证券之星消息，9月1日食品加工板块较上一交易日上涨1.73%，千味央厨领涨。当日上证指数报收于 3875.53，上涨0.46%。深证成指报收于12828.95，上涨1.05%。食品加工板块个股涨跌见下表： 从资金流向上来看，当日食品加工板块主力资金净流出918.54万元，游资资金净流出2830.47万元，散户 资金净流入3749.01万元。食品加工板块个股资金流向见下表： 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成投资建议。 | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | | 成交额(元) | | --- | --- | --- | --- | --- | --- | --- | | 001215 | 千味央厨 | 31.11 | 6.72% | | 13.25万 | 4.15 乙 | | 605338 | 巴比食品 | 24.08 | 5.57% | | 6.39万 | 1.51亿 | | 600381 | *ST春天 | 5.22 | 5.03% | | 8.54万 | 4418.95万 | | 836826 | 盖世 ...

证券研究报告：食品饮料 | 公司点评报告 发布时间：2025-09-01 股票投资评级 买入|维持 个股表现 -8% 0% 8% 16% 24% 32% 40% 48% 56% 64% 2024-08 2024-11 2025-01 2025-04 2025-06 2025-08 千味央厨 食品饮料 资料来源：聚源，中邮证券研究所 公司基本情况 | 最新收盘价（元） | 29.66 | | --- | --- | | 总股本/流通股本（亿股）0.97 / 0.97 | | | 总市值/流通市值（亿元）29 / 29 | | | 52 周内最高/最低价 | 39.36 / 21.42 | | 资产负债率(%) | 21.5% | | 市盈率 | 34.09 | | 第一大股东 | 共青城城之集企业管理 | | 咨询有限公司 | | 研究所 分析师:蔡雪昱 SAC 登记编号:S1340522070001 Email:caixueyu@cnpsec.com 分析师:杨逸文 SAC 登记编号:S1340522120002 Email:yangyiwen@cnpsec.com 千味央厨(001215) 新零售蓬勃发展， ...

Market Overview - The Shanghai Composite Index closed at 3872.93 points, above the annual line, with a change of 0.39% [1] - The total trading volume of A-shares reached 22855.54 billion yuan [1] Stocks Breaking Annual Line - A total of 37 A-shares have surpassed the annual line today, with notable stocks showing significant deviation rates [1] - The stocks with the highest deviation rates include: - 节能铁汉 (Energy Iron Han) with a deviation rate of 9.54% and a daily increase of 9.95% [1] - ST泉为 (ST Quanwei) with a deviation rate of 8.88% and a daily increase of 11.41% [1] - 千味央厨 (Qianwei Central Kitchen) with a deviation rate of 7.28% and a daily increase of 7.44% [1] Additional Stocks with Minor Deviations - Other stocks that have just crossed the annual line with smaller deviation rates include: - 华仁药业 (Hua Ren Pharmaceutical) with a minor deviation rate [1] - 慈星股份 (Cixing Co., Ltd.) with a minor deviation rate [1] - 亚华电子 (Yahua Electronics) with a minor deviation rate [1]

