另外，盐津铺子还介绍了目前公司各个渠道的情况。"2025年上半年，公司各渠道的收入增速整体符合 公司预期。"盐津铺子表示，其中，定量流通渠道因聚焦"大魔王"麻酱味素毛肚，通过精耕市场进一步 提升售点数量，报告期收入增速强劲；零食量贩渠道通过门店数量增长、品类扩张、营销等方式持续实 现稳健增长；电商渠道进行了业务及产品结构的主动调整，导致其短期业绩承压。未来，电商渠道将聚 焦品类品牌建设，复制"大魔王"麻酱味素毛肚的爆款模式，打造更多爆款，提升电商的经营效率。 新京报贝壳财经讯（记者阎侠）8月22日，盐津铺子发布投资者关系活动记录表。2025年上半年，盐津 铺子实现营业收入约29.41亿元，同比增长19.58%；归属于上市公司股东的净利润约3.73亿元，同比增 长16.70%。其中，休闲魔芋制品实现营收约7.91亿元，同比增长155.10%。 "展望全年，预计会员高势能渠道、海外市场、定量流通渠道、零食渠道收入增速将高于公司平均增 速；电商渠道下半年预计将持续调整；而传统渠道增长放缓已成为行业新常态，公司散装BC超、直营 KA业务的增长贡献预期将持续减弱。"盐津铺子表示。 据了解，受2023年鲜魔芋价格低位影响 ...

2025 年 08 月 22 日 公司研究 评级：买入(维持) | 研究所： | | | | --- | --- | --- | | 证券分析师： | | 刘洁铭 S0350521110006 | | | | liujm@ghzq.com.cn | | 证券分析师： | | 秦一方 S0350523120001 | | | | qinyf@ghzq.com.cn | | 联系人 | ： | 黄诗汶 S0350124040004 | | | | huangsw01@ghzq.com.cn | [Table_Title] 魔芋延续高景气，Q2 毛销差同比增速转正 ——盐津铺子（002847）2025 半年报点评 最近一年走势 | 相对沪深 300 | 表现 | 2025/08/21 | | | --- | --- | --- | --- | | 表现 | 1M | 3M | 12M | | 盐津铺子 | -3.0% | -20.3% | 89.3% | | 沪深 300 | 5.0% | 9.5% | 29.1% | | 市场数据 | | 2025/08/21 | | | 当前价格（元） | | 72.33 | ...

休闲食品 2024-10-27 2、《洽洽食品（002557.SZ）2024 投放加大》2024-08-30 执业证书编号：S0740519080002 Email：xiongxw@zts.com.cn | 基本状况 | | | --- | --- | | 总股本(百万股) | 505.86 | | 流通股本(百万股) | 504.77 | | 市价(元) | 23.57 | | 市值(百万元) | 11,923.00 | | 流通市值(百万元) | 11,897.51 | 洽洽食品（002557.SZ） 证券研究报告/公司点评报告 2025 年 08 月 22 日 破局革新，盈利短期承压 ——洽洽食品 2025 年半年报点评 收入端：受春节错期、渠道变化影响收入小幅下滑，电商及海外增势良好。25H1， 公司葵花子/坚果类/其他产品收入分别同比-4.45%/-6.98%/-13.76%至 17.72/6.14/3.04 亿元。25H1，公司经销和其他/直营渠道收入分别同比 -18.49%/+63.01%至 19.73/7.80 亿元。25H1，东方/南方/北方/电商/海外地区收入分 别同比-24.76%/+2 ...

