| 公司代码：603719 | 公司简称：良品铺子 | | | | --- | --- | --- | --- | | 良品铺子股份有限公司 | | | | | 良品铺子股份有限公司2025 | 年半年度报告摘要 | | | | | 第一节 重要提示 | | | | 展规划，投资者应当到 | www.sse.com.cn 网站仔细阅读半年度报告全文。 | | | | 完整性，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 | | | | | 无 | | | | | 第二节 | 公司基本情况 | | | | | 公司股票简况 | | | | 股票种类 | 股票上市交易所 股票简称 | 股票代码 | 变更前股票简 | | 称 | | | | | A股 | 上海证券交易所 良品铺子 | 603719 | 不存在变更股票简称 | | 联系人和联系方式 | 董事会秘书 | 证券事务代表 | | | 姓名 徐然 | 罗丽英、孟妍 | | | | 电话 | 027-85793003 027-85793003 | | | | 办公地址 | 武汉市东西湖区航天路1号良品大厦 | | 武汉市东西湖区航天路1号 ...

良品铺子公告，2025年上半年营业收入28.29亿元，同比下降27.21%。净利润亏损9355.31万元，上年同 期净利润2389.06万元。 ...

Market Overview - The leisure food sector experienced a decline of 0.37% on August 26, with Yanjinpuzi leading the drop [1] - The Shanghai Composite Index closed at 3868.38, down 0.39%, while the Shenzhen Component Index closed at 12473.17, up 0.26% [1] Stock Performance - Notable gainers in the leisure food sector included: - Ziyan Food (603057) with a closing price of 25.50, up 5.72% and a trading volume of 132,000 shares [1] - Maijiaoer (002719) closed at 10.17, up 1.40% with a trading volume of 119,500 shares [1] - Yuanzhu (603886) closed at 13.25, up 1.38% with a trading volume of 71,100 shares [1] - Major decliners included: - Yanjinpuzi (002847) closed at 71.98, down 1.93% with a trading volume of 47,100 shares [2] - Huangshanghuang (002695) closed at 12.73, down 1.55% with a trading volume of 150,800 shares [2] - Ximai Food (002956) closed at 22.80, down 1.43% with a trading volume of 64,800 shares [2] Capital Flow - The leisure food sector saw a net outflow of 354 million yuan from institutional investors, while retail investors contributed a net inflow of 276 million yuan [2] - The overall capital flow indicates a mixed sentiment, with institutional investors pulling back while retail investors showed interest [2] Individual Stock Capital Flow - Key stocks with significant capital flow include: - Good Idea (002582) with a net inflow of 6.01 million yuan from institutional investors [3] - Ziyan Food (603057) had a net inflow of 4.27 million yuan from institutional investors but a net outflow of 18.35 million yuan from retail investors [3] - Yanjinpuzi (002847) experienced a net outflow of 4.37 million yuan from institutional investors [3]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's total operating revenue for H1 2025 reached 1.149 billion, a year-on-year increase of 18.07%, while the net profit attributable to the parent company was 81 million, up 22.46% year-on-year [7] - The revenue growth accelerated in Q2 2025, driven by strong downstream demand, indicating significant growth potential for the company [7] - The company is expected to achieve a compound annual growth rate (CAGR) of 15% in revenue from 2025 to 2027, with profit elasticity anticipated due to cost reductions in 2025 [7] Financial Summary - Total operating revenue projections are as follows: 1,896 million in 2024, 2,255 million in 2025, 2,581 million in 2026, and 2,884 million in 2027, with year-on-year growth rates of 20.16%, 18.91%, 14.49%, and 11.72% respectively [1][8] - Net profit attributable to the parent company is forecasted to be 133 million in 2024, 180 million in 2025, 229 million in 2026, and 276 million in 2027, with corresponding growth rates of 15.36%, 35.38%, 26.75%, and 20.83% [1][8] - The latest diluted EPS is projected to be 0.60 in 2024, 0.81 in 2025, 1.02 in 2026, and 1.24 in 2027 [1][8] - The company’s P/E ratios are expected to be 40.46 in 2024, 29.89 in 2025, 23.58 in 2026, and 19.52 in 2027 [1][8]

