Group 1 - The company Jialong Co., Ltd. responded to investor inquiries on September 22, indicating that its soy sauce has a rich and thick flavor with natural amino acid umami [2]

证券研究报告 食品饮料 报告日期：2025 年 09 月 22 日 白酒深度调整，大众品关注低估值的行业龙头 ——食品饮料行业周报 投资评级：推荐（维持） 最近一年走势 分析师：王芳 执业证书编号：S0230520050001 邮箱：wangf@hlzq.com 相关阅读 饮料行业周报》2025.09.09 《中报圆满收官，关注基本面稳健的标 的—食品饮料行业周报》2025.09.01 《白酒持续出清，关注成长板块估值修 复—食品饮料行业周报》2025.08.26 华龙证券研究所 摘要： 盐津铺子、百润股份、海天味业、安琪酵母。 风险提示：食品安全风险；消费复苏不及预期；成本上行；业绩 增速不及预期；行业竞争加剧；宏观经济政策出台和落地不及预 期的风险；第三方数据统计偏差风险。 | 股票代码 | 股票简称 | 2025/09/19 | | | EPS（元） | | | | PE | | 投资 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 股价（元） | 2024A | 2025E | 2026 ...

Group 1 - Unilever is accelerating its investment in soy sauce production in China, particularly in its South China production base, which includes a new production line with an annual capacity of 30,000 tons [1] - The first phase of the soy sauce production line will produce 25,000 tons of fresh soy sauce and 5,000 tons of high-salt soy sauce, indicating a significant commitment to the soy sauce category [1] - The total investment for the South China production base project is 1.6 billion RMB, marking it as Unilever's first all-category production base in the country [1] Group 2 - Unilever's food business in China, particularly through its brand Knorr, has launched a soy sauce specifically designed for professional chefs, addressing a gap in the market for differentiated products [2] - The company's food brands, Heinz and Knorr, account for 60% of its food business, with nearly 30% of its restaurant service revenue coming from China, despite a relatively flat performance in this segment this year [2] - The domestic soy sauce market is becoming increasingly competitive, with local brands like Haitian and Lianhua also focusing on health and premium products [2][3] Group 3 - Haitian's soy sauce sales revenue increased by 9.1% year-on-year to 7.928 billion RMB in the first half of 2025, driven by the growth of health-oriented products [2] - Lianhua Holdings reported over 100% year-on-year revenue growth for new products, including premium soy sauce and compound seasonings, indicating strong market performance [3] - Other companies, such as Qianhe and Jialong, are also investing in soy sauce product development, with plans for new product launches and marketing strategies to capture market share [3]

Core Viewpoint - The company has acknowledged the absence of its soy sauce products on the JD platform and plans to enhance its online marketing efforts to boost sales [1] Group 1 - The company responded to investor inquiries regarding the lack of soy sauce sales on JD, both self-operated and third-party [1] - The company intends to increase promotion of online channels and explore new marketing avenues to improve product sales [1]

Group 1 - The company is considering major capital operations by evaluating market prospects, investment returns, and synergies with the company [1] - The company has been actively exploring new market opportunities and seeking new growth points, such as the plan to develop a soy sauce business [1]

Group 1: Key Insights on Baijiu Industry - Demand for banquets has been released in July and August, with a focus on business hospitality and gift-giving ahead of the Mid-Autumn Festival and National Day [1][2] - External risk events have had a decreasing impact on baijiu consumption scenarios, but overall consumption sentiment remains lower compared to the same period last year, leading to an estimated 20% year-on-year decline in sales [2][3] - The baijiu sector is expected to stabilize and recover as consumer sentiment improves, supported by ongoing consumption promotion policies and a gradual recovery in demand [2][3] Group 2: Investment Recommendations - The report suggests focusing on high-end baijiu brands with strong market positions, such as Kweichow Moutai and Wuliangye, as well as Shanxi Fenjiu, which is benefiting from upward channel momentum [3] - Potential cyclical recovery candidates include national brands like Gujing Gongjiu and Luzhou Laojiao, along with innovative companies like Zhenjiu Lidu and Shede Liquor [3] Group 3: Insights on Other Alcoholic Beverages - Beer demand is recovering steadily, with companies diversifying into non-drinking channels and soft drinks, indicating a positive outlook for the sector [4] - The yellow wine sector is expected to see improved competitive dynamics due to price increases among leading brands, with potential for marginal catalysts as the peak season approaches [4] Group 4: Insights on Non-Alcoholic Beverages and Snacks - The soft drink sector is experiencing growth in high-demand segments like energy drinks and sugar-free tea, while traditional categories face some pressure [5] - The snack industry is seeing an increase in store openings and revenue recovery, with specific products like nut gift boxes expected to see improved demand ahead of the holidays [4][5]

