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+ ...

预制菜作为安井近年来业绩增长的"核心引擎"，其增速放缓的趋势已经愈发明显。自2022年安井加大预制菜布局以来，该业务曾实现了快速增长，但在随 后的几年里，增速逐渐放缓。中国食品产业分析师指出，预制菜的国标尚未出台，这对安井等企业的发展形成了一定的制约。 安井食品，国内速冻食品行业的领军企业，近期公布的半年报揭示了其面临的挑战与机遇。报告显示，公司在上半年实现了76.04亿元的营业收入，同比 微增0.8%，然而，在利润方面却遭遇了显著的下滑，归母净利润为6.76亿元，同比下降了15.79%。 这是安井食品自上市以来，首次在中期报告中录得归母净利润的下滑，且降幅达到了两位数，这无疑加大了公司的盈利压力。从季度数据来看，安井在今 年一季度便感受到了市场的寒意，营收同比下降4.13%，归母净利润也下降了10.01%。尽管二季度收入有所回升，但盈利能力却进一步恶化，归母净利润 的同比和环比降幅均超过了20%。 深入分析原因，原材料价格上涨成为影响安井业绩表现的关键因素。由于小龙虾、鱼糜等关键原材料价格的上涨，安井的营业成本同比增长了5.29%，这 直接导致了公司毛利润的下滑，同比减少了13.5%，毛利率也下降了3.39 ...

北京商报讯(记者郭秀娟实习记者王悦彤)8月29日，安井食品（603345）在投资者互动平台回答投资者 提问称，公司二季度毛利率同比下降，具体原因包括以下几个方面：一是部分重要原材料成本同比上涨 明显，如小龙虾、鲜鱼等；二是制造费用成本上涨，如折旧增加、部分车间投产及改造导致相关费用增 加；三是因行业竞争，公司适度加大促销力度以巩固市场地位、提升市场份额。另外，为积极应对市场 环境变化，公司将继续深化组织架构调整，优化管理手段，提升管理水平和供应链效率。在原材料采购 上，公司继续推进集团采购的招投标，力争使中标价格低于同期市场均价，以此有效控制采购成本，提 升经营质量和盈利能力。 ...

投资要点 事件 ▌成本压力拖累毛利，费用端保持稳定 2025Q2毛利率同减3pct至18.00%，主要系小龙虾、鱼糜原材料成本上涨，叠加制造费用上涨与促销力 度提升，毛利率同比下滑，后续公司通过缩减供应商降低成本压力，且产能释放后有望平滑折旧压力。 2025Q2销售费率同增0.1pct至4.96%，管理费率同减1pct至2.66%，主要系股份支付费用同比下降所致， 2025Q2净利率同减3pct至7.03%。 ▌锁鲜装韧性不减，烤肠系列化发力 2025Q2速冻调制食品营收为17.50亿元(同减1%)，锁鲜装延续增势，高端品牌形象打造成效释放，毛利 率保持坚挺。2025Q2速冻菜肴制品营收15.80亿元(同增26%)，速冻面米制品营收5.83亿元(同减11%)， 面米制品促销力度较大，公司导入商超定制化产品，烧麦业务延续小幅增长。2025H1公司正式推出面 向C端的肉多多烤肠系列，针对B端火山石烤肠做系列化延伸，后续在B端烤肠放量的同时，高毛利C端 烤肠推广有望持续释放盈利能力。 ▌经销渠道表现稳健，商超定制化放量 2025年8月26日， 安井食品 发布2025年半年报。2025H1总营业收入76.04亿元(同 ...

速冻龙头安井食品（下称"安井"）交出了一份"增收不增利"的半年报。 另有研报指出，当前速冻食品行业竞争激烈，安井对应加大促销力度，也对毛利率表现形成了拖累。 费用端则相对平稳。上半年，安井销售费用同比下滑4.84%，管理费用同比下滑14.36%，主要由于广告宣传、促销费用 减少以及分摊的股份支付费用减少。 尽管盈利能力承压，安井仍维持了大手笔分红。公司拟派发中期红利1.425元/股（含税），共计4.73亿元，占当期归母净 利润的70.02%。 近日，安井食品（603345.SH、02648.HK）发布半年报，期内实现营收76.04亿元，同比微增0.8%；但盈利端表现疲软， 归母净利润6.76亿元，同比下降15.79%；扣非净利润6.03亿元，同比下滑21.85%；基本每股收益为2.31元，同比减少 16%。 这是安井自上市以来，首次出现中期归母净利润下滑，且双位数的降幅进一步凸显盈利压力。 成本攀升毛利下滑 拆分季度数据看，安井今年开年便遇"寒意"：一季度营收36亿元，同比下降4.13%，环比下降11.11%；归母净利润3.95亿 元，同比下降10.01%，环比下降9.88%，营收与盈利双双承压。 二季度收入 ...

