东兴证券股份有限公司 关于加加食品集团股份有限公司 详式权益变动报告书 N 0025 年半年度 财务顾问 "你" ONGXING SECURITIES -零二五年九月 释义 除非另有说明,以下简称在本持续督导报告中的含义如下: | 加加食品、上市公司、公司 | 指 | 加加食品集团股份有限公司 | | --- | --- | --- | | 信息披露义务人、中国东方、东方资产 | 指 | 中国东方资产管理股份有限公司 | | 中国东方天津分、中国东方天津市分公司 | 指 | 中国东方资产管理股份有限公司天津市分 公司 | | 东兴证券、财务顾问 | 指 | 东兴证券股份有限公司 | | 中国证监会 | 指 | 中国证券监督管理委员会 | | 财政部 | 블 | 中华人民共和国财政部 | | 深交所 | 指 | 深圳证券交易所 | | 《证券法》 | 指 | 《中华人民共和国证券法》 | | 《收购管理办法》、《收购办法》 | 指 | 《上市公司收购管理办法》 | | 《详式权益变动报告书》 | 指 | 《加加食品集团股份有限公司详式权益变 动报告书》 | | 本持续督导报告 | 指 | 东兴证券股份有限公司关 ...

Core Insights - The article highlights the dominance of Mixue Ice Cream and Tea in the Chinese beverage market, showcasing its impressive financial performance and market expansion [1][2][3] - Despite its success, the company faces challenges such as declining single-store profitability, food safety concerns, and market saturation [1][10][11] Financial Performance - In the first half of 2025, Mixue reported revenue of 14.87 billion yuan, a year-on-year increase of 39.3%, with a gross profit of 4.71 billion yuan and a net profit of 2.72 billion yuan, reflecting a growth of 38.3% and 44.1% respectively [2][4] - The company operates 53,014 stores globally, having opened 9,796 new stores in the past year, averaging 27 new stores per day [2][3] Business Model - Mixue's revenue primarily comes from selling ingredients, packaging, and equipment to franchisees, accounting for approximately 97% of total revenue [4][5] - The franchise model allows for significant scale effects, with the company leveraging its purchasing power to control costs and enhance profitability [6] Market Strategy - The company has a strong presence in lower-tier cities, with 57.6% of its stores located in third-tier and below cities, while only 4.9% are in first-tier cities [7] - As competition intensifies in lower-tier markets, the company faces challenges in maintaining growth and profitability [7][10] Marketing and Brand Positioning - Mixue employs innovative marketing strategies, including viral songs and social media campaigns, to enhance brand visibility and consumer engagement [8][9] - However, the company must continue to evolve its marketing approach to sustain consumer loyalty beyond initial trends [9] Challenges Ahead - The increasing density of stores has led to a decline in single-store revenue, with franchisees reporting significant pressure on profitability [10] - Food safety issues pose a risk to the brand's reputation, as incidents can quickly escalate through social media [11]

Market Overview - The seasoning and fermentation sector increased by 0.28% on September 5, with ST Jiajia 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] Stock Performance - ST Jiajia (002650) closed at 6.50, up 1.72% with a trading volume of 42,200 shares and a transaction value of 27.26 million yuan [1] - Lianhua Holdings (600186) closed at 6.14, up 1.32% with a trading volume of 556,600 shares and a transaction value of 338 million yuan [1] - Zhu Laoliu (831726) closed at 22.35, up 1.22% with a trading volume of 62,800 shares and a transaction value of 137 million yuan [1] - Tianwei Food (603317) closed at 12.01, up 1.09% with a trading volume of 64,000 shares and a transaction value of 76.35 million yuan [1] - Anzhi Yeast (600298) closed at 39.97, up 1.06% with a trading volume of 117,300 shares and a transaction value of 469 million yuan [1] Capital Flow - The seasoning and fermentation sector saw a net inflow of 24.55 million yuan from institutional investors, while retail investors experienced a net outflow of 25.93 million yuan [2] - The main stocks in the sector showed varied capital flows, with Hai Tian Wei Ye (603288) experiencing a significant net outflow of 49.99 million yuan from institutional investors [3] - Lianhua Holdings (600186) had a net inflow of 12.87 million yuan from institutional investors, while retail investors saw a net inflow of 16.89 million yuan [3]

