“减盐战略”出成效 ST加加上半年扭亏为盈

Core Viewpoint - ST加加食品集团 has achieved significant performance growth through a focus on health-oriented product transformation and high-end upgrades, resulting in a doubling of its performance after seven years of adhering to the "reduced salt" concept [1][2]. Group 1: Financial Performance - In the first half of 2025, the company reported revenue of 733 million yuan and a net profit attributable to shareholders of 8.35 million yuan, marking a return to profitability [1]. - The overall gross profit margin increased by 4.26 percentage points year-on-year to 29.31%, with various product categories showing improved profitability [1]. - The gross margin for soy sauce, a core revenue driver, rose by 5.35 percentage points to 35.85%, while the gross margin for edible oil increased by 2.14 percentage points to 9.76%, and the gross margin for MSG surged by 22.65 percentage points to 38.38% [1]. Group 2: Product Development and Strategy - The company pioneered the "reduced salt" concept in the domestic seasoning industry in 2018 and launched its first reduced salt soy sauce in March 2019, followed by a series of reduced salt products [2]. - ST加加 has developed a full range of reduced salt products using DSX physical salt reduction technology, achieving over 35% salt reduction while maintaining core nutritional components [2]. - The company has established a comprehensive technological moat through four national invention patents, covering aspects from strain selection to process innovation and quality flavor [2]. Group 3: Market Position and Trends - The "Healthy China 2030" strategy is accelerating, with "three reductions" (reducing salt, oil, and sugar) included as core indicators in the National Nutrition Plan, indicating a shift in the seasoning industry towards health and nutrition [3]. - With the national push for reduced salt awareness, ST加加, having already positioned itself in this sector, is expected to seize development opportunities [3].