研报掘金丨国盛证券：维持盐津铺子“买入”评级，魔芋亮眼高增，净利率顺利提升

Core Viewpoint - Guosheng Securities report indicates that Yanjinpuzi's net profit attributable to shareholders for H1 2025 reached 370 million, a year-on-year increase of 16.7% [1] Financial Performance - In Q2 2025, the net profit attributable to shareholders was 190 million, reflecting a year-on-year growth of 21.7% [1] - The net profit margin for Q2 increased by 0.8 percentage points to 13.8% year-on-year [1] Product Performance - The konjac category saw explosive growth, with H1 2025 revenue increasing by 155.1% to 790 million [1] - The "Big Demon King" sesame sauce and tripe has become a phenomenon-level product, and the company is expanding its konjac category internationally [1] Profitability and Cost Management - Despite the pressure on profit margins from channel structure adjustments, Yanjinpuzi successfully improved its net profit margin in Q2 [1] - The company achieved this through scale effects and cost control, alongside upstream investments in konjac powder processing lines, quail breeding bases, and potato powder processing bases to ensure product quality and maintain raw material cost advantages [1] Growth Strategy - Yanjinpuzi's multi-category and all-channel development strategy is seen as a diversified growth driver, with brand building expected to enhance long-term net profit margins [1]