Core Insights - The snack food industry is undergoing a significant transformation, shifting from price wars to competition based on comprehensive strength and product quality [1][6][7] - Leading snack brands are focusing on product innovation, supply chain efficiency, and brand marketing to build a competitive moat characterized by "product innovation + cost leadership" [2][4][7] - The trend of low-priced snack combinations, such as 9.9 yuan packages, has attracted price-sensitive consumers, but has also led to a decline in overall product quality perception [2][3] Industry Trends - The price index for food categories has been consistently below the baseline of 100 since July 2024, indicating a year-on-year decline in food prices [2] - The competition focus has shifted from low prices and scale expansion to enhancing brand comprehensive competitiveness, with an emphasis on high-quality products and consumer experience [6][7] - The industry is witnessing a wave of domestic snack brands exploring overseas markets, particularly in Southeast Asia, as a strategy to break the price competition [4][7] Product Innovation - Leading brands are introducing innovative flavors and product forms, such as unique nut flavors and healthy candy options enriched with nutrients [3] - The introduction of differentiated products, like antibiotic-free quail eggs, showcases the industry's commitment to quality and innovation [4] - Brands are increasingly emphasizing the use of high-quality raw materials and healthy production processes in their marketing strategies [3][4] Brand and Market Strategy - The shift from discount wars to refined brand management reflects a broader trend in the snack food sector, where companies are focusing on creating emotional value for consumers [6][7] - Companies are planning to enhance their supply chain advantages and digital capabilities to balance scale and efficiency in the long term [7] - The focus on product quality control is becoming a fundamental requirement for snack producers, ensuring that high-quality products reach consumers [7]

Core Viewpoint - The leisure food industry is experiencing new growth momentum driven by globalization, with companies like Qiaqia Food leveraging digital channels and international markets to enhance their market position [1][4]. Group 1: Financial Performance - In the first half of 2025, Qiaqia Food reported revenue of 2.752 billion yuan, with net profit attributable to shareholders at 88.642 million yuan and net profit excluding non-recurring items at 43.09 million yuan [1][2]. - In Q2, revenue grew by 9.69% year-on-year to 1.181 billion yuan, indicating a stable market position [1]. - The sunflower seed product line generated 1.772 billion yuan, accounting for 64.39% of total revenue, while nut products contributed 614 million yuan, representing 22.32% of total revenue [2]. Group 2: Market Trends and Consumer Behavior - The rise of the "Z generation" consumer group is shifting demand towards personalized, customized, and diverse snack options, emphasizing the need for innovation and supply chain efficiency [1][2]. - There is a growing consumer focus on health and nutrition, leading to a transformation in the leisure food industry, with a notable increase in R&D investment [2][5]. Group 3: Channel Strategy - Qiaqia Food is accelerating its transformation towards an omnichannel strategy, with its digital platform serving approximately 560,000 terminal outlets, a growth of 16.7% [3]. - E-commerce revenue reached 451 million yuan, reflecting a year-on-year growth of 24.79%, highlighting the success of the company's channel optimization efforts [3]. Group 4: International Expansion - Qiaqia Food's overseas revenue grew by 13.18% to 278 million yuan in the first half of 2025, with products now available in nearly 70 countries and regions [1][4]. - The company is actively entering mainstream channels in Canada, Japan, and the Philippines, and is expanding into diverse consumer scenarios in Thailand and Indonesia [4][5]. - Qiaqia Food is focusing on brand internationalization and localizing products to enhance competitiveness in overseas markets [5].