Core Insights - The seasoning and fermentation sector saw a 0.61% increase on September 4, with Anji Food leading the gains [1] - The Shanghai Composite Index closed at 3765.88, down 1.25%, while the Shenzhen Component Index closed at 12118.7, down 2.83% [1] Stock Performance - Anji Food (603696) closed at 13.19, up 10.01% with a trading volume of 321,700 shares and a turnover of 416 million yuan [1] - Zhu Laoliu (831726) closed at 22.08, up 8.98% with a trading volume of 89,000 shares [1] - Other notable performers include Shengjing Food (300908) up 3.24%, and Richen Co. (603755) up 2.84% [1] Capital Flow - The seasoning and fermentation sector experienced a net outflow of 1.3143 million yuan from institutional investors and a net outflow of 36.2977 million yuan from speculative funds, while retail investors saw a net inflow of 3.7612 million yuan [2] - Anji Food had a net inflow of 1.03 million yuan from institutional investors, but a net outflow of 48.2153 million yuan from speculative funds [3] - Hai Tian Flavor Industry (603288) had a net inflow of 14.3824 million yuan from institutional investors, while retail investors experienced a net outflow of 32.7321 million yuan [3]

Market Overview - The seasoning and fermentation sector experienced a slight decline of 0.14% on September 1, with ST Jia Jia leading the drop [1] - The Shanghai Composite Index closed at 3875.53, up 0.46%, while the Shenzhen Component Index closed at 12828.95, up 1.05% [1] Stock Performance - Notable gainers in the seasoning and fermentation sector included: - Lianhua Holdings (600186) with a closing price of 6.55, up 4.80% [1] - Anji Food (603696) with a closing price of 13.40, up 2.37% [1] - Shengjing Food (300908) with a closing price of 32.26, up 1.86% [1] - Conversely, ST Jia Jia (002650) saw a significant decline of 4.96%, closing at 6.52 [2] Trading Volume and Capital Flow - The total trading volume for the seasoning and fermentation sector showed a net outflow of 455.27 million yuan from institutional investors, while retail investors experienced a net outflow of 5194.13 million yuan [2] - Notable capital inflows from speculative funds amounted to 5649.4 million yuan [2] Individual Stock Capital Flow - Lianhua Holdings (600186) had a net inflow of 73.80 million yuan from institutional investors, while retail investors saw a net outflow of 54.49 million yuan [3] - Anji Yeast (600298) reported a net inflow of 40.97 million yuan from institutional investors, with retail investors experiencing a net outflow of 30.89 million yuan [3] - Hai Tian Flavor (603288) had a net outflow of 6.06 million yuan from institutional investors, while speculative funds saw a slight inflow of 534.59 million yuan [3]

Core Insights - ST Jiajia (002650) reported a total revenue of 733 million yuan for the first half of 2025, a decrease of 7.07% year-on-year, while the net profit attributable to shareholders was 8.35 million yuan, an increase of 128.64% year-on-year [1] - The company's gross profit margin increased by 17.02% year-on-year to 29.31%, and the net profit margin improved significantly from -4.03% to 1.14% [1] - The financial report indicates a mixed performance, with total operating expenses decreasing by 3.44% year-on-year, while the earnings per share rose by 130.77% to 0.01 yuan [1] Financial Performance - Total revenue for 2024 was 789 million yuan, compared to 733 million yuan in 2025, reflecting a decline of 7.07% [1] - The net profit for 2024 was -29.16 million yuan, while for 2025 it was 8.35 million yuan, showing a significant turnaround with an increase of 128.64% [1] - The gross profit margin for 2024 was 25.05%, which improved to 29.31% in 2025, marking a year-on-year increase of 17.02% [1] - The net profit margin improved from -4.03% in 2024 to 1.14% in 2025, an increase of 128.27% [1] - Total operating expenses were 180 million yuan, accounting for 24.56% of revenue, down from 25.44% the previous year [1] Cash Flow and Debt - The company reported cash flow from operations of 0.07 yuan per share, an increase of 58.16% year-on-year [1] - The average operating cash flow over the past three years has been negative, with a ratio of operating cash flow to current liabilities at -19.78% [2] - Interest-bearing debt decreased significantly by 70.64% from 182 million yuan to 53.39 million yuan [1] Investment Returns - The historical median Return on Invested Capital (ROIC) over the past decade is 5.86%, indicating weak investment returns [1] - The worst year for ROIC was 2024, with a value of -10.96%, highlighting poor investment performance [1]

