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。其中，美国市场方面，大魔王Mowon核心产品"六必居麻酱素毛 肚"已在美国知名连锁超市99 Ranch Market上架，并在Santa Anita Mall等核心门店完成亮相。 转自：中国证券报·中证网 中证报中证网讯（王珞）8月20日晚间，盐津铺子发布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%。 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收为7.91亿元，占总营收比重提升至26.90%，同比增长 155.10%，成为增长最快的品类，战略核心单品地位进一步确认。 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 ...

4月发布的投资者关系活动记录表显示，盐津铺子计划在东南亚进一步扩大魔芋产品的市场。目前，盐津铺子海外销售80%以上来自泰国，公司对未来在东南亚乃至更多区域的拓展非常有信心。 受益于大单品规模化放量，盐津铺子的盈利能力显著提升。半年报显示，盐津铺子上半年归属于上市公司股东的净利润率为12.67%。 展望未来，盐津铺子将围绕"渠道为王、产品领先、体系护航"的战略主轴，持续深化"品类品牌"策略，推动六大核心品类均跑出强势单品。同时，依托公司全渠道能力，将健康、美味的零食触 盐津铺子表示，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 数据显示，盐津铺子休闲魔芋制品上半年营收为7.91亿元，占总营收比重提升至26.90%，同比增长155.10%，成为增长最快的品类，战略核心单品地位进一步确认。 回头来看，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 同时，盐津铺子持续推进魔芋品类 ...

随着消费者健康意识的不断提升，轻度加工零食凭借健康、天然、营养等优势，成为全球零食市场中的 新热点之一。在消费需求、政策监管、技术创新等多重因素的推动下，其市场规模不断扩大，产品种类 日益丰富。未来，随着相关技术的不断突破和产业协同发展的深入，轻度加工零食有望进一步拓展市场 空间，成为行业的主流品类之一，持续满足消费者对健康美味零食的需求，为休闲食品行业可持续发展 贡献力量。 健康零食成消费热点 当下，在全球零食市场中，以"减少人工处理、突出自然属性"为特点的轻度加工零食正成为新的消费热 点。在多国的超市货架上，越来越多的零食产品以"轻度加工"概念打动消费者，这一趋势受到行业的关 注。 数据显示，美国有48.8%的消费者每天至少吃3次零食，其中64%偏好"能量补给"产品，61%选择高蛋白 零食，且有相当比例的消费者计划减少添加糖和超加工食品的摄入量。在英国的超市货架上，四枚装水 煮蛋以独立零食形态在高蛋白零食专区销售，其主打"天然高蛋白+即食便利"概念，推出后受到了健身 人群与快节奏上班族的欢迎。在国内市场，类似的趋势也正在显现。鲜蒸蔬菜零食、冻干果蔬等产品的 热销，以及消费者对清洁标签的追求，都表明我国消费 ...

Core Viewpoint - The company reported a strong performance in H1 2025, with revenue and net profit both increasing by 18.5% year-on-year, indicating robust operational quality and growth potential in key product categories [1][2]. Financial Performance - In H1 2025, the company achieved revenue of 3.48 billion yuan and a net profit of 736 million yuan, both reflecting an 18.5% year-on-year increase [1]. - The net profit margin stood at 21.1%, maintaining stability despite high raw material costs for konjac, exceeding market expectations [2]. - The gross profit margin was 47.2%, down by 2.6 percentage points year-on-year, with specific margins for noodle products and vegetable products at 48.4% and 46.6%, respectively [2]. Product Performance - Noodle and vegetable products saw a year-on-year growth of 21% in H1 2025, with core products growing over 20% [1]. - The vegetable product segment continued to show high growth, driven by the success of the konjac super product [1]. - Other products experienced a significant decline, primarily due to the discontinuation of soft-boiled eggs, but new product launches like stinky tofu are expected to mitigate short-term impacts [1]. Strategic Initiatives - The company is actively adjusting its product offerings and channel strategies to adapt to market changes, focusing on enhancing the quality and quantity of retail outlets [1]. - Emerging channels such as retail and wholesale are growing rapidly, while traditional channels are being optimized [1]. Future Outlook - The company anticipates stabilization in the spicy strip business in H2 2025, with new flavors in konjac and seaweed products expected to drive growth [3]. - The long-term outlook remains positive due to strong product innovation capabilities, robust channel potential, and effective marketing strategies [3]. - Revenue projections for 2025-2027 are estimated at 7.52 billion, 9.05 billion, and 10.62 billion yuan, with net profits of 1.45 billion, 1.80 billion, and 2.15 billion yuan, respectively [3].

