三全食品 20251028 摘要 三全食品净利润率显著提升，从去年同期的 4.2%增至 5.8%，主要得益 于运营效率的优化和成本控制，为公司盈利能力带来积极影响。 C 端市场经销渠道实现个位数增长，直营渠道通过组织优化和定制化合 作显著改善，定制品发货收入超 5,200 万元，电商渠道虽受头部主播影 响下滑，但货架电商和自建直播保持 40%以上增速。 B 端市场大客户如肯德基保持稳定增长，小 B 客户虽有波动但总体接近 双位数下滑，公司正积极调整策略以应对市场变化。 公司在水饺品类推出山河湖海田系列高端产品，并对灌汤系列进行健康 改造，汤圆品类推出果蔬和中式养生系列，创新产品不断涌现。 直营渠道通过组织优化、定制化合作和数据分析提高效率，显著改善业 绩，已实现盈利并逐步优化利润率，为公司整体业绩做出积极贡献。 电商渠道通过加强货架电商和自建直播业务，实现 40%以上增速，利润 率显著改善，亏损大幅收窄，预计双十一及春节旺季业绩将有较大提升。 公司抓住零售餐饮化趋势，布局烘焙和熟食区，与多个系统对接，有望 为直营业务带来增长潜力，并积极拓展海外市场，计划在澳新和东南亚 推出泛亚洲口味产品。 Q&A 请介绍一下 ...

BTIG分析师Peter Saleh对此表示，持续低迷的毛利率与高企的运营费用再度扼杀了盈利可能。他在一份 最新报告中表示："我们维持观望立场，原因在于我们未看到销售趋势出现复苏迹象，公司在实现可持 续财务状况方面毫无进展且现金消耗可能比去年更严重，同时近期完成的可转债融资导致股权严重稀释 也表明，该公司融资环境严峻。" 智通财经APP获悉，周二，新晋"Meme股"Beyond Meat(BYND.US)股价走高，截至发稿，该股涨超 23%，报2.22美元。该股上周五暴跌23.06%。消息面上，该公司预计第三季度营收约为7000万美元，略 高于分析师预期，且符合此前指引。但这一预期营收较去年同期预计下滑13%，凸显出其植物基产品需 求持续疲软的现状。 Beyond Meat还预计本季度毛利率在10%至11%之间，这一数据包含了因暂停中国大部分业务产生的170 万美元支出。运营费用预计在4100万至4300万美元区间，其中约200万美元为非经常性支出，涵盖法律 费用、留任计划成本及租约终止费用等。 ...

[Table_Title] 研究报告 Research Report 28 Oct 2025 盐津铺子 Yankershop Food (002847 CH) 聚焦高质量均衡发展，费率持续优化利润超预期 Focusing on high-quality and balanced development, with continued optimization of the expense ratio and profits exceeding expectations 寇媛媛 Yuanyuan Kou yy.kou@htisec.com [Table_header2] 盐津铺子 (002847 CH) [Table_yemei1] 热点速评 Flash Analysis [Table_summary] (Please see APPENDIX 1 for English summary) 事件：2025 年 10 月 28 日，盐津铺子食品股份有限公司（简称"公司"）发布 2025 年三季度报告。 3Q25 盐津铺子毛利率环比小幅提升，扣非净利润高增。前九个月公司实现总营业收入 44.3 亿，同比+14.7% ...

Core Viewpoint - Kemin Foods announced the convening of its seventh board meeting on October 28, 2025, to review the profit distribution plan for the first three quarters of 2025 [2] Group 1 - The board meeting will focus on the profit distribution proposal [2] - The meeting is scheduled for October 28, 2025 [2]

（文章来源：证券日报） 证券日报网讯 10月28日晚间，立高食品发布公告称，公司于2025年10月28日召开第三届董事会第十八 次会议、第三届监事会第十三次会议审议通过《2025年前三季度利润分配预案》。 ...

（文章来源：证券日报） 证券日报网讯 10月28日晚间，华康股份发布公告称，公司向不特定对象发行可转换公司债券募投项 目"100万吨玉米精深加工健康食品配料项目"已完成基本投入，鉴于该项目募集资金已使用完毕，节余 资金为0元，公司对该募投项目进行结项。 ...

Core Viewpoint - Huakang Co., Ltd. announced plans to engage in commodity futures and options hedging business, as well as foreign exchange hedging business, to manage raw material needs and mitigate risks [2] Group 1: Commodity Futures and Options Hedging - The company will hold its sixth board meeting on October 28, 2025, to review the proposal for engaging in commodity futures and options hedging [2] - The maximum amount for margin and premiums for futures and options hedging is set at RMB 100 million, with a maximum contract value of RMB 600 million held on any trading day [2] Group 2: Foreign Exchange Hedging - The foreign exchange hedging business will have a maximum margin and premium limit of USD 1 million (or equivalent in other currencies) [2] - The expected maximum contract value for foreign exchange hedging, including related amounts from trading profits, will not exceed USD 10 million (or equivalent in other currencies) on any trading day [2]

Group 1 - The core point of the article is that Baolingbao reported a revenue increase of 15.98% year-on-year for the first three quarters of 2025, reaching approximately 2.126 billion yuan [1] - The company achieved a net profit attributable to shareholders of approximately 134 million yuan, reflecting a year-on-year increase of 32.58% [1]

Core Viewpoint - The company, Baolingbao, announced its plan to utilize a maximum trading margin and premium of 50 million yuan within the next twelve months, with specific limits on options and contract values [1] Group 1: Financial Limits - The maximum trading margin and premium will not exceed 50 million yuan, with the options portion capped at 1 million yuan [1] - The highest contract value held on any trading day is expected to be no more than 40 million yuan [1] - The specified limits can be used for hedging activities and are subject to rolling use within the effective period [1] Group 2: Hedging Activities - The company plans to engage in hedging activities using futures and options, including corn, corn starch, and sugar [1]

智通财经APP讯，海融科技(300915.SZ)发布2025年三季度报告，该公司前三季度营业收入为7.31亿元， 同比减少4.59%。归属于上市公司股东的净亏损为1550.39万元。归属于上市公司股东的扣除非经常性损 益的净亏损为2549.42万元。基本每股亏损为0.1273元。 ...