事实上，2025 年的业绩低谷并非突发状况，而是南侨食品近年来经营问题的集中体现，盈利波动与营 收增长乏力早已成为公司经营的两大痛点。从盈利端来看，2022 年至 2024 年公司归母净利润分别为 1.61 亿元、2.32 亿元和 2.01 亿元，同比增速呈现- 56.41%、44.73%、-13.34%的大幅波动状态，扣非净 利润也同步呈现相似的波动趋势，盈利稳定性不足的问题始终未能解决。即便公司在 2024 年 9 月就已 通过产品调价、调整产品结构等方式应对原材料涨价，但后续成本的持续走高还是让这些措施的效果大 打折扣。 1月20日晚间， 南侨食品 发布 2025 年年度业绩预告，公司预计全年归母净利润为3626.37 万元至 4351.64 万元，同比大幅下滑78.39%至81.99%；扣非净利润为3087.65万元至 3705.18 万元，降幅为 79.71%至83.09%。 这是南侨食品 2021 年 5 月登陆 A 股以来，归母净利润与扣非净利润首次跌至上市以来最低水平，而营 收端也未能带来惊喜，2025 年公司实现营业收入 30.65 亿元，较上年同期下滑约 3%，营收增长乏力的 困境仍在延续 ...

事实上，2025 年的业绩低谷并非突发状况，而是南侨食品近年来经营问题的集中体现，盈利波动与营 收增长乏力早已成为公司经营的两大痛点。从盈利端来看，2022 年至 2024 年公司归母净利润分别为 1.61 亿元、2.32 亿元和 2.01 亿元，同比增速呈现 - 56.41%、44.73%、-13.34% 的大幅波动状态，扣非净 利润也同步呈现相似的波动趋势，盈利稳定性不足的问题始终未能解决。即便公司在 2024 年 9 月就已 通过产品调价、调整产品结构等方式应对原材料涨价，但后续成本的持续走高还是让这些措施的效果大 打折扣。 营收端的表现则更为疲软，2022 年至 2025 年公司营收连续四年增长乏力，彻底偏离了上市初期的业绩 预期。2021 年上市之初，南侨食品曾推出限制性股票激励计划，设定了 2021 年营收同比增 25%、2022 年营收增长率较2020年不低于45%、2023 年较 2020 年增 65% 的业绩目标。但是公司仅在 2021 年勉强 完成。 面对业绩与营收的双重压力，南侨食品也从成本控制、市场布局、产品创新三个维度提出了破局策略， 试图扭转经营颓势。 作为烘焙原料行业的重要参与者 ...

1月20日晚间，南侨食品发布业绩预告，公司预计2025年年度实现归属于上市公司股东的净利润（简称"归母净利润"）为3626.37万元到4351.64万元，同比 减少78.39%到81.99%；实现归属于上市公司股东的扣除非经常性损益的净利润（简称"扣非净利润"）为3087.65万元到3705.18万元，同比减少79.71%到 83.09%。 长江商报记者发现，南侨食品会定期发布月度营业收入简报，根据各月简报综合，公司2025年营业收入达30.65亿元，较上年同期31.59亿元下滑约3%。 点击蓝字关注我们 长江商报记者 黄聪 作为烘焙行业龙头，南侨食品（605339.SH）营收增长几乎停滞，利润断崖式下滑。 长江商报记者发现，南侨食品于2021年5月上市，公司2025年归母净利润和扣非净利润均为上市后最低。而且，2022年至2025年，南侨食品营业收入规模 持续4年增长乏力。 对于未来发展，南侨食品给出的一条重要破题方案是，持续推进"全面布局烘焙、餐/饮、零售市场"的营销战略，重点发力零售和餐饮等新兴渠道、深耕 下沉市场，以构建更广、更深的市场网络。 视觉中国图 单季毛利率17.05%创新低 南侨食品主要从事 ...