Investment Rating - The investment rating for the company is "Buy-A" with a target price of 50.25 CNY over the next six months [3]. Core Insights - The company reported stable revenue growth with a 7.59% year-on-year increase in revenue to 15.23 billion CNY for the first half of 2025, and a 13.35% increase in net profit to 3.91 billion CNY [1][2]. - The gross profit margin significantly improved to 40.21% in Q2 2025, up by 10.68 percentage points year-on-year, driven by increased revenue and reduced material costs [2]. - The company is actively expanding its online sales channels, achieving a 39.0% year-on-year growth in online revenue, while offline revenue grew by 9.1% [1][2]. Financial Performance - For the first half of 2025, the revenue breakdown by product was as follows: soy sauce (7.93 billion CNY), oyster sauce (2.50 billion CNY), seasoning sauce (1.63 billion CNY), and other businesses (2.51 billion CNY), all showing positive growth [1]. - The company’s net profit margin for Q2 2025 was 24.80%, an increase of 4.25 percentage points year-on-year, reflecting improved operational efficiency [2]. - The projected revenue growth rates for 2025 to 2027 are 8.2%, 8.7%, and 8.5%, respectively, with net profit growth rates of 12.3%, 11.0%, and 8.4% [9]. Market Position - The company maintains a leading position in the Chinese market for soy sauce and oyster sauce, with continuous product innovation to meet new market demands [1]. - The company’s digital procurement and innovative technology models have contributed to cost reduction and efficiency improvements [2].

Group 1 - The core theme of the article revolves around the cultural significance and global recognition of Chinese cuisine, highlighted by the food variety show "Yi Fan Feng Shen" [2][10] - The show has sparked discussions about the essence of "Chinese flavor," emphasizing the blend of tradition and innovation in culinary practices [3][4] - The program showcases chefs from diverse backgrounds, illustrating the adaptability and creativity inherent in Chinese cooking [3][4] Group 2 - The show has led to increased attention on Chinese culinary arts, not just the dishes but also the chefs and restaurants behind them [2][5] - The concept of "craftsmanship" is explored, with chefs demonstrating meticulous attention to detail in their cooking processes [5][14] - The initiative "Chinese Flavor and Fire" launched by the company aims to promote the cultural heritage of Chinese cuisine and encourage broader recognition and appreciation [13][14] Group 3 - The article discusses the historical context of Chinese sauce culture, emphasizing its long-standing traditions and the need for global recognition [6][9] - The current trend of Chinese restaurants expanding internationally is noted, with a focus on maintaining authentic flavors amidst local adaptations [6][10] - The company has taken steps to educate the global audience about the origins and significance of Chinese sauces, including the establishment of a cultural museum and the release of a documentary [9][10]

