休闲食品

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周黑鸭(01458):门店有望企稳,盈利快速修复
Xinda Securities· 2025-09-01 01:37
证券研究报告 公司研究 [Table_ReportType] 公司点评报告 [Table_StockAndRank] 周黑鸭(1458.HK) | | | CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲127号金隅大厦 B座 邮编:100031 [Table_Title] 门店有望企稳,盈利快速修复 [Table_ReportDate] 2025 年 9 月 1 日 [Table_Summary] 事件:公司发布 2025 半年报,公司 25H1 实现收入 12.2 亿元,同比-2.9%。 实现净利润 1.08 亿元,同比+228%。收入落在预告中枢位置,盈利落在预告 偏上线。 点评: 请阅读最后一页免责声明及信息披露 http://www.cindasc.com 1 ➢ 同店企稳下,门店业务有望逐步止跌向上。25H1 公司收入同比-2.9%, 收入降幅收窄有望逐步企稳。门店业务端,25H1 自营门店实现营收 7.1 亿,特许经营实现营收 2.7 亿,25H1 公司门店数量较 24 年底净减少 167 家至 2864 家,25H1 平均单店同比增长 15.5%,我们预计公司上半年 ...
盐津铺子(002847):魔芋高增兑现,主动调优渠道
Xinda Securities· 2025-09-01 01:23
Investment Rating - The investment rating for the company is "Buy" [1] Core Insights - The company reported a revenue of 2.94 billion with a year-on-year increase of 19.6%, and a net profit attributable to the parent company of 370 million, up 16.7% year-on-year for the first half of 2025 [1][3] - The core product category, konjac products, saw a significant revenue increase of 155% to 790 million, indicating the initial success of the company's big product strategy [3] - The company is actively optimizing its channel structure, with notable growth in overseas markets, achieving revenue of 96 million from overseas channels in the first half of 2025 [3] Financial Performance Summary - For the first half of 2025, the company achieved a revenue of 2.94 billion, with a net profit of 370 million, reflecting a year-on-year growth of 19.6% and 16.7% respectively [1][3] - The gross profit margin for the second quarter of 2025 was 31.0%, a decrease of 1.98 percentage points year-on-year, primarily due to channel structure impacts [3] - The company forecasts revenues of 6.32 billion and net profits of 802 million for 2025, maintaining a "Buy" rating [3]
绝味食品营收降15.6%百亿目标难期 三个在建生产基地两个延期两年
Chang Jiang Shang Bao· 2025-08-31 22:33
Core Viewpoint - Juewei Foods (603517.SH) is struggling to achieve its ambitious revenue target of 10 billion yuan by 2025, as the company reported a significant decline in both revenue and net profit in the first half of 2025 [1][4]. Financial Performance - In the first half of 2025, Juewei Foods achieved revenue of 2.82 billion yuan, a year-on-year decrease of 15.57%, and a net profit of 175 million yuan, down 40.71% year-on-year [1][4]. - The company aims to reach a total revenue of 10.94 billion yuan by 2025, requiring a revenue of 8.12 billion yuan in the second half of 2025, which is deemed highly unlikely given current performance [1][5]. Production and Expansion - As of the end of 2024, Juewei Foods had established 21 production bases nationwide, including three under construction, down from 22 bases the previous year [1][10]. - Two of the three under-construction bases in Guangdong and Guangxi have been delayed by two years, impacting the company's production capacity [1][12]. Market Presence - Juewei Foods has seen a reduction in its store count, with a net closure of nearly 1,000 stores in the first half of 2024, bringing the total to 14,969 stores [8][9]. - The company had previously experienced rapid growth in store numbers, reaching 15,950 stores by the end of 2023, but the recent trend indicates a slowdown [7][8]. Stock Performance - Juewei Foods' stock price has significantly declined from a peak of 105.2 yuan per share in February 2021 to 16.21 yuan per share as of August 29, 2025, representing a drop of approximately 85% [6].
广州酒家(603043):公司信息更新报告:省外市场增速亮眼,持续推进新品开发
KAIYUAN SECURITIES· 2025-08-31 08:12
食品饮料/休闲食品 广州酒家(603043.SH) 省外市场增速亮眼,持续推进新品开发 2025 年 08 月 31 日 投资评级:增持(维持) | 日期 | 2025/8/29 | | --- | --- | | 当前股价(元) | 17.00 | | 一年最高最低(元) | 19.14/12.81 | | 总市值(亿元) | 96.69 | | 流通市值(亿元) | 96.69 | | 总股本(亿股) | 5.69 | | 流通股本(亿股) | 5.69 | | 近 3 个月换手率(%) | 35.27 | 股价走势图 zhangsimin@kysec.cn 证书编号:S0790525080001 2025Q2 公司收入同比+5.1%,维持"增持"评级 公司发布 2025 年中报。2025H1 收入 19.9 亿元,同比+4.2%,归母净利润 0.39 亿元,同比-33.1%;2025Q2 收入 9.5 亿元,同比+5.1%;归母净利润-0.12 亿元, 2024 年同期为-0.12 亿元。我们维持盈利预测,预计公司 2025-2027 年归母净利 为 5.7、6.4、7.0 亿元,EPS 为 1.00、 ...
