ANJI FOOD(SH:603696) Mei Ri Jing Ji Xin Wen·2025-07-15 10:10Core Viewpoint - Anji Food's expected net profit for the first half of 2025 is projected to increase by over 50% year-on-year, while its non-recurring net profit is expected to decrease by over 10% [1][2]. Financial Performance - The company anticipates a net profit of between 13.31 million and 14.31 million yuan for the first half of 2025, representing a year-on-year increase of 53.02% to 64.52% [2]. - The expected non-recurring net profit is projected to be between 9.95 million and 10.95 million yuan, indicating a year-on-year decrease of 14.89% to 22.66% [2]. - Despite a decline in operating income and non-recurring net profit, the net profit is expected to grow significantly due to increased financial asset investment income and fair value changes influenced by a recovering stock market [2][3]. Business Segmentation - Since 2019, the revenue share from Anji Food's food manufacturing business has been declining, while revenue from other businesses has been increasing significantly [3][4]. - In 2024, the revenue from food manufacturing was only 37.58% of the total revenue, with other businesses surpassing food manufacturing revenue starting in 2022 [3][4]. Profitability Analysis - The gross margin for other businesses was only 1.76% in 2024, compared to 40.06% for the food manufacturing business [4]. - The overall gross margin for Anji Food decreased from 27.01% in 2019 to 16.15% in 2024, with net margin dropping from 10.16% to 6.32% during the same period [4]. IPO Project Status - Anji Food has not achieved net profits exceeding pre-IPO levels since its listing in 2015, with the highest net profit recorded in 2014 at 56.57 million yuan [5]. - The company has faced challenges with its IPO fundraising projects, which have been in a "difficult" state, with only one project reaching operational status by the end of 2024 [5][8]. - Three major IPO projects, despite over 90% investment progress, were terminated due to changes in market conditions and industry trends [11][12]. Research and Development - Anji Food's R&D expenditure decreased by 18.62% year-on-year to 9.13 million yuan in 2024, indicating insufficient investment in R&D amid changing industry competition [13].