9月8日下午，盐津铺子（002847.SZ）召开2025年半年度业绩说明会。 上半年，公司实现营收29.41亿元，归母净利润为3.73亿元。 从毛利率指标看，盐津铺子的成本压力持续攀升。 报告期内，其营收增长19.58%，营业成本应声上涨24.67%，高于前者增速；对应毛利率从上年同期的32.53%降至29.66%，下滑2.87个百分点。这已 是该指标连续5年中期下滑，2020年中期盐津铺子毛利率尚停留在41.78%，五年累计降幅超12个百分点。 二是物流费用归集口径原因，自2021年度起，物流费用按照新会计准则要求归集在营业成本中，物流费用占营业收入比在4%以上。 三是部分原材料成本上涨，主要是2025年上半年魔芋精粉及油脂类原材料价格上涨，对毛利造成影响。 左宇 摄 张杨还指出，2025年国内魔芋价格走势，主要受全国实际种植面积与当年天气气候状况的影响。这两者直接作用于魔芋产量，进而引发价格波动。从 目前来看，魔芋种植面积预计会扩大，下游需求也在持续增长，不过魔芋原料价格的最终走向，还是由供需关系这一核心因素来决定。 对于记者提出的毛利率下降问题，盐津铺子董秘张杨在业绩会上回应主要是受三方面影响，一是渠道 ...

Core Viewpoint - The company is optimistic about the potential of overseas markets, particularly in Southeast Asia, and plans to expand its market presence, especially after establishing a factory in Thailand, which is expected to provide cost advantages [1]. Group 1: Overseas Business Expansion - The company plans to further expand its konjac product market in Southeast Asia, with over 80% of current sales coming from Thailand [1]. - The company expresses strong confidence in its future expansion in Southeast Asia and beyond [1]. Group 2: Gross Margin Trends - The decline in gross margin is attributed to changes in channel structure, with a significant increase in revenue from emerging channels such as snack wholesale stores and interest e-commerce since 2021 [1]. - The new accounting standards have led to logistics costs being included in operating costs, with logistics expenses accounting for over 4% of operating revenue since 2021 [1]. - Rising costs of certain raw materials, such as konjac powder and oils, are expected in the first half of 2025 [1]. Group 3: Raw Material Price Management - The company is currently facing high and fluctuating prices for konjac raw materials but is leveraging its controlling shareholder's upstream layout to gain cost advantages through stockpiling and improving production efficiency [2]. - The future price trends of konjac raw materials will be influenced by the actual planting area and weather conditions, which directly affect production and price fluctuations [2]. - The company anticipates an increase in konjac planting area and sustained growth in downstream demand, although the final price direction will depend on supply and demand dynamics [2]. Group 4: Production Capacity Utilization - The company’s production capacity is adjusted based on peak demand periods, with utilization rates exceeding 99% during peak production times for core products like konjac [2].

Group 1: Overseas Business Expansion - The company plans to expand its konjac product market in Southeast Asia, particularly with a factory in Thailand, expecting significant growth in overseas business [2] - Currently, over 80% of sales come from Thailand, indicating strong confidence in market expansion in Southeast Asia and beyond [4] Group 2: Financial Performance - In the first half of 2025, the company achieved revenue of 2.941 billion yuan, a year-on-year increase of 19.58%, and a net profit attributable to shareholders of 0.16 billion yuan, up 3.73% [4] - The second quarter of 2025 saw revenue of 1.403 billion yuan, a 13.54% increase year-on-year, with a net profit growth of 21.75% [4] - The company's net profit margin for the second quarter of 2025 was 13.86% [4] Group 3: Product Strategy and Market Adaptation - The company focuses on product categories and all-channel penetration to enhance overall operational quality, with a significant revenue increase in leisure konjac products, which reached 0.791 billion yuan, a 155.10% year-on-year growth [4] - The company adapts flavors based on regional preferences, which may impact profit margins [4] Group 4: Cost Management and Profitability - The company is addressing raw material price increases by enhancing efficiency through lean and smart manufacturing, aiming to maintain competitive pricing while improving profitability [6] - The gross profit margin has decreased from 40.51% to 29.66% over the past five years, primarily due to changes in channel structure and increased logistics costs [6] Group 5: Research and Development - R&D investment decreased by 11.21%, while the success rate of new product launches fell from 85% to 60%, despite a 25% increase in repurchase rates for innovative konjac flavors [7] - The company continues to focus on core product categories and enhance product development to meet diverse consumer needs [8] Group 6: Future Outlook - The company plans to launch several new products in the second half of the year, including collaborations with well-known brands, and aims to strengthen its supply chain and channel strategies for sustained growth [9] - The company anticipates that internet sales channels will play a significant role in future profitability growth [9]

