace of cost and expense recovery [1] - Based on comparable company valuation levels, the reasonable valuation corresponds to a 2025 price-to-earnings ratio of 45 times, leading to a target price of 25.20 yuan, maintaining a "buy" rating [1]

Core Viewpoint - The performance of Ziyan Food Group Co., Ltd. continues to decline in the first half of 2025, with both revenue and net profit decreasing, raising market concerns [1][2]. Financial Performance - In the first half of 2025, the company achieved operating revenue of 1.473 billion yuan, a year-on-year decrease of 11.46% [1]. - The net profit attributable to shareholders was 105 million yuan, with a significant year-on-year decline of 47.2% [1]. - The company's revenue has been on a downward trend for three consecutive years, with a 1.46% decline in 2023 and a 5.28% decline in 2024 [2]. - Despite a quarter-on-quarter improvement of 61.3% in Q2 2025, the revenue still fell by 6.16% year-on-year [2]. - The gross profit margin decreased from 24.79% in 2024 to 22.24% in 2025, while the net profit margin fell to 7.35% [2]. Cost and Expense Analysis - Rising labor costs are identified as a significant factor contributing to the decline in gross profit [2]. - Logistics costs have also increased, adding to overall cost pressures [2]. - Sales expenses grew by 2.25% year-on-year, while financial expenses surged by 395.39% due to increased short-term loan interest and foreign exchange losses [2]. Product and Market Structure - Fresh products remain the main revenue driver, accounting for 77.96% of total revenue in the first half of 2025, with "husband and wife lung slices" and whole poultry being key products [3]. - Pre-packaged and other products saw a revenue increase of over 40%, but still only accounted for 17.09% of total revenue [3]. - The company faces regional dependency issues, with 68.96% of revenue coming from the East China region, indicating a lack of nationwide market penetration [3]. Debt and Expansion Challenges - The asset-liability ratio rose to 49.31%, an increase of 11.98 percentage points year-on-year, highlighting short-term debt repayment pressures [4]. - Inventory turnover days increased to 24.89 days, indicating declining operational efficiency [4]. - Despite ongoing efforts to expand into North America and Australia, overseas revenue remains minimal at 6.4873 million yuan, raising questions about the balance between short-term investments and long-term returns [4]. - The industry faces structural challenges such as product homogenization and shifts towards healthier consumption, which may impact the company's strategic initiatives [4].

证券代码：603057 证券简称：紫燕食品 公告编号：2025-063 紫燕食品集团股份有限公司 关于召开 2025 年半年度业绩说明会的公告 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： （网址：https://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络互动 投资者可于 2025 年 09 月 11 日（星期四）至 09 月 17 日（星期三）16:00 前登录上证路演中心网站首页点击"提问预征集"栏目或通过公司邮箱 ziyan@ziyanfoods.com 进行提问。公司将在说明会上对投资者普遍关注的问题 进行回答。 紫燕食品集团股份有限公司（以下简称"公司"）已于 2025 年 8 月 23 日发 布公司 2025 年半年度报告，为便于广大投资者更全面深入地了解公司 2025 年半 年度经营成果、财务状况，公司计划于 2025 年 09 月 18 日（星期四）11:00-12:00 举行 2025 年半年度业绩说明会，就投资者关心的问题进行交流。 一、说明会类型 三、参 ...

Market Overview - The leisure food sector experienced a decline of 0.53% on September 10, with Ziyan Food leading the drop [1] - The Shanghai Composite Index closed at 3812.22, up 0.13%, while the Shenzhen Component Index closed at 12557.68, up 0.38% [1] Individual Stock Performance - Ziyan Food (603057) closed at 22.22, down 4.72% with a trading volume of 85,400 shares and a transaction value of 191 million [1] - Wancheng Group (300972) closed at 177.45, down 2.29% with a trading volume of 42,900 shares and a transaction value of 762 million [1] - Jinjun Puzhi (002847) closed at 70.71, down 2.20% with a trading volume of 43,200 shares and a transaction value of 305 million [1] - Other notable declines include Lihai Food (300973) down 1.59% and Zhizhi Food (002557) down 1.38% [1] Capital Flow Analysis - The leisure food sector saw a net outflow of 125 million from main funds, while retail investors contributed a net inflow of 110 million [3] - Notable capital inflows include Laiyifen (603777) with a net inflow of 33.97 million from main funds, while it experienced a net outflow of 40.59 million from retail investors [3] - Other stocks like Zhi Shi Ma (000716) and Tao Li Bread (603866) also showed mixed capital flows, with significant outflows from retail investors [3]

