Investment Rating - The investment rating for the company is "Buy" with a target price of RMB 19.31 [6][7]. Core Views - The company reported a steady performance in H1 2025 with revenues, net profit attributable to shareholders, and net profit excluding non-recurring items increasing by 8.4%, 7.5%, and 12.1% year-on-year, respectively [1][2]. - The B-end business showed a recovery in the basic market, while the C-end business continued to improve, particularly in the light cooking solutions segment, which saw a revenue increase of 15.0% year-on-year in Q2 2025 [1][2]. - The gross profit margin improved by 2.6 percentage points year-on-year in Q2 2025, primarily due to a higher proportion of revenue from the more profitable products and an increase in new products in the B-end business [3]. Summary by Sections Financial Performance - In H1 2025, the company achieved revenues of RMB 1.38 billion, net profit of RMB 120 million, and net profit excluding non-recurring items of RMB 110 million, reflecting year-on-year growth of 8.4%, 7.5%, and 12.1% respectively [1]. - For Q2 2025, revenues were RMB 710 million, with net profit and net profit excluding non-recurring items at RMB 60 million and RMB 50 million, showing year-on-year increases of 9.5%, 22.5%, and 14.7% respectively [1][2]. Business Segments - The revenue from the compound seasoning segment in H1 2025 was RMB 630 million, up 4.1% year-on-year, while the light cooking solutions segment generated RMB 640 million, up 13.9% year-on-year [2]. - The beverage and dessert ingredient segment saw revenues of RMB 80 million, an increase of 6.9% year-on-year [2]. Profitability Metrics - The gross profit margin for H1 2025 was 33.7%, an increase of 1.6 percentage points year-on-year, with Q2 2025 showing a gross profit margin improvement of 2.6 percentage points year-on-year [3]. - The net profit margin for H1 2025 was 8.5%, a slight decrease of 0.1 percentage points year-on-year, while Q2 2025 saw an increase of 0.9 percentage points year-on-year [3]. Earnings Forecast and Valuation - The earnings per share (EPS) forecast for 2025 is RMB 0.64, with slight downward adjustments of 8% from previous estimates [4]. - The target price of RMB 19.31 corresponds to a price-to-earnings (PE) ratio of 30x for 2025, reflecting an upward adjustment due to the increase in the average PE of comparable companies [4].

Investment Rating - The report maintains a "Strong Buy" rating for the company with a target price of 18.2 yuan [1][6]. Core Views - The company shows resilience in the B-end business while the C-end continues to improve, with Q2 revenue growth approaching double digits, exceeding previous expectations [6]. - The company has optimized its product structure, leading to an increase in gross margin, with a Q2 gross margin of 34.7%, up by 2.6 percentage points year-on-year [6]. - The company is expected to maintain stable growth in revenue and profit in the second half of the year, driven by product innovation and channel network expansion [6]. Financial Summary - Total revenue for 2025 is projected at 2,894 million yuan, with a year-on-year growth rate of 9.2% [2]. - Net profit attributable to shareholders is expected to be 264 million yuan in 2025, reflecting a year-on-year growth of 13.4% [2]. - Earnings per share (EPS) is forecasted to be 0.66 yuan in 2025, with a price-to-earnings (P/E) ratio of 21 times [2][6]. - The company’s total assets are projected to reach 2,334 million yuan by 2025, with a debt-to-equity ratio of 13.7% [12].

公司最新资产负债率为23.56%，较去年同期资产负债率减少2.25个百分点。 2025年8月28日，宝立食品(603170.SH)发布2025年中报。 公司营业总收入为13.80亿元，在已披露的同业公司中排名第4，较去年同报告期营业总收入增加1.07亿元，实现4年连续上涨，同比较去年同期上涨8.39%。 归母净利润为1.17亿元，在已披露的同业公司中排名第6，较去年同报告期归母净利润增加816.49万元，同比较去年同期上涨7.53%。经营活动现金净流入为 1.28亿元，在已披露的同业公司中排名第5。 公司最新总资产周转率为0.65次，在已披露的同业公司中排名第1。最新存货周转率为3.45次，在已披露的同业公司中排名第4。 公司股东户数为1.19万户，前十大股东持股数量为3.04亿股，占总股本比例为75.89%，前十大股东持股情况如下： | 序号 | 股东名称 | 持股 | | --- | --- | --- | | l | 杭州臻品致信投资合伙企业(有限合伙) | 30.61 | | 2 马驹 | | 17.9 | | ന | 杭州宝钰投资管理合伙企业(有限合伙) | 9.00 | | 上海厚旭资产管理有限公 ...

