Financial Performance - For the first half of 2025, the company's operating revenue was approximately 7.60 billion, a slight increase from 7.54 billion in the same period last year, reflecting a year-on-year growth of 0.8% [1] - The total profit for the same period was approximately 886 million, down from 1.06 billion year-on-year, indicating a decline of about 16.5% [1] - The net profit attributable to shareholders was approximately 676 million, a decrease from 803 million, representing a decline of about 15.8% [1] - The net profit after deducting non-recurring gains and losses was approximately 603 million, down from 772 million, showing a decline of about 21.9% [1] - The net cash flow from operating activities was negative 162.92 million, a significant decrease from 509.12 million in the previous year [1] Profitability Ratios - The weighted average return on equity for the first half of 2025 was 5.1%, down by 1.11 percentage points year-on-year [28] - The return on invested capital for the same period was 4.84%, a decrease of 0.95 percentage points compared to the previous year [28] Cash Flow Analysis - The net cash flow from operating activities was negative 1.63 billion, a decrease of 667.2 million year-on-year [30] - The net cash flow from financing activities was negative 168 million, an increase of 291 million year-on-year [30] - The net cash flow from investing activities was 276 million, compared to 36.26 million in the same period last year [30] Asset and Liability Changes - As of the end of the first half of 2025, cash and cash equivalents decreased by 20.81%, while inventory increased by 12.93% [44] - Short-term borrowings increased by 442.22%, indicating a significant rise in leverage [47] - Accounts receivable increased by 28.66%, reflecting a rise in credit extended to customers [44] Shareholder Composition - The top ten shareholders included a new entry, the CSI 500 ETF, replacing the previous quarter's National Social Security Fund [56] - The shareholding of the National Social Security Fund 102 portfolio increased, while several other funds reduced their holdings [56][57] Valuation Metrics - As of August 25, the company's price-to-earnings ratio (TTM) was approximately 18.91, the price-to-book ratio (LF) was about 1.93, and the price-to-sales ratio (TTM) was around 1.69 [1]

Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of RMB 14.75 [1][2] Core Views - The company experienced flat demand in Q2, with expectations for improved performance in the future. The retail and innovation market revenue was RMB 29.1 billion, down 1.3% year-on-year, while the catering market revenue was RMB 6.2 billion, down 8.8% year-on-year. The company is focusing on market expansion and promotion efforts, anticipating operational improvements [6][9] Financial Performance Summary - For H1 2025, the company reported revenue of RMB 3.57 billion, a decrease of 2.7% year-on-year, and a net profit attributable to the parent company of RMB 310 million, down 6.0% year-on-year. In Q2 2025, revenue was RMB 1.35 billion, a decrease of 4.4% year-on-year, while net profit increased by 1.2% year-on-year [6][7] - The company's gross margin for H1 2025 was 24.3%, down 1.6 percentage points year-on-year, primarily due to intensified price competition in the industry [8] Revenue and Profit Forecast - The company forecasts revenue of RMB 6.632 billion for 2024, with a slight decline of 6.0%, followed by a slight increase of 0.6% in 2025. The net profit attributable to the parent company is expected to be RMB 542.25 million in 2024, down 27.64%, and RMB 520.12 million in 2025, down 4.08% [5][9] - The expected EPS for 2025 is RMB 0.59, with a PE ratio of 19.88 times [5][9] Market Position and Strategy - The company is actively innovating product categories and diversifying channels, with successful progress in expanding B-end customer relationships. Notably, revenue contributions from major clients like Yum increased by 30%-40% in H1 2025 [7][9] - The company plans to initiate overseas expansion, focusing on the Australia-New Zealand and Southeast Asia markets, which is expected to contribute to revenue growth [9]

Investment Rating - The report maintains a "Strong Buy" rating for the company with a target price of 100 yuan [1][6]. Core Views - The company is currently under pressure but is strategically positioning itself for recovery. The report highlights that despite short-term challenges, there is potential for improvement in the latter half of the year, particularly with new product launches and channel expansions [6][7]. Financial Performance Summary - **Revenue Forecasts**: Projected total revenue for 2024 is 15,127 million yuan, increasing to 15,778 million yuan in 2025, with a growth rate of 7.7% and 4.3% respectively [2][11]. - **Net Profit Forecasts**: Expected net profit for 2024 is 1,485 million yuan, decreasing to 1,411 million yuan in 2025, reflecting a growth rate of 0.5% and a decline of 5.0% respectively [2][11]. - **Earnings Per Share (EPS)**: EPS is projected to be 4.46 yuan in 2024, dropping to 4.23 yuan in 2025, and then increasing to 4.62 yuan in 2026 [2][11]. - **Profitability Ratios**: The report indicates a net profit margin of 7.0% for Q2 2025, down 2.6 percentage points year-on-year, with a gross margin of 18.0% [6][7]. Market Performance - The company's stock price as of August 25, 2025, was 77.06 yuan, with a market capitalization of approximately 256.83 billion yuan [3][6]. - The report notes that the company has experienced a significant increase in sales through new retail and e-commerce channels, with double-digit growth in these areas [6][7]. Product and Channel Insights - The company has seen varied performance across its product lines, with notable growth in new products such as small lobster products exceeding 1 billion yuan in revenue and a significant increase in sales of grilled sausages [6][7]. - The report emphasizes the importance of adapting to market demands and enhancing product offerings to improve revenue streams [6][7].

