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].

Core Viewpoint - Company will participate in the online collective reception day for investors organized by Hunan Securities Regulatory Bureau and other entities, aiming to enhance interaction with investors [1][2]. Group 1 - The event will be held online on September 19, 2025, from 15:40 to 17:00 [1]. - Company executives will communicate with investors regarding the company's 2024 annual and 2025 semi-annual performance, governance, development strategy, operational status, and sustainable development [1]. - Investors can participate through the "Panjing Roadshow" website, WeChat public account, or by downloading the Panjing Roadshow APP [1]. Group 2 - The announcement emphasizes the company's commitment to providing truthful, accurate, and complete information without any misleading statements or significant omissions [1]. - The event is part of a broader initiative to strengthen investor relations and transparency within the company [2]. - The company aims to address investor concerns and foster a better understanding of its operations and future plans [1].

证券代码：002847 证券简称：盐津铺子 公告编号：2025-053 盐津铺子食品股份有限公司 关于参加湖南辖区2025年投资者网上集体接待日 活动的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整， 没有虚假记载、误导性陈述或重大遗漏。 为进一步加强与投资者的互动交流，盐津铺子食品股份有限公司（以下简称 "公司"）将参加由湖南证监局、湖南省上市公司协会与深圳市全景网络有限公 司联合举办的"资本聚三湘 楚光耀新程—2025 年湖南辖区上市公司投资者网上 集体接待日"活动，现将相关事项公告如下： 本次活动将采用网络远程的方式举行，投资者可登录"全景路演"网站 （https://rs.p5w.net），或关注微信公众号：全景财经，或下载全景路演 APP，参 与本次互动交流，投资者网上在线互动时间为 2025 年 9 月 19 日（星期五） 15:40-17:00。届时公司高管将在线就公司 2024 年度及 2025 年半年度业绩、公司 治理、发展战略、经营状况和可持续发展等投资者关心的问题，与投资者进行沟 通与交流。 欢迎广大投资者积极参与！ 特此公告。 盐津铺子食品股份有限公司 董 事 会 20 ...

Core Viewpoint - Konjac, known as "human cat strips," is becoming a phenomenon in the snack food industry, with companies like Salted Fish Pouch and Wei Long capitalizing on this trend through their konjac product lines [1][4]. Company Performance - Salted Fish Pouch's konjac snack brand "Big Demon King" generated revenue of 791 million yuan in the first half of 2025, a year-on-year increase of 155.10%, contributing significantly to the company's total revenue of 2.941 billion yuan [1][12]. - Wei Long's konjac products "Konjac Shuang" and "Little Witch" drove a 44.3% increase in the vegetable products segment to 2.109 billion yuan, accounting for 60.5% of total revenue in the first half of 2025 [7][8]. - In the first half of 2025, Salted Fish Pouch reported total revenue of 2.941 billion yuan, up 19.58% year-on-year, with a net profit of 373 million yuan, an increase of 16.70% [12][18]. 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 [5]. - More than 30 companies, including Qiaqia Food and Three Squirrels, are entering the konjac snack market, indicating a competitive landscape [14]. Channel Development - The competition among snack companies is intensifying in the offline market, with the Mingming Busy Group surpassing 20,000 stores nationwide [3][19]. - Salted Fish Pouch has shifted its strategy to prioritize channel development, emphasizing the importance of distribution channels in its growth [19]. - Qiaqia Food has also increased its investment in emerging channels like snack wholesale stores and membership stores, reflecting a broader trend in the industry [20].

