证券之星消息，9月25日休闲食品板块较上一交易日上涨0.74%，盐津铺子领涨。当日上证指数报收于 3853.3，下跌0.01%。深证成指报收于13445.9，上涨0.67%。休闲食品板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 002847 | 盐津铺子 | 70.15 | 2.56% | 3.07万 | | 2.15 Z | | 300972 | 万辰集团 | 174.24 | 1.20% | 2.40万 | | 4.15亿 | | 003000 | 劲仔食品 | 11.92 | 0.59% | 2.60万 | | 3103.04万 | | 605339 | 南侨食品 | 17.13 | 0.59% | S 8003.0 | | 1362.16万 | | 603517 | ST绝味 | 13.82 | 0.36% | 63.36万 | | 8.61亿 | | 002991 | 甘源食品 | 55.42 | 0.33% | 4749.0 | | 2629. ...

Market Overview - The leisure food sector experienced a decline of 1.84% on September 18, with Huang Shang Huang leading the drop [1] - The Shanghai Composite Index closed at 3831.66, down 1.15%, while the Shenzhen Component Index closed at 13075.66, down 1.06% [1] Individual Stock Performance - Notable declines in individual stocks include: - Huang Shang Huang (code: 002695) down 3.96% with a closing price of 12.85 and a trading volume of 152,700 shares, resulting in a transaction value of 200 million yuan [2] - Other significant declines include: - Ximai Food (code: 002956) down 2.99% [2] - Good Idea (code: 002582) down 2.99% [2] - Liangpin Shop (code: 603719) down 2.85% [2] Capital Flow Analysis - The leisure food sector saw a net outflow of 425 million yuan from main funds, while retail investors contributed a net inflow of 369 million yuan [2][3] - The capital flow for individual stocks indicates: - Nanjiao Food (code: 605339) had a main fund net inflow of 1.0965 million yuan [3] - Miquer (code: 002719) saw a main fund net inflow of 692,800 yuan [3] - Significant outflows were observed in: - Sweet Food (code: 003000) with a net outflow of 1.17 million yuan from main funds [3] - Ziyuan Food (code: 603057) with a net outflow of 2.7029 million yuan from main funds [3]

Core Viewpoint - The stock of Haoxiangni has experienced fluctuations, with a year-to-date increase of 34.38% but a recent decline in the last five trading days by 5.12% [2] Group 1: Stock Performance - On September 18, Haoxiangni's stock price fell by 2.09%, trading at 9.83 CNY per share with a total market capitalization of 4.401 billion CNY [1] - The stock has seen a net outflow of 8.0505 million CNY in principal funds, with significant selling pressure from large orders [1] - Year-to-date, the stock has been on the龙虎榜 (top trading list) 16 times, with the most recent appearance on March 11, where it recorded a net buy of 104 million CNY [2] Group 2: Company Overview - Haoxiangni Health Food Co., Ltd. was established on September 24, 1997, and went public on May 20, 2011, focusing on the production, processing, and sales of jujube-related products and nut snacks [2] - The company's revenue composition includes 72.66% from jujube products, 16.54% from other categories, and smaller contributions from health preservation products and non-food sectors [2] - The company operates within the food and beverage industry, specifically in the snack food sector, and is associated with concepts like new retail and e-commerce [2] Group 3: Financial Performance - For the first half of 2025, Haoxiangni reported a revenue of 689 million CNY, a year-on-year decrease of 15.64%, while the net profit attributable to shareholders was -19.8388 million CNY, an increase of 45.25% year-on-year [2] - The company has distributed a total of 1.638 billion CNY in dividends since its A-share listing, with 921 million CNY distributed in the last three years [3] - As of June 30, 2025, the number of shareholders decreased by 28.76% to 58,600, while the average number of circulating shares per person increased by 40.45% to 5,875 shares [2]

Market Overview - The leisure food sector increased by 0.94% on September 16, with Wancheng Group leading the gains [1] - The Shanghai Composite Index closed at 3861.87, up 0.04%, while the Shenzhen Component Index closed at 13063.97, up 0.45% [1] Top Performers - Wancheng Group (300972) closed at 173.03, up 3.30% with a trading volume of 35,500 lots and a transaction value of 610 million [1] - Ziyan Food (603057) closed at 22.08, up 2.03% with a trading volume of 36,600 lots [1] - Guifaxiang (002820) closed at 13.26, up 2.00% with a trading volume of 158,500 lots [1] Underperformers - Ganyuan Food (002991) closed at 57.10, down 0.63% with a trading volume of 11,500 lots [2] - Jinzai Food (003000) closed at 12.34, down 0.48% with a trading volume of 36,300 lots [2] - Guangzhou Restaurant (603043) closed at 17.70, down 0.39% with a trading volume of 67,900 lots [2] Capital Flow - The leisure food sector experienced a net outflow of 4.44 million from institutional investors, while retail investors saw a net outflow of 31.84 million [2] - Speculative funds had a net inflow of 36.29 million [2] Individual Stock Capital Flow - Wancheng Group had a net inflow of 59.33 million from institutional investors, accounting for 9.73% of its total [3] - Guifaxiang saw a net inflow of 13.49 million from institutional investors, representing 6.45% [3] - Ziyan Food had a net inflow of 4.86 million from speculative funds, accounting for 3.78% [3]