Market Overview - As of 10:29 AM today, the Shanghai Composite Index stands at 3864.71 points, above the annual line, with a change of 0.18% [1] - The total trading volume of A-shares today is 138.21 billion yuan [1] Stocks Breaking Annual Line - A total of 41 A-shares have surpassed the annual line today, with notable stocks showing significant deviation rates [1] - The stocks with the highest deviation rates include: - Energy Iron Han (节能铁汉) with a deviation rate of 14.24% and a daily increase of 14.69% [1] - Qidi Environment (启迪环境) with a deviation rate of 7.10% and a daily increase of 10.26% [1] - ST Quanwei (ST泉为) with a deviation rate of 6.60% and a daily increase of 9.06% [1] Detailed Stock Performance - The following table summarizes the performance of selected stocks that have recently broken the annual line: | Stock Code | Stock Name | Daily Change (%) | Turnover Rate (%) | Annual Line (yuan) | Latest Price (yuan) | Deviation Rate (%) | | --- | --- | --- | --- | --- | --- | --- | | 300197 | 节能铁汉 | 14.69 | 5.66 | 2.12 | 2.42 | 14.24 | | 000826 | 启迪环境 | 10.26 | 8.19 | 2.01 | 2.15 | 7.10 | | 300716 | ST泉为 | 9.06 | 3.95 | 10.05 | 10.71 | 6.60 | | 001215 | 千味央厨 | 3.57 | 2.39 | 29.19 | 30.19 | 3.43 | | 601882 | 海天精工 | 5.10 | 1.67 | 20.52 | 21.02 | 2.45 | | 601298 | 青岛港 | 2.59 | 0.45 | 8.54 | 8.72 | 2.09 | | 002771 | 真视通 | 3.22 | 3.18 | 17.64 | 17.97 | 1.85 | | 600653 | 申华控股 | 2.56 | 1.44 | 1.97 | 2.00 | 1.76 | | 300141 | 和顺电气 | 1.77 | 1.04 | 9.07 | 9.22 | 1.63 | | 002390 | 信邦制药 | 2.75 | 1.17 | 3.68 | 3.73 | 1.46 | | 600189 | 泉阳泉 | 1.49 | 1.23 | 7.38 | 7.48 | 1.41 | | 601328 | 交通银行 | 1.51 | 0.53 | 7.28 | 7.38 | 1.40 | | 600518 | 康美药业 | 4.41 | 2.72 | 2.10 | 2.13 | 1.25 | | 300318 | 博晖创新 | 1.18 | 0.45 | 5.92 | 5.98 | 1.08 | | 300144 | 宋城演艺 | 1.49 | 1.35 | 8.82 | 8.88 | 0.72 | | 600916 | 中国黄金 | 1.83 | 2.15 | 8.27 | 8.33 | 0.71 | | 300067 | 安诺其 | 1.48 | 1.87 | 5.44 | 5.47 | 0.61 | | 600272 | 开开实业 | 1.36 | 1.09 | 13.39 | 13.45 | 0.48 | | 603310 | 巍华新材 | 0.61 | 0.69 | 17.96 | 18.05 | 0.47 | | 603718 | 海利生物 | 0.70 | 0.66 | 7.17 | 7.20 | 0.41 | | 603768 | 常青股份 | 0.95 | 0.80 | 12.72 | 12.76 | 0.35 | | 600062 | 华润双鹤 | 1.08 | 0.71 | 19.60 | 19.66 | 0.30 | | 300784 | 利安科技 | 2.40 | 3.84 | 56.62 | 56.78 | 0.29 | | 600236 | 桂冠电力 | 0.32 | 0.05 | 6.32 | 6.34 | 0.28 | | 300076 | GQY视讯 | 1.71 | 1.47 | 6.54 | 6.56 | 0.25 | | 601898 | 中煤能源 | 0.97 | 0.11 | 11.42 | 11.45 | 0.24 | [1]

Core Insights - The company reported a decline in revenue and net profit for the first half of 2025, with total revenue of 889 million yuan, down 0.7% year-on-year, and a net profit attributable to shareholders of 40 million yuan, down 39.7% year-on-year [1] - The sales of traditional products are under pressure, while the pre-prepared food segment is experiencing rapid growth [1] Revenue Breakdown - In H1 2025, revenue from staple foods, snacks, baked goods, and frozen prepared dishes was 410 million, 200 million, 210 million, and 70 million yuan respectively, with year-on-year changes of -9.1%, -6.6%, +11.0%, and +67.3% [1] - The decline in staple and snack categories is attributed to market competition and product lifecycle issues, while the growth in baked goods is due to product adjustments for key clients [1] Channel Performance - Direct sales in H1 2025 generated 430 million yuan, an increase of 5.3% year-on-year, while distribution sales decreased by 6.4% to 450 million yuan [2] - The top five clients contributed revenues of 190 million, 50 million, 40 million, 30 million, and 3 million yuan, with varying year-on-year performance [2] Profitability Metrics - The company's gross margin for H1 2025 was 23.6%, a decrease of 1.6 percentage points year-on-year, primarily due to an increase in low-margin business [3] - The net profit margin for H1 2025 was 4.0%, down 2.6 percentage points year-on-year, with a non-GAAP net profit margin of 3.9%, down 2.7 percentage points [4] Future Projections - Revenue projections for 2025-2027 are 1.89 billion, 2.00 billion, and 2.10 billion yuan, with year-on-year growth rates of 1.1%, 5.4%, and 5.5% respectively [4] - Expected net profits for the same period are 80 million, 90 million, and 100 million yuan, with a projected decline in 2025 followed by growth in subsequent years [4]