Core Insights - Konjac products, particularly "konjac strips" and "vegetarian tripe," are becoming a phenomenon in the snack food sector, significantly driving revenue growth for companies like Salted Fish Pouch (盐津铺子) and Wei Long Delicious (卫龙美味) [1][2] - The explosive growth in downstream demand for konjac is exerting pressure on upstream raw material supply, leading to rising prices and shrinking profit margins for manufacturers [1][6] Company Performance - In 2024, konjac strips contributed to a 59.1% year-on-year revenue increase for Wei Long Delicious, reaching 3.37 billion yuan, accounting for 53.8% of total revenue [2] - Salted Fish Pouch's konjac snacks achieved revenue of 838 million yuan in 2024, a 76.09% increase, making up 15.81% of total revenue [2] - By the first half of 2025, Wei Long Delicious's vegetable products continued to dominate revenue contributions, with a 44.3% increase to 2.11 billion yuan, representing 60.5% of total revenue [2] - Salted Fish Pouch reported a significant 155.1% year-on-year growth in konjac snacks revenue, reaching 791 million yuan, which accounted for 26.9% of total revenue [2] Market Trends - The konjac industry is projected to exceed 30 billion yuan in market size by 2025, with an expected compound annual growth rate (CAGR) of 11.8% [5] - The growing popularity of konjac products is attributed to increasing consumer focus on health, as konjac is low in calories and high in fiber [3][5] - The market is becoming increasingly competitive, with over 30 brands, including Three Squirrels and Laoganma, launching similar products [4] Cost Pressures - The rapid increase in demand has led to a supply shortage, causing konjac prices to rise significantly, with raw material prices doubling from 2 yuan per jin to around 4 yuan per jin [6] - The average procurement price for konjac powder has increased by over 30% year-on-year for Salted Fish Pouch, resulting in a decline in gross margin from 32.53% to 29.66% [7] - Wei Long Delicious also experienced a decrease in gross margin from 49.8% to 47.2% due to rising costs [7] Strategic Responses - Companies are focusing on stabilizing supply and reducing costs through upstream integration and efficiency improvements [8] - Salted Fish Pouch has established a konjac powder processing base in Yunnan to enhance its supply chain [7] - Wei Long Delicious is enhancing production efficiency, with its seventh-generation konjac production line achieving an 80% efficiency rate, nearly doubling the capacity of the previous generation [7]

Core Insights - The konjac snack products, known as "konjac strips" and "vegetarian tripe," are becoming a phenomenon in the snack food sector, significantly driving revenue growth for companies like Salted Fish and Wei Long [1][3] - The konjac snack market is expected to maintain high growth rates from 2025 to 2027, with over 30 brands entering the market to capture this segment [1][7] Company Performance - In 2024, konjac strips contributed to Wei Long's vegetable product revenue growth of 59.1%, reaching 3.37 billion yuan, accounting for 53.8% of total revenue [3] - Salted Fish's konjac snack revenue reached 838 million yuan in 2024, a year-on-year increase of 76.09%, making it a key driver of the company's growth [3] - In the first half of 2025, Wei Long's vegetable product revenue grew by 44.3% to 2.109 billion yuan, while Salted Fish's konjac snack revenue surged by 155.1% to 791 million yuan [3][4] Market Trends - The konjac industry is projected to exceed 30 billion yuan by 2025, with an annual compound growth rate (CAGR) of 11.8% expected until 2030 [7] - The increasing focus on health-conscious eating is driving consumer demand for low-calorie, high-fiber konjac products, leading to a shift in Wei Long's product strategy away from traditional spicy snacks [5][6] Cost Pressures - The explosive growth in downstream demand for konjac products is putting pressure on upstream raw material supply, leading to rising prices for konjac powder [8][9] - The average purchase price of konjac has doubled from 2 yuan per jin to 4 yuan per jin due to supply constraints and increased export demand [8] - Both Salted Fish and Wei Long reported declines in gross margins due to rising raw material costs, with Salted Fish's gross margin dropping from 32.53% to 29.66% and Wei Long's from 49.8% to 47.2% [9][10] Strategic Initiatives - Salted Fish plans to deepen its core product strategy for its "Big Demon King" konjac tripe and enhance sales through diversified marketing and brand collaborations [4] - Wei Long is focusing on expanding its konjac product line and has increased its production capacity for vegetable products by 59.43% [4][6]