Core Viewpoint - The company reported its 2025 H1 financial results, showing a slight increase in revenue but a significant decline in net profit, indicating challenges in profitability despite stable revenue growth in certain product lines [1][5]. Financial Performance - In 2025 H1, the company achieved revenue of 7.604 billion yuan, a year-on-year increase of 0.80%, while net profit attributable to shareholders was 676 million yuan, a decrease of 15.79% [1]. - The company's Q2 results showed total revenue of 4.005 billion yuan, up 5.69% year-on-year, but net profit fell by 22.74% to 281 million yuan [1]. Product Matrix and Diversification - The company has a diverse product matrix, with revenue from frozen prepared foods, frozen dishes, frozen noodles, and frozen agricultural products amounting to 3.759 billion, 2.416 billion, 1.241 billion, and 181 million yuan respectively in H1 2025 [2]. - The company completed acquisitions of 70% of Jiangsu Dingwei Thai Food Co., Ltd. and 100% of Dingyifeng Food (Taicang) Co., Ltd., expanding into the frozen bakery segment [2]. B-end Performance and Strategy - The B-end business showed strong performance, with revenue from distributors, supermarkets, direct sales, and e-commerce reaching 6.043 billion, 423 million, 555 million, and 583 million yuan respectively in H1 2025 [3]. - The company is focusing on deepening partnerships with large B clients and new retail customers, enhancing channel potential through customized product offerings [3]. Sales Network and Market Expansion - The company reported revenue across various regions, with East China leading at 3.183 billion yuan, despite a year-on-year decline of 3.34% [4]. - The company has increased its number of distributors to 2,026 and is actively pursuing international market opportunities following its listing on the Hong Kong Stock Exchange [4]. Profitability and Cost Control - The company's gross margin and net margin for H1 2025 were 20.52% and 8.88%, reflecting a slight decline compared to the previous year [5]. - The company managed to reduce its expense ratios, particularly in sales and management, contributing to improved cost control [5]. Future Outlook - The company anticipates revenue growth to 15.317 billion, 16.553 billion, and 18.217 billion yuan for the years 2025 to 2027, with corresponding net profits of 1.511 billion, 1.637 billion, and 1.883 billion yuan [5].

公 司 报 告 食品饮料 2025年08月26日 推荐 ( 维持) 股价:77.06元 行情走势图 安井食品(603345.SH) 盈利能力短期承压，静待旺季改善 证券分析师 王萌 投资咨询资格编号 S1060522030001 WANGMENG917@pingan.com.cn 事项： 公司发布2025年半年报，实现营业收入76.04亿元，同比增长0.80%；归母净 利润6.76亿元，同比下降15.79%。 平安观点： 司 半 年 报 点 评 研 究 报 告 | | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入(百万元) | 14,045 | 15,127 | 16,045 | 17,294 | 18,668 | | YOY(%) | 15.3 | 7.7 | 6.1 | 7.8 | 7.9 | | 净利润(百万元) | 1,478 | 1,485 | 1,532 | 1,644 | 1,811 | | YOY(%) | 34.2 | 0.5 | 3.2 | 7.3 | 10.1 | ...

Core Viewpoint - Anjoy Foods Group Co., Ltd. reported a slight increase in revenue but a significant decline in net profit for the first half of 2025, indicating challenges in maintaining profitability amidst rising costs and market competition [2][3]. Financial Performance - Revenue for the first half of 2025 reached approximately RMB 7.60 billion, a 0.80% increase compared to RMB 7.54 billion in the same period last year [3]. - Total profit decreased by 16.51% to RMB 886.31 million from RMB 1.06 billion year-on-year [3]. - Net profit attributable to shareholders fell by 15.79% to RMB 675.94 million from RMB 802.65 million [3]. - The net cash flow from operating activities was negative at RMB -162.92 million, a decline of 132% compared to the previous year [3]. - The company's net assets increased by 2.98% to RMB 13.34 billion, while total assets decreased by 1.65% to RMB 17.09 billion [3]. Industry Overview - The Chinese frozen food industry is projected to reach a market size of approximately RMB 221.2 billion in 2024, making it the second-largest frozen food market globally [3]. - The frozen prepared food segment is expected to grow at a compound annual growth rate (CAGR) of 7.1% from 2024 to 2029, driven by diverse dining preferences and increasing demand for quality products [3]. - The frozen dish segment is anticipated to grow at a CAGR of 16.1% during the same period, as industry standards improve and consumer demand for convenient, high-quality meals rises [3]. - The frozen noodle and rice products market is projected to reach RMB 77.1 billion in 2024, with traditional products maturing and new offerings gaining traction [3]. Business Operations - Anjoy Foods specializes in the research, production, and sales of frozen prepared foods, frozen dishes, and frozen noodle products, establishing a significant marketing network centered in East China [3][4]. - The company offers over 500 products, including fish tofu, fish balls, and various frozen dishes under multiple brands [4][5]. - The company has adopted a multi-brand strategy to cater to different market segments and enhance its product offerings [5]. Strategic Initiatives - Anjoy Foods is focusing on product innovation and market expansion, with a strategy to develop 3-5 strategic flagship products annually [5][13]. - The company is enhancing its supply chain efficiency through digitalization and AI integration, aiming to improve procurement, production, and sales processes [15][18]. - Recent acquisitions, including a 70% stake in Jiangsu Dingweitai Food Co., Ltd., are aimed at expanding into the frozen baking sector and enhancing product offerings [15][16]. Market Positioning - The company is actively pursuing opportunities in both domestic and international markets, with plans to leverage its recent Hong Kong listing to expand its global footprint [16]. - Anjoy Foods is adapting to changing consumer preferences by focusing on high-quality, customized products and enhancing its online and offline sales channels [12][14].

