证券研究报告 | 2025年08月21日 收入端：1H25 增长点聚焦至魔芋，魔芋收入实现翻倍以上增长。1H25 收入同比 +19.6%。分产品看，魔芋制品收入同比+155.1%，贡献几乎全部收入增量（4.8 亿），主要受到大单品"大魔王"放量的拉动。1H25 魔芋制品收入已达 7.9 亿，占比提升至 26.9%。其他品类收入有升有降，蛋类/豆制品//深海零食/ 果干果冻收入同比+29.6%/+12.7%/+11.9%/+9.0%，烘焙薯类/肉制品/其他辣 卤产品收入同比-18.4%/-16.7%/-20.9%。分渠道看，直营商超/经销及其他/ 电商渠道收入同比-42.0%/+30.1%/-1.0%，收入占比分别为 2.1%/78.3%/19.5%。电商渠道下滑主要系电商战略有所调整、费用有所收缩， 其中 Q2 下滑幅度超 20%。 利润端：加强费用管控，扣非归母净利率同比提升。1H25 毛利率同比-2.9pt， 主要与渠道结构变化、部分原材料价格上涨有关。1H25 销售费用率/管理费 用率分别同比-2.7/-1.0pt，主因股份支付费用同比减少、渠道结构变化、 加强费用管控；还原股份支付费用后，销售费用率/ ...

截至2025年，《中国企业家》"年度21家高成长性创新公司"评选已连续发布25载，是国内极具公信力的 商业榜单之一。该榜单由知名投资人联袂推荐，以企业创新力、成长性及商业模式可持续性为核心维 度，旨在发掘并表彰代表中国未来商业力量的"鲨鱼苗"。截至目前，已有超500+公司先后成为"未来之 星"，腾讯、百度、小米、美团、小红书等当今行业巨头均曾登榜。本年度入围企业覆盖人工智能、机 器人、生物医药、食品餐饮等多个高潜力赛道。 王小卤的入选，源于其将中华卤味与现代零食消费需求深度融合的传承与创新。自2019年虎皮凤爪超级 大单品引爆市场以来，王小卤已连续六年全国虎皮凤爪销售额第一、连续三年全国凤爪零食销售额第 一。不仅在持续精进经典口味的基础上聚焦大单品战略不断深化，王小卤积极探索产品创新边界，融合 地域风味推出中华地道卤系列虎皮凤爪；并拓展品类边界，推出带汤去骨凤爪、预包装去骨凤爪、老卤 凤爪、老卤鸭掌等潜力新品。其中，红油虎皮凤爪与带汤去骨凤爪两款产品深受消费者喜爱，成为继虎 皮凤爪后强劲的新增长引擎。 近日，经济日报社旗下《中国企业家》杂志公布2025年度21家高成长性创新公司评选名单。国民卤味零 食品牌王小 ...

证券研究报告·公司点评报告·休闲食品 盐津铺子（002847） 2025 年中报点评：魔芋成长性延续，聚焦大 单品提质增效 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 4,115 | 5,304 | 6,319 | 7,481 | 8,658 | | 同比（%） | 42.22 | 28.89 | 19.15 | 18.38 | 15.73 | | 归母净利润（百万元） | 505.77 | 639.95 | 813.39 | 996.29 | 1,203.07 | | 同比（%） | 67.76 | 26.53 | 27.10 | 22.49 | 20.75 | | EPS-最新摊薄（元/股） | 1.85 | 2.35 | 2.98 | 3.65 | 4.41 | | P/E（现价&最新摊薄） | 39.89 | 31.53 | 24.80 | 20.25 | 16.77 | [Table_Tag] [T ...

