行业走势图 数据来源：聚源 -12% 0% 12% 24% 36% 48% 2024-09 2025-01 2025-05 食品饮料 沪深300 相关研究报告 食品饮料 2025 年 09 月 07 日 投资评级：看好（维持） 《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 《中报承压下微光渐显，业绩分化中 孕育新机—行业周报》-2025.8.31 《白酒中报加速出清，大众品优先成 长性—行业周报》-2025.8.24 白酒筑底，新消费领航 张宇光（分析师） 张思敏（分析师） zhangyuguang@kysec.cn 证书编号：S0790520030003 zhangsimin@kysec.cn 证书编号：S0790525080001 核心观点：白酒底部渐显，新消费成长可期 9 月 1 日-9 月 5 日，食品饮料指数跌幅为 1.0%，一级子行业排名第 14，跑输沪 深 300 约 0.2pct，子行业中预加工食品（+1.0%）、肉制品（+0.5%）、其他食品 （+0.0%）表现相对领先。个股方面，欢乐家、千味央厨、惠发食品涨幅领先； 爱普股份、 ...

| 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 603777 | 来伊份 | 14.78 | 3.07% | 29.08万 | | 4.21亿 | | 002695 | 煌上煌 | 12.33 | 1.40% | 11.03万 | | 1.34亿 | | 603043 | 广州酒家 | 17.61 | 1.32% | 9.80万 | | 1.70亿 | | 603886 | 元祖股份 | 13.34 | 1.14% | 7.31万 | | 9716.49万 | | 300972 | 万辰集团 | 192.19 | 0.96% | 2.94万 | | 5.59亿 | | 603517 | 绝味食品 | 16.02 | 0.75% | 11.46万 | | 1.82亿 | | 002582 | 好想你 | 10.48 | 0.58% | 17.11万 | | 1.76亿 | | 002719 | 麦潤尔 | 9.45 | 0.43% | 10.11万 | | 9415.96万 | | ...

证券之星消息，9月4日休闲食品板块较上一交易日上涨0.68%，桂发祥领涨。当日上证指数报收于 3765.88，下跌1.25%。深证成指报收于12118.7，下跌2.83%。休闲食品板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 002820 | 桂发祥 | 13.00 | 6.12% | 30.19万 | | 3.89亿 | | 603777 | 来伊份 | 14.34 | 5.05% | 25.22万 | | 3.58亿 | | 002719 | 麦趣尔 | 9.41 | 3.75% | 13.76万 | | 1.29亿 | | 000716 | 黑芝麻 | 6.61 | 3.61% | 51.32万 | | 3.37亿 | | 603886 | 元祖股份 | 13.19 | 3.45% | 6.96万 | | 9081.22万 | | 002956 | 西麦食品 | 21.60 | 3.40% | 4.96万 | | 1.06亿 | | 002991 | ...

另外，西麦食品还提到，"场景上，整个燕麦品类的消费场景主要是以早餐为主，约占近60%的比例。 但早餐场景的消费比例已经比前些年下降较多，可见行业在场景拓展上做了很多的工作，也产生了比较 明显的效果。未来，我们预期会开发出更多的消费场景，满足更多消费者的隐含需求，早餐类的占比可 能会进一步下降。" 编辑 杨娟娟 校对 杨利 新京报贝壳财经讯（记者阎侠）9月2日，记者自西麦食品发布的投资者关系活动记录表获悉，复合燕麦 是公司近几年来的主要增长引擎，公司持续推出复合新品，今年新推出药食同源系列粉、七白八珍麦片 等，符合消费者中式养生需求，销售情况良好，后续公司还会陆续推出同系列新品。 去年3月，西麦食品并购德赛康谷，以1500万受让原股东部分股权以及2100万增资方式获取60%股权， 实现了公司的首次战略并购，公司的燕麦谷物产业横向拓展至酸奶盖燕麦市场。 根据西麦食品最新披露的情况可知，"德赛康谷2025年上半年营收3000多万，同比增长约10%，整体趋 势向好，二季度开始盈利。" ...

Market Overview - The leisure food sector experienced a decline of 1.24% on September 2, with Ziyan Food leading the drop [1][2] - The Shanghai Composite Index closed at 3858.13, down 0.45%, while the Shenzhen Component Index closed at 12553.84, down 2.14% [1] Individual Stock Performance - Ziyan Food's stock price fell by 6.72% to 23.75, with a trading volume of 66,300 shares and a transaction value of 162 million yuan [2] - Other notable declines include: - Ximai Food down 2.82% to 21.40 - Guifaxiang down 2.81% to 12.82 - Three Squirrels down 2.43% to 26.11 [2] Trading Volume and Capital Flow - The leisure food sector saw a net outflow of 262 million yuan from main funds, while retail investors contributed a net inflow of 253 million yuan [2][3] - The trading volume for various stocks included: - Taoli Bread with a closing price of 5.69 and a trading volume of 250,700 shares [1] - Yanzhu Co. with a closing price of 13.17 and a trading volume of 44,400 shares [1] Capital Inflow Analysis - Main funds showed a net inflow in stocks like Taoli Bread (10.27 million yuan) and Youyou Food (3.91 million yuan) [3] - Conversely, stocks like Black Sesame and Maiqu'er experienced net outflows of -20.11 million yuan and -203.98 million yuan, respectively [3]

（文章来源：证券日报） 证券日报网讯西麦食品9月2日在互动平台回答投资者提问时表示，截至2025年8月29日，公司的股东户 数为12495户。 ...

