Anjoy food(SH:603345) Sou Hu Cai Jing·2025-08-29 14:06Core Viewpoint - Anjiu Foods, a leading player in the domestic frozen food industry, reported a slight increase in revenue but a significant decline in net profit, highlighting the challenges and opportunities the company faces in the current market environment [1][2]. Financial Performance - In the first half of the year, Anjiu Foods achieved an operating income of 7.604 billion yuan, a year-on-year increase of 0.8%, while the net profit attributable to shareholders was 676 million yuan, representing a year-on-year decrease of 15.79% [1]. - This marks the first time since its listing that Anjiu Foods has recorded a decline in net profit in its interim report, with a double-digit drop intensifying the company's profit pressure [1]. - The first quarter saw a revenue decline of 4.13% and a net profit drop of 10.01%, while the second quarter showed a revenue recovery but further deterioration in profitability, with net profit declining over 20% both year-on-year and quarter-on-quarter [1]. Cost and Profitability Analysis - The increase in raw material prices, particularly for key ingredients like crayfish and fish paste, was a significant factor affecting Anjiu's performance, leading to a 5.29% increase in operating costs [1]. - Consequently, the company's gross profit decreased by 13.5%, and the gross margin fell by 3.39 percentage points [1]. - Intense market competition has compelled Anjiu to increase promotional efforts, adversely impacting its gross margin [1]. Expense Management - Despite the pressure on profitability, Anjiu demonstrated a degree of stability in expense control, with both sales and management expenses declining in the first half of the year due to reduced advertising, promotional costs, and a decrease in share-based payment expenses [2]. - The company maintained a substantial dividend policy, proposing a mid-term dividend of 473 million yuan, which accounts for 70.02% of the current net profit [2]. Business Structure and Growth Areas - Anjiu's food business exhibited a clear divergence, with prepared dishes (frozen dishes) being the only category to achieve growth, generating 2.416 billion yuan in sales, a year-on-year increase of 9.4% [2]. - Other major categories, such as frozen prepared foods and frozen noodle products, experienced sales declines, with frozen prepared foods down 1.94% and frozen noodle products down 3.89% [2]. - The growth rate of prepared dishes, which has been a core driver of Anjiu's performance, is showing signs of slowing down, and the lack of national standards for prepared dishes is seen as a constraint on development [2]. International Strategy - Anjiu successfully listed on the Hong Kong Stock Exchange in July, becoming a dual-listed company, but its overseas business has not yet shown significant improvement, with international revenue accounting for less than 1% of total revenue in the first half of the year [4]. - The company faces the challenge of finding new growth points to alleviate profit pressure, and how it adjusts its business structure, enhances profitability, and accelerates internationalization will be key areas of market focus [4].