Financial Performance - The company reported a total revenue of 1.38 billion yuan for the first half of 2025 [1] - The net profit attributable to shareholders was 117 million yuan [1] - The net cash inflow from operating activities was 128 million yuan, a decrease of 48.56 million yuan compared to the same period last year, representing a year-on-year decline of 27.49% [1] Financial Ratios - The latest debt-to-asset ratio is 23.56%, ranking 9th among disclosed peers, with an increase of 0.80 percentage points from the previous quarter [3] - The latest gross profit margin is 33.68%, ranking 8th among disclosed peers [3] - The latest return on equity (ROE) is 8.38% [3] Earnings and Efficiency Metrics - The diluted earnings per share (EPS) is 0.29 yuan [4] - The total asset turnover ratio remained flat compared to the same period last year, with a year-on-year decrease of 0.23% [4] - The latest inventory turnover ratio is 3.45 times, a decrease of 0.04 times compared to the same period last year, representing a year-on-year decline of 1.23% [4] Shareholder Structure - The number of shareholders is 11,900, with the top ten shareholders holding 304 million shares, accounting for 75.89% of the total share capital [4] - The largest shareholder is Hangzhou Zhenpin Zhixin Investment Partnership (Limited Partnership) with a holding ratio of 30.60% [4]

证券代码：603170 证券简称：宝立食品 公告编号：2025-023 上海宝立食品科技股份有限公司 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。 一、董事会会议召开情况 上海宝立食品科技股份有限公司（以下简称"公司"）第二届董事会第十四 次会议于 2025 年 8 月 27 日以现场结合通讯表决方式召开。 会议通知已于 2025 年 8 月 17 日以电话、电子邮件等方式发出。本次会议由 董事长马驹先生主持，应出席董事 9 名，实际出席董事 9 名。本次会议的召集、 召开符合《中华人民共和国公司法》等有关法律法规、规范性文件和《公司章程》 的有关规定。 二、董事会会议审议情况 （二）审议通过《关于 2025 年半年度募集资金存放与使用情况的专项报告》 具体内容详见公司同日在上海证券交易所网站（www.sse.com.cn）及《中国 证券报》 《上海证券报》 《证券时报》 《证券日报》和《 》上披露的《关 于 2025 年半年度募集资金存放与使用情况的专项报告》 （公告编号：2025-026）。 表决结果：9 票同意，0 票 ...

重要内容提示： ? 每股分配比例：每 10 股派发现金红利人民币 1.40 元（含税），本次利 润分配不送股、不进行资本公积转增股本。 证券代码：603170 证券简称：宝立食品 公告编号：2025- ? 本次利润分配以实施权益分派股权登记日登记的总股本为基数，具体日 期将在权益分派实施公告中明确。 ? 在实施权益分派的股权登记日前公司总股本发生变动的，拟维持每股分 配金额不变，相应调整分配总额，并将另行公告具体调整情况。 上海宝立食品科技股份有限公司 关于公司 2025 年半年度利润分配预案的公告 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。 一、 2025 年半年度利润分配预案内容 上海宝立食品科技股份有限公司（以下简称"公司"）2025 年半年度归属 于上市公司股东的净利润为人民币 116,661,592.57 元（未经审计）。截至 2025 年 6 月 30 日，母公司可供分配利润为人民币 181,213,852.63 元（未经审计）。经 公司第二届董事会第十四次会议决议，公司 2025 年半年度利润分配预案如下： ...

