证券研究报告 | 公司点评 | 休闲食品 25H1 业绩承压，静待后续修复 ——绝味食品 2025 年半年报业绩点评报告 投资要点 1.63pct）,毛利率下降主要系折扣促销影响 2）费用率： 25H1 销售/管理/研发/财务费用率分别为 10.02%/8.61%/0.88%/0.38%，同比变动分别为+1.10pct/+2.00pct/+0.20pct/- 0.03pct；其中 25Q2 销售/管理/研发/财务费用率分别为 10.39%/10.77%/1.03%/0.43%，同比变动分别为 +0.39pct/+3.81pct/+0.28pct/+0.10pct。管理费用提升主要系职工薪酬和咨询服务费 用增加。 3）净利率：25H1 实现 5.85%（同比-2.66pct），其中 25Q2 实现 3.78%（同比- 3.81pct） ❑ 维持"买入"评级 考虑到当前行业受到需求疲软及竞争压力加剧等情况，且公司正处门店调整阶 段，我们调整此前盈利预测，预计 2025-2027 年公司实现收入分别为 56.94、 59.45、63.04 亿元，同比分别为-9%、+4%、+6%；预计实现归母净利润分别为 3.48、 ...

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]

【鲜货少卖5个亿，门店缩水5000家，绝味食品半年净利跌四成】 ...

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]

休闲食品 | | | 执业证书编号：S0740519080002 Email：xiongxw@zts.com.cn | 基本状况 | | | --- | --- | | 总股本(百万股) | 606.00 | | 流通股本(百万股) | 606.00 | | 市价(元) | 16.40 | | 市值(百万元) | 9,938.43 | | 流通市值(百万元) | 9,938.43 | 2025-04-16 2024-10-26 2024-09-03 绝味食品（603517.SH） 证券研究报告/公司点评报告 2025 年 09 月 02 日 | 评级： | 买入（维持） | 公司盈利预测及估值 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 指标 | | 2023A | 2024A | 2025E | 2026E | 2027E | | 分析师：熊欣慰 | | 营业收入（百万元） | | 7,261 | 6,257 | 5,588 | 5,821 | 6,160 | | | | 增长率 yoy% | | 1 ...

Core Insights - The core viewpoint of the news is that Juewei Foods has demonstrated resilience and adaptability in a changing market environment, focusing on digital operations, supply chain enhancements, and targeted marketing strategies to maintain its competitive edge and drive growth. Group 1: Financial Performance - In the first half of 2025, Juewei Foods achieved an operating income of 2.82 billion yuan and a net profit attributable to shareholders of 175 million yuan [1] Group 2: Digital Operations - Juewei Foods' investment in digital operations has been a crucial support for its operational resilience, utilizing data-driven systems to track consumer demand changes and adjust product and marketing strategies accordingly [2] - The company has enhanced member engagement and gained insights into regional market differences through its digital initiatives, allowing for more accurate market strategies [2] Group 3: Supply Chain Management - The supply chain system is a core foundation for Juewei Foods' stable operations, with a nationwide cold chain distribution network ensuring product freshness and safety [2] - This robust supply chain supports rapid replication of store operations and is seen as a key competitive advantage for future expansion and innovation [2] Group 4: Marketing Strategy - Juewei Foods is actively integrating its brand into diverse lifestyle scenarios, such as music festivals and camping, to enhance communication with younger consumers [3] - The company is focusing on building consumer profiles and optimizing products, marketing, and services based on the differentiated characteristics of various consumer groups, particularly targeting Generation Z [3] Group 5: Overall Strategy - The 2025 half-year report reflects Juewei Foods' approach as a leading chain enterprise in navigating a complex market environment, balancing stability and innovation to solidify long-term brand value [4]