Core Insights - The company reported a total revenue of 3.48 billion yuan for the first half of 2025, representing a year-on-year increase of 18.5% [1] - The net profit attributable to shareholders reached 740 million yuan, also reflecting a year-on-year growth of 18.5% [1] - A mid-term dividend of 0.18 yuan per share was announced, with a payout ratio of approximately 60% [1] Revenue Breakdown - Vegetable products continued to show high growth, while online channel revenue experienced a slight decline [1] - Revenue from noodle products decreased by 3.2% year-on-year, primarily due to the company's proactive SKU adjustments and intensified competition in the noodle product sector [1] - Revenue from vegetable products surged by 44.3% year-on-year, driven by enhanced market penetration, optimized terminal displays, and the introduction of new products [1] - Revenue from bean products and others plummeted by 48.1% due to the company's decision to withdraw certain products from the market [1] - Offline channel revenue increased by 21.5% year-on-year, while online channel revenue decreased by 3.8% due to adjustments in the e-commerce team's personnel and strategy [1] Gross Margin and Profitability - The gross margin for the first half of 2025 was 47.2%, a decrease of 2.6 percentage points year-on-year [2] - Gross margins for different product categories were as follows: noodle products +0.5%, vegetable products -6.0%, and bean products +5.0 percentage points [2] - The decline in vegetable product gross margin was mainly due to a significant increase in the procurement price of konjac powder, although supply chain efficiencies partially offset cost pressures [2] - Despite the pressure on gross margins, the company achieved a net profit margin of 21.1%, significantly better than previous guidance [2] Profit Forecast and Investment Recommendations - Due to accelerated new product launches in the konjac category and successful internal cost reduction measures, the company has raised its profit forecasts for 2025-2027 [3] - Projected revenues for 2025-2027 are 7.53 billion, 9.06 billion, and 10.78 billion yuan, with year-on-year growth rates of 20.1%, 20.4%, and 18.9% respectively [3] - Projected net profits for the same period are 1.47 billion, 1.80 billion, and 2.18 billion yuan, with year-on-year growth rates of 38.0%, 22.2%, and 20.9% respectively [3] - The company is expected to maintain a price-to-earnings ratio of 20, 17, and 14 times for the respective years [3] - The company has established a certain level of competitive barriers through its brand and product categories, benefiting from the current konjac market trends [3]

涉及广州、武汉两地国资的良品铺子（603719.SH）"易主"争议，迎来新进展。 日前，良品铺子发布关于控股股东涉及诉讼的进展公告。公告称，2025 年7月，广州市中级人民法院受 理了原告广州轻工与被告宁波汉意、第三人良品铺子股份有限公司的股份转让纠纷一案。其近日根据广 州市中级人民法院送达的资料获悉，广州轻工向该法院提交了变更诉讼请求申请。 根据良品铺子7月22日披露的关于控股股东涉及诉讼的公告，广州轻工的诉求是宁波汉意继续履行2025年 5月签订的《协议书》、《附生效条件的股份转让协议》，将持有的良品铺子股份有限公司的79,763,962 股股份，按照每股12.42 元的价格转让给原告，并支付协议约定的违约金500万元等，涉案金额为9.96亿 元。 此次最新公告中，广东轻工对宁波汉意的诉讼请求标的、涉案金额均有变动。除了要求其继续履行9.91 亿元的股份交易总价款外，需支付迟延办理股份过户手续的违约金暂计3170万元（违约金继续计算至股 份过户手续办理完毕之日止）。再加上其他费用，总涉案金额已超10.23亿元。 广州轻工方面此前向南方财经记者表示，广州轻工集团已就宁波汉意的恶意违约行为，向广州市中级人 民 ...

Investment Rating - The report maintains an "Outperform" rating for the food and beverage sector [1][4]. Core Views - External positive factors are gradually increasing, and Kweichow Moutai's interim report demonstrates operational resilience. The report indicates that the liquor sector has shown a slight increase of 0.9% this week, with expectations for continued valuation recovery due to policy anticipation [2][11]. - The report highlights three investment themes: companies with strong anti-cyclical performance like Shanxi Fenjiu and Kweichow Moutai, companies with strong cyclical attributes like Luzhou Laojiao, and companies with low inventory burdens like Yingjia Gongjiu [2][13]. Summary by Sections 1. Weekly Insights - The food and beverage sector rose by 0.49% this week, underperforming the Shanghai Composite Index by 1.21 percentage points. The top five gainers in the sector included Guifaxiang (28.74%), Angel Yeast (7.52%), Tianwei Food (6.90%), Gujing Gongjiu (6.58%), and ST Tongpu (6.54%) [1][20]. 2. Liquor Sector - Kweichow Moutai's interim report showed a total revenue of 91.09 billion yuan, up 9.2% year-on-year, and a net profit of 45.4 billion yuan, up 8.9% year-on-year. The report notes a slight decline in profit margins due to fluctuations in gross and expense ratios, but the company has shown resilience amid industry adjustments [2][11]. - The report suggests that liquor companies will focus on destocking and promoting sales in the short term while emphasizing consumer engagement and internationalization in the medium to long term [2][13]. 3. Consumer Goods - The beer sector is entering a peak season, with a slight decrease in fund holdings in the second quarter of 2025. Yanjing Beer has seen an increase in fund holdings, while other major brands like Qingdao Beer and China Resources Beer have seen declines [3][14]. - The snack sector has seen an increase in fund holdings, particularly in Yanjinpuzi and Wancheng Group, indicating a shift towards a more category-driven growth model [3][15]. - The report recommends focusing on leading companies in various segments, including Kweichow Moutai, Wuliangye, Shanxi Fenjiu, Luzhou Laojiao, Nongfu Spring, and Dongpeng Beverage [3][19].

