摘要 以海从海底捞供应商起步，通过向第三方经销商供货实现独立发展， 2013 年注册成立，2016 年在港交所上市，受益于海底捞增长及新品推 出，经历了高速成长阶段。 复合调味品行业受益于中国人均肉类消费增长和厨房电器普及，2011 年至 2023 年复合增速约为 14%，高于多数消费品赛道，但渗透率和人 均消费额仍远低于美国和日本，增长潜力巨大。 以海在渠道管理上经历多次调整，从省级代理到店长裂变，再到区长制 度，最终转向考核增量利润，加强经销商管控，通过数字化监控建立科 学管理体系，提升销售质量和盈利能力。 以海坚持多品牌、全品类、大单品策略，稳固火锅调味料市场份额，推 出新口味，在中式复合调味料方面推广酸菜鱼、小龙虾等大单品，并根 据市场需求调整方便速食价格带。 预计以海 2026 年收入企稳，复合调味料实现双位数增长，火锅蘸料和 酸菜鱼调料在小 B 端有贡献，但商超渠道增速或受限，速食业务受行业 竞争影响可能下滑。 Q&A 以海在过去几年中经历了哪些重要的调整和变革？ 以海在过去几年中进行了多方面的调整和变革。首先，渠道管理从之前的激进 状态回归到精细化导向。产品矩阵也从单一的火锅底料扩展到包括中式复 ...

Core Viewpoint - Qingdao Richen Food Co., Ltd. reported a revenue increase of 8.63% and a net profit increase of 22.64% for the first half of 2025, driven by the expansion of its product offerings and market presence in the compound seasoning and frozen dough sectors [2][14]. Company Overview and Financial Indicators - The company achieved a total revenue of RMB 203.64 million and a net profit attributable to shareholders of RMB 35.23 million in the first half of 2025 [2][14]. - The company plans to distribute a cash dividend of RMB 0.20 per share, totaling RMB 19.44 million [18]. Business Operations - The company focuses on the research, production, and sales of compound seasonings, primarily serving chain restaurants, food processing, and retail enterprises [3][12]. - The acquisition of Jiaxing Aibeibang Food Co., Ltd. expanded the company's business into the frozen dough sector, enhancing its product portfolio [4][12]. Industry Context - The compound seasoning industry in China is experiencing rapid growth, with increasing market penetration and demand driven by the restaurant industry's expansion [5][7]. - The frozen dough market is projected to grow significantly, supported by rising consumer acceptance of baked goods and the convenience of frozen products [8][9]. Competitive Advantages - The company has established a strong customer base and brand reputation, particularly in the domestic and export markets for poultry processing [12][19]. - The company emphasizes innovation in product development, with over 50% of sales coming from new products developed in the last three years [14][15]. Market Trends - The restaurant industry's shift towards standardization and chain operations is creating new opportunities for compound seasoning suppliers [6][10]. - The demand for health-conscious and convenient food options is driving innovation in the frozen dough sector, with a focus on maintaining quality and nutritional value [8][9]. Future Outlook - The company aims to enhance its market position through continuous product innovation and expansion into new sales channels [15][16]. - The focus on digital transformation and supply chain optimization is expected to improve operational efficiency and responsiveness to market demands [15][16].