“大魔王”领跑魔芋赛道 盐津铺子上半年归母净利3.73亿元

Core Insights - Salted Fish Food Co., Ltd. reported a revenue of 2.941 billion yuan for the first half of 2025, representing a year-on-year growth of 19.58%, and a net profit attributable to shareholders of 373 million yuan, up 16.70% year-on-year [1] - The growth is primarily driven by explosive growth in konjac snacks, with the strategic brand "Big Devil" successfully enhancing overall profitability [1] - The konjac product category is in an expansion phase, and the company aims to solidify the strategic core position of konjac products and increase the market share of "Big Devil" [1] Revenue Breakdown - The revenue from the leisure konjac products segment reached 791 million yuan in the first half of the year, accounting for 26.90% of total revenue, with a year-on-year growth of 155.10%, confirming its status as the fastest-growing category [1] - The "Big Devil" series is projected to exceed 1 billion yuan in annual sales in 2024, entering the 1 billion yuan product category [2] Product Development - The "Big Devil" series launched a new product in collaboration with Samyang Foods, known for its "Fire Noodle," featuring "Spicy Konjac Fire Chicken Sauce," showcased at the 26th SIAL International Food Exhibition [3] International Expansion - The company is actively expanding its konjac product line in overseas markets, successfully entering Southeast Asia and establishing its own brand "Mowon" in Thailand and the United States [4] - In the U.S. market, the core product "Liubiju Sesame Sauce Konjac" has been listed in the well-known supermarket 99 Ranch Market and showcased in key stores like Santa Anita Mall [4] - The company plans to further expand its konjac products in Southeast Asia, with over 80% of overseas sales currently coming from Thailand, indicating strong confidence in future market expansion [4] Profitability Enhancement - The company's net profit margin for the first half of the year was 12.67%, with a decrease in sales expense ratio by 2.70 percentage points to 10.57% and an optimized management expense ratio of 3.55% [6] - The scale effect driven by the "Big Devil" strategic core product has further enhanced the "cost reduction and profit increase" logic [5][6] Strategic Outlook - Looking ahead, the company will focus on a strategy centered around "channel leadership, product superiority, and system support," continuing to deepen its "category brand" strategy and promoting six core categories to achieve strong single product performance [6]