QIANHE(SH:603027) Mei Ri Jing Ji Xin Wen·2025-08-28 13:51Core Viewpoint - Qianhe Flavor Industry (千禾味业) demonstrated strong operational resilience and recovery capabilities in its 2025 semi-annual report, with revenue of 1.318 billion yuan and net profit attributable to shareholders of 173 million yuan for the first half of 2025 [1] Group 1: Sales Recovery and Market Trends - The recovery in Qianhe's sales is attributed to product compliance, stable consumer demand, channel upgrades, and technological innovation [2] - The company's products have maintained a 100% compliance rate in food safety inspections since 2014, reflecting its commitment to quality [2] - The demand for healthy condiments is driving sales, particularly for the Qianhe 0 series soy sauce, which uses natural ingredients without additives [2][4] Group 2: Channel Strategy and Expansion - Qianhe is actively implementing channel reforms, with a focus on optimizing consumer experience through product labeling and category-based shelf displays [4] - Offline sales in May saw a month-on-month increase of approximately 20%, with significant growth in major retailers like Walmart and Yonghui [4] - The company has expanded its distributor network to 3,307, covering over 370 cities, and is enhancing its online presence through content e-commerce and social marketing [4] Group 3: Research and Development - In the first half of 2025, Qianhe invested approximately 41.2 million yuan in R&D, acquiring advanced equipment and establishing a research laboratory [5] - Collaborations with academic institutions have led to innovations in fermentation technology, improving flavor stability and protein utilization in soy sauce production [6] Group 4: Supply Chain Management - Qianhe has strengthened its raw material supply chain management by establishing strategic partnerships with suppliers to ensure quality and traceability [7] - The company has built a dedicated salt production line and a high-standard soybean supply chain to secure high-quality non-GMO soybeans [7] Group 5: Future Outlook - The company anticipates continued growth in the second half of 2025, supported by favorable policies, marketing efforts, and capacity expansion [8][10] - The launch of the "Double Reduction" policy on food additives is expected to further promote the trend of using natural ingredients in the condiment industry [9]