民生证券股份有限公司王言海,张玲玉,范锡蒙近期对千味央厨（001215）进行研究并发布了研究报告 《2025年半年报点评：经营承压，修复在途》，给予千味央厨买入评级。 千味央厨 投资建议：我们预计公司2025-2027年营业收入分别为18.9/20.0/21.0亿元，同比+1.1%/5.4/5.5%；归母净利 润分别为0.8/0.9/1.0亿元，同比-9.3%/+15.8%/+14.1%，当前股价对应当前股价对P/E分别为37/32/28x，维 持"推荐"评级。 风险提示：下游客户拓展不及预期，新品拓展不及预期，原材料价格大幅上涨，行业竞争加剧，食品安全 风险等。 最新盈利预测明细如下： 事件：公司发布2025年半年报，25H1实现营业收入8.9亿元，同比-0.7%；实现归母净利润0.4亿元，同 比-39.7%；实现扣非净利润0.3亿元，同比-41.9%。单季度看，25Q2实现营业收入4.2亿元，同比-3.1%；归 母净利润0.1亿元，同比-42.1%；扣非净利润0.1亿元，同比-47.6%。 传统单品销售承压，预制菜快速放量。分产品看，25H1主食/小食/烘焙甜品/冷冻调理菜肴类及其他分别实 现收入4.1/ ...

"支持民营企业参与海南自由贸易港建设政策项目推介会"举行 总监制：汤锡朝 监制：傅光锴 审核：刘晓香 责任编辑：黄燕 编辑：吕玉艳 来源：海南日报客户端 冯飞在致辞中代表省委、省政府向出席本次推介会的国家部委和企业界各位嘉宾表示热烈欢迎和衷心感谢。他表示，经党中央批准，今年12月18日海南自 由贸易港将正式启动全岛封关运作。处于改革开放前沿的海南，有着高度开放的政策制度体系、融通中外的合作网络、产业升级的广阔赛道和公平竞争的 营商环境，选择海南就是选择机遇，投资海南就是投资未来。海南对民营经济发展极为重视，坚决贯彻落实习近平总书记在民营企业座谈会上的重要讲话 精神，系统性建设公平、透明、可预期的投资环境，大幅度降低制度性交易成本，确保民营企业在海南办得成事、招得到人、发展得越来越好。诚邀各位 企业家投资布局海南、共享发展机遇，共谱合作共赢的崭新篇章。 国家发展改革委副秘书长肖渭明在致辞中表示，海南自由贸易港肩负着打造我国对外开放新高地的重大历史使命，今年底又将实施全岛封关运作，为各类 经营主体提供了更为广阔的发展空间和投资机会。希望民营企业勇担时代重任，以封关为契机，扎根海南沃土，在服务国家战略中实现自身更大 ...

Investment Rating - The report maintains a "Buy" investment rating for Qianwei Central Kitchen (001215.SZ) [1] Core Views - The company's H1 2025 total revenue was 886 million yuan, a decrease of 1% year-on-year, while the net profit attributable to shareholders was 36 million yuan, down 40% year-on-year [1] - The decline in profitability is attributed to changes in product structure, but the customized business is progressing smoothly [1][4] Summary by Sections Financial Performance - In Q2 2025, total revenue was 415 million yuan, a decrease of 3% year-on-year, with a net profit of 14 million yuan, down 42% year-on-year [1] - The gross margin in Q2 2025 decreased by 2 percentage points to 22.66%, primarily due to changes in product structure [2] - The net profit margin also decreased by 2 percentage points to 3.43% [2] Product and Channel Development - Revenue from staple foods and snacks in H1 2025 was 413 million yuan and 197 million yuan, respectively, both showing declines of 9% and 7% year-on-year [3] - The bakery products segment saw revenue of 205 million yuan in H1 2025, an increase of 11% year-on-year, driven by demand for customized bakery products from large clients [3] - The company is focusing on extending its traditional products and enhancing product value and user experience [3] Profitability Forecast - The report projects EPS for 2025-2027 to be 0.84, 0.94, and 1.06 yuan, respectively, with corresponding PE ratios of 35, 31, and 28 times [4] - The company is expected to leverage its long-term product development capabilities and flexible production to meet new retail client demands, which may lead to new growth points [4]