疑似被下架“山姆同款”在折扣店出售,好丽友回应
2 1 Shi Ji Jing Ji Bao Dao· 2025-08-31 06:33
Core Viewpoint - The article discusses the sale of a low-sugar Orion cake, previously sold at Sam's Club, in a discount store called Haote Mai, raising questions about product distribution and inventory management [1][6]. Company Overview - Orion, founded in 1956 in South Korea, has established itself in the Chinese market, which is now its largest market [6]. - Orion operates three main business segments: beverages, convenient meals, and biotechnology [6]. Product Details - The low-sugar Orion cake was previously sold at Sam's Club for 49.9 yuan but was taken off the shelves in July due to selection issues [3][6]. - The cake is now being sold at Haote Mai for 32.9 yuan per box, with a shelf life until November [4]. Sales Performance - In Q2, Orion's total sales increased by 8.1% year-on-year to 777.2 billion KRW, with sales in the Chinese market growing by 3.0% to 304.8 billion KRW, accounting for over 40% of total sales [6]. - Operating profit for the Chinese market decreased by 6.4% to 55.9 billion KRW, while the Korean market saw a 4.9% increase in sales to 277.8 billion KRW and a 3.4% increase in operating profit to 46.9 billion KRW [6]. Market Dynamics - Haote Mai is a discount chain primarily selling near-expiry products and assisting brands in clearing excess inventory [4]. - The recent changes in product selection at Sam's Club have led to public discussions about the store's identity and value proposition for members [7].
每周股票复盘:南侨食品(605339)继续用闲置募集资金进行现金管理
Sou Hu Cai Jing· 2025-08-31 04:51
Summary of Key Points Core Viewpoint - Nanchao Food (605339) has experienced a slight decline in stock price, closing at 17.51 yuan, down 1.3% from the previous week, with a total market capitalization of 7.429 billion yuan as of August 29, 2025 [1]. Company Announcements - Nanchao Food Group has announced the maturity of a 130 million yuan seven-day notice deposit with DBS Bank, yielding 355,900 yuan [3]. - The company plans to apply for an additional 70 million yuan seven-day notice deposit with an expected annualized yield of 1.15% [1][3]. - The cash management amount represents 6.86% of the company's latest cash balance, ensuring that the use and safety of raised funds are not affected [3]. Financial Overview - As of June 30, 2025, the company reported total assets of 4.150 billion yuan, total liabilities of 735 million yuan, and net assets of 3.415 billion yuan [1]. - The net cash flow from operating activities for the company was 34.3364 million yuan [1]. - The cumulative cash management income over the past twelve months was 355,900 yuan, with the highest single-day investment reaching 299.1 million yuan, accounting for 8.67% of the net assets [1].
好丽友回应山姆同款流向好特卖:消化库存,产品无问题
Xin Lang Cai Jing· 2025-08-31 02:24
Core Viewpoint - The company, Holley, has clarified that the low-sugar Holley pies found in Sam's Club and sold at Haotemai are part of a strategy to clear inventory, and there are no quality issues with the products [1] Group 1 - On August 27, a social media post indicated that low-sugar Holley pies were available at a Haotemai store in Guangzhou, which drew public attention [1] - A visit to four Haotemai supermarkets in Guangzhou on August 29 confirmed the presence of the product, with staff stating that the stock was received on August 27 and was distributed by the company [1] - On August 30, a representative from Holley stated that the quality of the related products is intact and that the company is utilizing the Haotemai channel to expedite inventory clearance [1]
每周股票复盘:来伊份(603777)Q2营收增21.92%,净利亏损扩大
Sou Hu Cai Jing· 2025-08-31 01:03
Core Viewpoint - The company Laiyifen (603777) has shown fluctuations in stock price and significant financial challenges in its recent performance, with a notable decline in net profit despite an increase in revenue [1][3]. Group 1: Stock Performance - As of August 29, 2025, Laiyifen's stock closed at 13.92 yuan, up 0.94% from the previous week [1] - The stock reached a peak price of 14.39 yuan on August 25, 2025, and a low of 13.48 yuan on August 28, 2025 [1] - The current market capitalization stands at 4.655 billion yuan, ranking 18th out of 23 in the leisure food sector and 3488th out of 5152 in the A-share market [1] Group 2: Shareholder Changes - As of June 30, 2025, the number of shareholders decreased to 41,800, a reduction of 1,320 shareholders or 3.06% compared to March 31, 2025 [2] - The average number of shares held per shareholder increased from 7,810 to 8,006 shares, with an average holding value of 105,100 yuan [2] Group 3: Financial Performance - For the first half of 2025, Laiyifen reported a main revenue of 1.94 billion yuan, an increase of 8.21% year-on-year [3] - The net profit attributable to shareholders was a loss of 50.68 million yuan, a decline of 439.6% year-on-year [3] - The second quarter of 2025 saw a main revenue of 891 million yuan, up 21.92% year-on-year, but the net profit attributable to shareholders was a loss of 63.12 million yuan, down 36.07% year-on-year [3][5] - The company reported a debt ratio of 44.92%, with investment income of 9.283 million yuan and financial expenses of 11.997 million yuan, while the gross profit margin was 32.61% [3] Group 4: Corporate Announcements - On August 25, 2025, the company held its 18th meeting of the fifth board of directors, where the half-year report was approved unanimously [4] - The company will not distribute profits or increase capital from reserves for the first half of 2025 [4][5]