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company achieved a revenue of 2.94 billion yuan in H1 2025, representing a year-on-year increase of 19.6%, with a net profit of 370 million yuan, up 16.7% year-on-year [1][2] - The konjac product line has seen explosive growth, with revenue increasing by 155.1% year-on-year to 790 million yuan in H1 2025, indicating strong brand development and market potential [2][3] - The company is successfully expanding its product categories and channels, with significant contributions from egg snacks and deep-sea snacks, and has made strides in overseas markets [2][3] Financial Performance - In H1 2025, the company's gross margin decreased by 2.9 percentage points to 29.7%, while the net profit margin slightly decreased by 0.5 percentage points to 12.6% [2] - The company reported a net profit margin of 13.8% in Q2 2025, an increase of 0.8 percentage points year-on-year, reflecting effective cost control and channel structure adjustments [2][3] - Revenue projections for 2025-2027 are expected to grow by 21.6%, 19.3%, and 18.4%, reaching 6.45 billion, 7.69 billion, and 9.11 billion yuan respectively [3][9] Market Position and Strategy - The company is leveraging its competitive advantages in product development, research, and channel management to enhance its market position in the konjac category [3] - The establishment of upstream processing facilities aims to stabilize raw material costs and improve operational efficiency [3] - The company has successfully created a standout product, "Big Demon" sesame sauce, which has become a phenomenon in the market, showcasing its brand cultivation capabilities [2][3]

除了在国内市场攻城略地，盐津铺子还持续推进魔芋品类在海外市场的布局。 2023年10月，盐津铺子推出公司旗下首个战略子品牌"大魔王"。 2024年，"大魔王"系列年销售额突破10亿元(含税)，跻身10亿大单品之列。 今年3月，大魔王麻酱素毛肚上市仅16个月，便斩获月销售额破亿的佳绩，创下行业最快破亿纪录，逐 步显现"全球大单品"潜质。 今年5月，大魔王与"火鸡面鼻祖"三养食品联名推出"火爆魔芋火鸡酱味"新品，并亮相第26届SIAL国际 食品展。 8月20日晚间，盐津铺子（002847）(002847.SZ)发布2025年半年度报告。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3.73亿元，同比增长16.70%。 目前，公司"大魔王"魔芋零食已成功进入东南亚区域，通过打造自有品牌"Mowon"，在泰国市场、美国 市场实现突破，成为销售增量新市场。 公司表示，业绩增长主要得益于魔芋类零食迎来爆发式增长，"品类品牌"战略首战告捷，带动整体盈利 能力显著提升。魔芋品类处于扩容期，公司未来将持续夯实魔芋的战略核心单品地位，进一步提升"大 魔王"的市占率。 辣卤零食板块中，休闲魔芋制品上半年营 ...

Group 1: Monetary Policy and Market Trends - The second quarter monetary policy report emphasizes a focus on domestic demand, with a shift towards supporting technology innovation and consumption [3] - The bond market is expected to remain volatile in the short term due to cautious monetary policy and a relatively active fiscal policy [3][4] Group 2: Company Performance and Industry Insights - Today International's H1 2025 revenue decreased by 14.36% to 1.412 billion yuan, with a net profit decline of 22.53% [6][7] - The company signed new orders worth 2.14 billion yuan, a year-on-year increase of 101.2%, driven by the renewable energy sector [7] - Wei Long's H1 2025 revenue increased by 18.5% to 3.483 billion yuan, with a net profit growth of 18% [10][11] - The company’s gross margin decreased to 47.2% due to rising raw material costs, but internal cost reduction measures helped maintain profitability [13] - Shenhuo Co. reported a 12.1% increase in revenue to 20.43 billion yuan in H1 2025, despite a 16.6% decline in net profit [15][16] - The company’s aluminum production increased by 16.2% to 871,000 tons, benefiting from lower alumina prices [16] - Yanghe Co. experienced a significant revenue drop of 35.32% to 14.796 billion yuan in H1 2025, attributed to industry-wide challenges [19][20] - The company’s sales expenses increased, impacting profitability, with a net profit margin of 18.84% [21] - Dongfang Cable's H1 2025 revenue grew by 9.0% to 4.432 billion yuan, but net profit fell by 26.6% [23][24] - The company has a record high backlog of orders, indicating strong future revenue potential [25] - Weilon Co. announced a stock incentive plan to boost long-term growth, with a target revenue increase of 11%-14% from 2025 to 2027 [28][29] - Haichuang Pharmaceutical's first product, Deuteroenzalutamide, has been commercialized, contributing 13.07 million yuan in revenue in Q2 2025 [32][33]

