安井食品(603345)：2025年第二季度利润承压 坚持产品创新驱动

Core Insights - Company achieved total revenue of 7.604 billion yuan in the first half of 2025, a year-on-year increase of 0.80%, while net profit attributable to shareholders decreased by 15.79% to 676 million yuan [1] - In Q2 2025, total revenue reached 4.005 billion yuan, up 5.69% year-on-year, but net profit attributable to shareholders fell by 22.74% to 281 million yuan [1] - The company is focusing on customized products for large B clients and has seen strong performance in new retail and e-commerce channels [1] Revenue and Profitability - Q2 2025 gross margin was 18.0%, down 3.3 percentage points year-on-year, primarily due to rising raw material costs and increased promotional efforts [2] - The company plans to distribute a mid-term dividend of 470 million yuan, with a payout ratio of approximately 70% [2] Product Innovation and Strategic Partnerships - The company is driving product innovation and has made progress in integrating external resources, including a partnership with Dingwei Thai to share channels and enhance product development capabilities [2]