预制菜又称为半成品菜、即食菜、方便菜等，是指预先经过清洗、切割、调味、甚至部分烹饪处理的菜 肴，消费者购买后只需简单加热或加工即可食用。 产业链来看，我国预制菜行业产业链上游主要为种植业、养殖业、食品初加工企业以及食品包装加工；中 游主要为预制菜加工企业，代表企业有益客食品、安井食品、龙大美食、国联水产、春雪食品等；下游主 要为各类消费端口，如经销商和线上电商等。 资料来源：公开资料、观研天下整理 当前我国预制菜行业参与者来较为多元，既包括专业预制菜制造商如味知香、安井食品、千味厨房等；也 包括农牧企业跨界者，如双汇发展、国联水产等；同时还包括餐饮企业延伸玩家，如海底捞、广州酒楼 等，另外还包括区域集群，如湖南湘菜系（如聪厨）、广东特色食材IP（如潮汕牛肉丸）等。 行业具体相关企业营收规模方面，目前双汇发展、光明肉业、益客食品和安井食品营收规模较大，年收入 在百亿元以上，从市值上看，双汇发展遥遥领先，截至2025年4月22日，市值规模近千亿元，安井食品和 三全食品公司市值也在百亿元以上；营收增速方面，2024年预制菜上市公司营收大多遭遇下滑，营收实现 增长的也均不超过10个百分点。 | 企业简称 | 成立时间 ...

FF301 FF301 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年8月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 安井食品集團股份有限公司（於中華人民共和國註冊成立的股份有限公司, 「本公司」） 呈交日期: 2025年9月3日 I. 法定/註冊股本變動 證券代號 (如上市) 02648 說明 法定/註冊股份數目 面值 法定/註冊股本 上月底結存 39,994,700 RMB 1 RMB 39,994,700 增加 / 減少 (-) RMB 本月底結存 39,994,700 RMB 1 RMB 39,994,700 證券代號 (如上市) 603345 說明 於上海證券交易所上市 法定/註冊股份數目 面值 法定/註冊股本 上月底結存 293,294,232 RMB 1 RMB 293,294,232 增加 / 減少 (-) RMB 本月底結存 293,294,232 RMB 1 RMB 293,294,232 本月底法定/註冊股本總額： RMB 333,288,932 第 1 頁 共 10 頁 v 1.1.1 FF301 II. 已 ...

促消费政策催化，持续看好顺周期方向 食品饮料 投资评级:看好(维持) 分析师 吴文德 SAC 证书编号：S0160523090004 wuwd01@ctsec.com 分析师 任金星 SAC 证书编号：S0160524010001 renjx@ctsec.com 分析师 黄欣培 SAC 证书编号：S0160525070004 huangxp01@ctsec.com 相关报告 1. 《牧业专题报告》 2025-08-09 2. 《育儿补贴政策点评》 2025-07-28 3. 《2Q2025 食品饮料基金持仓分析》 2025-07-23 证券研究报告 行业点评报告 / 2025.09.03 核心观点 请阅读最后一页的重要声明！ 最近 12 月市场表现 -7% 2% 11% 20% 29% 39% 食品饮料 沪深300 上证指数 ❖ 事件：9 月 2 日绍兴正式推出《2025 年绍兴市提振消费政策》。此前商务部 称，拟于 9 月推出扩大服务消费的若干政策措施。我们持续看好政策预期下 的顺周期板块机会，核心推荐白酒和餐饮链。 ❖ 补贴宴席消费，白酒和餐饮率先受益：绍兴的政策对在酒店举办宴席（5 桌及以上、消费满 1 ...

| 2. 股份分類 | 普通股 | 股份類別 | A | | | 於香港聯交所上市 (註1) | | 否 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 603345 | 說明 | 於上海證券交易所上市 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 293,294,232 | RMB | | 1 | RMB | | 293,294,232 | | 增加 / 減少 (-) | | | | | | | RMB | | | | 本月底結存 | | | 293,294,232 | RMB | | 1 | RMB | | 293,294,232 | 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年8月31日 狀態: 新提交 | 通股 | 股份類別 | 於者 | | --- | --- | --- | | 2648 | 說明 | | | 1. 股份分類 | 普通 ...

[Table_Reportdate] 2025年09月03日 [Table_invest] 买入（维持） 报告原因：业绩点评 [安井食品（ Table_NewTitle] 603345）：短期盈利承压，静 待需求改善 ——公司简评报告 投资要点 ➢ 风险提示：行业竞争加剧、新品拓展不及预期、原材料波动风险、食品安全风险。 | 盈利预测与估值 | | | | | | --- | --- | --- | --- | --- | | 单位：亿元 | 2024A | 2025E | 2026E | 2027E | | 营业总收入 | 151.27 | 159.14 | 170.91 | 182.17 | | 同比增速 | 7.70% | 5.20% | 7.40% | 6.59% | | 归母净利润 | 14.85 | 14.34 | 15.93 | 17.91 | | 同比增速 | 0.46% | -3.40% | 11.09% | 12.42% | | EPS(元) | 4.46 | 4.30 | 4.78 | 5.38 | | P/E | 16.70 | 17.29 | 15.56 | 13.84 | 资料来源 ...

Price Target Risks and Methodology - Anjoy Foods Group We are Buy rated on Anjoy A/H with 12m TPs of Rmb82.0/HK$71.0. Our TP for Anjoy-A is based on a target P/E multiple of 16x applied to our 2026E EPS estimate and discounted back to mid-2026E at a CoE of 9.9%. Our TP for Anjoy-H is based on 20% discount to the to A-share multiple (referencing the last 3M avg H-A share price Goldman Sachs does and seeks to do business with companies covered in its research reports. As a result, investors should be aware th ...

