Market Overview - The seasoning and fermentation sector increased by 0.51% on August 21, with Anji Food leading the gains [1] - The Shanghai Composite Index closed at 3771.1, up 0.13%, while the Shenzhen Component Index closed at 11919.76, down 0.06% [1] Individual Stock Performance - Anji Food (603696) closed at 12.13, up 3.94% with a trading volume of 309,300 shares and a turnover of 367 million yuan [1] - Zhongjing Food (300908) closed at 32.19, up 1.64% with a trading volume of 48,500 shares and a turnover of 156 million yuan [1] - Angel Yeast (600298) closed at 39.59, up 1.51% with a trading volume of 191,400 shares and a turnover of 758 million yuan [1] - Haitian Flavoring (603288) closed at 39.75, up 0.66% with a trading volume of 189,800 shares and a turnover of 754 million yuan [1] - ST Jiajia (002650) closed at 6.10, up 0.33% with a trading volume of 66,200 shares and a turnover of 40.31 million yuan [1] Capital Flow Analysis - The seasoning and fermentation sector experienced a net outflow of 21.51 million yuan from institutional investors, while retail investors saw a net inflow of 22.28 million yuan [2] - Major stocks like Angel Yeast and Zhongjing Food had varying levels of net inflow and outflow from different investor categories [3] - For instance, Angel Yeast had a net inflow of 22.66 million yuan from institutional investors but a net outflow of 41.06 million yuan from retail investors [3]

Core Viewpoint - The article discusses the challenges faced by Zhongjing Food, particularly in its main business segments of seasoning foods and seasoning ingredients, highlighting a decline in revenue and market share due to increased competition and changing consumer preferences [4][5][6]. Group 1: Business Performance - Zhongjing Food reported a revenue of 524 million yuan and a net profit of 101 million yuan for the first half of the year, representing a year-on-year decline of 2.50% and a slight increase of 0.29% respectively [5]. - The company's two main business segments, seasoning foods and seasoning ingredients, generated revenues of 310 million yuan and 212 million yuan, showing declines of 2.31% and 1.31% year-on-year [6]. - The gross profit margin for the period was 45.04%, an increase of 1.28 percentage points compared to the previous year [5]. Group 2: Market Challenges - The seasoning market is becoming increasingly competitive, with many imitators entering the market, particularly affecting the sales of Zhongjing's Shanghai scallion oil [4][9]. - The company has faced pressure from rising raw material costs, particularly for mushroom stems and soybean oil, which has impacted profit margins [15]. - Despite efforts to expand channels and product offerings, both online and offline sales have not shown growth, with direct sales revenue declining by 2.90% [10][11]. Group 3: Strategic Adjustments - In response to declining performance, the company has launched new products, including garlic sauce and zero-fat chili sauce, to meet consumer demand for convenient cooking options [18]. - Zhongjing Food has decided to divest its blueberry business, which has been a financial burden due to continuous losses, and is focusing on optimizing asset allocation [19][21]. - The company is also exploring new growth avenues through the development of health products, such as the "Zhongjing Vitality Ginseng," leveraging its expertise in traditional Chinese medicine [22].

Core Viewpoint - The company, Zhongjing Food, is facing stagnation in its performance and plans to sell assets to improve operational efficiency [2][4]. Group 1: Asset Sale Announcement - On August 18, Zhongjing Food announced its intention to sell land use rights, buildings, and equipment due to changes in the wild blueberry supply environment, with a total book value of 55.01 million yuan [2][3]. - The assets for sale are located in the industrial park of Mohe City, Heilongjiang Province, and are owned by its wholly-owned subsidiary, Beiji Blue Company [3][4]. Group 2: Financial Performance - In the first half of 2025, Zhongjing Food reported a revenue of 524 million yuan, a decrease of 2.50% year-on-year, while net profit was 101 million yuan, an increase of 0.29% [10]. - The revenue for the first and second quarters of 2025 was 277 million yuan and 248 million yuan, showing a year-on-year growth of 1.06% and a decline of 6.19%, respectively [10]. - The company’s seasoning and condiment segment generated 212 million yuan in revenue, down 1.31% year-on-year, while the seasoning food segment saw a revenue of 310 million yuan, down 2.31% year-on-year [11]. Group 3: Product Focus and Market Position - Currently, Zhongjing Food's official website only lists one product, "Arctic Blue Wild Blueberry Jam," priced around 11 yuan per bottle [6][5]. - The company has indicated that due to a decrease in wild blueberry resources and rising raw material prices, blueberry jam is not a key development category [7][8]. - Despite challenges, Zhongjing Food's seasoning products maintain a leading position in the market, with its mushroom sauce achieving the highest sales in its category [11].