Core Viewpoint - Qiaqia Food (002557.SZ) reported a significant decline in both revenue and net profit for the first half of 2025, indicating challenges in the company's financial performance due to rising raw material costs and strategic adjustments in product and channel structures [2][4]. Financial Performance - The company achieved a revenue of 2.752 billion yuan, a year-on-year decrease of 5.05% [3]. - Net profit attributable to shareholders was 88.64 million yuan, down 73.68% compared to the previous year [3]. - The net profit after deducting non-recurring gains and losses was 43.09 million yuan, reflecting an 84.77% decline [3]. - The net cash flow from operating activities was 164.28 million yuan, a decrease of 76.12% [3]. - Basic earnings per share were 0.1748 yuan, down 73.63% [3]. - Total assets at the end of the reporting period were 8.39 billion yuan, a decline of 16.58% from the previous year [3]. - Net assets attributable to shareholders were 5.22 billion yuan, down 8.88% [3]. Product Performance - Revenue from sunflower seeds was 1.772 billion yuan, down 4.45%, accounting for 64.39% of total revenue [4]. - Revenue from nut products was 614 million yuan, down 6.98%, making up 22.32% of total revenue [4]. - Other products generated 304 million yuan, down 13.76%, representing 11.05% of total revenue [4]. - Production volume of leisure food decreased by 10.47% to 85,200 tons, while sales volume fell by 7.7% to 92,600 tons [4]. Cost and Pricing Strategy - The decline in profit was attributed to rising costs of sunflower seeds and core nut raw materials, alongside increased expenses for new product development and channel adjustments [4]. - The company has previously implemented price increases on various products, but consumer sensitivity to prices may hinder the effectiveness of this strategy [5]. - Gross margin has decreased from 30.43% in Q1 2024 to 20.31% in H1 2025, indicating challenges in maintaining profitability despite price adjustments [5]. Market Position and Stock Performance - The nut category is seen as a potential growth area for Qiaqia Food, but competition in this market is intensifying [6]. - The company's stock price has been in decline since September 2020, currently trading at 23.33 yuan per share, which is less than one-third of its peak value [6].

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company's profitability is under short-term pressure due to rising costs and increased expenditure [1] - Revenue for H1 2025 decreased by 5.1% year-on-year, with net profit down by 73.7% [4][5] - The company is actively developing new products and expanding into new channels, which is expected to gradually improve overall operations in H2 2025 [7] Financial Performance Summary - H1 2025 revenue and net profit were reported at 2.75 billion and 90 million yuan respectively, with a year-on-year decline of 5.1% and 73.7% [4] - Q2 2025 showed a revenue increase of 9.7% year-on-year, reversing the downward trend seen in Q1 [5] - The company's gross margin and net profit margin for H1 2025 were 20.3% and 3.22%, down 8.1 and 8.4 percentage points year-on-year [6] Revenue Breakdown - For H1 2025, revenue growth rates for various product categories were -4.5% for sunflower seeds, -7.0% for nuts, and -13.8% for other products [5] - E-commerce and overseas markets performed well, with revenue growth of 24.8% and 13.2% respectively [5] Future Outlook - The company plans to launch new products such as mountain wild series sunflower seeds and ice cream, as well as expand its digital channel services [7] - The overall business is expected to improve gradually due to the combined efforts of new products and new channels [7] Valuation Metrics - The projected net profit for 2025-2027 is estimated at 400 million, 680 million, and 730 million yuan respectively, with a significant year-on-year decline of 52.7% in 2025, followed by growth in subsequent years [4][9] - The current stock price corresponds to P/E ratios of 29.4, 17.5, and 16.2 for 2025, 2026, and 2027 respectively [4][9]