（记者 王晓波） 每经头条（nbdtoutiao）——"为了孩子吃上饭，自己只能靠喝水撑着"！美政府停摆危机逼近"临界 点"，4200万人吃饭成问题 每经AI快讯，西麦食品发布公告称，2025年10月30日，西麦食品接受华鑫证券等投资者调研，公司李 骥、何剑萍参与接待，并回答了投资者提出的问题。 ...

Group 1: Product Development and Market Strategy - The company is progressing well with its health products, particularly the "Ximai Shiyang" brand, which includes light nourishing powder products that began regional promotion in September, with expected revenue impact as distribution expands [2] - The new "Ximai Shiyang" product line is designed to meet the growing consumer demand for health and wellness, leveraging the company's existing expertise in health food production [5] - The light nourishing market is currently valued at 20 billion yuan and is expected to continue expanding, aligning with consumer trends towards traditional Chinese health concepts [5] Group 2: Sales Performance and Cost Management - The company reported strong e-commerce performance in Q3, with a decrease in sales expense ratio due to effective brand building and refined operational strategies [2][6] - Q4 is anticipated to be a peak sales season, driven by major promotional events like Double 11 and the upcoming Chinese New Year, leading to optimistic sales forecasts [3] - The company has successfully reduced overall expense ratios while maintaining sales, indicating effective cost control measures [6][7] Group 3: Channel Growth and Product Differentiation - The rapid growth in the snack wholesale channel in Q3 is attributed to the introduction of new SKUs and product upgrades [4] - The new light nourishing powder products differ significantly from existing oatmeal products, with a competitive strategy focused on brand extension and market positioning [4][5] - The company plans to implement a series-based product strategy to enhance brand recognition and consumer engagement across multiple channels [5]

Core Viewpoint - The leisure food sector experienced a 1.77% increase on November 3, with Wancheng Group leading the gains, while the overall market indices also showed positive movement [1] Group 1: Market Performance - The Shanghai Composite Index closed at 3976.52, up 0.55% [1] - The Shenzhen Component Index closed at 13404.06, up 0.19% [1] - The leisure food sector stocks showed varied performance, with Wancheng Group rising by 4.02% to a closing price of 183.88 [1] Group 2: Stock Performance - Key stocks in the leisure food sector included: - Wancheng Group: 4.02% increase, 3.31 million shares traded, total turnover of 602 million yuan [1] - Gui Faxiang: 3.05% increase, 1.53 million shares traded, total turnover of 201 million yuan [1] - Ximai Food: 2.81% increase, 378,000 shares traded, total turnover of 82.12 million yuan [1] - Ziyan Food: 2.51% increase, 491,000 shares traded, total turnover of 91.69 million yuan [1] - Huang Shang Huang: 2.20% increase, 1.15 million shares traded, total turnover of 149 million yuan [1] Group 3: Capital Flow - The leisure food sector saw a net outflow of 51.14 million yuan from institutional investors, while retail investors contributed a net inflow of 91.52 million yuan [1] - Specific stock capital flows included: - Wancheng Group: 19.90 million yuan net inflow from institutional investors [2] - Gui Faxiang: 6.78 million yuan net inflow from institutional investors [2] - Ximai Food: 3.77 million yuan net inflow from retail investors [2]