公司研究 证 券 研 究 报 告 洽洽食品（002557）2025 年中报点评 强推（维持） 经营持续调整，高股息较优 目标价：28.5 元 事项： 公司发布 2025 年中报。25 年 H1 实现营收 27.52 亿元，同比-5.05%；归母净 利润 0.89 亿元，同比-73.68%；扣非归母净利润 0.43 亿元，同比-84.77%。单 Q2 实现营收 11.81 亿元，同比+9.69%；归母净利润 0.11 亿元，同比-88.17%； 扣非归母净利-0.15 亿元，同比-124.39%。 评论： [ReportFinancialIndex] 主要财务指标 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 7,131 | 7,212 | 7,597 | 7,988 | | 同比增速(%) | 4.8% | 1.1% | 5.3% | 5.2% | | 归母净利润(百万) | 849 | 577 | 816 | 937 | | 同比增速(%) | 5.8% | -32.1% | 41.7% | ...

Investment Rating - The report maintains a "Buy" rating for the company [6][4]. Core Views - The company reported a decline in revenue and net profit for the first half of 2025, with revenue at 2.75 billion and net profit at 90 million, reflecting year-on-year changes of -5.0% and -73.7% respectively. The second quarter showed a revenue increase of 9.7% but a significant drop in net profit [1][2]. - The company is actively launching new snack products such as nuts, ice cream, and konjac, which are expected to contribute to revenue growth. The recent launch of a new nut product achieved sales of 100 million within a month [2][3]. - The gross margin for the first half of 2025 was 20.3%, down 8.1 percentage points year-on-year, primarily due to rising raw material costs and increased promotional expenses [3][4]. Summary by Sections Financial Performance - For the first half of 2025, the company reported revenues of 2.75 billion, with a net profit of 90 million, showing a year-on-year decline of 5.0% and 73.7% respectively. The second quarter saw revenues of 1.18 billion, a 9.7% increase, but net profit fell by 88.2% [1][2]. - The company’s gross margin decreased to 20.3%, with significant drops in the margins for sunflower seeds and nuts, attributed to higher procurement costs [3][4]. Product Development and Market Strategy - The company is focusing on expanding its product line with new snacks, which are expected to drive additional revenue. Recent product launches have shown promising sales figures [2][3]. - The company is also expanding its distribution channels, including high-potential markets, to enhance its product reach [2]. Earnings Forecast and Valuation - The earnings per share (EPS) estimates for 2025, 2026, and 2027 have been adjusted to 1.07, 1.50, and 1.98 RMB respectively, reflecting a downward revision due to a weaker consumption environment and increased competition [4][10]. - The target price for the company is set at 27.36 RMB, based on a price-to-earnings (PE) ratio of 18x for 2026 [4][6].

Group 1: Company Innovations - Fujian Panpan Food Group has transformed its production process by implementing smart technologies, achieving an annual revenue exceeding 8 billion yuan [1][2] - The company has upgraded its production line with AI and 5G+IoT technologies, enhancing precision and automation in food processing [2] - The entire production process, including mixing, forming, fermentation, and baking, has integrated smart technology, allowing real-time monitoring of equipment and product quality [2] Group 2: Industry Trends - The footwear and textile industries in Jinjiang are also undergoing technological upgrades, focusing on innovation while maintaining core business operations [2] - Xintai (Fujian) Technology Co., a supplier for international sports brands, has shifted from pure OEM to actively participating in product development, enhancing customer loyalty [2] - In Putian, the shoe industry is embracing smart manufacturing and brand innovation, with over 4,200 shoe and material companies employing more than 500,000 people [3] Group 3: Consumer Customization - Fujian Shuangchi Technology allows consumers to customize shoes based on detailed foot measurements, with production starting immediately after order placement [3] - The introduction of fully automated production lines has significantly increased efficiency, enabling the production of personalized shoes within two hours [3] - The profit margin for personalized shoes is approximately 10%, compared to 5% for traditional OEM models, indicating a shift towards higher-value products [3]

数据显示，来伊份当日主力资金净流出2680.72万元，近五日累计净流出2500.37万元。 风险提示：市场竞争加剧可能影响公司业绩，原材料价格波动或带来成本压力。 来伊份属于食品饮料行业，公司主营业务为休闲食品的研发、生产和销售。近年来，公司积极布局新兴 零食赛道，包括魔芋类产品。 据公开信息显示，目前已有超过三十个品牌进入魔芋零食领域，包括来伊份、盐津铺子、卫龙等企业。 魔芋原料价格在过去一年内翻倍，行业面临供应紧张问题。 截至2025年8月21日15时，来伊份股价报13.81元，较前一交易日下跌1.22%。当日成交量为175904手， 成交额达2.45亿元，换手率为5.26%。 ...

