经济观察网 10月28日，双汇发展发布2025年三季报，公司第三季度实现营业收入161.09亿元，同比下降 1.81%；归母净利润为16.36亿元，同比增长8.45%。前三季度实现营业收入445.23亿元，同比增长 1.19%；归母净利润39.59亿元，同比增长4.05%。 ...

Investment Rating - The report maintains an "Outperform" rating for Anjoy Foods [2][5]. Core Insights - Anjoy Foods reported a sequential improvement in revenue and a slight profit exceeding expectations, with Q3 2025 operating revenue at RMB 3.77 billion, up 6.6% YoY, and attributable net profit at RMB 270 million, up 11.8% YoY [3][11]. - The company completed the acquisition of a 70% stake in Jiangsu Dingweitai Food Co., Ltd., contributing an additional RMB 32.12 million in revenue from baked goods [3][11]. Financial Performance - For the first three quarters of 2025, Anjoy achieved operating revenue of RMB 11.37 billion, a 2.7% increase YoY, while attributable net profit was RMB 950 million, down 9.4% YoY [3][11]. - Revenue projections for 2025, 2026, and 2027 are RMB 15.82 billion, RMB 17.09 billion, and RMB 18.37 billion, representing YoY growth of 4.6%, 8.0%, and 7.5% respectively [5][14]. - Attributable net profit forecasts for the same years are RMB 1.43 billion, RMB 1.61 billion, and RMB 1.78 billion, with respective YoY growth rates of 9.1%, 9.4%, and 9.7% [5][14]. Product Performance - Frozen prepared products, noodle-based products, and ready-to-eat dishes generated revenues of RMB 1.91 billion (+6.4%), RMB 480 million (-9.1%), and RMB 1.23 billion (+8.8%) respectively [3][11]. - The gross margin for Q3 2025 increased by 0.1 percentage points YoY to 20.0%, supported by stable growth in fresh-sealed products and a strong premium brand image [4][12]. Channel Performance - Revenue from distributor channels declined by 1% YoY, while supermarket channel revenue increased by 28% YoY, driven by customized product collaborations with major clients like Walmart [5][13]. - Special direct-sale channels saw a revenue surge of 68% YoY, primarily due to partnerships and the consolidation of Dingweitai's results [5][13]. Valuation - The current share price corresponds to a P/E ratio of 14.9x for 2025, with a target P/E of 18x for 2026, leading to a target price of RMB 98.89 [5][14].

点击注册小程序 查看完整报告 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 报告摘要 事件： 盐津铺子发布2025年三季报，25Q1-Q3实现营业收入44.27亿元，同比增长14.67%；归母净利润6.05亿元，同比 增长22.63%；扣非归母净利润5.54亿元，同比增长30.54%。其中，25Q3单季度实现营业收入14.86亿元，同比 增长6.05%；归母净利润2.32亿元，同比增长33.55%；扣非归母净利润2.20亿元，同比增长45.01%，利润表现 超出市场预期。 魔芋保持高速增长态势，电商主动调整经营策略 分产品看，公司产品策略更为聚焦，优化低毛利的尾部产品，聚焦核心单品魔芋制品。25Q3品类品牌"大魔 王"保持增长势头，单品势能持续提升。公司基于麻酱口味，陆续推出香菜麻酱/香辣麻酱/蒜蓉麻酱等多种口 ...

天眼查App显示，近日，河北省鸭子飞了食品有限公司成立，法定代表人为王晶晶，注册资本1000万人 民币，经营范围为许可项目：清真食品生产;食品生产;食品经营管理;保健食品生产;食品销售;清真食品 经营;食品添加剂生产;预制菜销售;预制菜加工;食品互联网销售（依法须经批准的项目，经相关部门批 准后方可开展经营活动，具体经营项目以批准文件或许可证件为准）。 ...

天眼查App显示，近日，沧州津吾食品有限公司成立，法定代表人为程培猛，注册资本10万人民币，经 营范围为许可项目：食品生产;食品销售（依法须经批准的项目，经相关部门批准后方可开展经营活 动，具体经营项目以批准文件或许可证件为准）一般项目：初级农产品收购;农产品的生产、销售、加 工、运输、贮藏及其他相关服务;食用农产品初加工;食用农产品批发;农副产品销售（除依法须经批准的 项目外，凭营业执照依法自主开展经营活动）。 ...

天眼查App显示，近日，白沟新城晶澈食品坊（个体工商户）成立，法定代表人为张冬育，注册资本1 万人民币，经营范围为许可项目：食品小作坊经营（依法须经批准的项目，经相关部门批准后方可开展 经营活动，具体经营项目以相关部门批准文件或许可证件为准） 一般项目：外卖递送服务（除依法须 经批准的项目外，凭营业执照依法自主开展经营活动）。 ...

天眼查App显示，近日，邢台彤彤食品有限公司成立，法定代表人为刘亚帅，注册资本100万人民币， 经营范围为许可项目：食品生产;粮食加工食品生产;饮料生产;食品销售;食品互联网销售（依法须经批 准的项目，经相关部门批准后方可开展经营活动，具体经营项目以批准文件或许可证件为准）一般项 目：互联网销售（除销售需要许可的商品）;农产品的生产、销售、加工、运输、贮藏及其他相关服务; 未经加工的坚果、干果销售;农副产品销售;食用农产品初加工;货物进出口;技术进出口;食品进出口（除 依法须经批准的项目外，凭营业执照依法自主开展经营活动）。 ...

