格隆汇8月15日丨桃李面包(603866.SH)公布2025年半年度报告，报告期实现营业收入26.11亿元，同比下降13.55%；归属于上市公司股东的净利润2.04亿元，同比下降29.70%；归属于上 ...

Core Viewpoint - Nanchao Food (605339) reported its worst half-year results since its listing, with a revenue decline of 0.69% and a net profit drop of 72% in the first half of 2025 [1][2] Financial Performance - In the first half of 2025, Nanchao Food achieved approximately 1.555 billion yuan in revenue, down 0.69% year-on-year, and a net profit attributable to shareholders of approximately 35.96 million yuan, down 72% year-on-year [2] - The net profit excluding non-recurring gains and losses also saw a decline of 72.21%, amounting to approximately 33.65 million yuan [2] - The significant drop in net profit is attributed to the product price increase lagging behind the rise in raw material costs, leading to pressure on overall profit levels [2] Market Strategy and Operations - Nanchao Food has been focusing on expanding into lower-tier markets and refining its distributor channels, increasing the number of distributors to 471, a year-on-year increase of 42 [1][6] - The company continues to pursue a strategy of comprehensive layout in baking, catering, and retail markets, despite challenges from macroeconomic conditions and raw material price fluctuations [3] Raw Material Costs - The main raw materials include palm oil, soybean oil, coconut oil, and natural cream, with palm oil prices remaining high compared to the same period in 2024, despite a slight decrease in 2025 [2] - The company has implemented measures such as product price adjustments and structural changes to mitigate the impact of rising raw material costs [2] Subsidiary Performance - Among the major subsidiaries and associated companies, 5 reported profits while 6 incurred losses, indicating a mixed performance across the company's portfolio [5] Expansion Plans - Nanchao Food is actively expanding its overseas market presence, with its Thailand subsidiary achieving localized production of pre-made baked goods [7] - The company plans to continue expanding its overseas production and research layout, targeting Southeast Asia as a starting point for global expansion [7] - However, some expansion projects have been delayed, with the completion date for certain projects pushed to June 2026 from the original September 2025 [7][8] Investment in Technology - The total planned investment for expansion and technological improvement projects is approximately 383 million yuan, with 303 million yuan already invested as of June 30, 2025, representing a progress rate of 79.29% [8] - The necessity for these projects is to optimize product structure and adapt to industry development trends [8]

Core Viewpoint - Nanchao Food reported its worst half-year results since its listing, with a revenue decline of 0.69% and a net profit drop of 72% in the first half of 2025 [4][8]. Financial Performance - In the first half of 2025, Nanchao Food achieved approximately 1.555 billion yuan in revenue, down 0.69% year-on-year, and a net profit attributable to shareholders of approximately 35.96 million yuan, down 72% year-on-year [8]. - The net profit excluding non-recurring gains and losses also saw a decline of 72.21%, amounting to approximately 33.65 million yuan [8]. Cost and Pricing Challenges - The significant drop in net profit is attributed to the increase in raw material costs outpacing the price increase of products, leading to pressure on overall profit levels [9]. - Key raw materials include palm oil, soybean oil, coconut oil, and natural cream, with palm oil prices remaining high compared to the same period in 2024, despite a slight decrease in 2025 [10]. Market Strategy and Expansion - The company aims to continue expanding into lower-tier markets and refining its distributor channels, increasing the number of distributors to 471, a year-on-year increase of 42 [7][16]. - Nanchao Food is focusing on a comprehensive strategy to develop the baking, catering, and retail markets, while also creating new products and expanding customer channels to stabilize revenue [12]. Subsidiary Performance - Among the major subsidiaries, 5 were profitable while 6 reported losses, indicating challenges within the company's broader operational structure [14]. International Expansion - The company is actively pursuing overseas market opportunities, with its subsidiary in Thailand achieving localized production of pre-made baked goods [18]. - Nanchao Food plans to expand its overseas production and research layout, targeting Southeast Asia as a starting point for global expansion [19]. Project Delays - Some expansion and technological improvement projects are experiencing delays, with the expected completion date pushed to June 2026 from September 2025 [19][21]. - The necessity for these projects is to optimize product structure and adapt to industry trends, ensuring that new production capacities align with market demands [22].