Core Viewpoint - Shanghai Bolex Food Technology Co., Ltd. reported a net profit attributable to shareholders of RMB 116,661,592.57 for the first half of 2025, with a proposed cash dividend of RMB 1.40 per share, reflecting a commitment to shareholder returns while maintaining growth in revenue and profit [1][11]. Company Overview and Financial Highlights - The company achieved operating revenue of RMB 1,380,193,149.89, representing an 8.39% increase compared to the same period last year [2][14]. - Total profit reached RMB 183,015,131.45, marking a 14.11% increase year-on-year [2][14]. - The net profit attributable to shareholders, after deducting non-recurring gains and losses, was RMB 111,194,040.04, up 12.14% from the previous year [2][14]. - Basic earnings per share increased to RMB 0.29, a 7.41% rise compared to the same period last year [2][14]. Industry and Business Analysis - The company operates in the food manufacturing industry, specifically in the seasoning and fermentation products sector, which is crucial for enhancing food flavor and promoting health [3][4]. - The Chinese seasoning market reached RMB 479.3 billion in 2023, with a compound annual growth rate (CAGR) of 9.6% from 2018 to 2023 for the compound seasoning market [3][4]. - The company focuses on the research, development, and production of food seasonings, offering a wide range of products including compound seasonings, light cooking solutions, and dessert ingredients [4][5]. Business Model and Operations - The company employs a "sales-driven production" model, where production plans are based on customer orders, ensuring efficient resource allocation [6][7]. - It has established multiple production bases across China, enhancing its capacity to meet market demands [6][10]. - The sales strategy includes both direct sales to major restaurant chains and food manufacturers, as well as e-commerce platforms for consumer sales [7][8]. Innovation and Market Strategy - The company has increased its R&D investment by 10.65%, focusing on product innovation to enhance customer engagement and market responsiveness [9][10]. - New product launches include innovative flavors and convenient cooking solutions, aimed at meeting evolving consumer preferences [9][10]. - The company is expanding its distribution channels to include membership-based stores and large retail chains, adapting to changing consumer behaviors [10]. Financial Management and Shareholder Returns - The company has maintained a consistent dividend policy, with cash dividends amounting to 68.60% of the net profit attributable to shareholders for the year [11]. - Cumulative cash dividends since its public offering in 2022 have reached RMB 41,001,030, reflecting a commitment to returning value to shareholders [11].

上海宝立食品科技股份有限公司 上海宝立食品科技股份有限公司2025 年半年度报告摘要 第一节 重要提示 展规划，投资者应当到 www.sse.com.cn 网站仔细阅读半年度报告全文。 完整性，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 公司2025年半年度归属于上市公司股东的净利润为人民币116,661,592.57元。截至2025年6月 公司2025年半年度拟以实施权益分派股权登记日登记的总股本为基数分配利润。本次利润分配预 案如下： 公司拟向全体股东每10股派发现金红利1.40元(含税)。截至2025年6月30日，公司总股本 本发生变动，公司拟维持每股分配金额不变，相应调整分配总额，并将另行公告具体调整情况。 本次利润分配预案在公司2024年年度股东大会授权董事会决策的权限范围并在有效期内，无 需提交公司股东大会审议。 上海宝立食品科技股份有限公司2025 年半年度报告摘要 公司代码：603170 公司简称：宝立食品 基本每股收益（元／ | | 股） | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | ...

证券代码：603170 证券简称：宝立食品 公告编号：2025-024 上海宝立食品科技股份有限公司 本公司监事会及全体监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。 一、监事会会议召开情况 上海宝立食品科技股份有限公司（以下简称"公司"）第二届监事会第十二 次会议于 2025 年 8 月 27 日以现场结合通讯表决方式召开。 会议通知已于 2025 年 8 月 17 日以电话、电子邮件等方式发出。本次会议由 监事会主席张绚女士主持，应出席监事 3 名，实际出席监事 3 名。本次会议的召 集、召开符合《中华人民共和国公司法》等有关法律法规、规范性文件和《公司 章程》的有关规定。 二、监事会会议审议情况 经全体监事认真审议，本次会议通过了如下议案： （一）审议通过《公司 2025 年半年度报告及摘要》 《上海证券报》 《证券时报》 《证券日报》和《 》上披露的《关 于 2025 年半年度募集资金存放与使用情况的专项报告》 （公告编号：2025-026）。 表决结果：同意 3 票、反对 0 票、弃权 0 票。 （三）审议通过《关于公司 2025 年 ...

上海宝立食品科技股份有限公司 关于 2025 年半年度募集资金存放与使用情况的专项报告 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。 根据中国证券监督管理委员会《上市公司募集资金监管规则》和上海证券 交易所印发的《上海证券交易所上市公司自律监管指引第 1 号——规范运作》 的规定，现将上海宝立食品科技股份有限公司（以下简称"公司"或"本公 司"）2025 年半年度募集资金存放与使用情况专项说明如下： 一、 募集资金基本情况 （一） 实际募集资金金额和资金到账时间 根据中国证券监督管理委员会《关于核准上海宝立食品科技股份有限公司 首次公开发行股票的批复》（证监许可〔2022〕1308 号），本公司由主承销商 国泰君安证券股份有限公司（现"国泰海通证券股份有限公司"，以下简称 "国泰君安"）采用网下向符合条件的投资者询价配售和网上向持有上海市场 非限售 A 股股份或非限售存托凭证一定市值的社会公众投资者定价发行相结合 的方式，向社会公众公开发行人民币普通股（A 股）股票 4,001 万股，发行价为 每股人民币 10.05 元，共 ...