新京报贝壳财经讯（记者阎侠）今年前三季度，劲仔食品增收不增利。10月28日，劲仔食品发布投资者 关系活动记录表，回应了今年以来毛利率有所下降、前三季度销售费用增长的原因，以及后续的销售费 用如何使用等问题。 "今年以来，公司以渠道建设为核心，加强终端陈列打造，触达消费者，提升品牌势能。公司将继续保 持市场费用投入节奏，加强渠道建设，打造百万终端，通过市场规模的提升进一步提升公司盈利能 力。"劲仔食品称。 （文章来源：新京报） 劲仔食品表示，公司毛利率今年以来略有降低，主要是受渠道结构变化的影响：如新媒体渠道的高毛利 产品由于费用投入较大，渠道费效比下降，占比逐渐降低；线下零食渠道产品毛利率略低，整体运营成 本也较低，占比逐渐提升。 ...

值得一提的是，ST绝味于2025年9月30日收到中国证券监督管理委员会湖南监管局下发的《行政处罚决 定书》。经查明，ST绝味存在以下违法事实：2017年至2021年期间，ST绝味未确认加盟门店装修业务 收入，导致年度报告少计营业收入，占对应年度公开披露营业收入的比例分别为5.48%、3.79%、 2.20%、2.39%、1.64%。公司2017年至2021年各年年度报告未如实披露营业收入。 新京报贝壳财经讯（记者阎侠）10月28日，ST绝味发布2025年三季度报告。2025年前三季度，ST绝味 实现营业收入约42.6亿元，同比下滑15.04%；归属于上市公司股东的净利润约2.8亿元，同比下滑 36.07%；归属于上市公司股东的扣除非经常性损益的净利润约2.41亿元，同比下滑43.27%。 对于业绩下滑的原因，ST绝味表示，主要原因是公司受行业市场环境的影响，导致主要产品销量下 滑。 根据相关法律法规，湖南监管局决定：对绝味食品股份有限公司责令改正，给予警告，并处以400万元 罚款；对相关责任人均给予警告，并处以金额不等的罚款。 （文章来源：新京报） ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative price increase of over 15% in the next six months [11][16]. Core Insights - The company reported a revenue of 1.075 billion yuan in Q3 2025, a year-on-year increase of 14.82%, and a net profit of 77 million yuan, up 13.63% year-on-year [2]. - For the first three quarters of 2025, the cumulative revenue reached 3.145 billion yuan, reflecting a 15.73% year-on-year growth, while the net profit increased by 22.03% to 248 million yuan [2][3]. Summary by Sections Product Performance - The revenue growth of cream and sauces is notable, with the high-end strategy showing significant results. Frozen baked goods accounted for approximately 55% of revenue, growing about 10% year-on-year, while baking ingredients (cream, sauces, and other materials) saw a 24% increase, with cream products growing around 40% and sauces over 35% year-on-year [3][4]. Channel Performance - The company experienced rapid growth in various channels, including supermarkets, catering, tea drinks, and new retail. Supermarket revenue increased by approximately 30%, while innovative channels grew by about 40% [3]. Profitability - The gross margin decreased by 2.40 percentage points to 28.94% year-on-year, primarily due to rising raw material costs. However, effective cost control led to a slight decline in net margin by 0.11 percentage points to 7.03% [4]. Earnings Forecast - The company is expected to maintain growth in the baking industry, with projected net profits of 321 million yuan in 2025, 390 million yuan in 2026, and 454 million yuan in 2027, reflecting growth rates of 19.70%, 21.45%, and 16.56% respectively [5][11].

Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of RMB 33.39 [1][5]. Core Insights - The company's main business saw an increase in volume but a decrease in price, leading to stable profitability. The overall revenue for the first three quarters of 2025 was RMB 446.5 billion, with a year-on-year growth of 1.2%, while the net profit attributable to the parent company was RMB 39.6 billion, up 4.1% year-on-year [1][5]. - In Q3 2025, the total revenue was RMB 161.5 billion, a decrease of 1.8% year-on-year, but the net profit increased by 8.4% to RMB 16.4 billion [1][5]. - The company benefits from favorable pork costs, with the meat products segment accounting for 42% of total revenue and 96% of operating profit in Q3 [1][2]. Revenue Analysis - The meat products segment generated RMB 67.9 billion in Q3, down 0.6% year-on-year, but the sales volume increased by 0.9% due to rapid growth in emerging channels [2]. - The slaughtering business saw a significant revenue drop of 18.8% year-on-year, totaling RMB 67.5 billion, despite a 40.5% increase in slaughter volume [2]. - Other businesses, particularly pig farming, experienced a revenue increase of 100.5% year-on-year, driven by a 146% rise in pig output [3]. Profitability Outlook - The meat products segment achieved a record high profit per ton of RMB 5,186, up 6.5% year-on-year, with an operating profit margin of 29.9% [4]. - The slaughtering business faced a 46.9% decline in operating profit, with a profit margin of only 0.6% [4]. - The company aims to maintain stable profit margins while increasing sales volume, expecting a slight decline in profit per ton in Q4 2025 [4]. Earnings Forecast and Valuation - The earnings per share (EPS) forecast for 2025-2027 is adjusted to RMB 1.51, 1.59, and 1.64, respectively, reflecting slight increases for 2025 and 2026, but a decrease for 2027 [5]. - The target price of RMB 33.39 corresponds to a price-to-earnings (PE) ratio of 21x for 2026, based on comparable companies [5].

Core Viewpoint - COFCO Technology (000930) highlights the potential of D-Allulose as a product aligned with the health trend, attracting significant interest from leading companies [1] Group 1: Product Development - D-Allulose is recognized as a promising product under the health trend [1] - Several leading enterprises have shown great interest in the company's products [1] Group 2: Strategic Partnerships - The company has signed cooperation agreements with some leading tea beverage companies [1] - COFCO Technology aims to provide health food solutions centered around customer needs [1] Group 3: Compliance and Reporting - The company commits to adhering to compliance requirements for information disclosure [1] - Future reports will present comprehensive and accurate data on overall business performance to investors [1]

Core Viewpoint - COFCO Technology (000930) announced a three-step plan for the production capacity of D-Allulose based on market demand, with the product now officially available to consumers [1] Group 1: Production Capacity Plan - The production capacity plan for D-Allulose is divided into three phases: establishing a supply chain with partners, mid-term equipment upgrades to enhance capacity, and long-term plans for new production lines [1] - Current partnerships have successfully completed product testing across various sectors including baking, beverages, and Chinese cuisine, showing positive application results [1] Group 2: Market Launch - D-Allulose products will soon be launched in offline stores, featuring food items that incorporate D-Allulose [1]

Investment Rating - The report maintains a "Buy" investment rating for Anjilin Food (603345.SH) [1] Core Views - The company's earnings are steadily recovering, with strong resilience in its fresh-lock packaging segment [1] - The report highlights that the company has shown better performance than the industry despite demand pressure, aided by successful product and channel integration through acquisitions [9] Summary by Sections Financial Performance - For Q1-Q3 2025, total revenue reached 11.371 billion yuan, a year-on-year increase of 3%, while net profit attributable to shareholders was 949 million yuan, a decrease of 9% [4] - In Q3 2025, total revenue was 3.766 billion yuan, up 7% year-on-year, and net profit increased by 12% to 273 million yuan [4] Profitability - Q3 2025 gross margin improved by 0.1 percentage points to 19.99%, with a slowdown in the cost increase of raw materials like crayfish and fish paste [5] - The net profit margin for Q3 2025 increased by 0.3 percentage points to 7.31%, indicating a recovery in profitability [5] Product Segments - Revenue from frozen prepared foods in Q3 2025 was 1.906 billion yuan, up 6%, with strong performance in high-end brand image and product categories [6] - The baking segment generated 32 million yuan in revenue, with a focus on developing this as a third growth curve for the company [6] Distribution Channels - Revenue from distribution channels in Q3 2025 was 2.960 billion yuan, a slight decrease of 1%, while direct sales channels saw a significant increase of 68% [7] - The company is focusing on customized products for large supermarkets, which has led to a 28% increase in revenue from supermarket channels [7][8] Earnings Forecast - The report adjusts the EPS forecasts for 2025-2027 to 4.34, 4.77, and 5.29 yuan respectively, with corresponding PE ratios of 16, 15, and 13 times [9]

