2025 年 09 月 18 日 盐津铺子(002847.SZ) 魔芋强劲增长，费用优化驱动盈利高增 事件： 公司发布 2025 年半年报，25H1 实现营业收入 29.41 亿元，同比增长 19.58%；实现归母净利润 3.73 亿元，同比增长 16.70%；实现扣非归 母净利润 3.34 亿元，同比增长 22.50%。根据计算，25Q2 实现营业收 入 14.03 亿元，同比增长 13.54%；实现归母净利润 1.95 亿元，同比 增长 21.75%；实现扣非归母净利润 1.78 亿元，同比增长 31.78%。 魔芋产品强势放量，渠道转型效果显著 1）分产品来看，25H1 辣卤零食/烘焙薯类/果干果冻/深海零食/蛋类 零食/其他产品收入分别为 13.2/4.6/4.3/3.6/3.1/0.6 亿元，分别同 比变化+47.1%/-18.4%/+9.0%/+11.9%/+29.6%/+42.6%。其中，辣卤零 食继续高增，贡献度最大。辣卤零食中，休闲魔芋制品/肉禽制品/休 闲豆制品/其他品类收入分别为 7.9/1.7/1.9/1.7 亿元，分别同比变 化+155.1%/-16.7%/+12.7%/-20.9% ...

盐津铺子所属申万行业为：食品饮料-休闲食品-零食。所属概念板块包括：休闲食品、高派息、融资融 券、中盘、基金重仓等。 截至6月30日，盐津铺子股东户数1.09万，较上期增加21.92%；人均流通股22561股，较上期减少 17.65%。2025年1月-6月，盐津铺子实现营业收入29.41亿元，同比增长19.58%；归母净利润3.73亿元， 同比增长16.70%。 9月18日，盐津铺子盘中下跌2.01%，截至11:10，报70.23元/股，成交1.07亿元，换手率0.62%，总市值 191.57亿元。 资金流向方面，主力资金净流出564.96万元，特大单买入391.19万元，占比3.66%，卖出396.49万元，占 比3.71%；大单买入1135.19万元，占比10.61%，卖出1694.85万元，占比15.85%。 盐津铺子今年以来股价涨14.01%，近5个交易日涨0.01%，近20日跌2.90%，近60日跌11.39%。 今年以来盐津铺子已经1次登上龙虎榜，最近一次登上龙虎榜为4月8日。 资料显示，盐津铺子食品股份有限公司位于湖南省长沙市雨花区长沙大道运达中央广场写字楼A座32 楼，成立日期2005年8月4 ...

食品饮料 2025 年 09 月 17 日 投资评级：看好（维持） 行业走势图 数据来源：聚源 0% 10% 19% 29% 38% 48% 2024-09 2025-01 2025-05 食品饮料 沪深300 相关研究报告 《白酒底部等待回暖，西麦食养赛道 可期—行业周报》-2025.9.14 《白酒筑底，新消费领航—行业周报》 -2025.9.7 《中报综述：传统消费微光渐明，新 消 费 繁 花 正 盛 — 行 业 投 资 策 略 》 -2025.9.4 8 月社零增速环比放缓，消费动能仍待提振 ——行业点评报告 | 张宇光（分析师） | 张恒玮（分析师） | | --- | --- | | zhangyuguang@kysec.cn | zhanghengwei@kysec.cn | | 证书编号：S0790520030003 | 证书编号：S0790122020008 | zhanghengwei@kysec.cn 证书编号：S0790122020008 投资建议：社零数据增速环比持续回落，消费需求动能不足 2025 年 8 月社零数据增速环比回落，主要系"以旧换新"政策效果边际减弱和 消费需求复苏偏 ...

9月16日，盐津铺子盘中上涨2.00%，截至13:17，报71.84元/股，成交1.60亿元，换手率0.91%，总市值 195.96亿元。 资金流向方面，主力资金净流入74.48万元，特大单买入614.02万元，占比3.83%，卖出672.31万元，占 比4.20%；大单买入2999.74万元，占比18.72%，卖出2866.97万元，占比17.89%。 盐津铺子所属申万行业为：食品饮料-休闲食品-零食。所属概念板块包括：休闲食品、高派息、中盘、 融资融券、基金重仓等。 截至6月30日，盐津铺子股东户数1.09万，较上期增加21.92%；人均流通股22561股，较上期减少 17.65%。2025年1月-6月，盐津铺子实现营业收入29.41亿元，同比增长19.58%；归母净利润3.73亿元， 同比增长16.70%。 分红方面，盐津铺子A股上市后累计派现13.18亿元。近三年，累计派现9.23亿元。 机构持仓方面，截止2025年6月30日，盐津铺子十大流通股东中，香港中央结算有限公司位居第三大流 通股东，持股905.28万股，相比上期增加107.93万股。富国消费主题混合A（519915）位居第六大流通 股东，持 ...

