Haixin Foods (SZ:002702) Zheng Quan Shi Bao Wang·2025-08-30 10:05Core Viewpoint - The company demonstrated a clear development path and robust adjustment capabilities in response to industry environment changes, achieving a revenue of 606 million yuan in the first half of 2025 [1] Group 1: Financial Performance - The company reported a net asset of 1.054 billion yuan and total assets of 1.999 billion yuan [1] - The overall gross margin improved to 19.36%, with the gross margin for frozen fish and meat products reaching 22.88% [2] Group 2: Product Performance - Frozen fish and meat products remained the core revenue source, generating 368 million yuan, accounting for over 60% of total revenue [2] - The ready-to-eat dishes segment achieved revenue of 154 million yuan, continuing to expand in the prepared food and home consumption scenarios [2] - The ambient snack food segment grew rapidly, with revenue of 69.5 million yuan, indicating increasing market acceptance [2] - New products contributed 27.8 million yuan in revenue, with a stable R&D investment of 6.93 million yuan [2] Group 3: Channel Strategy - The company achieved online revenue of 58.86 million yuan with a gross margin of 36.93%, maintaining high profitability [3] - The company collaborated with major online platforms such as Tmall, JD.com, and Meituan, while also exploring emerging channels like Douyin and community group buying [3] - Offline channels contributed over 430 million yuan, with strong partnerships with leading clients ensuring quality order sources [3] Group 4: Market Expansion - The East China region contributed 287 million yuan, nearly half of total revenue [3] - The overseas market showed strong performance, with revenue from Hong Kong, Macau, and Taiwan reaching 13.34 million yuan, and international markets generating 11.92 million yuan [3] - The number of overseas distributors increased by 21.74%, indicating effective international strategy implementation [3]