Core Viewpoint - The company emphasizes that its inventory impairment provision is strictly in accordance with the relevant regulations of the "Enterprise Accounting Standards" and its own accounting policies [1] Group 1 - The company adopts a "sales-driven production" model and a "production-driven procurement" model to control inventory levels based on market conditions and production planning [1] - The company continuously optimizes inventory management as its digital management and information technology deepen [1]

Core Viewpoint - The company reported that its revenue growth across various channels in the first half of the year met expectations, with strong performance in specific product lines and channels [1] Revenue Growth by Channel - The quantitative circulation channel experienced robust revenue growth due to a focus on the "Big Boss" sesame-flavored beef tripe, enhancing the number of sales points [1] - The snack wholesale channel achieved steady growth through an increase in store numbers, product category expansion, and marketing efforts [1] - The e-commerce channel faced short-term performance pressure due to proactive adjustments in business and product structure [1] Future Strategy - The company plans to focus on brand building in the e-commerce channel, aiming to replicate the successful model of the "Big Boss" sesame-flavored beef tripe to create more hit products and improve operational efficiency [1] - For the second half of the year and beyond, the company will emphasize growth in konjac products, particularly targeting the quantitative circulation and snack channels [1]

Core Viewpoint - Yanjinpuzi (002847) announced on September 9 that despite the high volatility in konjac raw material prices, the company is leveraging its controlling shareholder's upstream layout to gain cost advantages through stockpiling and other strategies [1] Group 1: Company Strategies - The company is actively responding to high konjac raw material prices by predicting price trends and stockpiling [1] - Continuous improvements in lean manufacturing and smart manufacturing are being implemented to enhance production efficiency [1] - Adjustments in product strategy are also part of the company's proactive approach [1] Group 2: Industry Outlook - The price trend of konjac in 2025 will primarily be influenced by the actual planting area and weather conditions in the country [1] - These factors directly affect konjac production, leading to price fluctuations [1] - Current expectations indicate an expansion in konjac planting area and sustained growth in downstream demand, although the final direction of raw material prices will be determined by supply and demand dynamics [1]

Core Viewpoint - Yanjinpuzi (002847) announced on September 9 that it adjusts its production capacity based on seasonal demand, particularly preparing for peak demand during the upcoming Spring Festival [1] Group 1 - The company produces products with distinct seasonal characteristics [1] - Production capacity is configured according to the maximum daily demand anticipated for the next Spring Festival [1] - The company proactively increases production capacity each year in advance [1] Group 2 - During peak production periods, the capacity utilization rate for core products like konjac exceeds 99% [1]

Core Viewpoint - Salted Fish's stock price has shown fluctuations, with a year-to-date increase of 16.64% but a recent decline in the last five trading days by 4.62% [1] Financial Performance - For the first half of 2025, Salted Fish achieved operating revenue of 2.941 billion yuan, representing a year-on-year growth of 19.58% [2] - The net profit attributable to shareholders for the same period was 373 million yuan, reflecting a year-on-year increase of 16.70% [2] Shareholder Information - 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 company has distributed a total of 1.318 billion yuan in dividends since its A-share listing, with 923 million yuan distributed in the last three years [3] Stock Market Activity - The stock experienced a net outflow of 9.5791 million yuan from main funds, with significant selling pressure observed [1] - The company has appeared on the stock market's "Dragon and Tiger List" once this year, with the last occurrence on April 8 [1] Business Overview - Salted Fish, established on August 4, 2005, and listed on February 8, 2017, specializes in the research, production, and sales of leisure foods and deep processing of agricultural products [1] - The main revenue sources include spicy snacks (44.91%), baked potato products (15.61%), dried fruits and jellies (14.56%), deep-sea snacks (12.33%), and egg snacks (10.52%) [1]

Core Insights - The company has made significant progress in its international expansion strategy, particularly in Southeast Asia, with plans to invest $30 million in a new konjac production facility in Thailand by 2025 [1] - In the first half of the year, the company's overseas revenue reached 96.35 million yuan, a substantial increase from 141,700 yuan in the same period last year, accounting for over 3% of total revenue [1] - The company aims to further expand its konjac product market in Southeast Asia, with over 80% of current sales coming from Thailand, which is expected to provide better cost advantages after the new factory is established [1]

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]