格隆汇9月15日｜天风证券研报指出，盐津铺子2025H1年营业收入/归母净利润为29.41/3.73亿元，同比 +19.58%/+16.70%；25Q2营业收入/归母净利润为14.03/1.95亿元，同比+13.54%/+21.75%（扣非归母净利 润同比+32%）。认为随着公司持续完善"产品+渠道"双轮驱动增长模式，坚持执行"多品牌、多品类、 全渠道、全产业链、（未来）全球化"的中长期战略，凭借自身品牌、品类、生产以及产业链定价的优 势，公司未来业绩有望持续高增。根据25H1财报，认为直营渠道和电商渠道仍在调整中，因此调整盈 利预测，预计25-27年营收分别63/75/89亿元，维持"买入"评级。 ...

Investment Rating - The investment rating for the company is "Buy" with a target price not specified [7]. Core Views - The company has shown robust revenue growth with a year-on-year increase of 19.58% in revenue and 16.70% in net profit attributable to shareholders for the first half of 2025 [1]. - The company is expected to continue its high growth trajectory, driven by its dual growth model of "products + channels" and a long-term strategy focused on "multi-brand, multi-category, all-channel, full industry chain, and future globalization" [3]. - Adjustments have been made to profit forecasts due to ongoing adjustments in direct sales and e-commerce channels, with expected revenues of 63 billion, 75 billion, and 89 billion yuan for 2025-2027, reflecting a growth rate of 19% for each year [3]. Revenue and Profit Performance - For the first half of 2025, the company reported revenues of 29.41 billion yuan and a net profit of 3.73 billion yuan, with significant contributions from products like konjac and eggs, which saw revenue increases of approximately 155% and 43% respectively [1][2]. - The company’s gross margin has faced some pressure, with a slight year-on-year decrease of 1.98% to 30.97% in Q2 2025, while the net profit margin improved by 0.79 percentage points to 13.79% [2]. Channel Performance - The company has experienced high growth in various regions, particularly in East China and overseas markets, with revenue increases exceeding 60% year-on-year in these areas [2]. - The number of distributors has increased by 533 to a total of 3,713, with average revenue per distributor rising by 11% to 620,000 yuan [2]. Financial Projections - The company is projected to achieve revenues of 63 billion, 75 billion, and 89 billion yuan for 2025, 2026, and 2027 respectively, with corresponding net profits of 8.1 billion, 9.9 billion, and 11.9 billion yuan [3]. - The expected earnings per share (EPS) for 2025 is 2.96 yuan, with a price-to-earnings (P/E) ratio of 23.75 [5].

"消费端对魔芋的需求仍在扩张，而魔芋需要2-3年轮作，短期难扩产，供需的不平衡很难打破，因此魔 芋价格短期内大概率仍然维持高位。若后续再遇极端天气，价格可能还会阶段性小幅上涨。"董帅对智 通财经记者表示。 长期来看，魔芋价格有望逐步回落但难回低价。"当前高价会带动种植面积扩大，后续供给缓解后价格 会有下行压力，但需求基本盘仍在。"董帅进一步表示。 对于魔芋零食生产企业而言，如何应对魔芋价格高位，成为备受市场关注的话题。盐津铺子 （002847.SZ）管理层日前在公司半年度业绩说明会上对智通财经记者表示，当前魔芋原材料价格高位 震荡，公司依托控股股东的上游布局，通过对魔芋原材料价格走势的预测，采取囤货等方式获取了一定 的成本优势，同时通过提升生产效率、产品策略调整等举措积极应对。 展望后市魔芋价格，盐津铺子表示，预计魔芋种植面积会扩大，但下游需求也在持续增长，价格走向依 然由供需关系这一核心因素来决定。 快速增长的魔芋类零食正在面临成本端压力。受供需关系失衡影响，今年我国魔芋产地价格维持高位， 相关休闲零食企业品类毛利率承压。智通财经记者多方采访获悉，魔芋短期难以扩产，而需求仍在扩 大，预计价格短期仍将维持高位 ...

