Core Viewpoint - Guohai Securities report indicates that Ximai Foods achieved a net profit attributable to shareholders of 81 million yuan in H1 2025, representing a year-on-year increase of 22.46% [1] - The company maintains its leading position in the Chinese oat grain market, focusing on the aging population and health economy trends [1] Financial Performance - In Q2 2025, Ximai Foods reported a net profit of 27 million yuan, up 25.16% year-on-year [1] - Revenue breakdown for H1 2025: pure oats 421 million yuan (+13.24%), compound oat flakes 556 million yuan (+27.6%), cold oat flakes 86 million yuan (+27.2%), and others 46 million yuan (-33.20%) [1] - The fastest revenue growth was seen in high-margin compound oat flakes, which now account for 48% of total revenue, indicating an optimized product structure [1] Market Position and Trends - Ximai Foods has over 20 years of experience in the oat grain market and continues to lead in this sector in China [1] - The oat grain market is expected to expand alongside the aging population and increasing health awareness among younger consumers, providing growth opportunities for the industry [1] - The company is extending its product line into the health sector, tapping into larger market segments [1]

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Views - The food and beverage index increased by 2.1% from August 25 to August 29, ranking 7th among 28 sectors, underperforming the CSI 300 by approximately 0.6 percentage points. The snack (+10.2%), dairy (+2.7%), and liquor (+2.1%) sectors performed relatively well [4][12] - In Q2 2025, the food and beverage sector's revenue grew by 5.6% year-on-year, showing a slight recovery compared to Q1 2025 (+4.6%). However, profits declined by 2.1%, a decrease from Q1 2025 (+0.3%). The liquor sector saw a significant revenue growth decline of -5.0% in Q2 compared to +1.7% in Q1, primarily due to the impact of alcohol bans [4][12] - The report indicates a further widening of performance differentiation among companies, with leading firms like Kweichow Moutai and Haitian Flavor Industry maintaining stable growth, while some second-tier brands experienced revenue slowdowns. This reflects an increasing market share trend for leading companies amid external pressures [4][12] - The report suggests that most industries are expected to continue a recovery process in the second half of 2025, with a potential gradual upward shift in demand curves. It recommends focusing on leading companies for investment [4][12] Summary by Sections Weekly Insights - The food and beverage index increased by 2.1%, ranking 7th among sectors, and underperformed the CSI 300 by about 0.6 percentage points. The snack, dairy, and liquor sectors showed relative strength [12][13] Market Performance - The food and beverage sector's performance was below the market average, with a 2.1% increase, while snacks, dairy, and liquor sectors outperformed [12][13] Upstream Data - Some upstream raw material prices have decreased. For instance, the price of fresh milk was 3.0 CNY/kg, down 5.6% year-on-year, while pork prices were 20.0 CNY/kg, down 27.4% year-on-year [19][22] Liquor Industry News - The 29° Wuliangye "One Heart" has begun pre-sale, with a price of 399 CNY per bottle. Kweichow Moutai also launched a high-end product priced at 998 CNY per bottle [41][42] Memorandum - Attention is drawn to the shareholder meeting of Salted Fish on September 5, 2025, along with other companies holding meetings [43][47]

Investment Rating - The report assigns a rating of "Accumulate" for the company [1][6]. Core Views - The company is expected to become a leader in the oatmeal and health food sector, with a strong outlook for future growth [2][13]. - The company achieved a revenue of 1.149 billion yuan in the first half of 2025, representing a year-over-year growth of 18.07%, with a gross margin improvement of 1.07 percentage points to 43.59% [13]. - The report highlights the company's focus on product innovation and expansion into new health food categories, which is expected to drive long-term growth [13]. Financial Summary - Total revenue projections for the company are as follows: - 2023: 1,578 million yuan - 2024: 1,896 million yuan (growth of 20.2%) - 2025: 2,314 million yuan (growth of 22.1%) - 2026: 2,748 million yuan (growth of 18.7%) - 2027: 3,196 million yuan (growth of 16.3%) [5][14]. - Net profit attributable to the parent company is projected to grow from 115 million yuan in 2023 to 279 million yuan in 2027, with a compound annual growth rate of 27.0% [5][14]. - Earnings per share (EPS) is expected to increase from 0.52 yuan in 2023 to 1.25 yuan in 2027 [5][14]. Product and Regional Performance - In the first half of 2025, the company reported the following product performance: - Pure oatmeal: 13.24% growth - Compound oatmeal: 27.56% growth - Cold oatmeal: 27.23% growth [13]. - Regional performance showed that the southern region's revenue grew by 20.14%, while the northern region's revenue grew by 13.34% [13].

