证券研究报告·公司点评报告·食品加工 仙乐健康（300791） 2025 年中报点评：拥抱新消费，经营韧性强 2025 年 08 月 27 日 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 3,582 | 4,211 | 4,572 | 5,092 | 5,664 | | 同比（%） | 42.87 | 17.56 | 8.58 | 11.38 | 11.22 | | 归母净利润（百万元） | 281.04 | 325.06 | 366.85 | 459.03 | 527.04 | | 同比（%） | 32.39 | 15.66 | 12.86 | 25.13 | 14.82 | | EPS-最新摊薄（元/股） | 0.91 | 1.06 | 1.19 | 1.49 | 1.71 | | P/E（现价&最新摊薄） | 28.34 | 24.51 | 21.71 | 17.35 | 15.11 | [Table_ ...

8月22日盘后,舍得酒业(600702.SH)发布2025年半年度报告。报告显示,公司上半年实现营业收入27.01亿 元,归属于上市公司股东的净利润4.43亿元。 值得关注的是,在白酒行业传统消费淡季的二季度,舍得酒业展现出强劲的经营韧性:单季实现营业收入 11.25亿元,同比基本持平;归母净利润9717万元,同比大幅增长139.5%。公司也因此成为贵州茅台之外,又 一家在二季度实现归母净利润正增长的白酒上市公司。 纵观上半年,公司一季度归母净利润已超2024年全年水平,二季度同比增幅更超一倍,利润端复苏动能强 劲。这既印证了公司主动调整下盈利弹性的释放,也标志着其内在增长动力已完成阶段性修复,正步入稳 健修复通道。舍得酒业超预期的业绩复苏迅速获得市场认可,8月25日公司股价盘中强势封板涨停,年内累 计涨幅转正。 多项核心数据指标强势反弹 多家机构给予"买入"评级 当前,白酒行业正经历深刻的结构性变革。中国酒业协会发布的《2025中国白酒市场中期研究报告》指 出,酒类产业已进入了新一轮政策调整、消费结构转型与分化、存量竞争深度调整的"三期叠加"局面。 对此,多个机构发表研报认为,舍得酒业利润修复进度超预期,经 ...

该机构认为，短期看，从其构建的"拥挤度"指标观察，互联网、电商、新消费和银行的拥挤度更低，属 于适合介入的时点。此外，在流动性和情绪主导的市场环境下，如果国内基本面和政策无法提供更多支 持，那么海外需求和映射链条也是一个配置思路，例如1）算力、机器人、苹果链等科技叙事，以及2） 美联储降息后美国地产和投资需求带动的家具家居和有色等映射链条。 每日经济新闻 中金公司指出，港股长期胜在结构性优势。除非当前的宏观也就是信用周期环境出现趋势性变化，港股 能够提供高分红的稳定回报和能够提供结构性亮点的成长回报，依然是其长期主要吸引力，如AI互联 网、创新药、新消费与机器人零部件等。 8月27日早盘，港股三大指数集体高开，恒生指数涨0.4%，恒生科技指数涨0.55%。热门个股方面，蔚 来汽车开盘涨超8%，农夫山泉绩后一度涨超5%。 A股同赛道规模最大的恒生科技指数ETF（513180） 随指数上行，持仓股中，蔚来、金蝶国际、快手、金山软件、理想汽车等涨幅居前。 9月美联储降息预期显著升温，全球流动性边际改善有望外溢至港股，高成长、高弹性的港股科技板块 或率先受益。当前恒生科技指数仍处于历史相对低估区间，其对中美利差转向的 ...

人民财讯8月27日电，招商策略称，近期Hibor利率快速上行后逐步稳定、鲍威尔表态显著转鸽，内外流 动性的变化均指向一个结论：港股流动性趋紧的叙事已经得到了边际改善。流动性叙事的改善已经足够 支撑港股阶段性的补涨，缩小与近期快速上涨的A股之间的差距。从业绩来看，港股目前业绩预喜率为 2022年以来新高。但在前几次牛市中港股指数高度略逊于A股，所以在本轮配置时，建议聚焦与A股存 在差异化的方向，节奏上建议先创新药(流动性宽松+BD数据持续向好)，再互联网(业绩压力被充分定 价)，最后新消费(等待宏观与盈利拐点出现)。 ...

