8月14日，安井食品大宗交易成交11.34万股，成交额749.57万元，占当日总成交额的0.92%，成交价66.1元，较市场收盘价73.63元折价10.23%。 | | | | | | | 中信证券股份有限 | | 中信证券股份有限 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 交易日期 2025-08-14 | 证券简称 安井食品 | 证券代码 603345 | 成交价(元) 成交金额(万元) 成交量( * ) 买入营业部 66.1 | 749.57 | 11.34 | 公司河北分公司 | 公司河北分公司 | 卖出营业部 | ...

每经AI快讯，有投资者在投资者互动平台提问：请问泰国的工厂建设进度情况以及投产预期？ 双塔食品（002481.SZ）8月14日在投资者互动平台表示，目前尚在建设之中，预计今年年底前投产。 （文章来源：每日经济新闻） ...

Group 1 - The core viewpoint of the report is that WH Group's (00288) China packaged meat business sales are expected to increase by 1% year-on-year in Q2 2025, driven by precise sales strategies, new channel expansion, and regional market recovery [1] - The forecast for 2025 and 2026 earnings has been raised by 3% and 2% respectively, reflecting a stronger outlook for the U.S. business, with the target price increased from HKD 8.7 to HKD 9.6; it is anticipated that revenue and profit margins in the Chinese business will improve in the second half of the year [1] - Management expects growth momentum to strengthen in the second half of the year, with sales recovery offsetting the weak performance in the first half; despite rising marketing and labor costs, falling pork prices and improved operational efficiency are expected to support record-high profits, projected at RMB 4,700 per ton [1] Group 2 - In the U.S. market, stable hog prices and declining feed costs indicate robust momentum and a positive outlook; pork demand remains resilient compared to beef and chicken [1] - Smithfield, a subsidiary, has raised its full-year operating profit guidance by over 3.8% to USD 1.15 billion to USD 1.35 billion, while continuing to reduce underperforming farms and maintaining a mid-term production target of 10 million hogs [1] - Although packaged meat may face profit pressure due to rising pork prices, management plans to alleviate this through price adjustments, product mix optimization, and cost control to support ongoing profit margin expansion in the U.S. business [1] Group 3 - In Europe, the group is focusing on high-margin, high-growth product categories to drive long-term growth; management plans to fill product gaps through acquisitions, prioritizing pan-European brands [2] - With sales expected to exceed 400,000 tons this year, the group aims to improve profitability per ton to levels close to those in the U.S. and China through product mix and operational improvements [2]

Group 1 - The core viewpoint of the report is that Wan Zhou International's (00288) sales in the Chinese packaged meat business are expected to increase by 1% year-on-year in Q2 2025, driven by precise sales strategies, new channel expansion, and regional market recovery [1] - DBS has raised its profit forecasts for 2025 and 2026 by 3% and 2% respectively, reflecting a stronger outlook for the US business, and has increased the target price from HKD 8.7 to HKD 9.6 [1] - The management anticipates that growth momentum will strengthen in the second half of the year, with sales recovery offsetting the weak performance in the first half [1] Group 2 - In the US market, the outlook is positive due to stable hog prices and declining feed costs, with pork demand remaining resilient compared to beef and chicken [1] - Smithfield has raised its full-year operating profit guidance by over 3.8% to USD 1.15 billion to USD 1.35 billion, while continuing to reduce underperforming farms and maintaining a mid-term target of 10 million hogs in production [1] - The company plans to alleviate profit pressure from rising pork prices through price adjustments, product mix optimization, and cost control to support ongoing profit margin expansion in the US business [1] Group 3 - In Europe, the group is focusing on high-margin, high-growth product categories to drive long-term growth [2] - The management intends to fill product gaps through acquisitions, prioritizing pan-European brands [2] - With sales expected to exceed 400,000 tons this year, the group aims to improve profitability per ton to levels close to those in the US and China through product mix and operational improvements [2]

Core Points - Brazil's President Lula announced the launch of the "Brazil Sovereignty Plan" to counteract the impact of increased U.S. tariffs, aiming to protect exports, safeguard jobs, encourage investment in strategic sectors, and ensure sustainable economic development [1] Group 1: Economic Measures - The Brazilian government will allocate 30 billion reais (approximately 5.56 billion USD) from the export guarantee fund as credit support, prioritizing low-interest loans for companies severely affected by U.S. tariffs, including small and medium-sized enterprises [1] - Companies significantly impacted will be allowed to defer federal tax payments, and the government will extend the tax refund period for businesses that originally planned to export to the U.S., facilitating their product sales to other countries [1] - The government plans to modernize the export guarantee system and increase support for medium-high technology and green economy export companies [1] Group 2: Employment and Labor Rights - A National Employment Monitoring Committee will be established to track employment situations in companies and related supply chains affected by U.S. tariff measures, enhancing labor rights protection and ensuring job stability [1] Group 3: Trade Partnerships - Brazil aims to strengthen cooperation with trade partners outside the U.S. to reduce export dependence on the U.S. The country has completed negotiations with the EU and the European Free Trade Association, is negotiating with the UAE and Canada, and is maintaining dialogue with India and Vietnam [1] - In less than three years, Brazil has opened 397 new export markets [1] Group 4: Diplomatic Relations - The Brazilian government reiterated its commitment to maintaining constructive dialogue with the U.S. to resolve differences through negotiations, protecting the rights of businesses, workers, and consumers [2]

