食品饮料/食品加工 chenxueli@kysec.cn 证书编号：S0790520030001 wanggaozhan@kysec.cn 证书编号：S0790525070003 华统股份（002840.SZ） 财务状况改善，持续推动成本下降 2025 年 10 月 28 日 投资评级：买入（维持） | 日期 | 2025/10/27 | | --- | --- | | 当前股价(元) | 10.92 | | 一年最高最低(元) | 14.80/10.10 | | 总市值(亿元) | 87.91 | | 流通市值(亿元) | 68.79 | | 总股本(亿股) | 8.05 | | 流通股本(亿股) | 6.30 | | 近 3 个月换手率(%) | 125.37 | 股价走势图 -20% -10% 0% 10% 20% 30% 2024-10 2025-02 2025-06 华统股份 沪深300 数据来源：聚源 相关研究报告 《财务状况改善，养殖屠宰协同发展 —公司信息更新报告》-2025.8.27 《成本稳步下降，屠宰盈利改善—公 司信息更新报告》-2025.4.30 《出栏增长成本稳降，定增落地持续 成 ...

Group 1 - The local market supervision authority in Xingcheng, Liaoning, has launched an investigation following reports of improper practices at a sauerkraut processing facility, including employees smoking and spitting near food products [1] - All batches of the affected sauerkraut have been seized and will be destroyed according to relevant operational regulations, ensuring they did not enter the market [1] - The involved enterprises are under investigation, and strict legal actions will be taken against any violations and responsible individuals [1][2] Group 2 - The authority expresses gratitude to the public for their vigilance regarding food safety and commits to rigorously investigating any actions that infringe on consumer rights [2]

Core Points - The local market supervision authority has responded to public concerns regarding improper practices in a pickled vegetable production facility, specifically smoking and spitting by workers [1] - The batch of pickled vegetables involved has been completely seized and has not entered the market, with plans for destruction according to relevant operational regulations [1] - The involved enterprise is under investigation, and legal actions will be taken against the company and responsible individuals [1]

天眼查App显示，近日，新晃梅记食光馋味食品加工坊（个体工商户）成立，法定代表人为王建梅，注 册资本10万人民币，经营范围为许可项目：餐饮服务；食品销售；食品小作坊经营。（依法须经批准的 项目，经相关部门批准后方可开展经营活动，具体经营项目以相关部门批准文件或许可证件为准）一般 项目：食品销售（仅销售预包装食品）；保健食品（预包装）销售；农副产品销售；食用农产品零售。 （除依法须经批准的项目外，凭营业执照依法自主开展经营活动）。 ...

Group 1 - The 300 Dividend Low Volatility ETF has seen a trading turnover of 1.71% with a transaction volume of 83.97 million yuan, and its latest scale reached 4.927 billion yuan [3] - The ETF has experienced continuous net inflows over the past three days, with a maximum single-day net inflow of 9.4511 million yuan, totaling 14.8514 million yuan [3] - As of October 27, 2025, the ETF's net value has increased by 61.01% over the past five years, ranking 97 out of 1025 in the index equity fund category, placing it in the top 9.46% [3] Group 2 - Analysts from CITIC Securities suggest that the fourth quarter of 2025 may be a critical time for positioning in dividend stocks to achieve excess returns due to fully reflected pessimistic expectations and the emergence of undervalued advantages [4] - The trend of increasing dividend payouts among A-share companies continues, with some industries seeing year-on-year increases exceeding 100%, indicating a shift towards greater investor returns [4] - As of September 30, 2025, the top ten weighted stocks in the CSI 300 Dividend Low Volatility Index include China Shenhua, WH Group, Gree Electric Appliances, and others, collectively accounting for 35.84% of the index [4]

2024年，盐津铺子旗下战略子品牌"大魔王"，联名百年中华老字号品牌"六必居"，创新"六必居麻酱味"魔芋素毛肚。盐津铺子相关负责人介绍，麻酱魔芋 素毛肚今年以来销量持续领跑，并成为单品销量王，跃升为现象级单品。数据显示，盐津铺子的麻酱素毛肚今年3月实现单月销售额破亿元。 新华财经北京10月28日电（记者吴丛司）记者日前在盐津铺子食品股份有限公司调研时独家获悉，为深化海外市场布局，公司投资建设的泰国生产基地将 于明年启动建设，建设周期约一年。该基地将实现在地生产与销售，成为其出海战略的关键支点。 盐津铺子2月24日宣布将在泰国建设生产基地，通过供应链布局进一步推动海外业务拓展。公告显示，盐津铺子拟在泰国设立全资子公司并投资建设泰国 生产基地，本次项目投资金额约为2.2亿元。同时盐津铺子以约106.38万元出资设立全资子公司盐津食品（泰国）有限公司作为项目的实施主体，重点打造 以魔芋、薯片等为核心产品的智能化生产基地。 "目前，泰国生产基地的用地已基本落实，预计明年启动建设，建设周期约一年，建成后将为公司营收带来新增量。"盐津铺子有关负责人表示。 上述负责人进一步表示，公司将扩大出海步伐，把海外市场作为新增长点。 ...