2.公司负责人、主管会计工作负责人及会计机构负责人(会计主管人员)声明：保证季度报告中财务信息 的真实、准确、完整。 3.第三季度财务会计报告是否经过审计 登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：002702 证券简称：海欣食品 公告编号：2025-044 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导性陈述或重大遗 漏。 重要内容提示： 1.董事会、监事会及董事、监事、高级管理人员保证季度报告的真实、准确、完整，不存在虚假记载、 误导性陈述或重大遗漏，并承担个别和连带的法律责任。 □是 √否 一、主要财务数据 （一） 主要会计数据和财务指标 公司是否需追溯调整或重述以前年度会计数据 □是 √否 ■ 其他符合非经常性损益定义的损益项目的具体情况： ■ （二） 非经常性损益项目和金额 √适用 □不适用 单位：元 □适用 √不适用 公司不存在其他符合非经常性损益定义的损益项目的具体情况。 将《公开发行证券的公司信息披露解释性公告第1号一一非经常性损益》中列举的非经常性损益项目界 定为经常性损益项目的情况说明 □适用 √不适用 公司不存在将《公开发行证券的公司信息披 ...

Key Highlights - Cambridge Technology currently does not produce chips containing CPO technology [1] - TCL Technology plans to invest 29.5 billion yuan in the construction of an 8.6-generation printed OLED production line [1] - Huakang Clean has won the bid for a "medical service construction project" [1] - Aotewei intends to acquire an 8.99% stake in its subsidiary Songci Electromechanical [1] - Shanghai Yizhong plans to repurchase shares worth 30 million to 35 million yuan [1] - Huaton Co. reported a pig sales revenue of 338 million yuan in August [1] - Tianma Technology has accumulated approximately 11,921.59 tons of eel out of the pool from January to August [1] - Mars Man's controlling shareholder plans to reduce holdings by no more than 2.94% [1] - Zhiwei Intelligent's actual controller plans to reduce holdings by no more than 2.9749% [1] - Donglin Investment plans to reduce holdings in Jin'an Guoji by no more than 2.878% [1] - Zhonglun New Materials intends to issue convertible bonds not exceeding 1.068 billion yuan [1] - Tuojing Technology plans to raise no more than 4.6 billion yuan through a private placement [1] Investment Projects - TCL Technology (000100.SZ) plans to invest 29.5 billion yuan in the construction of an 8.6-generation printed OLED production line [1] - Guangdong Jianke (301632.SZ) intends to invest in the implementation of the second phase of the Guangdong Jianke·Zhongshan Smart Gathering Project [1] - Nanfeng Co. (300004.SZ) plans to invest 50 million yuan in fixed assets for a 3D printing service project [1] Contracts and Acquisitions - Huakang Clean (301235.SZ) has won the bid for a "medical service construction project" [1] - Aotewei (688516.SH) intends to acquire an 8.99% stake in its subsidiary Songci Electromechanical [1] - Tianhua New Energy (300390.SZ) plans to acquire a 75% stake in Suzhou Tianhua Times [1] Share Buybacks - Chuangyuan Co. (300703.SZ) plans to repurchase 1.55% to 2.05% of its shares [2] - Yishitong (688733.SH) intends to repurchase shares worth 30 million to 55 million yuan [2] - Shanghai Yizhong (688091.SH) plans to repurchase shares worth 30 million to 35 million yuan [2] Operational Data - Huaton Co. (002840.SZ) reported a pig sales revenue of 338 million yuan in August [2] - Tianma Technology (603668.SH) has accumulated approximately 11,921.59 tons of eel out of the pool from January to August [2] Shareholding Changes - Sudda Co. (001277.SZ) plans to reduce holdings by no more than 3% [2] - Mars Man (300894.SZ) plans to reduce holdings by no more than 2.94% [2] - Zhiwei Intelligent (001339.SZ) plans to reduce holdings by no more than 2.9749% [2] - Jin'an Guoji (002636.SZ) plans to reduce holdings by no more than 2.878% [2] Other Financial Activities - China Merchants Shekou (001979.SZ) plans to issue preferred shares to raise no more than 8.2 billion yuan for real estate project construction [2] - Zhonglun New Materials (301565.SZ) intends to issue convertible bonds not exceeding 1.068 billion yuan [2] - Keli'er (002892.SZ) plans to raise no more than 1.006 billion yuan through a private placement [2] - Tuojing Technology (688072.SH) plans to raise no more than 4.6 billion yuan through a private placement [2]

（记者 曾健辉） 截至发稿，宝立食品市值为58亿元。 每经头条（nbdtoutiao）——"十五五"规划建议的18个新提法，释放了哪些重要信号？ 每经AI快讯，宝立食品（SH 603170，收盘价：14.39元）10月29日晚间发布公告称，公司第二届第十五 次董事会会议于2025年10月29日以现场结合通讯表决方式召开。会议审议了《关于公司 <未来三年股东 > 分红回报规划>的议案》等文件。 2025年1至6月份，宝立食品的营业收入构成为：轻烹解决方案占比46.1%，复合调味料占比45.61%，饮 品甜点配料占比5.8%，其他业务占比2.49%。 ...