Market Overview - The leisure food sector increased by 0.17% on August 28, with Wancheng Group leading the gains [1] - The Shanghai Composite Index closed at 3843.6, up 1.14%, while the Shenzhen Component Index closed at 12571.37, up 2.25% [1] Individual Stock Performance - Wancheng Group (300972) closed at 176.50, up 5.35% with a trading volume of 38,400 lots and a transaction value of 666 million [1] - Lihai Food (300973) closed at 48.29, up 2.29% with a trading volume of 54,300 lots [1] - Huangshanghuang (002695) closed at 12.59, up 2.11% with a trading volume of 122,600 lots [1] - Other notable stocks include Nanchao Food (605339) and Laiyifen (603777), which saw increases of 1.34% and 0.87% respectively [1] Fund Flow Analysis - The leisure food sector experienced a net outflow of 120 million from institutional investors, while retail investors saw a net inflow of 1.29 billion [2][3] - Major stocks like Wancheng Group had a net inflow of 99.43 million from institutional investors, while retail investors had a net outflow of 70.15 million [3] - Lihai Food saw a net inflow of 38.10 million from institutional investors, but a net outflow of 59.11 million from retail investors [3]

Investment Rating - The investment rating for the company is "Outperform" (Maintain) [1] Core Views - The company has shown strong revenue growth momentum, with a 2025 H1 revenue of 1.15 billion yuan, representing a year-on-year increase of 18.1%. The net profit attributable to the parent company reached 80 million yuan, up 22.5% year-on-year [4][5] - The company is expected to benefit from the expansion of its oat product lines and a downward trend in raw material costs over the next 2-3 years, maintaining good growth elasticity in revenue and profit [4][5] - The company is actively developing its health product segment, with new products expected to drive additional growth [5] Financial Performance Summary - In 2025 Q2, the company achieved a revenue of 490 million yuan, a year-on-year increase of 21.0%, and a net profit of 27 million yuan, up 25.2% year-on-year [4][5] - The company's gross margin improved by 2.64 percentage points to 43.50% in Q2 2025, primarily due to a decrease in raw material costs [7] - The projected net profit for 2025-2027 is expected to be 170 million yuan, 220 million yuan, and 260 million yuan, respectively, with year-on-year growth rates of 29.5%, 28.7%, and 19.0% [4][8] Product and Channel Development - The company has seen a strong growth trend in its composite oat products, with a growth rate exceeding 35%, which is a key growth driver [5] - Online sales have grown over 40% in Q2 2025, with platforms like Douyin showing particularly strong performance [6] - The company is expanding its offline channels, with emerging channels such as snack wholesale and instant retail showing good growth [6] Cost and Profitability Metrics - The sales expense ratio increased significantly in Q2 2025, reflecting the company's strategy to invest in market opportunities [7] - The net profit margin slightly increased by 0.28 percentage points to 5.54% in Q2 2025 [7] - The company’s projected EPS for 2025 is 0.77 yuan, with corresponding P/E ratios of 28.2, 22.0, and 18.4 for 2025, 2026, and 2027, respectively [8]

Core Viewpoint - Ximai Foods' stock price has experienced a decline, while the company shows strong revenue and profit growth in its recent financial report [1] Group 1: Stock Performance - As of August 26, 2025, Ximai Foods' stock price is 22.80 yuan, down 0.33 yuan from the previous trading day's closing price, representing a decline of 1.43% [1] - The stock opened at 22.82 yuan, reached a high of 23.74 yuan, and a low of 22.30 yuan, with a trading volume of 64,838 lots and a transaction value of 150 million yuan [1] Group 2: Company Overview - Ximai Foods operates in the food and beverage sector, focusing on the research, production, and sales of healthy grain foods, particularly oats [1] - The company is headquartered in Guangxi and is considered one of the stocks benefiting from the Western Development strategy [1] Group 3: Management Changes - On August 26, the company announced the appointment of Sun Hongyan as the new General Manager [1] - Sun has held multiple management positions within the company since 2024 and is currently the Vice President and a board member [1] Group 4: Financial Performance - For the first half of 2025, Ximai Foods reported total operating revenue of 1.149 billion yuan, an increase of 18.07% year-on-year [1] - The net profit attributable to shareholders reached 81.4871 million yuan, reflecting a year-on-year growth of 22.46% [1] - The net cash flow from operating activities was 69.3026 million yuan, up 71.57% compared to the previous year [1] Group 5: Capital Flow - On August 26, the net outflow of main funds for Ximai Foods was 10.6712 million yuan, accounting for 0.21% of the circulating market value [1] - Over the past five days, the net inflow of main funds was 4.3768 million yuan, representing 0.09% of the circulating market value [1]

Group 1 - The core point of the article is the appointment of Sun Hongyan as the new General Manager of Ximai Food, effective from August 25, 2025, to May 17, 2026 [1] - Sun Hongyan has a background in sales and management, having held various positions within Guilin Ximai Marketing Co., including Business Manager, Regional Manager, and Sales Director [1] - Sun Hongyan currently serves as the Vice President and Director of the company, indicating a strong internal promotion [1]