Core Viewpoint - The company has approved the use of up to RMB 470 million of idle raised funds for cash management, with a usage period of 12 months from the board's approval date [1][14]. Group 1: Cash Management Overview - The company aims to improve the efficiency of raised funds while ensuring that the cash management does not affect the construction of fundraising projects [4]. - The company has already utilized RMB 262 million of the idle raised funds for cash management, which is within the authorized limit set by the board [16]. Group 2: Financial Details - The company purchased structured deposits from Shanghai Pudong Development Bank amounting to RMB 54 million, which has been redeemed with a principal recovery of RMB 54 million and an interest income of RMB 273,700 [3]. - The total amount raised from the initial public offering was RMB 636.3 million, with a net amount of RMB 565.2 million after deducting related expenses [7]. Group 3: Risk Management - The company has implemented strict risk control measures for investment products, ensuring that the cash management products are of high safety and liquidity [8][10]. - Independent directors have the authority to supervise and inspect the use of funds, and may hire professional institutions for auditing if necessary [11].

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： | 产品名称 | 利多多公司稳利 25JG3372 期(3 个月早鸟款) 人民币对公结构性存款 | | --- | --- | | 受托方名称 | 浦发银行 | | 购买金额 | 5,400 万元 | | 产品期限 | 90 天 | | 特别风险提示（如有请勾选） | 其他：不适用____ | 现金管理产品的基本情况 已履行的审议程序 紫燕食品集团股份有限公司（以下简称"公司"）于 2025 年 4 月 16 日召开第 二届董事会第十次会议，审议通过了《关于使用部分闲置募集资金进行现金管理 的议案》，使用不超过人民币 4.7 亿元的闲置募集资金进行现金管理，使用期限为 本次董事会审议通过之日起 12 个月内，在前述额度及有效期内，资金可以循环滚 动使用。公司保荐机构对相关事项发表了同意的意见，本事项无需提交股东大会 审议。具体内容详见公司 2025 年 4 月 18 日披露于上海证券交易所官网 （www.sse.com.cn）的《关于使用部分闲置募集资金进行现金管 ...

Market Overview - The leisure food sector increased by 0.16% on September 5, with Laiyifen leading the gains [1] - The Shanghai Composite Index closed at 3812.51, up 1.24%, while the Shenzhen Component Index closed at 12590.56, up 3.89% [1] Key Performers - Laiyifen (603777) closed at 14.78, up 3.07% with a trading volume of 290,800 shares and a turnover of 421 million yuan [1] - Other notable performers include: - Huangshanghuang (002695) at 12.33, up 1.40% [1] - Guangzhou Restaurant (603043) at 17.61, up 1.32% [1] - Yuanzu Co. (603886) at 13.34, up 1.14% [1] Underperformers - Salted Fish (002847) closed at 72.17, down 1.65% with a trading volume of 58,900 shares and a turnover of 420 million yuan [2] - Other underperformers include: - Ximai Food (002956) at 21.25, down 1.62% [2] - Youyou Food (603697) at 12.58, down 0.94% [2] Capital Flow - The leisure food sector experienced a net outflow of 80.43 million yuan from institutional investors, while retail investors saw a net inflow of 72.85 million yuan [2] - Notable capital flows include: - Laiyifen had a net inflow of 11.73 million yuan from institutional investors [3] - Yuanzu Co. saw a net inflow of 12.58 million yuan from institutional investors [3]