Group 1 - The report suggests an industry allocation strategy termed "4+1," focusing on technology growth, self-control, and military sectors, including liquid cooling, robotics, gaming, AI applications, and military technologies such as missiles, drones, satellites, and deep-sea technology. Additionally, it highlights the fintech and brokerage sectors due to their high correlation with indices [1] - The cyclical sectors benefiting from the expectation of marginal improvement in PPI and some low-level rebound include steel, chemicals, non-ferrous metals, and building materials, with potential valuation recovery opportunities in insurance, liquor, and real estate [1] - The report identifies sectors with anti-involution elasticity and broader potential, indicating that the current anti-involution trend extends beyond traditional cyclical industries, with mid-term potential in solar energy, lithium batteries, engineering machinery, healthcare, and certain manufacturing and growth directions in Hong Kong's Hang Seng Internet [1] - Structural opportunities for overseas expansion are noted, particularly due to the easing of China-Europe trade relations, benefiting high-export categories like automobiles and wind power, as well as niche exports such as snacks [1] - The report emphasizes the importance of stable dividend stocks, gold, and optimized high-dividend assets for foundational investment [1]

研究报告 Research Report 17 Aug 2025 中国 & 香港 & 美国可选消费 China (A-share) & Hong Kong & US Discretionary 可选消费 W33 周度趋势解析：海外消费表现优异，新消费主题股价稳健回暖 Week 33 Discretionary Trends: Overseas Consumption Performs Well, New Consumption- Themed Stocks Steadily Recover [Table_yemei1] 观点聚焦 Investment Focus | [Table_Info] | | | | | --- | --- | --- | --- | | 股票名称 | 评级 | 股票名称 | 评级 | | 耐克 | Outperform 德业股份 | | Outperform | | 美的集团 | Outperform 波司登 | | Outperform | | 京东集团 | Outperform 石头科技 | | Outperform | | 格力电器 | Outperform 永辉超市 | | ...

Investment Rating - The report maintains a "Recommended" rating for the food and beverage industry, indicating a positive outlook for the sector's fundamentals and expected performance relative to the market benchmark [5][21]. Core Insights - The report highlights that despite a challenging environment, key companies like Kweichow Moutai have met their targets for the first half of 2025, with expectations for continued performance in the second half, particularly during the peak sales seasons [2][21]. - The report emphasizes the strong overseas sales growth for Angel Yeast, projecting continued market share gains and profit elasticity in the second half of 2025 due to a low base effect [3][21]. - The performance of snack companies is mixed, with Wei Long achieving better-than-expected profits while companies like Ganyuan Foods face pressure from rising costs and increased promotional expenses [10][21]. Summary by Relevant Sections Core Company Tracking - Kweichow Moutai reported H1 revenue of 910.9 billion yuan and net profit of 454.0 billion yuan, reflecting a year-on-year increase of 9.2% and 8.9% respectively, despite pricing pressures [13]. - Chongqing Beer experienced a slight decline in revenue and net profit in Q2, with a focus on non-traditional beverage channels to mitigate structural pressures [14]. - Yanjing Beer showed robust growth in its core beer segment, with a significant increase in net profit for H1, driven by product upgrades [15]. - Angel Yeast's overseas sales continued to grow, with Q2 revenue reaching 41.1 billion yuan, marking an 11.2% increase [16]. - Wei Long's H1 revenue was 34.8 billion yuan, with net profit growth of 18.0%, supported by effective cost control measures [17]. Investment Recommendations - The report suggests focusing on high-performing stocks such as Nongfu Spring and Wei Long, as well as traditional liquor companies like Kweichow Moutai and Luzhou Laojiao, which are expected to recover from recent valuation declines [21][23]. - It also highlights the potential for growth in emerging markets and new channels for companies like Wei Long and Ganyuan Foods, emphasizing the importance of market expansion strategies [21][22]. Industry Overview - The food and beverage sector is experiencing a mixed performance, with overall retail sales growth slowing down, indicating ongoing pressure on consumer demand [21]. - The report notes that the industry is characterized by a significant number of listed companies, with a total market capitalization of 4,871 billion yuan [5].