Core Viewpoint - Nanchao Foods (605339.SH), a leader in the baking industry, is experiencing stagnation in revenue growth and a significant decline in profits, with projected net profits for 2025 expected to drop by 78.39% to 81.99% compared to the previous year [2][3][5]. Financial Performance - The company anticipates a net profit attributable to shareholders of between 36.26 million and 43.52 million yuan for 2025, a decrease of approximately 158 million to 165 million yuan year-on-year [3][5]. - The expected net profit excluding non-recurring items is projected to be between 30.88 million and 37.05 million yuan, reflecting a year-on-year decline of 79.71% to 83.09% [2][3]. - Revenue for 2025 is estimated at 3.065 billion yuan, down about 3% from 3.159 billion yuan in the previous year [8]. Profitability Challenges - The decline in profitability is attributed to rising prices of key raw materials, which have increased production costs and led to a decrease in overall gross and net profit margins [5][6]. - The gross margin for the first three quarters of 2025 was 19.01%, down from 24.47% in the same period last year, with a record low of 17.05% in the third quarter [5][6]. Market Strategy - To address these challenges, the company plans to enhance its marketing strategy by focusing on the retail and catering sectors, as well as deepening its penetration into lower-tier markets [2][8][16]. - Nanchao Foods aims to expand its dealer network, having increased the number of dealers to 471 by mid-2025, a year-on-year increase of 9.79% [8]. Historical Performance - The company's net profits from 2022 to 2024 were 161 million, 232 million, and 201 million yuan, with significant fluctuations in growth rates [7]. - Revenue growth has consistently fallen short of expectations, with only one year (2021) meeting the performance targets set in its stock incentive plan [10][13]. Future Outlook - Nanchao Foods plans to adapt its procurement strategies based on raw material price trends and improve operational efficiency through enhanced production processes and supply chain management [15][16]. - The company is committed to product innovation and expanding its product range to meet diverse consumer needs, particularly in the baking and dairy sectors [16].

Market Overview - The leisure food sector experienced a decline of 0.89% on January 21, with Nanjiao Food leading the drop [1] - The Shanghai Composite Index closed at 4116.94, up 0.08%, while the Shenzhen Component Index closed at 14255.12, up 0.7% [1] Individual Stock Performance - The top-performing stock was "Good Idea" (好想你), closing at 15.06 with an increase of 8.11%, and a trading volume of 742,300 shares, amounting to 1.086 billion yuan [1] - Other notable gainers included "Lai Yifen" (来伊份) at 13.55, up 2.42%, and "Maiqu'er" (麦趣尔) at 8.98, up 1.13% [1] - Conversely, "Nanjiao Food" (南侨食品) saw a significant decline of 6.74%, closing at 18.53, with a trading volume of 63,400 shares and a turnover of 119 million yuan [2] Capital Flow Analysis - The leisure food sector experienced a net outflow of 56.8791 million yuan from institutional investors, while retail investors saw a net inflow of 40.5084 million yuan [2] - The data indicates that retail investors are showing interest in the sector despite the overall decline in stock prices [2] Detailed Stock Capital Flow - "Good Idea" (好想你) had a net inflow of 81.5449 million yuan from institutional investors, but a net outflow of 78.1028 million yuan from retail investors [3] - "Lai Yifen" (来伊份) had a net inflow of 8.1109 million yuan from institutional investors, with a net outflow of 1.32056 million yuan from retail investors [3] - "Nanjiao Food" (南侨食品) had a net outflow of 34.421 million yuan from retail investors, indicating a lack of confidence among smaller investors [3]

Core Viewpoint - The company expects a significant decline in net profit for 2025, projecting a decrease of 78.39% to 81.99% compared to the previous year, primarily due to rising raw material costs and a decrease in the proportion of high-margin products [1] Group 1: Financial Performance - The projected net profit for 2025 is estimated to be between 36.26 million to 43.52 million yuan [1] - The decline in profit is attributed to increased prices of key raw materials, leading to higher production costs and a decrease in overall gross and net profit margins [1] Group 2: Raw Material Costs - Key raw materials include palm oil, soybean oil, coconut oil, and natural cream, all of which have seen significant price increases [1] - Palm oil prices have shown notable fluctuations, while coconut oil prices have reached historical highs, contributing to cost pressures [1] Group 3: Competitive Landscape - The company faces intensified industry competition, which has resulted in product price increases lagging behind raw material cost hikes, further pressuring profit levels [1] Group 4: Strategic Initiatives - The company plans to monitor raw material price trends and adjust procurement strategies dynamically to mitigate cost impacts [2] - Efforts will be made to enhance operational efficiency through process optimization, automation, and supply chain management [2] - The company aims to drive revenue growth through a dual approach of market expansion and product innovation, focusing on retail and emerging channels [2] - Product offerings will be diversified to meet various market demands, with an emphasis on upgrading to clean label and high-end products [2]