二、截至本公告日，公司最近十二个月使用自有资金委托理财的情况 证券代码：603697 证券简称：有友食品 公告编号：2025-053 有友食品股份有限公司 关于使用自有资金购买理财产品到期赎回的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性承担个别及连带责任。 有友食品股份有限公司（以下简称"公司"）于2025年3月19日召开第四届董事会第十一次会议及第四届 监事会第十一次会议，并于2025年4月9日召开2024年年度股东会，审议通过《关于使用部分自有资金进 行现金管理的议案》，同意在不影响日常经营资金需求和保障资金安全的情况下，公司（含子公司）使 用总额不超过人民币120,000万元的自有资金进行现金管理，使用期限自2024年年度股东会审议通过之 日起12个月。在上述使用期限及额度范围内，资金可循环滚动使用。股东会授权董事长行使该项投资决 策权并签署相关法律文件，具体由公司财务部负责组织实施。 一、公司使用自有资金购买理财产品到期赎回的情况 公司使用自有资金人民币2,000万元购买了国元证券的理财产品，具体内容详见公司在上海证券交易 ...

格隆汇8月19日丨来伊份(603777.SH)在投资者互动平台表示，公司当前在上海、江苏、浙江等区域的部 分门店支持数字人民币支付。目前暂不涉及稳定币业务。 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][12] Core Insights - The company continues to experience high demand for konjac products, while the revenue from flavored noodle products has slightly declined. In H1 2025, the company achieved a revenue of 3.483 billion yuan, representing a year-on-year increase of 18.5%, and a net profit attributable to shareholders of 733 million yuan, also up by 18% [7][8][11] Summary by Sections Recent Performance - In H1 2025, the revenue breakdown was as follows: flavored noodle products at 1.31 billion yuan (down 3.24%), vegetable products at 2.109 billion yuan (up 44.31%), and other products at 64 million yuan (down 48.06%) [8] - The company’s revenue from China and overseas markets was 3.429 billion yuan (up 18.09%) and 53 million yuan (up 54.43%), respectively [8] Financial Metrics - The company proposed an interim dividend of 0.18 yuan per share, totaling 438 million yuan, which accounts for approximately 60% of the net profit [7] - The gross profit margin for H1 2025 was 47.2%, a decrease of 2.6 percentage points year-on-year, primarily due to rising raw material costs [9] Cost Management and Efficiency - The company has effectively reduced management and sales expense ratios, with management expenses at 5.8% and sales expenses at 15.1%, down 2.4 and 1.1 percentage points year-on-year, respectively [9] - The utilization rates for production lines were 80.8% for spicy strips and 77.5% for konjac products, with overall capacity utilization increasing from 66.5% in H1 2024 to 79.0% in H1 2025 [9] Future Projections - The company’s revenue forecasts for 2025 to 2027 are 7.473 billion yuan, 8.751 billion yuan, and 10.110 billion yuan, respectively, with net profits projected at 1.430 billion yuan, 1.737 billion yuan, and 2.035 billion yuan [10][11] - The expected EPS for the same period is 0.59 yuan, 0.71 yuan, and 0.84 yuan, with corresponding P/E ratios of 20, 17, and 14 times [10][11]

Investment Rating - The investment rating for the company is "Buy" [2] Core Insights - The company reported a revenue of 3.48 billion with a year-on-year growth of 18.5% and a net profit of 736 million, also reflecting an 18.5% increase year-on-year [1][2] - The growth in the main product categories, namely noodle products and vegetable products, was 21% year-on-year in the first half of 2025, with core products exceeding a 20% growth rate [2] - The company is actively adjusting its product offerings and channel strategies to adapt to market changes, with emerging channels showing rapid growth [2] Financial Performance Summary - For the first half of 2025, the company achieved a net profit margin of 21.1%, maintaining stability despite high raw material costs [2] - The gross profit margin was 47.2%, a decrease of 2.6 percentage points year-on-year, with noodle products and vegetable products showing gross margins of 48.4% and 46.6% respectively [2] - The company forecasts revenue growth of 7.52 billion, 9.05 billion, and 10.62 billion for 2025, 2026, and 2027 respectively, with net profits expected to be 1.45 billion, 1.80 billion, and 2.15 billion for the same years [3][5] Future Outlook - The company is expected to stabilize its noodle product business in the second half of 2025, with new product launches anticipated to drive growth in vegetable products [2] - The long-term outlook remains positive due to strong product innovation capabilities and a robust channel network, with expectations for new major products to be launched [2] - The company maintains a healthy cash position and a dividend payout ratio of 60% for 2025, indicating a solid consumer goods profile [2][3]