财务报表中对有大幅变动的财务项目的原因说明如下：固定资产变动幅度为54.11%,原因:仲景食品产业 园一期项目转固。在建工程变动幅度为-68.15%,原因:仲景食品产业园一期项目转固。财务费用变动幅度 为42.96%,原因:利息收入减少。投资活动产生的现金流量净额变动幅度为97.79%,原因:理财产品到期赎 回，认购减少。现金及现金等价物净增加额变动幅度为100.47%,原因:现金流量各项目综合变动影响。 证券之星价投圈财报分析工具显示：业务评价：公司去年的ROIC为9.46%，历来资本回报率一般。去年 的净利率为15.98%，算上全部成本后，公司产品或服务的附加值高。从历史年报数据统计来看，公司 上市以来中位数ROIC为16.09%，投资回报也很好，其中最惨年份2022年的ROIC为7.5%，投资回报一 般。公司历史上的财报相对良好(注：公司上市时间不满10年，上市时间越长财务均分参考意义越 大。)。商业模式：公司业绩主要依靠营销驱动。需要仔细研究这类驱动力背后的实际情况。 据证券之星公开数据整理，近期仲景食品(300908)发布2025年中报。截至本报告期末，公司营业总收入 5.24亿元，同比下降2.5% ...

Core Viewpoint - Zhongjing Foods reported a "revenue growth without profit growth" for the first half of the year, marking the first decline in half-year revenue since its listing in 2020 [1] Financial Performance - Revenue for the first half of the year was 524 million yuan, a year-on-year decrease of 2.5% [1] - Net profit attributable to shareholders was 101 million yuan, a slight increase of 0.29% year-on-year [1] - The seasoning food and seasoning ingredient segments both experienced revenue declines, with the seasoning food segment generating 310 million yuan (down 2.31%) and the seasoning ingredient segment generating 212 million yuan (down 1.31%) [1] Product Performance and Market Challenges - The Shanghai scallion oil, launched in 2021 as a "second growth engine," saw sales reach 89.39 million yuan in the first nine months of 2023, a year-on-year increase of 113.24% [2] - Despite its initial success, the product faced challenges from counterfeit products and increased competition, leading to a decline in revenue [2] - The brand's positioning is seen as too regional, limiting its appeal beyond local markets, and it struggles to capture the younger demographic and health-conscious consumers [2] Innovation and Market Expansion - Zhongjing Foods has been focusing on product innovation, launching new products such as garlic sauce and ginger-garlic sauce, which have performed well in sales rankings [3] - The company is also targeting the B2B market with new restaurant-specific seasonings and has established partnerships with several chain restaurants [3] - Despite these efforts, new product launches have not yet significantly boosted overall revenue [3] Future Prospects - The company is exploring the health food sector, with plans for a new instant health product, "Zhongjing Vitality Ginseng," currently in the research and development phase [3] - There are challenges in consumer perception and regulatory compliance for health food products, which may delay their contribution to revenue [3]

此外，在2024年年报中，仲景食品提出"依托仲景品牌优势，布局大健康食品领域"。今年7月，仲景食品在投资者互动平台回答提问称，公司目前已研发储 备首款即食滋补产品"仲景元气参"，不过，据半年报，新布局的食药同源类大健康食品仍在研发及车间建设阶段。 值得注意的是，上海葱油作为仲景食品2021年推出并精心打造为"第二增长极"的产品，一经面世通过线上渠道快速起量，增长势头强劲。根据公开数据， 2023年1—9月，上海葱油销售额达到8939.2万元，同比增长113.24%，2021—2023年连续三年同品类全国销量第一。但这样的快速增长没能持续下去，原因 是仲景上海葱油在电商平台上遭到许多其他商家的仿冒、抄袭。仲景食品在半年报中也提到，上海葱油受侵权产品冲击、竞争者涌入等因素影响，市场竞争 加剧，导致该品类营业收入同比下降。尽管仲景食品通过法律手段打击侵权，但短期仍难以完全抵消竞争带来的冲击。 知名战略定位专家、福建华策品牌定位咨询创始人詹军豪表示，上海葱油产品定位偏地域化，口味普适性不足，难以突破区域消费壁垒。在同质化竞争激烈 的调味品市场，品牌未能精准捕捉年轻群体或健康饮食需求，导致用户黏性有限。想要在激烈的市场 ...