Summary of Conference Call Notes Industry Overview - The conference call primarily discusses the liquor industry, particularly focusing on the performance and strategies of major companies like Guizhou Moutai and Wuliangye during the recent sugar and liquor fair [1][2][3][4]. Key Points and Arguments 1. **Market Feedback from the Sugar and Liquor Fair**: Overall feedback from the fair was in line with expectations, with some channel operations exceeding expectations. Most liquor companies emphasized price stability in their channel operations [1]. 2. **Valuation Changes**: Post-Spring Festival, the market's perception of real estate stability has led to an increase in Guizhou Moutai's valuation from 18x to 22x, with many other stocks also experiencing valuation upgrades [2]. 3. **Seasonal Performance**: Despite being the off-season, banquet consumption has continued to show growth similar to the Spring Festival, with business consumption also receiving positive feedback due to a more favorable operating environment for private enterprises [3]. 4. **Confidence in Price Recovery**: There is a growing confidence in price recovery, although it remains untested during the off-season. The overall sentiment is that the liquor sector is not facing a downturn but is on an upward trend [4][7]. 5. **Foreign Investment Interest**: Foreign investors are likely to increase their allocation in liquor stocks, particularly Guizhou Moutai, due to strong earnings growth and attractive dividend yields. In contrast, domestic investors are more cautious due to previous significant gains in other sectors [5][6]. 6. **Inventory and Pricing Strategies**: Most liquor companies are maintaining stable prices and avoiding aggressive discounting to ensure natural sales growth. This strategy is crucial for maintaining market share in the mid-to-high price segments [14][15]. 7. **Channel Operations**: Wuliangye is undergoing significant channel reforms, focusing on reducing traditional channel volumes while enhancing direct sales and new market channels. The success of these reforms depends heavily on management execution [19][20][21]. 8. **Sales and Payment Trends**: The first quarter's sales performance is expected to show a mid-single-digit growth rate, with most companies nearing completion of their payment collection for the quarter [18][39]. 9. **Consumer Behavior Insights**: There is a notable recovery in consumer demand, particularly in banquet and business settings, although the overall market remains cautious about confirming a definitive recovery point [10][11][12]. Additional Important Insights - **Regional Performance Variations**: The performance of liquor sales varies significantly by region, with southern regions showing stronger recovery compared to northern areas [27]. - **Emerging Trends in Consumer Preferences**: There is a shift towards premium products, with some companies reporting substantial growth in high-end liquor sales [10][11]. - **Future Outlook**: The overall sentiment is cautiously optimistic, with expectations of gradual recovery in consumer demand and potential for further valuation increases in the liquor sector [6][12][13]. This summary encapsulates the key discussions and insights from the conference call, providing a comprehensive overview of the current state and future outlook of the liquor industry.

Core Viewpoint - Guangdong Jialong Food Co., Ltd. is actively adapting its strategies to enhance product quality and expand market channels in the competitive seasoning market, focusing on innovation and standardization as key drivers for industry upgrade [1][2]. Group 1: Industry Standards and Innovation - Jialong has been involved in drafting industry standards since 2008, addressing quality inconsistencies and helping the industry move towards standardization, which has provided the company with a competitive edge [2]. - The company has developed a closed-loop ecosystem of "R&D - Standards - Production" to strengthen its foundation and drive industry upgrades [1][2]. - Jialong's technical innovations, such as optimizing chicken juice production processes, have significantly improved product quality and generated substantial revenue, with chicken juice products contributing 15 million yuan in annual output and 3 million yuan in profit [2]. Group 2: Brand Matrix and Market Expansion - Jialong has established a multi-brand strategy to cater to diverse consumer needs, including brands like "Jialong," "Fuwei," and "Gangchu," which helps mitigate risks associated with relying on a single brand [4][5]. - The company is expanding into the soy sauce market, which has shown a compound annual growth rate of 9.2% from 2018 to 2022, indicating a growing demand for high-quality, differentiated products [6]. - New product lines, such as the high-end "Jialong Yipin Xian (Gold Label) Soy Sauce," target middle-to-high-income consumers, while the mid-range "Jialong Yipin Xian (Silver Label) Soy Sauce" aims at the mass market, enhancing the company's product matrix [6]. Group 3: Channel Strategy - Jialong is integrating online and offline sales channels to enhance brand penetration, having entered major platforms like Douyin and Tmall, and utilizing live streaming and content marketing to engage younger consumers [5][6]. - The company continues to strengthen traditional channels such as supermarkets and convenience stores, creating a comprehensive network that combines online attraction with offline experience [5].