被山姆下架产品流向好特卖?好丽友:为消化库存,产品无问题
Nan Fang Du Shi Bao· 2025-08-30 11:38
Core Viewpoint - The "low-sugar Orion Pie" that was removed from Sam's Club is now being sold at discount stores, indicating a strategy to clear inventory through alternative channels [1][3]. Group 1: Product and Sales Information - The "low-sugar Orion Pie" is being sold at a discount store called "Good Sale," with a price of 32.9 yuan and a shelf life of four months, expiring on November 2 of this year [1]. - The product claims to have a 30% increase in cocoa content and an 80% reduction in sugar compared to the classic version [1][3]. - The same product was previously sold at Sam's Club for 49.9 yuan, highlighting a significant price difference [1]. Group 2: Company and Market Context - Orion, founded in 1956 in South Korea, has seen China become its largest market since entering in the 1990s [5]. - In Q2 of this year, Orion's sales increased by 8.1% year-on-year to 777.2 billion KRW, with EBITDA rising by 0.4% to 162 billion KRW [5]. - Sales in the Chinese market grew by 3.0% to 304.8 billion KRW, accounting for over 40% of total sales, while operating profit decreased by 6.4% to 55.9 billion KRW [5].
上半年净利腰斩,三只松鼠港股IPO遇“考题”
Guo Ji Jin Rong Bao· 2025-08-29 14:53
Core Viewpoint - The financial report of Three Squirrels for the first half of 2025 shows a significant divergence, with revenue increasing by 7.94% to 5.478 billion yuan, but net profit dropping sharply by 52.22% to 138 million yuan, indicating a slowdown in growth momentum compared to over 75% growth in the same period last year [2][9]. Revenue Performance - The revenue of 5.478 billion yuan is the highest half-year revenue since the company's establishment, but the single-digit growth rate contrasts sharply with the previous year's high growth [2]. - The nut category, which is the core business, generated 5.366 billion yuan in revenue in 2024, a year-on-year increase of 40.76%, accounting for over half of total revenue [2]. - However, in the first half of this year, the nut business saw a revenue decline of 1.03% to 2.731 billion yuan, impacted by rising raw material costs due to international conditions, leading to a 2.64 percentage point drop in gross margin to 23.91% [2]. Competitive Landscape - The snack food industry is experiencing intense competition, with low-price strategies from bulk snack stores squeezing traditional brand market shares [4]. - Competitors in the nut segment are increasing investments in product quality, pricing strategies, and marketing, further intensifying market pressure on Three Squirrels' nut business [4]. Non-Nut Category Performance - Non-nut categories provided some growth support, with total snack revenue reaching 1.398 billion yuan, a year-on-year increase of 49.7%, and baked goods revenue growing by 11.96% to 682 million yuan [4]. Channel Performance - Online sales remain the primary channel, accounting for approximately 78.42% of total sales, with online revenue of 4.295 billion yuan, a year-on-year increase of 5.01% [5]. - The Douyin platform saw a revenue increase of 20.75% to 1.478 billion yuan, while the Tmall platform experienced an 18.56% decline to 882 million yuan [5]. - Offline distribution performed well, with revenue of 938 million yuan, a year-on-year increase of 40.21%, while offline store revenue fell by 18.69% to 187 million yuan despite a net increase of over 100 stores [5]. Strategic Goals - The company aims to achieve 20 billion yuan in revenue by 2026, with online and offline channels each contributing 10 billion yuan [5]. - The founder has set a "Double Hundred" strategy to increase terminal numbers from 100,000 to 1 million and to grow distribution from 2 billion to 10 billion yuan [5]. Marketing and Expenses - The company increased marketing expenses significantly in the first half of the year, with sales expenses rising by 25.11% to 1.119 billion yuan, leading to a sales expense ratio of 20.43% [7]. - The increase in promotional and platform service fees contributed to revenue growth but also impacted net profit, which halved to a net profit margin of 2.47% compared to 5.71% in the previous year [7]. IPO Plans - After achieving a revenue breakthrough of 10.6 billion yuan and a net profit of 400 million yuan in 2024, the company announced plans for an IPO in Hong Kong in March 2023 to optimize its integrated layout of manufacturing, branding, and retail [8].