Financial Performance - In the first half of 2025, the company achieved revenue of 1.555 billion yuan, which remained basically flat year-on-year; however, the net profit attributable to shareholders decreased by 72% to 35.96 million yuan [1] - Despite measures such as product price adjustments and changes in product structure to mitigate the impact of rising raw material costs, the price increase of products was insufficient to offset the cost pressure, leading to a decline in overall profit levels [1] Raw Material Costs - Key raw materials for the company include palm oil, soybean oil, coconut oil, and natural cream. Although palm oil prices have slightly decreased, they remain high compared to the same period in 2024, with a year-on-year increase of over 30% from approximately 7,000 yuan/ton to about 10,000 yuan/ton [1] - The average import price of coconut oil in June 2025 was 2,510.88 USD/ton, reflecting an increase of over 90% compared to June 2024 [2] - In the first half of 2025, China imported 80,000 tons of cream, a year-on-year increase of 13.7%, with an average price of 7,984 USD/ton, up 24.1% year-on-year [2] Product Development and Market Strategy - The company established a subsidiary to enhance cold processing pastry capacity to meet the growing demand from coffee, tea, and catering clients. It has also launched new products in response to market needs, including health-oriented oils and cream products [3] - The trend towards diversified consumer preferences has led to the coexistence of "small and refined" specialty stores and "large and comprehensive" baking factories, providing more market entry points and development model choices for companies [3] Market Expansion - The company is focusing on resource integration and optimizing sales channels, increasing the number of distributors to 471 by the end of June 2025, a year-on-year increase of 42 [4] - The company is also expanding its presence in overseas markets, particularly in Southeast Asia, exporting various products including baking oils and creams [4] - The baking market in China is expected to continue expanding, driven by a shift towards daily consumption and increased frequency of purchases [4]

Core Viewpoint - The company announced a delay in the completion date of its expansion and technological transformation project from September 2025 to June 2026, while ensuring that the project’s implementation subject, fundraising purpose, and investment scale remain unchanged [13][28]. Company Overview - The company is South Qiao Food Group (Shanghai) Co., Ltd., with the stock code 605339 [4]. - The company’s board of directors and all members guarantee the truthfulness, accuracy, and completeness of the announcement content [4][12]. Financial Data - The company raised a total of RMB 1,078,729,415.76 through its initial public offering, with a net amount of RMB 991,277,271.83 after deducting issuance costs [14][38]. - As of June 30, 2025, the company had a balance of RMB 381,340,115.11 in its fundraising account [39][42]. Important Matters - The company’s board approved the delay of the expansion and technological transformation project, which is crucial for meeting market demand and enhancing production efficiency [18][28]. - The delay is attributed to the need for dynamic adjustments in production line and equipment selection to align with market changes [19][28]. Project Changes - The company has changed the implementation subject of certain fundraising projects, with the cold dough production line now being managed by Guangzhou South Qiao Food Co., Ltd. instead of Tianjin South Qiao Food Co., Ltd. [15]. - The company has also reduced the fundraising amount for specific projects by a total of RMB 205.35 million [15][16]. Project Implementation Necessity and Feasibility - The expansion and technological transformation project is deemed necessary to optimize product structure and adapt to the growing baking market [18][20]. - The company possesses a complete production system and extensive management experience, which supports the feasibility of the project [20][21]. Expected Benefits - The project is expected to enhance production efficiency and product competitiveness, aligning with industry trends towards technological innovation and sustainable practices [19][20][28]. Measures for Fund Usage - The company plans to strengthen internal audits and external supervision of fundraising usage to ensure compliance and efficiency [24]. - The company will closely monitor market changes and report on project progress regularly [24][28]. Recent Performance - In July 2025, the company reported a consolidated revenue of RMB 198.10 million, a decrease of 9.19% year-on-year [69].

Fundraising Overview - The company raised a total of RMB 1,078,729,415.76 from the issuance of 63,529,412 shares at a price of RMB 16.98 per share, with a net amount of RMB 991,277,271.83 after deducting related fees [1][2] - As of June 30, 2025, the remaining balance of the raised funds is RMB 381,340,115.11, after using RMB 658,977,507.77 for investment projects [1][2] Fund Management - The company has established a fundraising management system in compliance with relevant regulations to ensure the proper use of funds [1][2] - A tripartite supervision agreement was signed with the underwriter and the bank to oversee the management of the raised funds [1][2] Fund Usage - The company has utilized RMB 658,977,507.77 of the raised funds for various projects, with no prior self-funded investments or temporary use of idle funds reported [2][3] - As of June 30, 2025, the company has invested RMB 298,800,000.00 of idle funds in seven-day notice deposits, with a focus on high-security, liquid financial products [2][3] Project Updates - The company has approved the extension of project completion dates for the expansion and technical transformation projects to June 2026 due to market demand adjustments and construction delays [4][5] - The cold chain storage system upgrade and customer service center projects have been completed and are operational, with surplus funds of RMB 6,376,524.60 allocated to the ongoing Chongqing production base project [4][5] Compliance and Reporting - The company has maintained timely and accurate disclosures regarding the use and management of raised funds, with no violations reported [4][5]

