近日，广东百利食品股份有限公司（下称：百利食品）宣布已通过广东证监局 IPO 辅导验收，以及向北京证券交易所报送 了向不特定合格投资者公开发行股票并上市的申报材料。这意味着，百利食品距离上市只差"临门一脚"。 百利食品官网显示，百利食品成立于2012年，总部位于广东省东莞市。公司在"高性价比西式餐料提供者"的定位下，致力 于为市场提供全面的餐饮解决方案，建立了涵盖沙拉酱、风味酱、调味粉。面包糠、番茄酱等各类餐饮、烘焙调味品的完 备产品线，是一家集研发、生产、销售于一体的现代化食品科技企业。旗下的品牌包括"百利"、"味林"、"好味"、"金百 乐"、"帆船"等。 值得关注的是，这家主攻西式复合调味品的中国企业，其并非传统的直面C端市场的调味品企业，旗下大多品牌TOB。如 塔斯汀、华莱士等连锁快餐类企业，均是其大客户。 分析人士直言，从今年上半年调味品行业财报来看，整体呈现增长有限、但部分企业跌势显著，C端调味品企业竞争白热 化。百利食品将业务战线聚焦B端，是一次另辟蹊径的破局之法。不过，要关注客户稳定性、持续盈利能力等。 营收规模上，以2025年上半年数据为依据，百利食品已超越上市企业加加食品、仲景食品等，大致可 ...

Core Viewpoint - Jiahe Foods (605300.SZ), known as the "first stock of powdered oil," reported a mixed performance in its 2025 semi-annual report, with revenue of 1.185 billion yuan, a year-on-year increase of 10.43%, while net profit attributable to shareholders plummeted by 82.1% to 12.43 million yuan due to rising raw material costs and increased sales expenses related to coffee business expansion and C-end channel development [2]. Group 1: Financial Performance - The company experienced a significant decline in net profit, with the core subsidiary Nantong Jiazhiwei's net profit dropping approximately 75.4% to 7.8995 million yuan, attributed to rising costs of core raw materials like palm kernel oil and coconut oil [5]. - Operating cash flow turned negative, with a net cash flow from operating activities dropping 142.3% to -31.02 million yuan, and prepayments surged 88.58% to 82.8488 million yuan [6]. Group 2: Market Trends and Challenges - The demand for powdered oil is declining as consumer health awareness increases, leading some new tea brands to stop using powdered oil, which directly impacts Jiahe Foods' sales [3]. - Despite the growth in orders from tea drink customers during the recent delivery wars, the company noted that these customers primarily ordered lower-priced products, resulting in increased revenue without corresponding profit [4]. Group 3: Coffee Business Development - Jiahe Foods is actively expanding its coffee business, achieving revenue of 278 million yuan in 2024, a year-on-year increase of 6.58%, with a significant growth of 66.8% to 190 million yuan in the first half of the year [7]. - The company is focusing on both B-end and C-end channels, with e-commerce revenue reaching 47.6657 million yuan, up 114.81% year-on-year [7][8]. Group 4: Cost and Profitability Issues - The company's marketing expenses increased significantly, with sales expenses for 2024 and the first half of the year rising 75.14% and 28.16% respectively, driven by higher costs associated with online platform services [8]. - The overall gross margin decreased by 5.46 percentage points to 12.39% in the first half of 2025, influenced by a higher proportion of low-margin products in the product mix [9].