证券代码：603345 证券简称：安井食品 公告编号：临 2025-049 本公司监事会及全体监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法律责任。 安井食品集团股份有限公司 第五届监事会第十六次会议决议公告 安井食品集团股份有限公司（以下简称"公司"）第五届监事会第十六次会议 于 2025 年 8 月 25 日以现场加通讯的方式召开，会议由监事会主席张光玺主持， 会议应出席监事 3 人，实际出席 3 人。会议的通知、召开及审议程序符合《中华 人民共和国公司法》等法律法规及《公司章程》的规定，所作决议合法有效。 经与会监事一致同意，形成决议如下： 一、审议通过《公司 2025 年半年度报告及其摘要》 经审核，公司监事会认为：《公司 2025 年半年度报告及其摘要》编制和审 核程序符合相关法律、法规和股票交易所在地的监管规定，所包含的信息能够从 各个方面真实地反映公司当年度的经营管理和财务状况等事项，不存在虚假记载、 误导性陈述或者重大遗漏。 具体内容详见公司同日在上海证券交易所网站（http://www.sse.com.cn）披 露的《2025 年半年 ...

Group 1 - The core viewpoint of the article highlights that Anjuke Foods is focused on the research, manufacturing, and sales of frozen and refrigerated food products, including various types of noodles and prepared foods [1] - In the semi-annual report, Anjuke Foods announced that it achieved an operating income of 7.6 billion yuan, representing a year-on-year increase of 0.8% [2] - The company reported a net profit attributable to shareholders of 676 million yuan, which reflects a year-on-year decrease of 15.8% [2] Group 2 - Anjuke Foods plans to enhance its business by acquiring 70% of Jiangsu Dingwei Thai Food Co., Ltd. and 100% of Dingyifeng Food (Taicang) Co., Ltd., which will be included in the consolidated financial statements in the second half of the year [1] - The acquisition is expected to positively impact future performance by adding a frozen baking business segment [1] - The company continues to promote product innovation and market expansion in multiple business areas, including frozen prepared foods, frozen dishes, and frozen noodle products [1]

Core Viewpoint - Anjiu Food reported a slight increase in revenue but a significant decline in net profit for the first half of 2025, indicating challenges in profitability despite stable sales growth [1] Financial Performance - The company achieved operating revenue of 7.6 billion yuan, representing a year-on-year growth of 0.8% [1] - The net profit attributable to shareholders was 676 million yuan, showing a year-on-year decrease of 15.8% [1] Business Development - Anjiu Food is focused on the research, manufacturing, and sales of frozen and refrigerated rice and noodle products, as well as various prepared foods [1] - In July 2025, the company acquired 70% of Jiangsu Dingwei Thai Food Co., Ltd. and 100% of Dingyifeng Food (Taicang) Co., Ltd., which will be included in the consolidated financial statements in the second half of the year [1] - The acquisition is expected to enhance the frozen baking business segment and positively impact future performance [1] - The company continues to promote product innovation and market expansion in multiple business areas, including frozen prepared foods, frozen dishes, and frozen rice and noodle products [1]

承董事會命 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因倚 賴該等內容而引致的任何損失承擔任何責任。 ANJOY FOODS GROUP CO., LTD. 安井食品集團股份有限公司 （於中華人民共和國註冊成立的股份有限公司） （股份代號：2648） 本公告乃根據《香港聯合交易所有限公司證券上市規則》第13.10B條而作出。 茲 載 列 安 井 食 品 集 團 股 份 有 限 公 司（「 本公司 」）在 上 海 證 券 交 易 所 網 站 ( www.sse.com.cn )刊登的本公司2025年半年度報告（A股），僅供參閱。 安井食品集團股份有限公司 董事長兼執行董事 劉鳴鳴先生 中國廈門，2025年8月25日 於本公告日期，本公司董事會成員包括：(i)執行董事劉鳴鳴先生、張清苗先生、 章高路先生及黃建聯先生；(ii)非執行董事鄭亞南博士及戴凡先生；及(iii)獨立非 執行董事張梅女士、劉曉峰博士、趙蓓博士及張躍平先生。 公司代码：603345 公司简称：安井食品 2025 年半年度报告 ...