Group 1 - The company Nanjiao Food (605339.SH) has released its performance forecast for the year 2025, expecting a net profit attributable to shareholders of between 36.26 million and 43.52 million yuan, which represents a decrease of 157.88 million to 165.13 million yuan compared to the previous year, a year-on-year decline of 78.39% to 81.99% [1] - The forecasted net profit after deducting non-recurring gains and losses for 2025 is expected to be between 30.88 million and 37.05 million yuan, reflecting a decrease of 145.52 million to 151.69 million yuan from the previous year, a year-on-year decline of 79.71% to 83.09% [1] - In 2024, Nanjiao Food achieved an operating income of 3.159 billion yuan, a year-on-year increase of 2.49%, while the net profit attributable to shareholders was 201 million yuan, a year-on-year decrease of 13.34% [1] Group 2 - The company was listed on the Shanghai Stock Exchange on May 18, 2021, with an issuance of 63.53 million shares at a price of 16.98 yuan per share, raising a total of 1.078 billion yuan [2] - After deducting issuance costs, the net amount raised was 991.28 million yuan, which is allocated for expansion and technological transformation projects, cold chain storage system upgrades, research center upgrades, and customer service center and information system upgrades [2] - The total issuance costs (excluding VAT) amounted to 87.45 million yuan, with underwriting and sponsorship fees accounting for 49.57 million yuan [3]

Core Viewpoint - Nanchao Food (605339.SH) reported a significant decline in expected net profit for 2025, leading to a 6.5% drop in stock price, reaching a two-month low of 18.57 yuan, with a total market value of 7.979 billion yuan [1] Financial Performance - The company anticipates a net profit attributable to shareholders of 36.26 million to 43.52 million yuan for 2025, representing a year-on-year decrease of 78.39% to 81.99% [1] - The expected net profit after deducting non-recurring gains and losses is projected to be between 30.88 million and 37.05 million yuan, reflecting a year-on-year decline of 79.71% to 83.09% [1] Cost Factors - The primary reason for the significant decline in performance is attributed to the increase in prices of major raw materials throughout the year, which has led to higher production costs [1] - This increase in production costs has resulted in a decrease in both overall gross margin and net margin for the company [1]

Group 1 - The core viewpoint of the article indicates that Nanchao Food's stock price has experienced significant volatility, with a current decline of 6.14% as of 9:52 AM, resulting in a trading volume of 2.4896 million shares and a transaction amount of 47.5227 million yuan, with a turnover rate of 0.59% [2] - The company has released its latest earnings forecast, projecting a net profit of 36.2637 million to 43.5164 million yuan for 2025, which represents a year-on-year decline of 78.39% to 81.99% [2] - In comparison to other companies that announced their 2025 earnings forecasts, Nanchao Food's stock is among those with the largest declines, alongside companies like Yuegui Co. and Zhongfu Industrial, which saw declines of 6.45% and 6.01% respectively [2] Group 2 - Despite the stock price decline, the capital flow for Nanchao Food has shown a net inflow of 2.3853 million yuan over the past five days, although there was a net outflow of 3.7107 million yuan on the previous trading day [2]

Core Viewpoint - The company, Nanjiao Food Group, anticipates a significant decline in net profit for the year 2025, projecting a decrease of approximately 78.39% to 81.99% compared to the previous year due to rising raw material costs and a decrease in the proportion of high-margin product sales [2][4]. Financial Performance Forecast - The company expects to achieve a net profit attributable to shareholders of between 36.26 million yuan and 43.52 million yuan for the year 2025, a decrease of 157.88 million yuan to 165.13 million yuan from the previous year [2][4]. - The projected net profit, excluding non-recurring gains and losses, is estimated to be between 30.88 million yuan and 37.05 million yuan, reflecting a reduction of 145.52 million yuan to 151.69 million yuan year-on-year [2][4]. Previous Year’s Financial Performance - In the previous year, the total profit was 238.92 million yuan, with a net profit attributable to shareholders of 201.39 million yuan and a net profit excluding non-recurring gains and losses of 182.57 million yuan [6]. Reasons for Profit Decline - The primary reasons for the anticipated profit decline include significant increases in the prices of key raw materials, leading to higher production costs and a decrease in overall gross and net profit margins. Additionally, a reduction in the revenue share from high-margin products has further pressured the gross margin [6][7]. - Key raw materials such as palm oil, soybean oil, coconut oil, and natural cream have seen price increases, with palm oil prices remaining high despite recent declines, and coconut oil prices reaching historical highs [7]. Future Strategies - The company plans to enhance revenue growth through a dual approach of "deepening market layout" and "product innovation." This includes expanding into retail and catering markets and developing a diverse product range to meet various consumer needs [8]. - The company aims to optimize production processes, improve automation levels, and strengthen supply chain management to enhance operational efficiency and cost control [7][8].