Core Insights - The company reported its first revenue decline since going public, with a revenue of 524 million yuan in the first half of 2025, a year-on-year decrease of 2.5% [1] - The core seasoning food segment generated 310 million yuan, down 2.31% year-on-year, while the seasoning ingredient segment saw a revenue of 212 million yuan, down 1.31% but with a gross margin increase of 5.19 percentage points to 49.19% [1] - The e-commerce channel, particularly on platforms like Tmall and JD.com, experienced a significant sales drop of 10.69%, indicating challenges in online traffic acquisition and conversion efficiency [1] Business Challenges - The company's performance is primarily affected by its reliance on a few major products and intensified market competition [2] - The shiitake mushroom sauce, a key product, has seen a slowdown in growth due to brand influence issues and regional taste differences [2] - The Shanghai scallion oil product faced market challenges from low-priced infringing products and increased competition, leading to a decline in revenue despite maintaining category leadership [2] Strategic Adjustments - The company is initiating a multi-faceted strategic adjustment, including the sale of assets valued at 55.01 million yuan to refocus on core business [3] - New product promotion is centered around "flavor + health," with items like garlic sauce and zero-fat spicy sauce being highlighted [3] - The company is also venturing into the health sector with the development of ready-to-eat health products, leveraging its traditional Chinese medicine background for market promotion [3]

2025年8月19日，仲景食品(300908.SZ)发布2025年中报。 公司营业总收入为5.24亿元。归母净利润为1.01亿元，较去年同报告期归母净利润增加29.48万元，实现3年连续上涨，同比较去年同期上涨0.29%。经营活动 现金净流入为1.25亿元，较去年同报告期经营活动现金净流入增加1441.00万元，实现3年连续上涨，同比较去年同期上涨13.00%。 公司最新资产负债率为12.98%，较上季度资产负债率减少0.06个百分点。 公司最新毛利率为45.04%，较去年同期毛利率增加1.27个百分点，实现3年连续上涨。最新ROE为5.89%。 公司较去年同报告期摊薄每股收益基本持平，同比较去年同期上涨0.29%。 公司最新总资产周转率为0.26次。最新存货周转率为1.30次。 公司股东户数为1.85万户，前十大股东持股数量为8658.64万股，占总股本比例为59.31%。 ...

Core Insights - The company reported a revenue of 520 million yuan for the first half of 2025, a year-on-year decrease of 2.5%, with a net profit attributable to shareholders of 100 million yuan, an increase of 0.3% year-on-year [1] - The decline in revenue was primarily driven by lower prices in the seasoning ingredient business due to decreased raw material costs, despite volume growth [2] - The company improved its gross margin to 45.0% in the first half of 2025, up 1.3 percentage points year-on-year, with significant improvements in the seasoning ingredient business [3] Revenue Breakdown - Seasoning ingredient business generated 210 million yuan in revenue for the first half of 2025, down 1.3% year-on-year, with volume growth of 4.5% but a price decline of 5.5% [2] - Seasoning food business achieved 310 million yuan in revenue for the first half of 2025, a decrease of 2.3% year-on-year, with a volume decline of 3.4% and a price increase of 1.2% [2] - E-commerce channel revenue fell by 10.7% year-on-year, while offline channel revenue increased by 2.7%, with offline channels now accounting for 66% of seasoning food revenue [2] Profitability Analysis - The company’s gross margin for the first half of 2025 was 45.0%, with the seasoning food and seasoning ingredient businesses achieving gross margins of 41.7% and 49.2%, respectively [3] - The improvement in gross margin for the seasoning ingredient business was attributed to a significant reduction in raw material costs, with prices for key ingredients dropping substantially [3] Expense Management - The company reduced its sales expenses by 34.5% year-on-year, leading to an overall improvement in net profit margins for the first half of 2025 [4] - The sales expense ratio showed significant improvement, while management and R&D expenses saw slight increases [4] - For the second quarter of 2025, the company reported a net profit margin increase of 2.3 percentage points year-on-year [4] Future Projections - The company is projected to achieve revenues of 1.08 billion yuan, 1.14 billion yuan, and 1.19 billion yuan for 2025, 2026, and 2027, respectively, with expected net profits of 190 million yuan for each of the years [4]

证券日报网讯 8月18日晚间，仲景食品发布公告称，2025年半年度公司实现营业收入524，446，917.68 元，同比下降2.50%；归属于上市公司股东的净利润100，535，138.58元，同比增长0.29%。 （文章来源：证券日报） ...