Industry Trends - The per capita consumption of probiotics in China is significantly lower than in developed countries, with only $0.4 per person compared to $10.6 in Italy, $6.8 in the USA, and $6.3 in Japan, indicating substantial growth potential [1] - The focus on health and the rise of new consumption patterns are driving an increase in probiotic penetration, with a projected 7.4% year-on-year increase in per capita service consumption expenditure in 2024, reaching 13,016 yuan [1] - Domestic research on probiotics has increased over 60 times, with a tenfold increase in global patent technology share, leading to a structural shift from reliance on imports to local supply [1] Market Size and Growth - The market size for probiotic raw materials is expected to exceed 10 billion yuan, with a projected scale of 8.3 billion yuan in 2024, growing to 10.6 billion yuan by 2027 [2] - The demand for probiotics in infant formula is crucial due to the sensitivity of infants' digestive systems, with premium pricing for probiotic-added products [2] - The weight loss market presents a new opportunity for probiotics, as leading weight loss drug companies are experiencing high revenue growth [2] Company Developments - The company Keta has broken the market monopoly of foreign giants with its core strains, investing 36.3 million yuan in R&D in 2024, which is 12% of its revenue, marking a historical high [3] - New strains developed by Keta, such as ProSci-246, have shown significant health benefits, including weight loss and improved metabolic indicators [3] - Keta's new production capacity is expected to reach 950 tons, with a new facility in Inner Mongolia projected to be operational by 2025 [4] Strategic Initiatives - Keta's strategic partnership with Wuka Laboratory, which focuses on metabolic management and health, is expected to enhance its market position, with Wuka achieving over 600 million yuan in sales in the first half of 2025 [4] - The collaboration with Wuka is anticipated to provide Keta with a core channel for consumer-facing products, enhancing future growth prospects [4]

Market Overview - On August 26, 2025, the Hong Kong stock market recorded a total trading volume of HKD 317.87 billion, with net inflows from southbound funds amounting to HKD 16.57 billion [2][8]. - The Hong Kong market showed weak performance, with the Hang Seng Index declining over 1%, reflecting a retreat in market sentiment and profit-taking activities [2][8]. Index Performance - The Hang Seng Index fell by 1.18% to close at 25,524.92, while the Hang Seng Tech Index decreased by 0.74% to 5,782.24. The Hang Seng China Enterprises Index also saw a decline of 1.07% to 9,148.66 [6][8]. - In the A-share market, the Shanghai Composite Index dropped by 0.39%, and the CSI 300 Index fell by 0.37% [6][8]. Sector Performance - Among the sectors, non-ferrous metals (+2.31%), agriculture, forestry, animal husbandry, and fishery (+0.81%), and automotive (+0.70%) led the gains, while retail trade (-1.98%), banking (-1.59%), and non-bank financials (-1.52%) experienced the largest declines [6][8]. - Concept indices such as the anti-terrorism index (+12.57%), smart TV index (+4.73%), and smart transportation index (+4.67%) showed strong performance, while the online education index (-8.28%) and Foxconn index (-6.02%) faced significant downturns [6][8]. Key Events and Implications - The announcement by former President Trump regarding the potential dismissal of Federal Reserve Governor Lisa Cook raised concerns about the independence of the Fed's policies, leading to a rise in gold prices and positively impacting the non-ferrous metals sector in Hong Kong [2][8]. - The outlook for the Hong Kong stock market suggests potential for new highs driven by three core directions: the growth of AI technology and new consumption, continued inflows from southbound funds, and improved global liquidity conditions due to potential interest rate cuts in the U.S. [8].

也存在显著变化。传统公司依靠广告宣传产品，而新兴公司通过人际交往、人 传人的方式影响产品变化，并结合线上线下动态合作进行宣传。这些差异表明 两者在商业竞争模式、价值创造底层逻辑及营销方式上存在巨大区别。 情绪消费市场规模突破 2 万亿背后的核心动力是什么？ 情趣消费市场处于蓬勃发展阶段，预计 2025 年将突破 2 万亿水平。这一市场 扩张主要得益于几方面的人群增长，其中最重要的是 Z 世代年轻人，他们引领 了整个新型消费方向。虽然 50 岁左右的人群通常具有最强的购买力，但 Z 世 代年轻人在 20 至 30 岁之间初登社会，并接受了新的消费理念，使得他们成为 主要关注方向。他们注重个性化和即时快乐，通过盲盒、潮玩手办等进行情感 需求的满足，是这一市场最根本的驱动力。 此外，年轻人追求解压生活品质也 是催化因素。例如男性偏好游戏和运动解压，这部分疗愈经济中的男性成为细 分领域的重要消费者。同时，不仅仅是年轻人在推动这一市场，例如宠物经济 中家庭中的年轻小朋友养宠物会带动家长增加相关投入。因此，由 Z 世代年轻 人主导并带动周边人群共同参与，是当前重要特征。 随着 Z 世代逐渐成长并有 新的年轻一代接替，他们 ...