Group 1: Company Highlights - Changchun High New has made significant progress in using AI large models to design highly alkaline single-domain antibodies, successfully completing the development of a protein product designed by the model that has entered 5000-liter scale production [1] - Oko Yi achieved operating revenue of 603.48 million yuan in the first half of 2025, a year-on-year increase of 4.17%, but net profit decreased by 98.71% due to low capacity utilization, increased depreciation, rising material costs, and higher expense ratios [2] - Jingwang Electronics reported operating revenue of 7.095 billion yuan in the first half of 2025, a year-on-year increase of 20.93%, with net profit of 650 million yuan, a slight decrease of 1.06% [3] - Lens Technology has engaged in joint R&D with leading companies in the 3D printing industry, with some products expected to achieve mass production next year [4] - Ximai Food's revenue for the first half of the year was over 30 million yuan, a year-on-year increase of approximately 10%, with profitability starting in the second quarter [5] - Antu Bio experienced a decrease in testing volume due to price reductions in chemiluminescence products, but anticipates a record high in installed capacity in 2024 [6] Group 2: Industry Insights - The manufacturing recovery is driving demand for tools in the automotive, aerospace, and consumer electronics sectors, with significant potential for domestic replacements in high-end fields [2] - The industry is in a golden development phase, with substantial room for domestic substitution and significant overseas market potential [2] - The automotive electronics sector is experiencing rapid growth, with increased shipments of AI servers and 800G optical modules [3] - The biopharmaceutical sector is facing pressure from the implementation of centralized procurement and DRG policies, impacting sales and pricing strategies [5][6]

Group 1 - The company has appointed a new general manager, Sun Hongyan, who has been with the company for 20 years and is familiar with its operations and the fast-moving consumer goods market. The change in management will not significantly impact the company's future strategic planning [1] - The main growth driver for the company in recent years has been composite oats, with new product launches such as medicinal food series powders and Seven White Eight Treasure oat flakes meeting consumer demand for traditional Chinese health products. The sales performance has been good, and more similar products will be launched in the future [2] - The product structure has shifted due to the rapid growth of composite oats, which have a complex processing method and higher added value, leading to an overall increase in the company's gross margin. Additionally, a decrease in raw material costs has also contributed to the improvement in gross margin [2] Group 2 - The company continues to focus on oat-related products, with pure oats maintaining stable and sustainable growth. Pure oats are considered a foundational product with future growth potential [3] - Resources have been increasingly allocated to composite oats, which are made by adding various ingredients to pure oats. The performance of composite oats has met the company's expectations, driving overall growth and profitability [3] - In the medium to short term, the company will continue its product development strategy, incorporating traditional medicinal ingredients such as red dates, ginseng, tremella, and bird's nest into pure oats under the guidance of traditional Chinese health concepts [3]

Group 1 - The company recently held an online conference with 54 institutions, including Huaxin Securities, to discuss its strategic planning, performance, product structure, and channel expansion [1] - The former general manager Meng resigned due to health reasons, and the marketing head Sun took over; this change is not expected to significantly impact the company's future strategic execution [1] - The acquired company Desai Kanggu reported over 30 million in revenue for the first half of the year, a year-on-year increase of approximately 10%, and began to turn a profit in the second quarter [1] Group 2 - The compound oatmeal is the main growth driver, with new products like medicinal food series powder and Qibai Bazhen oatmeal selling well; product structure changes and raw material cost reductions have improved the company's gross margin [1] - The company is actively embracing new channels, with a new oatmeal porridge product entering Sam's Club and performing well; a new subsidiary, Bai Ruiji, has been established to focus on the high-end gift market [1] - Currently, the company primarily focuses on oatmeal-related products, with pure oatmeal showing stable growth and compound oatmeal growing rapidly with strong profitability; future development strategies will continue to incorporate medicinal food concepts [1]

A3：复合燕麦是公司近几年来的主要增长引擎，公司持续推出复合新品，今 年新推出药食同源系列粉、七白八珍麦片等，符合消费者中式养生需求，销售 情况良好，后续公司还会陆续推出同系列新品。 公司的产品结构在复合燕麦的高速增长推动下产生了一些变化，复合燕麦的加 工工艺较复杂，附加值较高，相应的毛利率也较高，带动公司整体毛利率也有 了提升。另外，原材料的成本下降也对毛利率产生一定的作用。 Q4：公司复合燕麦的大单品是哪些？ A4：目前复合品类下牛奶燕麦片、五黑销量最高，新品还需要时间来爬坡， 短时间内还无法挑战原有大单品的地位。 证券代码：002956 证券简称：西麦食品 桂林西麦食品股份有限公司投资者关系活动记录表 | | □特定对象调研 □分析师会议 | | --- | --- | | 投资者关系 | □媒体采访 □业绩说明会 | | 活动类别 | □新闻发布会 □路演活动 | | | □现场参观 其他（线上交流会） ☑ | | | 华鑫证券、鹏华基金、博道基金、方正证券、鹏扬基金、光大证券、广发证券、 | | | 华源证券、招商证券、中信证券、国海证券、沣京资本、中信建投、国信证券、 | | | 弈宸基金、浙商证 ...