Group 1 - ST Jiajia (SZ 002650) held its fourth temporary meeting of the fifth board of directors on August 27, 2025, in Changsha, where it reviewed the proposal for the re-election of a non-independent director [1] - For the first half of 2025, ST Jiajia's revenue composition was as follows: condiments accounted for 77.42%, grain and oil products accounted for 19.69%, and others accounted for 2.89% [1] Group 2 - The application for joining Haidilao has exceeded 20,000, with 41 franchises already opened, indicating a significant interest in the brand [1] - The estimated investment required to join Haidilao is around 10 million yuan, which is considered a reasonable amount for potential franchisees [1]

北京商报讯（记者 郭秀娟 实习记者 王悦彤） 8月28日，ST加加发布2025年半年报，报告期内，公司实 现营业收入7.33亿元，同比减少7.1%；实现归母净利润835.18万元，与去年同期净亏损2916.21万元相 比，扭亏为盈。 ...

8月28日，ST加加发布2025年半年报。当中披露，2025年上半年，公司实现营业总收入7.33亿元，比上 年同期下降7.07%；归属净利润835.18万元，同比扭亏为盈。 关于报告期内业绩变动的原因，公告指出，报告期内，公司持续聚焦主业，推广高毛利产品，加强减盐 等中高端系列产品的销售，同时推动精细化管理，降本增效，优化产品结构，不断提升整体运营能力， 使得产品综合毛利率上升。 报告期内，公司提升品牌形象，投身公益活动，不断探索新的营销模式，建联达人赋能场景化营销等， 同时减少了传统户外广告的投放，线下广告宣传费用较上年同期下降。 此外，2024年，公司全资子公司加加食品（宁夏）生物科技有限公司相关业务停止，上年同期计提了存 货跌价准备，本报告期内公司计提减值准备金额同比减少；报告期内，公司停止了控股子公司湖南加加 一佰鲜食品有限公司的相关业务，合并报表范围内的子公司亏损减少。 （企业公告） ...

Core Insights - The company reported significant growth in its financial performance for the first half of 2025, with operating revenue reaching 733 million yuan and a net profit of 8.35 million yuan, marking a turnaround from losses and a year-on-year increase of 128.64% [1] - The substantial increase in performance is attributed to a focus on core business, promotion of high-margin products, and effective cost management, leading to an overall improvement in operational capabilities and product structure [1] Financial Performance - The total profit for the period was 12.39 million yuan, reflecting a year-on-year growth of 142.35% [1] - The comprehensive gross profit margin increased by 4.26 percentage points to 29.31% [1] - The gross margin for soy sauce, a key revenue category, rose by 5.35 percentage points to 35.85%, while the gross margin for cooking oil increased by 2.14 percentage points to 9.76% [1] Product Strategy - The company has been a pioneer in the domestic seasoning industry by introducing the "reduced salt" concept in 2018 and launching its first reduced salt soy sauce in March 2019 [1][2] - The product line has expanded to include various reduced salt products, such as reduced salt soy sauce and organic options, capitalizing on the strategic opportunity presented by the "reduced salt" initiative [1][2] Sales and Marketing - The company is enhancing its sales growth by diversifying its distribution channels while maintaining traditional sales networks [3] - Online sales have seen a significant increase, with revenue from online channels reaching 25.97 million yuan, a year-on-year growth of 37.32% [3] - The "Healthy China 2030" strategy emphasizes the need for nutritional health transformation in the seasoning industry, aligning with national strategic demands [3]