千味央厨发布2025 年半年度报告，2025 年上半年实现营业总收入8.86 亿元，同比减少0.72%；实现归 母净利润0.36 亿元，同比减少39.67%。其中，2025年第二季度实现营业总收入4.16 亿元，同比减少约 3.1%；实现归母净利润0.14 亿元，同比减少约41.9%。 零售新势力渠道贡献增量，经销渠道餐饮竞争延续。2025 年上半年公司直营/经销渠道收入分别同比 +5.3%/-6.4%。直营客户中百胜中国同比微增；增长主要由新零售渠道客户驱动，新开发盒马客户烘焙 类增速较快。经销客户主要受市场竞争激烈影响，公司会努力维持市场份额。目前公司新零售渠道进展 顺利，与包括沃尔玛、永辉、胖东来、奥乐齐、盒马等签订全国合同。 稳固餐饮基本盘，发力新零售。公司将继续稳定与百胜等核心餐饮客户的合作，并通过新品导入争取增 量。同时，公司将利用自身强大的产品定制化和研发优势，将拓展会员店、调改商超等新零售渠道作为 战略重点，与盒马、沃尔玛等客户深化合作。经销渠道对激烈的市场竞争，公司主动调整策略，通过产 品结构升级和赋能经销商开拓终端渠道提升渠道质量和盈利能力。 风险提示：行业竞争加剧，原材料成本大幅上涨，餐 ...

Key Insights - The report highlights the significant growth in the nutritional products sector, with New Hope Liuhe (002001.SZ) achieving a revenue of 11.101 billion yuan, a year-on-year increase of 12.76%, and a net profit of 3.603 billion yuan, up 63.46% [10] - The report emphasizes the robust performance of the amino acid market, particularly methionine, with prices rising to 22,200 yuan per ton, reflecting a year-to-date increase of 12.98% [11] - The report notes the steady performance of the vitamin A and E segments, with revenue of 2.085 billion yuan and a net profit of 1.209 billion yuan, maintaining a net profit margin of 58% despite recent price declines [12] Company Analysis - New Hope Liuhe's nutritional products segment accounted for 64.86% of total revenue, with a gross margin of 47.79%, an increase of 11.93 percentage points year-on-year [10] - The company has expanded its methionine production capacity to 460,000 tons per year, positioning it as the third-largest producer globally [11] - The vitamin segment's revenue is expected to remain stable, with recent price adjustments indicating limited further declines [12] Industry Trends - The real estate sector is experiencing a downturn, with a 6.5% year-on-year decline in sales volume and a 4.0% decrease in sales area as of July 2025 [22] - The average price of new residential properties has decreased by 2.6% year-on-year, indicating ongoing pressure in the housing market [23] - Recent policy relaxations in major cities like Beijing and Shanghai are expected to provide some support to the real estate market, although the overall outlook remains cautious [24] Financial Performance - The report indicates that Beike-W (02423.HK) achieved a revenue of 26 billion yuan in Q2 2025, a year-on-year increase of 11%, although net profit declined by 32% [28] - Yuexiu Property (00123.HK) reported a revenue of 47.6 billion yuan, a 34.6% increase, but a net profit decline of 25.2% due to lower gross margins [31] - Zhou Dasheng (002867.SZ) experienced a 43.29% drop in revenue to 4.597 billion yuan, while net profit remained relatively stable, reflecting a 1.27% decline [32] Market Outlook - The report suggests that the non-bank financial sector is poised for growth, driven by a shift in deposit behaviors and increased demand for risk assets [25] - The overall market is in a recovery phase, with expectations of a gradual improvement in economic conditions and investment opportunities in various sectors [26] - The report maintains a positive outlook for companies with strong fundamentals and innovative product offerings, particularly in the nutritional and financial sectors [13][26]