Investment Rating - The report maintains a "Buy" investment rating for Ximai Food (002956.SZ) [10] Core Views - The company continues to experience growth in its main business, with cost benefits being realized as expected [1] - The gross profit margin increased by 3 percentage points to 43.50% in Q2 2025, attributed to product structure optimization and lower raw material costs [2] - The company is focusing on expanding its market presence through increased advertising spending while maintaining stable overall expense ratios [2] - The revenue from pure and composite oatmeal products grew by 13% and 28% respectively in H1 2025, indicating strong brand performance and innovation in product categories [3] - The new retail channels are showing continued growth, with e-commerce channels maintaining a leading position [4] Summary by Sections Financial Performance - In H1 2025, total revenue reached 1.149 billion yuan, a year-on-year increase of 18%, with net profit attributable to shareholders at 81 million yuan, up 22% [1] - Q2 2025 revenue was 493 million yuan, reflecting a 21% increase, while net profit for the same period was 27 million yuan, up 25% [1] Cost and Profitability - The company has locked in raw material prices for the year, which is expected to support continued gross margin realization [2] - Selling expense ratio increased by 3 percentage points to 30.72% due to heightened advertising efforts, while management expense ratio decreased by 1 percentage point to 5.74% [2] Product Performance - Revenue from pure oatmeal and composite oatmeal reached 421 million yuan and 556 million yuan respectively in H1 2025, with significant growth driven by innovative product offerings [3] - The cold food oatmeal segment generated 86 million yuan in revenue, a 27% increase, primarily due to contributions from the Desai Kanggu brand [3] Market Channels - Offline channels face traffic pressure, but the company's products maintain resilience due to brand strength [4] - E-commerce channels are expected to take on more product testing roles, enhancing the success rate of new product launches [4] Profit Forecast - The company is expected to continue its focus on the oatmeal category, with earnings per share (EPS) projected to be 0.78 yuan, 1.01 yuan, and 1.24 yuan for 2025, 2026, and 2027 respectively [10]

Market Overview - The leisure food sector experienced a decline of 0.37% on August 26, with Yanjinpuzi leading the drop [1] - The Shanghai Composite Index closed at 3868.38, down 0.39%, while the Shenzhen Component Index closed at 12473.17, up 0.26% [1] Stock Performance - Notable gainers in the leisure food sector included: - Ziyan Food (603057) with a closing price of 25.50, up 5.72% and a trading volume of 132,000 shares [1] - Maijiaoer (002719) closed at 10.17, up 1.40% with a trading volume of 119,500 shares [1] - Yuanzhu (603886) closed at 13.25, up 1.38% with a trading volume of 71,100 shares [1] - Major decliners included: - Yanjinpuzi (002847) closed at 71.98, down 1.93% with a trading volume of 47,100 shares [2] - Huangshanghuang (002695) closed at 12.73, down 1.55% with a trading volume of 150,800 shares [2] - Ximai Food (002956) closed at 22.80, down 1.43% with a trading volume of 64,800 shares [2] Capital Flow - The leisure food sector saw a net outflow of 354 million yuan from institutional investors, while retail investors contributed a net inflow of 276 million yuan [2] - The overall capital flow indicates a mixed sentiment, with institutional investors pulling back while retail investors showed interest [2] Individual Stock Capital Flow - Key stocks with significant capital flow include: - Good Idea (002582) with a net inflow of 6.01 million yuan from institutional investors [3] - Ziyan Food (603057) had a net inflow of 4.27 million yuan from institutional investors but a net outflow of 18.35 million yuan from retail investors [3] - Yanjinpuzi (002847) experienced a net outflow of 4.37 million yuan from institutional investors [3]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's total operating revenue for H1 2025 reached 1.149 billion, a year-on-year increase of 18.07%, while the net profit attributable to the parent company was 81 million, up 22.46% year-on-year [7] - The revenue growth accelerated in Q2 2025, driven by strong downstream demand, indicating significant growth potential for the company [7] - The company is expected to achieve a compound annual growth rate (CAGR) of 15% in revenue from 2025 to 2027, with profit elasticity anticipated due to cost reductions in 2025 [7] Financial Summary - Total operating revenue projections are as follows: 1,896 million in 2024, 2,255 million in 2025, 2,581 million in 2026, and 2,884 million in 2027, with year-on-year growth rates of 20.16%, 18.91%, 14.49%, and 11.72% respectively [1][8] - Net profit attributable to the parent company is forecasted to be 133 million in 2024, 180 million in 2025, 229 million in 2026, and 276 million in 2027, with corresponding growth rates of 15.36%, 35.38%, 26.75%, and 20.83% [1][8] - The latest diluted EPS is projected to be 0.60 in 2024, 0.81 in 2025, 1.02 in 2026, and 1.24 in 2027 [1][8] - The company’s P/E ratios are expected to be 40.46 in 2024, 29.89 in 2025, 23.58 in 2026, and 19.52 in 2027 [1][8]