Market Overview - The food processing sector increased by 0.66% on October 29, with Xianle Health leading the gains [1] - The Shanghai Composite Index closed at 4016.33, up 0.7%, while the Shenzhen Component Index closed at 13691.38, up 1.95% [1] Top Gainers in Food Processing Sector - Xianle Health (300791) closed at 24.00, up 5.12% with a trading volume of 66,000 shares and a turnover of 158 million yuan [1] - Anjijia Food (603345) closed at 73.00, up 4.54% with a trading volume of 171,400 shares and a turnover of 1.243 billion yuan [1] - Kangbiter (920429) closed at 17.78, up 4.34% with a trading volume of 42,200 shares and a turnover of 71.648 million yuan [1] Top Losers in Food Processing Sector - ST Chuntian (600381) closed at 4.62, down 3.95% with a trading volume of 160,900 shares and a turnover of 74.493 million yuan [2] - Guanghong Holdings (000529) closed at 5.93, down 3.42% with a trading volume of 152,200 shares and a turnover of 90.343 million yuan [2] - Huifa Food (603536) closed at 10.86, down 2.78% with a trading volume of 104,600 shares and a turnover of 114 million yuan [2] Capital Flow Analysis - The food processing sector experienced a net outflow of 51.2618 million yuan from institutional investors, while retail investors saw a net inflow of 66.9266 million yuan [2] - The overall capital flow indicates a mixed sentiment, with institutional investors withdrawing funds while retail investors are increasing their positions [2] Individual Stock Capital Flow - Tongchen Beijian (300146) had a net inflow of 25.4486 million yuan from institutional investors, but a net outflow of 26.3022 million yuan from retail investors [3] - Shuanghui Development (000895) saw a net inflow of 6.5057 million yuan from institutional investors, while retail investors contributed a net inflow of 11.0663 million yuan [3] - Jinziham (002515) had a net inflow of 4.5988 million yuan from institutional investors, with retail investors also contributing a net inflow of 14.3141 million yuan [3]

10月28日晚间，佳禾食品（605300）（605300）公布2025年三季报，公司营业收入为17.7亿元，同比上升5.3%；归母净利润为2600万元，同比下降 68.5%；扣非归母净利润为1045万元，同比下降85.6%。 其中第三季度，公司营业收入为5.83亿元，同比下降3.9%；归母净利润为1357万元，同比上升2.7%；扣非归母净利润为804万元，同比下降26.1%。 | | | | | FD. JU INT: ANN | | --- | --- | --- | --- | --- | | | | 本报告期比 上年同期增 | | 年初至报告期 | | 项目 | 本报告期 | | 年初至报告期末 | 末比上年同期 | | | | 减变动幅度 | | 增减变动幅度 | | | | (%) | | (%) | | 营业收入 | 583.125.963.39 | -3.87 | 1.768.543.538.52 | 5.27 | | 利润息额 | 15,492,914.67 | -7.68 | 30,936,030.91 | -70.66 | | 归属于上市公司股东的净利 | 13,568,409.38 | ...

东吴证券研报指出，甘源食品2025Q1-Q3实现归母净利润1.56亿元，同比-43.66%；2025Q3实现归母净 利润0.82亿元，同比-26.31%。净利率环比改善，前期投入释放效果。渠道端来看，预计零食量贩渠道 仍是主力渠道，电商调整后也有增量贡献。公司春糖推出的新品主要在下半年铺货，目前看取得不错效 果，前期的渠道调整、费用投放亦开始释放效果。Q3是基本面好转的开始，此外今年棕榈油成本偏高 位，明年来看有回落的空间，业绩弹性可期。考虑Q3的边际改善已经兑现，略上调2025年盈利预测， 2026-2027年维持不变，维持"买入"评级。 ...