Market Overview - The domestic market indices showed mixed performance, with the Shanghai Composite Index closing at 3,875.31, up by 1.65%, while the Shenzhen Component Index rose by 3.36% to 12,979.89 [2][4]. Company Analysis: 阳光电源 (Sungrow Power Supply) - In the first half of 2025, the company achieved revenue of 43.53 billion yuan, a year-on-year increase of 40.3%, and a net profit of 7.73 billion yuan, up by 56.0% [9]. - The company's photovoltaic inverter revenue reached 13.4 billion yuan, growing by 11% year-on-year, with a gross margin of 35.74% [9]. - The energy storage system revenue doubled to 17.8 billion yuan, with a gross margin of 39.92% [9]. - R&D investment increased by 37% to 2.037 billion yuan, with a focus on AIDC (Artificial Intelligence Data Center) [9]. Company Analysis: 永辉超市 (Yonghui Superstores) - The company is undergoing a transformation towards quality retail, with a focus on product innovation and supply chain reform [10]. - In 2024, the top 100 supermarkets in China are expected to have a sales scale of approximately 900 billion yuan, with a year-on-year growth of 0.3% [10]. - The company plans to expand its remodeled stores from 160 to 200 by the end of September 2025, aiming for 300 by the Lunar New Year [10][11]. Company Analysis: 新致软件 (New Wisdom Software) - In the first half of 2025, the company reported revenue of 897 million yuan, a decrease of 3.4% year-on-year, while net profit increased by 42.84% [12][13]. - The company is focusing on AI applications, with significant growth in intelligent income, which rose by 89.4% [23]. Company Analysis: 盐津铺子 (Yanjinpuzi) - The company achieved total revenue of 2.941 billion yuan in the first half of 2025, a year-on-year increase of 19.58% [16]. - The revenue from konjac products surged by 155.10%, driven by strong sales of its flagship product [18]. Company Analysis: 中国电信 (China Telecom) - In the first half of 2025, the company reported revenue of 269.4 billion yuan, a year-on-year increase of 1.3%, with a net profit of 23 billion yuan, up by 5.5% [23]. - The company is expanding its AI and cloud services, with intelligent income growing significantly [24][25]. Company Analysis: 永太科技 (Energizer Technology) - The establishment of a joint venture for lithium battery technology commercialization is expected to enhance the company's market position [27]. - The company aims for significant revenue growth in the coming years, driven by new product developments in lithium battery materials [30].

Investment Rating - The report assigns an "Add-A" rating for the company, indicating a positive outlook for its stock performance in the near term [7]. Core Insights - The company has demonstrated a strong growth trajectory, with total revenue for the first half of 2025 reaching 2.941 billion yuan, a year-on-year increase of 19.58%. The second quarter alone saw revenue of 1.403 billion yuan, up 13.54% year-on-year [4]. - The main driver of growth is the "big devil" magic yam product, which generated 791 million yuan in revenue during the first half of 2025, reflecting a remarkable year-on-year increase of 155.10% [5]. - The company is focusing on optimizing its product mix and has made significant progress in diversifying its sales channels, with a notable increase in revenue from distribution channels [5]. Financial Performance - The company reported a net profit attributable to shareholders of 373 million yuan for the first half of 2025, representing a year-on-year growth of 16.70%. The adjusted net profit reached 334 million yuan, up 22.50% year-on-year [4]. - The company's gross margin has been affected by rising costs, with a slight decline in gross margin to 29.6% for 2025, but there are signs of recovery in the second quarter [6]. - The projected earnings per share (EPS) for 2025-2027 are 2.88 yuan, 3.66 yuan, and 4.42 yuan, respectively, with corresponding price-to-earnings (PE) ratios of 25.1, 19.7, and 16.3 [7]. Revenue Projections - The company is expected to achieve revenues of 6.226 billion yuan, 7.272 billion yuan, and 8.455 billion yuan for the years 2025, 2026, and 2027, respectively, with year-on-year growth rates of 17.4%, 16.8%, and 16.3% [7][9].

Core Insights - The article highlights the rapid growth of children's cod fish sausage as a popular snack among parents, marketed as nutritious and convenient, but reveals hidden marketing tactics and misleading claims about the actual content of these products [1][5][19] Product Composition - Many brands promote their cod fish sausages as containing high levels of DHA and protein, but the actual fish content is often lower than advertised, with some products using fish paste instead of real cod [2][3][4] - A study of 17 cod fish sausage products found that only 12 had cod fish as the primary ingredient, while others used fish paste or frozen fish paste, which may contain as little as 3% cod [2][4][11] Nutritional Claims - The DHA content in many products is often overstated, with added DHA algal oil being a marketing gimmick rather than a significant nutritional benefit, providing only minimal DHA per serving [6][7][19] - The protein content is often compared to milk, but the actual protein intake from consuming cod fish sausages is significantly lower than that from milk, requiring children to eat multiple sausages to meet their protein needs [17][18] Sodium Content - Many cod fish sausages have high sodium levels, with over half of the analyzed products exceeding 600mg of sodium per 100g, which is considered high for children's diets [11][12] - The sodium content can contribute significantly to a child's daily intake, raising concerns about the health implications of regular consumption [11][12] Consumer Awareness - Parents are advised to scrutinize ingredient lists and nutritional information when selecting cod fish sausages, prioritizing products with higher fish content and lower sodium and sugar levels [19][20] - The article emphasizes the importance of fresh ingredients over processed snacks, suggesting that whole fish is a better option for providing essential nutrients [19][20]