研究报告 Research Report 2 Sep 2025 中国必需消费 China (A-share) Staples 中国必选消费 9 月投资策略：资金面影响更大，关注低位股和权重股 The impact of funds is greater, pay attention to low position stocks and heavyweight stocks [Table_yemei1] 观点聚焦 Investment Focus | [Table_Info] | | | | --- | --- | --- | | 股票名称 | 评级 股票名称 | 评级 | | 贵州茅台 | Outperform 双汇发展 | Outperform | | 贵州茅台 | Outperform 古井贡酒 | Outperform | | 五粮液 | Outperform 今世缘 | Outperform | | 五粮液 | Outperform 迎驾贡酒 | Outperform | | 山西汾酒 | Outperform 燕京啤酒 | Outperform | | 海天味业 | Outperform 安琪酵母 ...

| 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 300791 | 仙乐健康 | 24.77 | -2.94% | 4.91万 | | 1.23亿 | | 001215 | 千味央厨 | 30.32 | -2.54% | 7.67万 | | 2.35亿 | | 002515 | 金字火腿 | 7.37 | -1.21% | 37.79万 | | 2.81亿 | | 600530 | 交大昂立 | 7.77 | -1.02% | 9.64万 | | 7460.27万 | | 600073 | 光明肉业 | 7.27 | -0.95% | 23.29万 | | 1.69 Z | | 002626 | 金达威 | 20.66 | -0.91% | 13.59万 | | 2.83亿 | | 002330 | 得利斯 | 4.86 | -0.82% | 11.41万 | | 5519.87万 | | 603102 | 自合股份 | 42.16 | -0.80% | 1.11万 | | 467 ...

Investment Rating - The report maintains an "Overweight" rating for the food and beverage industry [8]. Core Insights - The beverage sector is experiencing strong seasonal sales, with cost benefits offsetting competitive pressures, leading to stable profitability [14][20]. - The dairy sector shows flat demand in the first half of 2025, with expectations for improved performance during the upcoming holiday seasons [27][33]. - The beer sector faced demand pressure in Q2 due to policy factors, but cost benefits have become prominent [3][32]. - The snack food sector is experiencing a slowdown in revenue during the off-season, with leading companies focusing on channel adjustments [4][32]. - The condiment sector shows muted demand, with a focus on adjustments and cost improvements [5][32]. - The frozen food sector continues to face operational pressures, with industry price competition affecting profitability [6][32]. Beverage Sector Summary - The soft drink segment achieved Q2 revenue growth of 22.8% year-on-year, driven by strong travel demand and new product launches [14][25]. - Major raw material prices are declining, contributing to stable profitability despite competitive pressures [20][24]. - Key companies such as Nongfu Spring and Uni-President China are recommended for their robust revenue and profit growth [14][20]. Dairy Sector Summary - The dairy sector reported a revenue increase of 3.5% in Q2, with expectations for demand recovery during the Mid-Autumn and National Day holidays [27][28]. - Leading companies like Yili and Mengniu are highlighted for their improved profitability due to lower raw milk costs [27][33]. - The sector's gross margin improved by 0.9 percentage points year-on-year, indicating a positive trend in profitability [32][33]. Beer Sector Summary - The beer sector's Q2 revenue grew by 1.8%, with profitability supported by cost reductions [3][32]. - Companies like Yanjing Beer and Qingdao Beer are recommended for their strong performance in the premium segment [3][32]. Snack Food Sector Summary - The snack food sector experienced a revenue decline of 0.3% in Q2, with leading companies focusing on inventory management and channel strategies [4][32]. - Companies such as Weidong and Yanjinpuzi are recommended for their potential benefits from category and channel advantages [4][32]. Condiment Sector Summary - The condiment sector saw a revenue increase of 4.5% in Q2, with a focus on channel replenishment and cost improvements [5][32]. - Companies like Haitian Flavoring and Angel Yeast are highlighted for their strong market positions [5][32]. Frozen Food Sector Summary - The frozen food sector reported a revenue increase of 2.6% in Q2, but profitability is under pressure due to intense competition [6][32]. - Companies such as Anjijia and Lihai Foods are recommended for their potential recovery in the upcoming seasons [6][32].

利润阶段性承压，关注旺季新品表现 公司研究 2025 年 8 月 31 日 ——安井食品（603345.SH）2025 年中报点评 要点 事件：安井食品发布 2025 年中报，25 年上半年实现总营收 76.04 亿元、同比略 增 0.80%，归母净利润 6.76 亿元、同比下滑 15.79%。其中 Q2 单季总营收 40.05 亿元、同比增加 5.69%，归母净利润 2.81 亿元、同比下滑 22.74%，扣非归母 净利润 2.60 亿元、同比下滑 26.11%。 Q2 主业保持韧性，菜肴类收入增长亮眼。25Q2 收入同比增长 5.7%、符合此前 市场预期。分产品看，25Q2 速冻调制/速冻菜肴/速冻米面制品收入分别为 17.5/15.8/5.83 亿元，同比-1.4%/+26.1%/-10.8%，速冻菜肴收入同比保持高增、 估计主要系小龙虾产品贡献。速冻调制食品同比略有承压，需求平淡下仍保持韧 性，锁鲜装上半年收入保持稳健增长。米面制品行业竞争较为激烈、下半年新品 有望贡献增量。分渠道看，25Q2 经销商/特通直营/商超/新零售及电商渠道收入 分别为 31.34/3.28/1.52/3.91 亿元，同比+ ...