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]

Core Insights - The company reported a total revenue of 1.149 billion yuan for the first half of 2025, marking a year-on-year increase of 18.07% and ranking 6th among disclosed peers [1] - The net profit attributable to shareholders reached 81.4871 million yuan, up 22.46% year-on-year, ranking 5th among peers [1] - Operating cash flow increased by 71.57% year-on-year to 69.3026 million yuan, achieving a continuous increase for two years [1] Financial Performance - The latest asset-liability ratio stands at 25.24%, ranking 6th among peers [3] - The gross profit margin is 43.59%, ranking 2nd, with an increase of 1.07 percentage points compared to the same period last year [3] - Return on equity (ROE) is 5.40%, ranking 4th, with a year-on-year increase of 1.03 percentage points [3] - The diluted earnings per share (EPS) is 0.37 yuan, up 23.33% year-on-year, ranking 3rd among peers [3] - Total asset turnover ratio is 0.54 times, ranking 2nd, with a year-on-year increase of 9.15% [3] - Inventory turnover ratio is 2.67 times, with a year-on-year increase of 2.12% [3] Shareholder Structure - The number of shareholders is 11,300, with the top ten shareholders holding 132 million shares, accounting for 58.98% of the total share capital [3] - The largest shareholder is Guilin Ximai Sunshine Investment Co., Ltd., holding 21.1% of shares [3]

Group 1 - Ximai Food (002956.SZ) released its 2025 semi-annual report on August 26, 2025, indicating that 38 institutional investors hold a total of 130 million shares, accounting for 58.15% of the total share capital [1] - The top ten institutional investors collectively hold 53.47% of the shares, with a 0.52 percentage point increase compared to the previous quarter [1] - The report highlights the presence of significant institutional investors, including Guilin Ximai Sunshine Investment Co., Ltd. and Guangxi Hezhou Shijia Investment Co., Ltd. [1] Group 2 - In the public fund sector, one fund, Baodao Huitai Preferred Mixed A, increased its holdings by 0.25%, while six funds reduced their holdings by a total of 0.43% [2] - A total of 25 new public funds disclosed their holdings in Ximai Food, including Huaxia Anyang 6-Month Holding Period Mixed A and Manulife Consumer Dividend Index A [2] - One new social security fund, Guotai Fund Management Co., Ltd. - Social Security Fund 2004 Portfolio, disclosed its holdings in Ximai Food [2]

Core Insights - The company reported a revenue of 1.149 billion yuan for the first half of 2025, representing a year-on-year growth of 18.07% and a net profit attributable to shareholders of 81 million yuan, up 22.46% year-on-year [1] - The company is focusing on product innovation and channel expansion, particularly in the health sector, with a new health technology company established in August [3] Financial Performance - For the first half of 2025, the gross margin was 43.59%, an increase of 1.07 percentage points year-on-year, while the second quarter gross margin was 43.50%, up 2.64 percentage points year-on-year [2] - The company’s net profit margin for Q2 2025 was 5.46%, a slight increase of 0.18 percentage points year-on-year [2] Product and Regional Performance - In the first half of 2025, revenue from compound oatmeal grew by 27.6%, while pure oatmeal revenue increased by 13.2% [1] - The southern region generated 683 million yuan in revenue, a year-on-year increase of 20.14%, while the northern region saw a revenue increase of 13.34% [1] Strategic Initiatives - The company is enhancing its product structure by focusing on high-performing products such as organic and milk oatmeal, with compound oatmeal growing faster than pure oatmeal [3] - The company is expanding its sales channels, including offline networks and emerging channels like community group buying [3] Future Outlook - Revenue projections for 2025-2027 are estimated at 2.290 billion, 2.741 billion, and 3.309 billion yuan, with respective year-on-year growth rates of 20.78%, 19.69%, and 20.73% [3] - Expected net profits for the same period are projected at 170 million, 225 million, and 280 million yuan, with growth rates of 27.77%, 32.25%, and 24.25% respectively [3]

（企业公告） 8月25日，西麦食品发布2025年半年报。当中披露，2025年上半年，公司实现营业收入11.49亿元，同比 增长18.07%，经营业绩创历史新高，半年度营收首次突破10亿大关；实现归属净利润8148.71万元，同 比增长22.46%。 ...

证券日报网讯 8月25日晚间，西麦食品发布公告称，公司聘任孙红艳女士为公司新任总经理。 （文章来源：证券日报） ...

北京商报讯（记者 郭秀娟 实习记者 王悦彤） 8月25日，西麦食品发布2025年半年报，报告期内，公司 实现营业收入11.49亿元，同比增长18.07%；实现归母净利润8148.71万元，同比增长22.46%。 ...

截至发稿，西麦食品市值为52亿元。 2025年1至6月份，西麦食品的营业收入构成为：食品制造业占比96.56%，其他业务占比3.44%。 每经AI快讯，西麦食品（SZ 002956，收盘价：23.13元）8月25日晚间发布公告称，桂林西麦食品股份 有限公司总经理孟祥胜先生因健康原因申请辞去公司总经理职务，孟祥胜先生总经理职务的原定任期为 2023年8月16日至2026年5月30日。辞去公司上述总经理职务后，孟祥胜先生将在公司担任战投委员会负 责人职务。聘任孙红艳女士为公司新任总经理。 每经头条（nbdtoutiao）——A股成交连续8天破2万亿元，券商招聘也来了！行业巨头秋招"求才"，25个 岗位都有什么特点？ （记者 胡玲） ...

智通财经APP讯，西麦食品(002956.SZ)发布2025年半年度报告，该公司营业收入为11.49亿元，同比增 长18.07%。归属于上市公司股东的净利润为8148.71万元，同比增长22.46%。归属于上市公司股东的扣 除非经常性损益的净利润为7776.61万元，同比增长24.24%。基本每股收益为0.37元。 ...

智通财经APP讯，西麦食品(002956.SZ)发布2025年半年度报告，该公司营业收入为11.49亿元，同比增 长18.07%。归属于上市公司股东的净利润为8148.71万元，同比增长22.46%。归属于上市公司股东的扣 除非经常性损益的净利润为7776.61万元，同比增长24.24%。基本每股收益为0.37元。 ...