Group 1 - The core viewpoint of the article highlights that Nanjiao Food (605339) reported a significant decline in net profit for the first half of 2025, with a decrease of 72% year-on-year [1] - The company achieved a revenue of approximately 1.555 billion yuan, reflecting a slight decrease of 0.69% compared to the previous year [1] - The net profit attributable to shareholders was approximately 35.96 million yuan, with a corresponding decrease in non-recurring net profit of about 33.65 million yuan, both showing a decline of around 72% [1] Group 2 - Nanjiao Food primarily engages in the research, production, and sales of baking oils and related products, and is gradually expanding its business into other baking ingredients such as cream, dairy products, fillings, and pre-prepared baking products [1] - As of the market close on August 11, the stock price of Nanjiao Food was reported at 18.25 yuan per share, with a total market capitalization of approximately 7.743 billion yuan [1]

Core Viewpoint - The company continues to pursue its strategic goal of comprehensive layout in the baking, catering, and retail markets while facing challenges from macroeconomic conditions and raw material price fluctuations [1] Revenue Performance - In the first half of 2025, despite a slight recovery in consumer demand due to ongoing macroeconomic recovery, the company reported a revenue of 1.555 billion yuan, a minor decrease of 0.7% year-on-year [1] - The company is actively developing new products, expanding new channels, and acquiring new customers to create additional revenue streams and maintain stable income [1] Profitability Analysis - The net profit attributable to shareholders for the reporting period was 36 million yuan, reflecting a significant decrease of 72.0% year-on-year [1] - The company faced rapid increases in raw material prices since September 2024, leading to cost pressures; however, it has implemented measures such as product price adjustments and changes in product structure to mitigate the negative impact of rising costs [1]

Core Insights - The article highlights the latest trends and new product launches in the baking industry, showcasing various innovative items from different brands and stores [2][3][4][5][6][7][8]. Group 1: New Product Launches - Dingdong Maicai introduces a Tuna Cheese Sandwich and a Japanese Red Bean Bread from the Bao Luo Workshop [2] - FamilyMart launches a Cat Tail Cake Roll [3] - Peach Li Bread presents a Frozen Brownie Cake [2] - Neighbor Convenience Store features a Happy Caterpillar Bread and a Red Bean Toast [2] - Happiness Bakery offers a Happiness Full Cake with four visible fresh fruits [17] Group 2: Seasonal and Thematic Products - Shan Shan Jia presents a Pearl Milk Tea Cake, combining rich flavors for a unique dessert experience [19] - Guang Lian Shen introduces a Pickled Vegetable and Fresh Meat Mooncake, emphasizing fresh ingredients and traditional flavors [21] - HPCBAKERY's "Fortune" series showcases a variety of festive baked goods [25] - 85 Degrees C offers an Italian Barbecue Sauce Sun Egg Bread, highlighting Italian culinary influences [26] Group 3: Health and Wellness Trends - The article mentions the introduction of probiotic drinks and health-focused products, such as the probiotic series from Luckin Coffee [137] and the instant probiotic series from Cha Yan Yue Se [140]. - The focus on low-calorie and health-conscious options is evident in the new product offerings from various brands, catering to the growing demand for healthier choices [137][140]. Group 4: Market Trends and Consumer Behavior - The article notes a significant increase in sales for tea brands during the autumn season, with some brands reporting a 500% increase in delivery sales [144]. - The response to seasonal marketing campaigns, such as "The First Cup of Milk Tea in Autumn," has led to a surge in consumer interest and engagement across multiple brands [143][144]. - The expansion of brands like Bawang Tea Ji into Asian markets indicates a growing trend of international brand presence and competition in the beverage sector [146].

Group 1 - The establishment of Guannan County Mai Xu Baking Workshop as an individual business has been registered, with Cai Jiuzhi as the legal representative [1] - The registered capital of the company is 200,000 RMB [1] - The business scope includes licensed projects for food workshop operations, which require approval from relevant authorities before commencement [1] Group 2 - The general business activities include online sales of food (only pre-packaged food) and food sales (only pre-packaged food), operating independently based on the business license [1]