Core Viewpoint - The company anticipates a significant loss for the six months ending June 30, 2025, while reporting a profit for the same period in 2024, indicating a challenging operational environment and financial adjustments [1] Financial Performance - The company expects a loss attributable to equity holders of approximately RMB 35 million to RMB 43 million for the six months ending June 30, 2025 [1] - For the six months ending June 30, 2024, the company reported a profit attributable to equity holders of approximately RMB 8.2 million [1] Factors Affecting Performance - The overall business environment remains difficult, leading to a decline in sales revenue [1] - Inventory write-offs and increased provisions are primarily due to large-scale product trials and equipment upgrades conducted in previous years, with finished goods inventory still awaiting market absorption [1] - The company's operating activities recorded a post-tax loss of approximately RMB 17 million to RMB 25 million [1] - Investment properties experienced a post-tax valuation loss of approximately RMB 3 million [1] - Additional post-tax losses are attributed to financial planning adjustments between companies in China and Hong Kong, including loan repayments and associated tax expenses [1]

Core Viewpoint - The company anticipates a loss attributable to equity holders of approximately RMB 35 million to RMB 43 million for the six months ending June 30, 2025, following a profit of approximately RMB 8.2 million for the six months ending June 30, 2024 [1] Financial Performance - The board attributes the adverse performance to several factors, including a challenging overall business environment leading to a decline in sales revenue [1] - Inventory write-offs and increased provisions are primarily due to large-scale product trials and equipment upgrades conducted in previous years for new product development, with finished goods inventory still awaiting market absorption [1] - The company recorded a post-tax loss from ongoing operations of approximately RMB 17 million to RMB 25 million [1] Investment Property and Financial Adjustments - The investment properties experienced a post-tax valuation loss of approximately RMB 3 million [1] - Additional post-tax losses are mainly due to adjustments in overall financial planning between the company's entities in the People's Republic of China and Hong Kong, including a Hong Kong subsidiary repaying part of an interest-bearing loan to another subsidiary in China [1]

Core Viewpoint - The company, Jinlongyu, reported significant growth in profitability for the first half of 2025, with a notable increase in net profit and a substantial rise in non-recurring net profit, despite facing challenges in the second quarter and ongoing industry competition [1][11][17]. Financial Performance - Jinlongyu achieved operating revenue of 1156.82 billion yuan, a year-on-year increase of 5.67% [2][3]. - The net profit attributable to shareholders reached 17.56 billion yuan, reflecting a year-on-year growth of 60.07% [2][3]. - The non-recurring net profit surged to 13.89 billion yuan, marking a dramatic increase of 764.33% compared to the previous year [2][3]. - The net cash flow from operating activities increased by 793.97% to 14.63 billion yuan [2][9]. Segment Performance - The kitchen food segment remained the largest revenue contributor, generating 715.51 billion yuan, accounting for 61.85% of total revenue, with a year-on-year growth of 2.69% [3][4]. - The feed raw materials and oil technology segment reported revenue of 431.79 billion yuan, representing 37.32% of total revenue, with a year-on-year increase of 10.81% [3][4]. - Other products generated 9.51 billion yuan in revenue, accounting for 0.8% of total revenue, with a growth of 13.56% [3][4]. Profitability and Cost Analysis - The gross margin for the kitchen food segment improved by 0.8 percentage points to 7.66% [5][12]. - The feed raw materials and oil technology segment saw a significant increase in gross margin from 1.01% to 4.26%, a rise of 3.25 percentage points [5][12]. - The overall revenue growth of 5.67% outpaced the cost increase of 3.85%, indicating a positive trend in profitability [12]. Challenges and Market Dynamics - Despite the overall positive performance, the second quarter showed a decline in net profit by over 20% compared to the first quarter, with revenue decreasing by 4.19% [10][11]. - The company noted that the demand for cooking oil in the restaurant industry has slowed, impacting growth [11][17]. - Increased competition in the cooking oil sector has led to higher marketing expenditures and promotional activities, which may constrain profit margins [11][17]. Inventory and Sales Dynamics - The kitchen food segment experienced a significant inventory increase of 19.13%, despite a 4.37% rise in sales volume [12][13]. - The feed raw materials and oil technology segment showed a healthy sales increase of 21.02% with only a moderate inventory growth of 9.33% [12][13]. Future Outlook - The company faces uncertainties regarding its ability to maintain growth momentum in the second half of 2025, particularly due to inventory pressures and competitive market conditions [17]. - Delays in key investment projects may further complicate the company's growth trajectory and ability to optimize cost structures [16][17].

Group 1 - The core viewpoint of the report is that Shuanghui Development (000895.SZ) is given an "accumulate" rating due to improved sales of meat products and high profit per ton, along with a positive approach towards emerging channels [2] - The report highlights that the profitability of the slaughtering segment is affected by the differences in pig price trends, while the breeding business continues to show improvement [2] Group 2 - The report emphasizes the positive sales performance and high profit margins in the meat product sector, indicating a recovery and growth potential [2] - The analysis points out the ongoing improvements in the breeding business, suggesting a favorable outlook for the company's overall operations [2]

从资金流向上来看，当日食品加工板块主力资金净流出1.75亿元，游资资金净流入8127.57万元，散户资 金净流入9414.55万元。食品加工板块个股资金流向见下表： 证券之星消息，8月14日食品加工板块较上一交易日下跌0.77%，海欣食品领跌。当日上证指数报收于 3666.44，下跌0.46%。深证成指报收于11451.43，下跌0.87%。食品加工板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 600530 | 交大昂立 | 7.86 | 0.51% | 17.91万 | 1.42亿 | | 603345 | 安井食品 | 73.63 | 0.35% | 10.88万 | 8.07亿 | | 000895 | 双汇发展 | 25.21 | 0.12% | - 14.01万 | 3.55亿 | | 002216 | 三毛食品 | 11.19 | -1.06% | 6.66万 | 7523.47万 | | 605089 | 味知香 | 25.65 | -1.08% | 1.2 ...