Shanghai Bolex Food Technology (SH:603170) Zheng Quan Zhi Xing·2025-08-27 16:30Core Viewpoint - Shanghai Bolex Food Technology Co., Ltd. reported a net profit attributable to shareholders of RMB 116,661,592.57 for the first half of 2025, with a proposed cash dividend of RMB 1.40 per share, reflecting a commitment to shareholder returns while maintaining growth in revenue and profit [1][11]. Company Overview and Financial Highlights - The company achieved operating revenue of RMB 1,380,193,149.89, representing an 8.39% increase compared to the same period last year [2][14]. - Total profit reached RMB 183,015,131.45, marking a 14.11% increase year-on-year [2][14]. - The net profit attributable to shareholders, after deducting non-recurring gains and losses, was RMB 111,194,040.04, up 12.14% from the previous year [2][14]. - Basic earnings per share increased to RMB 0.29, a 7.41% rise compared to the same period last year [2][14]. Industry and Business Analysis - The company operates in the food manufacturing industry, specifically in the seasoning and fermentation products sector, which is crucial for enhancing food flavor and promoting health [3][4]. - The Chinese seasoning market reached RMB 479.3 billion in 2023, with a compound annual growth rate (CAGR) of 9.6% from 2018 to 2023 for the compound seasoning market [3][4]. - The company focuses on the research, development, and production of food seasonings, offering a wide range of products including compound seasonings, light cooking solutions, and dessert ingredients [4][5]. Business Model and Operations - The company employs a "sales-driven production" model, where production plans are based on customer orders, ensuring efficient resource allocation [6][7]. - It has established multiple production bases across China, enhancing its capacity to meet market demands [6][10]. - The sales strategy includes both direct sales to major restaurant chains and food manufacturers, as well as e-commerce platforms for consumer sales [7][8]. Innovation and Market Strategy - The company has increased its R&D investment by 10.65%, focusing on product innovation to enhance customer engagement and market responsiveness [9][10]. - New product launches include innovative flavors and convenient cooking solutions, aimed at meeting evolving consumer preferences [9][10]. - The company is expanding its distribution channels to include membership-based stores and large retail chains, adapting to changing consumer behaviors [10]. Financial Management and Shareholder Returns - The company has maintained a consistent dividend policy, with cash dividends amounting to 68.60% of the net profit attributable to shareholders for the year [11]. - Cumulative cash dividends since its public offering in 2022 have reached RMB 41,001,030, reflecting a commitment to returning value to shareholders [11].