Group 1: Industry Overview - Konjac, known as "human cat strips," is becoming a phenomenon in the snack food market, attracting significant attention from various companies [1][5] - The konjac food industry has experienced a compound annual growth rate of 20% over the past decade, with the market size expected to reach 26.9 billion yuan in 2024 [5] - Major snack companies are increasingly entering the konjac segment, including Salted Fish Pouch, Wei Long, and Qiaqia Food, among others [1][6][7] Group 2: Company Performance - Salted Fish Pouch reported a revenue of 29.41 billion yuan in the first half of 2025, a year-on-year increase of 19.58%, with konjac snacks contributing 7.91 billion yuan, up 155.10% [6][7] - Wei Long's revenue reached 34.83 billion yuan in the first half of 2025, growing 18.5%, with konjac products driving a 44.3% increase in the vegetable product segment [5][6] - Qiaqia Food's revenue declined by 5.05% to 27.52 billion yuan in the first half of 2025, despite launching new konjac products [8] Group 3: Market Competition - The competition among snack companies is intensifying, with the number of stores for the "Ming Ming Very Busy" group surpassing 20,000 nationwide [3][10] - Companies are focusing on expanding their presence in snack retail channels, with Salted Fish Pouch emphasizing a strategy shift towards channel dominance [11][12] - Three Squirrels is also exploring opportunities in the konjac segment while investing in community snack stores to enhance competition [8][12][13]

Core Viewpoint - The emergence of konjac as a phenomenon-level snack product is driving significant revenue growth for various snack companies, with notable contributions from brands like Salted Fish Pouch and Wei Long [1][4][5]. Group 1: Company Performance - Salted Fish Pouch's konjac snack brand "Da Mo Wang" generated revenue of 791 million yuan in the first half of 2025, a year-on-year increase of 155.10%, accounting for 26.90% of total revenue [1][6]. - Wei Long's konjac products "Mo Yu Shuang" and "Xiao Mo Nu" significantly boosted its vegetable product segment revenue by 44.3% to 2.109 billion yuan, representing 60.5% of total revenue in the first half of 2025 [5][6]. - The overall revenue for Wei Long reached 3.483 billion yuan, with a net profit of 736 million yuan, both reflecting an 18.5% year-on-year growth [2][5]. Group 2: Market Trends - The konjac food industry has experienced a compound annual growth rate of 20% over the past decade, with a projected market size of 26.9 billion yuan by 2024 [4]. - More than 30 companies, including Qiaqia Food, Three Squirrels, and Liangpinpuzi, are entering the konjac snack market, indicating a competitive landscape [6][8]. Group 3: Channel Expansion - The snack industry is witnessing intense competition in the retail channel, with the Mingming Hen Mang Group surpassing 20,000 stores nationwide, prompting companies to focus on snack retail channels [10][12]. - Salted Fish Pouch has shifted its strategy to prioritize channel development, with over 70% of its revenue coming from distribution channels, including snack retail and community group buying [10][12]. - Qiaqia Food reported a significant increase in revenue from snack retail channels, growing from approximately 5 million yuan in January 2023 to around 45 million yuan in April 2024 [11][12].

Core Insights - The konjac product is emerging as a phenomenon in the snack market, with several companies focusing on this segment to drive revenue growth [1][3][4]. Group 1: Company Performance - Salted Fish (002847.SZ) has successfully capitalized on the konjac snack sub-brand "Big Demon King," contributing 791 million yuan in revenue in the first half of 2025, a year-on-year increase of 155.10%, accounting for 26.90% of total revenue [1][7]. - Wei Long Delicious (09985.HK) reported that its konjac products "Konjac Shuang" and "Little Demon Girl" significantly boosted its vegetable product segment revenue by 44.3% to 2.109 billion yuan in the first half of 2025, representing 60.5% of total revenue [4][5]. - In the first half of 2025, Salted Fish achieved a revenue of 2.941 billion yuan, a year-on-year growth of 19.58%, with a net profit of 373 million yuan, up 16.70% [7]. Group 2: Market Trends - The konjac food industry has seen a compound annual growth rate of 20% over the past decade, with the market size expected to reach 26.9 billion yuan by 2024 [3]. - More than 30 companies, including Cha Cha Food (002557.SZ) and Three Squirrels (300783.SZ), are entering the konjac snack market, indicating a competitive landscape [8][9]. - The konjac product category has become a significant growth driver for companies, with Salted Fish's konjac snacks growing from 476 million yuan in 2023 to 838 million yuan in 2024 [8]. Group 3: Channel Expansion - The snack industry is experiencing intensified competition in offline markets, with the Ming Ming Group surpassing 20,000 stores nationwide [2][10]. - Salted Fish has shifted its strategy to prioritize channel penetration, with over 70% of its revenue coming from distribution channels, including snack retail chains [11][12]. - Cha Cha Food has also increased its investment in emerging channels, reporting a rise in revenue from snack retail channels from 5 million yuan in January 2023 to approximately 45 million yuan in April 2024 [13].