Core Viewpoint - Salted Fish's stock price has experienced fluctuations, with a recent decline of 2.02% and a year-to-date increase of 12.47%, indicating volatility in the market [1] Financial Performance - For the first half of 2025, Salted Fish achieved a revenue of 2.941 billion yuan, representing a year-on-year growth of 19.58%, and a net profit attributable to shareholders of 373 million yuan, up 16.70% year-on-year [2] - Cumulative cash dividends since the company's A-share listing amount to 1.318 billion yuan, with 923 million yuan distributed over the past three years [3] Shareholder Structure - As of June 30, 2025, the number of shareholders increased by 21.92% to 10,900, while the average circulating shares per person decreased by 17.65% to 22,561 shares [2] - The top ten circulating shareholders include Hong Kong Central Clearing Limited as the third-largest shareholder, increasing its holdings by 1.0793 million shares [3]

Investment Rating - The report maintains a "Positive" investment rating, emphasizing the resilience of leading companies and the valuation recovery opportunities in the livestock and restaurant chains [5]. Core Insights - The report highlights that national beer companies have shown stable revenue and profit performance, while regional companies exhibit better elasticity in performance. The cost decline has contributed to gross profit growth, and the improvement in expense ratios is gradually releasing profitability [5][24]. - In the snack food sector, the report notes a divergence in channel performance, with emerging channels like bulk snacks and membership supermarkets maintaining high momentum, while traditional channels face challenges. The focus is shifting from revenue growth to profitability logic [25]. - The restaurant chain sector is experiencing a bottoming out of fundamentals and sentiment, with a gradual recovery expected as policies adjust and consumption peaks approach. The report suggests focusing on undervalued companies like Haidilao and Guangzhou Restaurant [29][31]. - The livestock sector is anticipated to see a fundamental reversal as raw milk prices stabilize and beef prices rise, which could significantly enhance profitability for companies like China Shengmu [36][45]. Summary by Sections Beer - National beer companies have demonstrated operational resilience, with stable revenue growth driven primarily by volume recovery. Regional companies like Yanjing and Zhujiang Beer have shown stronger revenue performance [12][13]. - Cost improvements from raw material price declines and stable pricing have driven gross margin increases for beer companies. The report anticipates continued upward potential in the beer sector as terminal demand gradually recovers [18][24]. Snack Foods - The snack food sector is characterized by a split in channel performance, with new channels like bulk snacks and membership supermarkets thriving, while traditional channels face challenges. The report emphasizes the importance of profitability over revenue growth moving forward [25][26]. - Companies like Wancheng Group and Yuyuan Foods are highlighted for their strong performance in emerging channels, while others are advised to focus on cost optimization to enhance profitability [25][26]. Restaurant Chains - The restaurant sector has been under pressure due to policies and competition, but a recovery is expected as restrictions ease and consumption peaks. The report suggests focusing on companies with low valuations and potential for recovery, such as Haidilao and Green Tea Group [29][31]. - The report notes that the overall restaurant revenue for H1 2025 was 2.75 trillion yuan, reflecting a 4.3% increase, but with high-end dining facing significant challenges [29][30]. Livestock - The livestock sector is expected to see a turnaround as raw milk prices stabilize and beef prices rise, which could significantly enhance profitability for companies like China Shengmu. The report indicates that the most challenging phase for livestock companies may be over [36][45]. - The report highlights that the decline in raw milk prices has pressured revenue, but a stabilization is anticipated, which could improve the valuation of biological assets and overall profitability [36][38].