Core Viewpoint - The Ministry of Industry and Information Technology has announced the list of 274 proposed exemplary smart factory projects for 2025, highlighting the advancement of smart manufacturing in China, particularly in Changsha, Hunan Province [1] Group 1: Smart Factory Projects - A total of 274 exemplary smart factory projects have been publicly announced for 2025, showcasing leading domestic standards [1] - Changsha has four companies listed among the exemplary smart factories, including Lens Technology, Weisheng Information Technology, Yanjinpuzi Food, and China Railway Construction Heavy Industry Group [1] - Lens Technology has been recognized again for its "Lean Collaborative Smart Factory for Smart Terminal Display Components," indicating its ongoing investment in digital transformation [1] Group 2: Industrial Development in Changsha - Changsha is focusing on industrial intelligence and digital transformation, aiming to elevate "Changsha Manufacturing" to "Changsha Intelligent Manufacturing" [1] - In 2024, Changsha has cultivated 124 smart manufacturing enterprises, established 311 smart manufacturing production lines, and created 1,587 smart workstations [1] - The establishment of these exemplary smart factories is expected to enhance the smart manufacturing cluster effect in Changsha, contributing to high-quality development in the manufacturing sector [1]

Core Viewpoint - The announcement of the 2025 Excellent Intelligent Factory project by the Ministry of Industry and Information Technology signifies a further push for smart manufacturing in China, providing new momentum and direction for the digital transformation of the manufacturing sector [1] Group 1: Intelligent Factory Project Overview - A total of 274 companies have been proposed for the 2025 Excellent Intelligent Factory project, indicating a significant step towards enhancing smart manufacturing capabilities in China [1] - The project aims to cultivate intelligent factories across four levels: basic, advanced, excellent, and leading, with the "excellent" level focusing on deepening digital transformation and intelligent upgrades [1] Group 2: Companies from Changsha - Four companies from Changsha have been recognized in the list, representing diverse industries such as electronic manufacturing, power equipment, food processing, and engineering machinery [2] - The companies include: - Lens Technology Co., Ltd. with its "Lean Collaborative Intelligent Factory for Display Components" - Weisheng Information Technology Co., Ltd. with its "Smart Factory for Power Terminal Equipment" - Yanjinpuzi Food Co., Ltd. with its "Smart Factory for Chinese Snack Foods" - China Railway Construction Heavy Industry Co., Ltd. with its "Flexible Intelligent Factory for High-end Underground Engineering Equipment" [2] Group 3: Technological Innovations - The intelligent factories leverage numerous technological innovations, such as the use of six-axis robots in welding processes, which enhance precision and flexibility in manufacturing [3] - The development of a welding parameter collection system allows for real-time monitoring and intelligent diagnosis, shifting quality control from "experience-driven" to "data-driven" [3] Group 4: Integration of Advanced Technologies - Lens Technology integrates cloud computing, industrial big data, and artificial intelligence with advanced manufacturing techniques, creating 14 application scenarios to optimize the entire product lifecycle [4] - Weisheng Information's automated production lines have achieved a 96% coverage rate for single-phase automation and a 93% rate for three-phase automation, resulting in a 50% increase in production efficiency compared to pre-transformation levels [4] Group 5: Competitive Advantages - The intelligent factories not only enhance production efficiency but also serve as a core competitive advantage for companies, as seen with Yanjinpuzi's focus on quality control and supply chain integration [5] - Yanjinpuzi has established three provincial-level technology centers and maintains a robust R&D team, ensuring continuous product quality leadership [5] Group 6: Regional Impact - Changsha has made significant strides in industrial intelligence and digital transformation, with 124 intelligent manufacturing companies and 311 intelligent production lines established by 2024 [6] - The emergence of these excellent intelligent factories is expected to create a cluster effect in various fields, enhancing the core competitiveness of the regional manufacturing industry and contributing to high-quality development [6]