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company's performance shows a sequential improvement, indicating a bottoming out of its fundamentals [8] - Revenue for the first three quarters of 2025 reached 1.38 billion yuan, a year-on-year increase of 1.0%, while net profit attributable to the parent company was 50 million yuan, down 34.1% year-on-year [8] - The company is expected to continue improving in Q4 2025 and into 2026, driven by new product launches for large B clients, expansion into emerging channels, and enhanced supply chain efficiency [8] Financial Performance Summary - Total revenue forecast for 2023A is 1,901 million yuan, with a year-on-year growth of 27.69%, while 2024A is projected at 1,868 million yuan, a decline of 1.71% [1] - The net profit attributable to the parent company for 2023A is estimated at 134.27 million yuan, reflecting a year-on-year increase of 31.43%, but is expected to decline to 83.69 million yuan in 2024A, a drop of 37.67% [1] - The latest diluted EPS for 2025E is projected at 0.81 yuan, with a P/E ratio of 36.66 [1] - The gross margin for Q3 2025 was 21.2%, a decrease of 1.3 percentage points year-on-year, while the net profit margin was 3.6%, down 1.0 percentage points year-on-year but up 0.2 percentage points quarter-on-quarter [8]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of RMB 89.52, up from the previous target of RMB 88.50 [6][4]. Core Insights - The company has shown a revenue growth of 14.7% year-on-year for the first three quarters of 2025, with a net profit increase of 22.6% and a non-recurring net profit growth of 30.5% [1]. - In Q3 2025, the company reported a revenue of RMB 14.9 billion, a 6.0% increase year-on-year, while net profit rose by 33.5% [1][2]. - The company is focusing on optimizing its product categories and channel structures, which has led to improved profit margins [3]. Summary by Sections Financial Performance - For the first three quarters of 2025, the company achieved a gross margin of 30.3%, down 1.5 percentage points year-on-year, while Q3 gross margin improved to 31.6%, up 1.0 percentage point [3]. - The net profit margin for Q1-3 2025 was 13.7%, increasing to 15.6% in Q3, reflecting a year-on-year increase of 0.9 and 3.2 percentage points respectively [3]. Strategic Initiatives - The company is actively adjusting its e-commerce channels, focusing on high-value membership supermarkets and quantitative distribution channels, which has led to a significant optimization of its product and channel structure [1][2]. - The introduction of new products, such as flavored konjac products and the Sam's Club brand, is expected to drive revenue growth and enhance profit margins [2]. Earnings Forecast and Valuation - The earnings per share (EPS) estimates for 2025-2027 have been revised upwards to RMB 3.09, RMB 3.73, and RMB 4.34, respectively, reflecting an increase of 5%, 5%, and 4% from previous estimates [4]. - The company is projected to maintain a strong growth trajectory, with expected revenue growth rates of 12.86%, 15.98%, and 14.02% for the years 2025 to 2027 [10].

Core Insights - The company reported Q3 2025 results with revenue of 1.486 billion, a year-on-year increase of 6.05%, and a net profit attributable to shareholders of 232 million, up 33.55% year-on-year [1] - Gross margin improved both year-on-year and quarter-on-quarter, reaching 31.63%, an increase of 1.01 percentage points year-on-year and 0.65 percentage points quarter-on-quarter, attributed to a higher proportion of high-margin brand products [1] - The company optimized channel investment, resulting in a decrease in expense ratio to 13.44%, down 3.34 percentage points year-on-year, with sales expense ratio at 8.59%, down 3.54 percentage points year-on-year [1] Financial Performance - Q3 2025 net profit margin reached 15.60%, an increase of 3.21 percentage points year-on-year, while the net profit margin excluding non-recurring items was 14.78%, up 3.97 percentage points year-on-year [1] - The company expects revenue growth for 2025-2027 to be 61.86 billion, 76.66 billion, and 89.42 billion respectively, with year-on-year growth rates of 16.63%, 23.93%, and 16.64% [2] - Projected net profits for 2025-2027 are 833 million, 1.052 billion, and 1.259 billion respectively, with year-on-year growth rates of 30.24%, 26.25%, and 19.66% [2] Strategic Focus - The company is focusing on a category brand strategy, optimizing product channel structure by eliminating low-efficiency SKUs and emphasizing high-potential products like "Da Mo Wang" sesame sauce and "Egg Yolk Quail Eggs" [2] - The company is enhancing its channel structure by prioritizing quantitative distribution channels and launching new products in membership stores like Sam's Club [2] - A long-term strategic partnership has been established with Liu Bi Ju, indicating confidence in the sustained growth potential of key products [2]

其实就在当年"3 15"晚会之后不久，中国食品科学技术学会就发布了《老坛酸菜生产质量安全控制与管 理技术规范》团体标准，对老坛酸菜的术语和定义、技术要求、检验方法、检验规则及标签、包装、运 输、贮存等做出了规定，也包括诸如发酵要"放入洁净的陶坛中"，"不得与有毒、有害、有异味或影响 产品质量的物品混装运输"等细节。 试想，如果企业严格按照规范执行，酸菜池中抽烟吐痰这样的荒唐场景根本不可能出现。然而现实却 是，再详细的标准、再严格的规范，在一些企业那里似乎成了可有可无的摆设，对食品安全毫不在意。 日前社交平台上流传的一段男子在酸菜池中做出不文明行为的视频引发网友关注。视频显示，一男子在 疑似酸菜的生产车间中用钢叉把大量酸菜铲至一旁，长达30秒的视频里，男子一直在吸烟，同时在酸菜 池中随地吐痰，画面不忍直视。 随后在10月27日，事发地辽宁省兴城市市场监督管理局发布情况通报，称该批次酸菜已被全部扣押，未 流入市场，并将按照相关操作规程销毁。相关涉事企业正在接受调查。对于违法企业和相关责任人，将 依法严惩、绝不姑息。 当地的快速反应固然值得肯定，"未进入市场"似乎也已将影响控制到最低，但依然令人后怕。 可以试想，如 ...