Market Overview - The leisure food sector experienced a decline of 1.24% on September 2, with Ziyan Food leading the drop [1][2] - The Shanghai Composite Index closed at 3858.13, down 0.45%, while the Shenzhen Component Index closed at 12553.84, down 2.14% [1] Individual Stock Performance - Ziyan Food's stock price fell by 6.72% to 23.75, with a trading volume of 66,300 shares and a transaction value of 162 million yuan [2] - Other notable declines include: - Ximai Food down 2.82% to 21.40 - Guifaxiang down 2.81% to 12.82 - Three Squirrels down 2.43% to 26.11 [2] Trading Volume and Capital Flow - The leisure food sector saw a net outflow of 262 million yuan from main funds, while retail investors contributed a net inflow of 253 million yuan [2][3] - The trading volume for various stocks included: - Taoli Bread with a closing price of 5.69 and a trading volume of 250,700 shares [1] - Yanzhu Co. with a closing price of 13.17 and a trading volume of 44,400 shares [1] Capital Inflow Analysis - Main funds showed a net inflow in stocks like Taoli Bread (10.27 million yuan) and Youyou Food (3.91 million yuan) [3] - Conversely, stocks like Black Sesame and Maiqu'er experienced net outflows of -20.11 million yuan and -203.98 million yuan, respectively [3]

Market Overview - The leisure food sector increased by 0.05% on September 1, with Qiaqia Food leading the gains [1] - The Shanghai Composite Index closed at 3875.53, up 0.46%, while the Shenzhen Component Index closed at 12828.95, up 1.05% [1] Top Gainers in Leisure Food Sector - Zhizhi Food (002557) closed at 23.17, up 3.58% with a trading volume of 165,300 shares and a turnover of 385 million yuan [1] - Haoxiangni (002582) closed at 10.70, up 3.48% with a trading volume of 375,400 shares and a turnover of 401 million yuan [1] - Liangpinpuzi (603719) closed at 13.62, up 3.10% with a trading volume of 126,000 shares and a turnover of 170 million yuan [1] Top Losers in Leisure Food Sector - Wancheng Group (300972) closed at 204.70, down 3.35% with a trading volume of 65,500 shares and a turnover of 1.337 billion yuan [2] - Chongwu Food (603057) closed at 25.46, down 2.26% with a trading volume of 50,600 shares and a turnover of 130 million yuan [2] - Youyou Food (603697) closed at 13.82, down 2.12% with a trading volume of 225,800 shares and a turnover of 314 million yuan [2] Capital Flow Analysis - The leisure food sector experienced a net outflow of 2.3567 million yuan from institutional investors, while retail investors saw a net inflow of 14.3 million yuan [2][3] - Major stocks like Zhizhi Food had a net inflow of 63.1025 million yuan from institutional investors, despite a net outflow from retail investors [3] - The overall trend indicates a mixed sentiment among different types of investors within the leisure food sector [3]

Group 1 - The leisure food sector increased by 4.4% on August 29, with Wancheng Group leading the gains [1] - The Shanghai Composite Index closed at 3857.93, up 0.37%, while the Shenzhen Component Index closed at 12696.15, up 0.99% [1] - Key stocks in the leisure food sector showed significant price increases, with Wancheng Group rising by 20.00% to a closing price of 211.80 [1] Group 2 - The leisure food sector experienced a net outflow of 251 million yuan from institutional investors, while retail investors saw a net inflow of 178 million yuan [2] - Notable declines were observed in stocks such as Haoxiangni, which fell by 3.36%, and Youyou Food, which decreased by 3.22% [2] - The trading volume for the leisure food sector was substantial, with Wancheng Group achieving a transaction amount of 1.696 billion yuan [1][2] Group 3 - The net inflow of funds varied among individual stocks, with Guangzhou Restaurant experiencing a net outflow of 13.26 million yuan from institutional investors [3] - Salted Fish and other stocks showed mixed results in terms of fund inflows, indicating varied investor sentiment [3] - The overall market dynamics reflect a complex interplay between institutional and retail investor behaviors within the leisure food sector [2][3]