Group 1 - On September 12, two listed companies had their restricted shares unlocked, with a total market value of approximately 5.33 million yuan [1] - The specific details of the restricted share unlock are as follows: - Company "好想你" (stock code: 002582) had 110,000 shares released from equity incentive restrictions [1] - Company "普蕊斯" (stock code: 301257) had 92,500 shares released from equity incentive restrictions [1]

Group 1 - The "2025 Chinese Jujube Town Cultural Tour and the 23rd Jujube Harvest Season" event, hosted by the company, commenced on September 7 and will last until October 7, with the theme "The Jujubes are Ripe" [1] - During the event, visitors can experience jujube picking, participate in cultural activities, and taste local delicacies, highlighting the rich cultural heritage of Xinzheng [1] - The company launched the "Jujube Gift Box" during the harvest season, integrating traditional and modern elements, and also introduced new products such as black gold jujubes and eight-treasure tea [1] Group 2 - The company has been actively involved in rural revitalization and cultural heritage preservation, collaborating with notable IPs to connect jujubes with celebratory occasions [2] - For over thirty years, the company has focused on jujubes, maintaining its core business while innovating product categories and emphasizing health food and experiential marketing [2] - The company aims to attract younger consumers through innovative marketing strategies and new product offerings, enhancing brand appeal and market presence [1][2]

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]

Core Viewpoint - The leisure food sector experienced a decline of 2.28% on September 3, with Youyou Food leading the drop [1] Group 1: Market Performance - The Shanghai Composite Index closed at 3813.56, down 1.16% [1] - The Shenzhen Component Index closed at 12472.0, down 0.65% [1] - Youyou Food's stock price fell by 9.77% to 12.37 [1] - Other notable declines include Maijiao (-5.03%), Lihigh Food (-4.90%), and Guifaxiang (-4.45%) [1] Group 2: Trading Volume and Value - Youyou Food had a trading volume of 280,100 shares and a transaction value of 366 million yuan [1] - Lihigh Food recorded a transaction value of 234 million yuan with a trading volume of 48,500 shares [1] - Guifaxiang had a transaction value of 181 million yuan with a trading volume of 145,100 shares [1] Group 3: Capital Flow - The leisure food sector saw a net outflow of 264 million yuan from main funds, while retail investors contributed a net inflow of 283 million yuan [2] - Speculative funds experienced a net outflow of 18.87 million yuan [2]

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]

Investment Rating - The industry investment rating is maintained as "Add" [5] Core Viewpoints - The snack sector is experiencing differentiated growth, with individual companies showing significant highlights. In H1 2025, the overall revenue of the snack sector was 25.51 billion yuan, a year-on-year decrease of 2.2%. The sector's net profit attributable to shareholders was 1.09 billion yuan, down 40.3% year-on-year, primarily due to cost pressures and the weakening of channel dividends [1][10][12] - In Q2 2025, the snack sector's revenue reached 11.09 billion yuan, a year-on-year increase of 2.2%. However, the net profit attributable to shareholders dropped to 250 million yuan, a decrease of 55.1% year-on-year, indicating increased profit pressure due to cost and expense pressures [2][12] - The report highlights three types of companies that are expected to perform well: those that create core blockbuster products, those that rapidly expand channels, and those that continuously innovate [2][20][22] Summary by Sections Industry Overview - In H1 2025, the snack sector's overall revenue was 25.51 billion yuan, down 2.2% year-on-year. The decline is attributed to the timing of the Spring Festival affecting inventory preparation and a return to normal operating rhythms in Q2 [10][12] - The average gross margin for the snack sector in H1 2025 was 28.3%, a decrease of 2.1 percentage points year-on-year, primarily due to rising costs and changes in channel structure [11][18] Q2 Performance - The snack sector's revenue in Q2 2025 was 11.09 billion yuan, up 2.2% year-on-year, indicating a return to positive growth despite seasonal challenges. However, net profit fell to 250 million yuan, down 55.1% year-on-year, reflecting significant profit pressure [2][12] - The average gross margin in Q2 2025 was 28.4%, down 1.7 percentage points year-on-year, influenced by rising costs and changes in channel structure [13][18] Growth Catalysts - The report emphasizes the importance of product innovation and channel expansion as key growth drivers. Companies that can create blockbuster products and effectively expand their channels are expected to outperform [20][21] - The report identifies specific companies with strong growth potential, including Wei Long, Yan Jin Pu Zi, and You You Food, which are leveraging product demand and channel expansion to drive growth [22] Investment Recommendations - The report suggests focusing on companies that can successfully execute growth strategies along two main lines: product innovation and channel expansion. Key companies highlighted include Wei Long, Yan Jin Pu Zi, You You Food, and Wan Chen Group, which are expected to benefit from favorable market conditions [22]