Core Insights - The company achieved a revenue of 1.696 billion yuan in the first three quarters, representing a year-on-year growth of 18.34%, with a net profit attributable to shareholders of 132 million yuan, up 21.90% [1] - In Q3 alone, the company reported a revenue of 547 million yuan, a year-on-year increase of 18.92%, and a net profit of 51 million yuan, growing by 21.00% [1] Group 1: Revenue Growth - Q3 revenue reached a new high, with a year-on-year growth of 18.92% to 547 million yuan, indicating strong competitive positioning in the industry [2] - All core product categories experienced double-digit growth in Q3, with compound oats benefiting from channel expansion and product innovation, outpacing overall company growth [2] - The offline channel network continues to expand, particularly in East China, maintaining the company's leading sales position in the industry [2] Group 2: Cost and Profitability - Q3 gross margin improved by 0.93 percentage points to 43.75%, primarily due to a decline in core raw material costs [3] - Q3 selling expense ratio decreased by 1.85 percentage points to 27.11%, attributed to effective cost control during the off-season [3] - Despite a reduction in government subsidies impacting profits, the company’s net profit margin increased by 0.14 percentage points to 9.31% in Q3, with a significant rise in operating-related net profit [3] Group 3: Future Outlook - The company is expected to maintain steady growth into Q4, driven by the upcoming Spring Festival season, increased volume of compound oats, and expansion in snack channels [3] - Long-term prospects are positive, with expectations for continued scale expansion benefiting from brand, channel, and supply chain advantages in the health food sector [3] Group 4: Investment Recommendations - The company has adjusted its revenue forecasts for 2025-2027 to 2.247 billion, 2.674 billion, and 3.102 billion yuan, respectively, and revised EPS estimates to 0.77, 0.98, and 1.17 yuan [4] - The price-to-earnings ratio for 2025 is projected at 28 times, maintaining a "buy" rating based on the latest performance report [4]

Core Insights - The food and beverage sector has underperformed the market, with a decline of 1.6% from January to October 2025, lagging behind the CSI 300 by approximately 37.2 percentage points, ranking last among primary sub-industries [4][11][25] - The snack segment has shown better performance with a growth of 32.5%, while beer, seasoning, and liquor have experienced declines of 9.7%, 6.5%, and 4.8% respectively [4][11][25] - The sector's price-to-earnings (PE) ratio has decreased by 10.4% compared to the end of 2024, with an expected net profit growth of 5.4% for 2025, leading to a 5.6% decline in market capitalization [4][17][20] Market Performance - The food and beverage sector has underperformed the market, with a decline of 1.6% from January to October 2025, ranking last among primary sub-industries [4][11] - The snack segment has shown better performance with a growth of 32.5%, while beer, seasoning, and liquor have experienced declines of 9.7%, 6.5%, and 4.8% respectively [4][11] - The sector's PE ratio has decreased by 10.4% compared to the end of 2024, with an expected net profit growth of 5.4% for 2025, leading to a 5.6% decline in market capitalization [4][17] Fund Holdings - In Q3 2025, the allocation of food and beverage in the overall market funds dropped to a new low of 6.4%, down from 8.0% in Q2 2025, marking the lowest level since 2020 [5][37] - The allocation in active equity funds also decreased from 5.6% in Q2 2025 to 4.1% in Q3 2025, indicating a significant reduction in food and beverage exposure [5][37] - The white liquor segment has seen a reduction in fund allocation, with companies like Luzhou Laojiao and Shede Liquor gaining more market favor due to their performance [5][42] Industry Judgment - The macroeconomic environment shows a weak recovery, with China's GDP growth at 4.8% in Q3 2025, slightly down from Q2 2025 [6][46] - Retail sales of consumer goods grew by 3.5% year-on-year in Q3 2025, reflecting a slower recovery pace, primarily due to the impact of the alcohol ban on dining consumption [6][46] - The food manufacturing sector has faced pressure, with revenue growth of only 1.5% and profit growth of 2.1% from January to September 2025, indicating a downward trend [6][52] Investment Opportunities - The food and beverage industry is expected to see a recovery from its bottom, with a focus on resilient consumer spending and improved economic activity [7][65] - The white liquor sector is nearing a left-side layout zone, suggesting gradual investment opportunities in companies like Kweichow Moutai and Luzhou Laojiao [7][68] - The snack segment is recommended for investment due to its growth potential, with companies like Wei Long and Ximai Foods highlighted for their market opportunities [7][69][62]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company demonstrated strong revenue resilience in Q3, with revenue growth of 18.9% year-on-year, reaching 5.5 billion yuan, and net profit growth of 21.0%, amounting to 0.5 billion yuan. The performance exceeded expectations, leading to a maintained profit forecast for 2025-2027 [3][4] - The company is focusing on product structure upgrades and multi-channel expansion, with significant growth in online sales, particularly on platforms like Douyin, which is expected to exceed 50% growth [4][5] - Cost reductions and effective expense management have contributed to an increase in net profit margin, which rose to 9.31% in Q3, up 0.14 percentage points year-on-year [6] Financial Performance Summary - For the first three quarters of 2025, the company reported revenue of 1.7 billion yuan, a year-on-year increase of 18.3%, and a net profit of 0.5 billion yuan, up 21.9% year-on-year. The forecast for net profit for 2025-2027 is 1.7 billion yuan, 2.3 billion yuan, and 2.8 billion yuan, representing year-on-year growth rates of 30.3%, 31.7%, and 23.6% respectively [3][7] - The gross margin for Q3 was 43.75%, an increase of 0.92 percentage points year-on-year, driven by cost reductions [6][11] - The company’s earnings per share (EPS) for 2025 is projected to be 0.78 yuan, with corresponding price-to-earnings (P/E) ratios of 26.9, 20.4, and 16.5 for 2025, 2026, and 2027 respectively [3][7] Business Development - The company is actively advancing its health product line, with new products expected to launch soon, which could provide a new growth curve [5] - The company has successfully launched a series of health food products, receiving positive sales feedback, indicating strong market acceptance [5]