业绩超预期与低度酒新品共振，舍得酒业切入新消费领域获市 场关注，近期涨幅显著。 作者： 张丽 封图：图片资料室 8月22日盘后，舍得酒业（600702.SH）发布2025年半年度报告。报告显示，公司上半年实现营 业收入27.01亿元，归属于上市公司股东的净利润4.43亿元。 值得关注的是，在白酒行业传统消费淡季的二季度，舍得酒业展现出强劲的经营韧性：单季实现营 业收入 11.25亿元，同比基本持平；归母净利润9717万元，同比大幅增长139.5% 。 公司也因 此成为贵州茅台 之外 ，又一家在二季度实现归母净利润正增长的白酒上市公司。 纵观上半年， 公司 一季度归母净利润已超 2 024年全年水平，二季度同比增幅更超一倍，利润端 复苏动能强劲。这既印证了公司 主动调整 下盈利弹性的释放，也标志着其内在增长动力已完成阶 段性修复，正步入稳健 修复 通道。舍得酒业超预期的业绩复苏迅速获得市场认可， 8月25日公司 股价盘中强势封板涨停，年内累计涨幅转正。 多项核心数据指标强势反弹 多家机构给予"买入"评级 当前，白酒行业 正经历深刻的结构性变革 。中国酒业协会发布的《 2025中国白酒市场中期研究 报告》指出， ...

摘要 1、今天，A股出现波动，深成指收红，个股涨多跌少，两市成交额超2万亿，发生了什么？后市会怎么走？ （图片来源：东方财富APP，统计截至2025/8/26，不作投资推荐） 两市成交额出现缩量，为2.68万亿元，盘面上，受 新一代中国操作系统银河麒麟V11正式发布的利好刺激， 游戏、互联网、软件开发等板块涨幅居 前。医疗、券商板块出现调整。 2、调整会是"倒车接人"吗？A股还有哪些方向值得关注？基金投资如何应对波动？ 3、 牛市来了还没上车？上天天基金APP搜索【777】注册即可 领500元券包，优选基金10元起投！限量发放！先到先得！ 真话白话说财经，理财不说违心话 --这是第1412 篇白话财经- - 今天，A股出现波动，沪指最高涨至3888.60点，随后回落，最终仅有深成指收红。 分析人士指出，昨天3万亿的成交额 一方面告诉 市场A股中长期走势涛声依旧，但另一方面短期分化及波动或将加大，市场结构转换的节奏也会加 大，盘中"过山车"行情将常态化，要系好"安全带"。 沪指最高涨至3888点，后市方向何在 在经历了昨天的3万亿成交额后，A股今天出现波动，不过盘中依然继续创下了新高，最高涨到了3888.60点 ...

Core Viewpoint - Shede Liquor's strong performance in the first half of 2025 demonstrates resilience in a challenging market, with significant profit growth and strategic adjustments leading to a positive market response [1][2][4]. Financial Performance - In the first half of 2025, Shede Liquor achieved operating revenue of 2.701 billion yuan and net profit attributable to shareholders of 443 million yuan [1]. - The second quarter saw operating revenue of 1.125 billion yuan, remaining stable year-on-year, while net profit increased by 139.5% to 97.17 million yuan [1]. - Total assets reached 12.407 billion yuan, a 5.12% increase from the previous year, and net cash flow from operating activities surged by 427.77% [2]. Strategic Initiatives - The company has proactively managed inventory and pricing to ensure channel health and brand value amidst structural changes in the liquor industry [2]. - Digital marketing and channel expansion have been prioritized, with e-commerce sales reaching 336 million yuan, a 31.38% increase year-on-year [3]. - The company has entered 40 countries and regions, with Southeast Asia showing a 50% increase in sales revenue [3]. Product Development - Shede Liquor has focused on optimizing its product structure, achieving a 15.86% increase in revenue from ordinary liquor, totaling 445 million yuan [4]. - The company is set to launch a low-alcohol product, "Shede Zizai," on August 30, targeting new consumer trends [5][6]. Market Response - The company's performance recovery has led to multiple institutions issuing "buy" ratings, reflecting confidence in its operational stability and growth potential [4]. - Since August 15, the company's stock price has increased by 25.05%, indicating positive market sentiment [6].