Core Viewpoint - Salted Fish Shop reported a strong performance in H1 2025, with revenue and net profit showing significant year-on-year growth, indicating a positive trend in the company's financial health [3][4]. Financial Performance - In H1 2025, the company achieved revenue of 2.941 billion yuan, a year-on-year increase of 19.58%, and a net profit of 373 million yuan, up 16.70% [3]. - For Q2 2025, revenue reached 1.403 billion yuan, growing by 13.54%, while net profit was 195 million yuan, reflecting a 21.75% increase [3]. Product Performance - The company saw substantial growth in various product categories, with spicy snacks, deep-sea snacks, and egg snacks achieving revenues of 1.32 billion, 363 million, and 309 million yuan respectively, with spicy snacks growing by 47.05% [4]. - The "Big Devil" brand of konjac products generated 791 million yuan in revenue, marking a remarkable 155.10% increase [4]. Channel Strategy - The company adjusted its e-commerce strategy, focusing on core products and eliminating low-margin items, which has led to improved sales performance in the e-commerce channel [4]. - Revenue from direct supermarkets, distribution, and other channels was 63 million, 2.303 billion, and 574 million yuan respectively, with a notable 30.09% increase in distribution channels [4]. Profitability and Cost Management - The gross margin for H1 2025 was 29.66%, with a slight decrease due to rising raw material costs and changes in channel structure [5]. - The net profit margin improved to 12.67% in H1 2025, driven by adjustments in low-margin products and enhanced scale effects from the "Big Devil" brand [5][6].

Core Viewpoint - The company, Yanjinpuzi, announced a plan to repurchase and cancel 70,000 shares of restricted stock from its 2023 first and second phase incentive plans, which have been granted but not yet released from restrictions [1] Summary by Relevant Sections - **Company Actions** - Yanjinpuzi plans to cancel 70,000 shares of restricted stock from its incentive plan [1] - Following the cancellation, the company's registered capital will decrease from 272,779,679 yuan to 272,709,679 yuan [1] - The total number of shares will reduce from 272,779,679 shares to 272,709,679 shares [1]

Group 1 - The company announced the approval of multiple proposals at the second extraordinary general meeting of shareholders for 2025, including the plan to repurchase and cancel part of the restricted stock options granted under the 2023 first and second phase incentive plans [2]

Group 1 - The company, Yanjinpuzi, announced the election of Ms. Tang Yunfeng as the employee director of its fourth board of directors [2]

盐津铺子食品股份有限公司 关于回购注销部分限制性股票减少注册资本暨通知债权人的公告 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。 一、通知债权人的原因 盐津铺子食品股份有限公司（以下简称"公司"）于2025年9月5日召开2025年 第二次临时股东会，审议通过了《关于回购注销部分2023年第一期和第二期限制性 股票激励计划激励对象已获授但尚未解除限售限制性股票的议案》，拟回购注销部 分已获授但尚未解除限售的限制性股票70,000股（具体内容详见2025年8月21日本公 司指定的信息披露媒体《证券时报》《中国证券报》《上海证券报》《证券日报》 和巨潮资讯网（www.cninfo.com.cn）披露的《关于回购注销部分2023年第一期和第 二期限制性股票激励计划激励对象已获授但尚未解除限售限制性股票的公告》，公 告编号：2025-044）。 证券代码：002847 证券简称：盐津铺子 公告编号：2025-052 2、登记地点：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， 盐津铺子食品股份有限公司行政总部 本次注销完成后，公司注册资本将由 272 ...