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - The food and beverage sector has seen a decline in fund allocation, with the configuration ratio dropping to a new low of 6.4% in Q3 2025 from 8.0% in Q2 2025, indicating a significant reduction in investment interest [5][14] - The white wine sector is expected to reach a performance and valuation bottom, with recommendations to strategically invest in this area due to its relatively low valuation and stable chip structure [8][40] - The beverage and snack sectors are performing well, driven by their essential consumption characteristics and resilience against external market fluctuations [41][43] Summary by Sections Fund Allocation Trends - In Q3 2025, the allocation ratio for food and beverage in all market funds decreased to 6.4%, down 1.6 percentage points from Q2 2025, marking the lowest level since 2020 [5][14] - The allocation ratio for active equity funds in food and beverage fell to 4.1% in Q3 2025, down from 5.6% in Q2 2025, reflecting a continued significant reduction in investment [5][14] White Wine Sector Insights - The proportion of active equity funds heavily invested in white wine decreased from 4.0% in Q2 2025 to 3.2% in Q3 2025, indicating a trend of reduced allocation across both active and passive funds [6][25] - Companies with cleared financial reports, such as Luzhou Laojiao and Shede Liquor, are gaining market favor, while others like Wuliangye and Moutai are seeing reduced holdings [6][25] Performance and Market Dynamics - The food and beverage sector's market value increased by 3.7% in Q3 2025, but it underperformed the CSI 300 index by approximately 18.6 percentage points, ranking fifth from the bottom in the overall market [15][21] - The overall market transaction amount for the food and beverage sector fell to 1.65%, down 1.05 percentage points from the previous quarter, indicating a decline in trading activity [15][21] Investment Recommendations - It is suggested to strategically invest in the white wine sector, focusing on stable companies like Kweichow Moutai and Shanxi Fenjiu, as well as those undergoing market reforms like Shede Liquor [8][40] - For the broader consumer goods sector, attention should be given to companies that benefit from new channels and product categories, such as Wei Long and Ximai Foods [43]

Core Viewpoint - Ximai Food's stock price has shown a significant increase this year, with a notable rise in both revenue and net profit, indicating strong business performance and investor interest [2][3]. Company Overview - Ximai Food, established on August 1, 2001, and listed on June 19, 2019, is located in Guilin, Guangxi Zhuang Autonomous Region, specializing in the research, production, and sales of oat-based foods [2]. - The company's main revenue sources include compound oatmeal (48.38%), pure oatmeal (36.62%), cold oatmeal (7.52%), and other products (4.04%) [2]. Stock Performance - As of October 31, Ximai Food's stock price increased by 31.86% year-to-date, with a 4.33% rise over the last five trading days [2]. - The stock price reached 21.43 CNY per share, with a market capitalization of 4.784 billion CNY [1]. Financial Performance - For the period from January to September 2025, Ximai Food reported a revenue of 1.696 billion CNY, reflecting an 18.34% year-on-year growth, and a net profit of 132 million CNY, up by 21.90% [2]. - The company has distributed a total of 470 million CNY in dividends since its A-share listing, with 222 million CNY in the last three years [3]. Shareholder Information - As of October 20, 2025, the number of shareholders decreased by 2.23% to 14,300, while the average circulating shares per person increased by 2.28% to 15,573 shares [2]. - Notable institutional shareholders include Baodao Huitai Preferred Mixed A and Huaxia Anyang 6-month holding period Mixed A, with the latter being a new shareholder [3].