Core Viewpoint - The "three giants" of the marinated food industry, namely Juewei Food, Huangshanghuang, and Zhouheiya, are facing declining revenues and profits due to a drop in sales and a reduction in store numbers, prompting them to seek new growth opportunities through diversification and operational efficiency improvements [2][3][4]. Group 1: Financial Performance - Juewei Food reported a revenue of 2.82 billion yuan for the first half of 2025, a year-on-year decrease of 15.57%, and a net profit of 175 million yuan, down 40.71%, making it the only brand with declines in both revenue and profit [2]. - Huangshanghuang achieved a revenue of 984 million yuan, down 7.19%, but its net profit increased by 26.9% to approximately 76.92 million yuan [2]. - Zhouheiya's revenue was 1.22 billion yuan, a decrease of 2.9%, while its net profit surged by 228% to 108 million yuan [2]. Group 2: Store Operations - The reduction in store numbers and declining sales of marinated products are significant factors affecting revenue for the "three giants" [3]. - Huangshanghuang's total store count decreased by 762 to 2,898, while Zhouheiya's stores fell by 167 to 2,864 [3]. - Juewei Food did not disclose its current store count but reported a reduction of 981 stores by mid-2024, totaling 14,969 stores [3]. Group 3: Market Trends and Challenges - The marinated food sector is experiencing a decline in sales, with Huangshanghuang's marinated meat product sales down 15.69% and Zhouheiya's total sales down 1.61% [4]. - Juewei Food's revenue from fresh products, which account for 76.59% of its total, fell by 19.15%, with poultry product revenue dropping by 20.79% [4]. - Analysts suggest that while cost-cutting measures can enhance short-term profitability, long-term success will require innovation and market expansion [4]. Group 4: Strategic Adjustments - The "three giants" are shifting focus from rapid store expansion to enhancing operational efficiency and exploring new sales channels [8]. - Zhouheiya has improved single-store sales by optimizing store structure and extending operating hours, achieving a revenue increase of 2.15% to approximately 712 million yuan [8]. - Huangshanghuang is also focusing on refined store operations and enhancing single-store revenue through various strategies [8]. Group 5: Diversification Efforts - Zhouheiya is diversifying by launching a coconut water brand and developing compound seasonings and convenience food products [9]. - Huangshanghuang plans to acquire a 51% stake in a freeze-dried food company to expand its product offerings [9]. - Juewei Food is venturing into casual dining with a new store concept and has invested in various sectors, although it has faced significant losses in recent years [10].

证券代码：603517 证券简称：绝味食品 公告编号：2025-072 绝味食品股份有限公司 重要内容提示： 基本情况 | 产品名称 | 点金看涨两层 880 | | --- | --- | | 受托方名称 | 招商银行股份有限公司 | | 购买金额 | 万元 15,000 | | 产品期限 | 88 天 | | 特别风险提示（如有请勾选） | 其他：不适用 | 风险提示 绝味食品股份有限公司（以下简称"公司"）购买的上述理财产品为保本浮 动收益型的理财产品，但仍不排除因市场波动、宏观金融政策变化等原因引起的 影响收益的情况。 关于使用闲置募集资金进行现金管理的公告 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、本次现金管理基本情况 （一）现金管理目的 为提高募集资金的使用效率和收益，合理利用闲置募集资金，在保证不影响 募集资金投资项目建设和募集资金正常使用的情况下，使用部分暂时闲置募集资 金进行现金管理，有利于提高募集资金的使用效率，降低公司财务费用，增加公 司收益。 （二）现金管理金额 本次使用闲置募集资金进行现金管 ...

公司研究 证 券 研 究 报 告 绝味食品（603517）2025 年中报点评 推荐（维持） 加速寻底，布局修复 目标价：19.6 元 事项： ❖ 公司发布 2025 年半年报，25H1 实现营收 28.20 亿元，同比-15.57%；归母净 利润 1.75 亿元，同比-40.71%；扣非归母净利润 1.33 亿元，同比-52.60%。单 Q2 实现营收 13.19 亿元，同比-19.80%；归母净利润 0.55 亿元，同比-57.64%； 扣非归母净利润 0.27 亿元，同比-78.08%。 评论： ❖ 风险提示：费用投放加大；需求疲软；开店放缓；竞争加剧；成本上行等 [ReportFinancialIndex] 主要财务指标 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 6,257 | 5,392 | 5,592 | 5,921 | | 同比增速(%) | -13.8% | -13.8% | 3.7% | 5.9% | | 归母净利润(百万) | 227 | 347 | 459 | 551 ...

Core Viewpoint - Juewei Foods (603517.SH) is struggling to achieve its ambitious revenue target of 10 billion yuan by 2025, as the company reported a significant decline in both revenue and net profit in the first half of 2025 [1][4]. Financial Performance - In the first half of 2025, Juewei Foods achieved revenue of 2.82 billion yuan, a year-on-year decrease of 15.57%, and a net profit of 175 million yuan, down 40.71% year-on-year [1][4]. - The company aims to reach a total revenue of 10.94 billion yuan by 2025, requiring a revenue of 8.12 billion yuan in the second half of 2025, which is deemed highly unlikely given current performance [1][5]. Production and Expansion - As of the end of 2024, Juewei Foods had established 21 production bases nationwide, including three under construction, down from 22 bases the previous year [1][10]. - Two of the three under-construction bases in Guangdong and Guangxi have been delayed by two years, impacting the company's production capacity [1][12]. Market Presence - Juewei Foods has seen a reduction in its store count, with a net closure of nearly 1,000 stores in the first half of 2024, bringing the total to 14,969 stores [8][9]. - The company had previously experienced rapid growth in store numbers, reaching 15,950 stores by the end of 2023, but the recent trend indicates a slowdown [7][8]. Stock Performance - Juewei Foods' stock price has significantly declined from a peak of 105.2 yuan per share in February 2021 to 16.21 yuan per share as of August 29, 2025, representing a drop of approximately 85% [6].