华鑫证券有限责任公司孙山山,张倩近期对安井食品（603345）进行研究并发布了研究报告《公司事件点评报告： 成本端拖累盈利，强化新品研发效率》，给予安井食品买入评级。 安井食品 事件 锁鲜装韧性不减，烤肠系列化发力 2025Q2速冻调制食品营收为17.50亿元(同减1%)，锁鲜装延续增势，高端品牌形象打造成效释放，毛利率保持坚 挺。2025Q2速冻菜肴制品营收15.80亿元(同增26%)，速冻面米制品营收5.83亿元(同减11%)，面米制品促销力度较 大，公司导入商超定制化产品，烧麦业务延续小幅增长。2025H1公司正式推出面向C端的肉多多烤肠系列，针对 B端火山石烤肠做系列化延伸，后续在B端烤肠放量的同时，高毛利C端烤肠推广有望持续释放盈利能力。 经销渠道表现稳健，商超定制化放量 2025Q2经销渠道营收为31.34亿元(同增2%)，头部经销商客户延续增长。2025Q2特通直营营收3.28亿元(同增 19%)，主要系张亮麻辣烫贡献增量，同时小龙虾业务恢复增长。2025Q2商超渠道营收1.52亿元(同增8%)，主要系 沃尔玛客户体量提升，目前胖东来也在强化定制合作，后续公司延续发力大型商超的定制合作和产品创新 ...

Investment Rating - The report maintains a "Buy" investment rating for the company [9] Core Views - The company reported a total revenue of 76.04 billion yuan for H1 2025, a 1% increase year-on-year, while the net profit attributable to shareholders decreased by 16% to 6.76 billion yuan [1] - The gross margin pressure is attributed to rising costs of raw materials, particularly for crayfish and fish paste, alongside increased manufacturing costs and promotional efforts [2] - The company is focusing on enhancing product development efficiency and has launched a new series of meat products targeting both consumer and business markets, which is expected to improve profitability [3][4] Summary by Sections Financial Performance - In Q2 2025, total revenue reached 40.05 billion yuan, a 6% increase year-on-year, but net profit decreased by 23% to 2.81 billion yuan [1] - The gross margin in Q2 2025 fell by 3 percentage points to 18.00% due to increased costs [2] Product Development and Sales Channels - The company continues to see growth in its fresh-keeping packaging segment, while the frozen prepared foods segment reported a revenue of 17.50 billion yuan, a 1% decrease [3] - The company has introduced a new series of meat products aimed at the consumer market, which is expected to enhance profitability [3] Distribution and Market Strategy - Revenue from distribution channels in Q2 2025 was 31.34 billion yuan, a 2% increase, with significant contributions from major distributors [4] - The company is strengthening its partnerships with large supermarkets and enhancing customized product offerings to drive demand recovery [4] Profitability Forecast - The report adjusts the EPS forecasts for 2025-2027 to 4.33, 4.76, and 5.33 yuan respectively, maintaining a positive outlook on the company's profitability recovery as raw material costs stabilize [9]

Core Viewpoint - Anjiu Food's 2025 semi-annual report shows a slight revenue increase but a significant decline in net profit, marking the first drop in net profit since its A-share listing in 2017 [1][2][3] Financial Performance - The company achieved a revenue of 7.6 billion yuan in the first half of the year, representing a year-on-year growth of 0.8% [2] - The net profit attributable to shareholders was 676 million yuan, down 15.8% compared to the previous year [1][2] - Total profit decreased by 16.5% to 886 million yuan [2] - The net cash flow from operating activities was negative at -163 million yuan, a decline of 132% [2] Segment Performance - Revenue from frozen prepared foods was 3.76 billion yuan, a decrease of 1.94% year-on-year [3][5] - Revenue from frozen vegetable dishes (pre-made dishes) reached 2.42 billion yuan, marking a 9.4% increase and being the only growth segment among the five major categories [3][5] - The company also reported revenue from frozen noodle and rice products at 1.24 billion yuan [5] Company Overview - Anjiu Food specializes in the research, production, and sales of frozen prepared foods, frozen vegetable dishes, and frozen noodle and rice products [6] - The company has developed a marketing network centered in East China, becoming one of the most influential frozen food enterprises in China [6] - On July 4, the company was listed on the Hong Kong Stock Exchange, becoming the first "A+H" listed frozen food company in China [6]

Core Viewpoint - Anjiu Food's net profit has declined for the first time since its listing in 2017, indicating a potential phase of adjustment for the company amid a slowing frozen food industry and increasing competition [10][21]. Financial Performance - In the first half of 2025, Anjiu Food reported operating revenue of 76.04 billion yuan, a slight increase of 0.8% year-on-year [5][20]. - The net profit attributable to shareholders was 6.76 billion yuan, representing a decrease of 15.79% compared to the previous year [5][10]. - The company's non-recurring net profit was 6.03 billion yuan [8]. Industry Context - The overall growth rate of the frozen food industry is slowing, with competition intensifying and companies resorting to price cuts to gain market share, which compresses profit margins [16][17]. - The frozen food market in China is projected to reach approximately 221.2 billion yuan in 2024, with growth rates declining to single digits [20]. Product Segmentation - Pre-prepared dishes have become the fastest-growing segment for Anjiu Food, with revenue reaching 24.16 billion yuan in the first half of 2025, a year-on-year increase of 9.40% [26][27]. - In contrast, revenue from frozen prepared foods decreased by 1.94%, while frozen rice and noodle products saw a decline of 3.89% [29]. Strategic Focus - The company is focusing on developing 3-5 strategic flagship products each year to enhance profitability and brand influence [40][41]. - Anjiu Food is also expanding its market reach by penetrating lower-tier markets and embracing new retail channels, including partnerships with major supermarkets for customized products [45][50].