从品类表现看，"业绩支柱"辣卤零食上半年贡献了13.2亿元、约45%的营收，同比增长47.05%，是拉动整体营收增长的核心动力。但细分数据显示，这一增 长高度依赖其中的休闲魔芋制品——收入7.9亿元，同比大增155.1%；其他如休闲豆制品增长12.71%，而肉禽制品及其他辣卤零食均呈现双位数下滑。 去年，公司推出的麻酱素毛肚成为现象级单品，推动魔芋品类快速起量。有研报指出，盐津铺子的魔芋已接近卫龙一半体量。 左宇 摄 其他品类中，果干果冻收入4.28亿元，深海零食收入3.63亿元，蛋类零食实现营收3.09亿元，均存在不同程度的增长，但烘焙薯类出现了明显下滑，营收4.59 亿元，同比下降18.42%。 8月20日晚，盐津铺子（002847）发布2025年半年报。 报告期内，公司实现营收29.41亿元，同比增长19.58%；归母净利润为3.73亿元，同比增长16.7%。若从增长表现来看，这是其近三年营收、利润指标增速最 差的中报，2023年及2024年中期，盐津铺子营收同比增速分别为56.54%、29.84%，归母净利润增速为90.69%、30%，增长动能显露出放缓迹象。 盐津铺子聚焦辣卤零食、烘焙薯类、深海零食 ...

证 券 研 究 报 告 盐津铺子（002847）2025 年中报点评 强推（维持） [ReportFinancialIndex] 主要财务指标 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 5,304 | 6,304 | 7,593 | 8,925 | | 同比增速(%) | 28.9% | 18.9% | 20.5% | 17.5% | | 归母净利润(百万) | 640 | 801 | 993 | 1,197 | | 同比增速(%) | 26.5% | 25.2% | 23.9% | 20.6% | | 每股盈利(元) | 2.35 | 2.94 | 3.64 | 4.39 | | 市盈率(倍) | 32 | 25 | 20 | 17 | | 市净率(倍) | 11.6 | 9.6 | 7.4 | 6.0 | 资料来源：公司公告，华创证券预测 注：股价为 2025 年 8 月 20 日收盘价 公司研究 电商策略调整，扣非表现亮眼 目标价：95 元 事项： ❖ 公司发布 25 年中报。公司发 ...

-6% 26% 58% 89% 121% 153% 盐津铺子 沪深300 上证指数 休闲食品 分析师 吴文德 SAC 证书编号：S0160523090004 wuwd01@ctsec.com 分析师 黄欣培 SAC 证书编号：S0160525070004 huangxp01@ctsec.com 魔芋高景气度持续放量，费用率实现优化 盐津铺子(002847) 证券研究报告 休闲食品 / 公司点评 / 2025.08.21 投资评级:买入(维持) | 基本数据 | 2025-08-20 | | --- | --- | | 收盘价(元) | 73.96 | | 流通股本(亿股) | 2.46 | | 每股净资产(元) | 7.98 | | 总股本(亿股) | 2.73 | 最近 12 月市场表现 相关报告 1. 《收入端高质量增长，所得税率影响利润 表现》 2024-10-31 2. 《收入端韧性突出，多品牌布局逐步完 善》 2024-08-12 3. 《收入端韧性突出，重视股东回报》 2024-07-15 核心观点 ❖ 风险提示：新品增长不及预期；原料价格波动超预期；食品安全风险 盈利预测 | [币种Table_ ...