Core Viewpoint - Ximai Food is a leading enterprise in the domestic oatmeal industry, with a strong brand reputation and high investment value due to its full industry chain advantages and high product quality [1] Group 1: Business Performance - In Q3 2025, Ximai Food reported revenue of 1.696 billion yuan, ranking 5th in the industry, lower than the top competitor Guangzhou Restaurant at 4.285 billion yuan and second-place Taoli Bread at 4.049 billion yuan [2] - The main business composition includes compound oatmeal at 555 million yuan (48.38%) and pure oatmeal at 421 million yuan (36.62%) [2] - The net profit for the same period was 133 million yuan, ranking 4th in the industry, below Guangzhou Restaurant's 477 million yuan and Taoli Bread's 298 million yuan [2] Group 2: Financial Ratios - As of Q3 2025, Ximai Food's debt-to-asset ratio was 25.89%, an increase from 23.03% year-on-year, but still below the industry average of 35.61%, indicating relatively low debt pressure [3] - The gross profit margin for the same period was 43.64%, up from 42.61% year-on-year and above the industry average of 35.62%, reflecting strong profitability [3] Group 3: Shareholder Information - As of September 30, 2025, the number of A-share shareholders increased by 11.64% to 14,100, while the average number of circulating A-shares held per shareholder decreased by 10.43% to 15,800 [5] - Notable shareholders include Baodao Huitai Preferred Mixed A, which increased its holdings by 602,600 shares to 4.204 million shares, and Huaxia Anyang 6-month holding period Mixed A, a new shareholder with 2.6758 million shares [5] Group 4: Analyst Ratings - Huaxin Securities noted that Ximai Food's Q3 2025 report showed growth in both revenue and net profit, with effective cost control and positive feedback on product innovation [5] - Haitong Securities highlighted the stable growth of the oatmeal main business and the contribution of compound oatmeal to revenue growth, maintaining a "buy" rating with an estimated EPS of 0.81/1.06/1.24 yuan for 2025-2027 [5]

Investment Rating - The report maintains a "Buy" investment rating for Ximai Food (002956.SZ) [8] Core Insights - The company's total operating revenue for Q1-Q3 2025 reached 1.696 billion yuan, representing an 18% year-on-year increase, while the net profit attributable to shareholders was 132 million yuan, up 22% year-on-year [1] - The gross profit margin for Q3 2025 increased by 1 percentage point to 43.75%, driven by product structure optimization and a decrease in raw material costs [2] - The launch of the medicinal food series in September received positive feedback, with a focus on market testing and consumer feedback collection in Q4 2025 [3] Financial Performance - For Q3 2025, total operating revenue was 547 million yuan, a 19% increase year-on-year, and the net profit attributable to shareholders was 51 million yuan, up 21% year-on-year [1] - The company has locked in raw material prices for the year, and costs are expected to continue declining, which will support sustained gross margin improvements [2] - The adjusted earnings per share (EPS) forecasts for 2025-2027 are 0.77, 1.02, and 1.27 yuan, respectively, with corresponding price-to-earnings (PE) ratios of 28, 21, and 17 times [8] Market Position and Strategy - Ximai Food is focusing on the oat category, with a strong emphasis on the health strategy, which is progressing smoothly [4] - The online sales channel continues to show rapid growth while maintaining cost control, and the company is expected to improve channel profitability further [3] - The company is adapting its product offerings in response to market conditions, including the introduction of new high-protein oat products in various retail channels [3]