资料图。本文来源：界面新闻、新华网 绝味食品公告称，公司A股股票简称由"绝味食品"变更为"ST 绝味"; 证券代码仍为603517；实 施风险警示的起始日为2025年9月23日。 因涉嫌信息披露违法违规，绝味食品(603517.SH)及其董事长等被处罚，公司股票拟被ST。 官网资料显示，绝味食品公司成立于2005年4月15日，注册资本6亿元。该公司于2017年3月17 日上市。其中，卤制品绝味鸭脖是其拳头产品，绝味食品也因此被外界称为"鸭脖大王"。官网 数据显示，其鸭脖原料消耗达到1万吨，零售规模超过60亿。 绝味食品日前发布公告称，因涉嫌信息披露违法违规，去年6月7日， 中国证监会决定对绝味食 品立案。今年9月19日，公司收到中国证监会湖南监管局下发的《行政处罚事先告知书》(《告 知书》)。 窄门数据显示，2022年以来，绝味鸭脖门店开店数量开始减少。截至目前，绝味鸭脖门店数量 为10725家。据绝味财报显示，截至2024年6月底，绝味食品内地门店总数为14969家。照此计 算，近一年多来，其门店数量减少了4244家。 《告知书》显示，2017年至2021年期间，绝味食品未确认加盟门店装修业务收入，导致年度 ...

登录新浪财经APP 搜索【信披】查看更多考评等级 该公司股票将于2025年9月22日停牌1天，2025年9月23日起实施其他风险警示。实施其他风险警示后，该公司股票将在风险警示板交易，股票价格的日涨跌 幅限制为5%。 近两年，绝味食品业绩下滑明显。去年全年，该公司归母净利润2.27亿元，同比减少34%。今年上半年，该公司营业收入约28.2亿元，同比减少15.57%；归 属于上市公司股东的净利润约1.75亿元，同比减少40.71%。报告称，公司上半年营收下降主要系报告期内销量下降。 卤制食品销售是绝味食品收入的主要来源。今年上半年，该公司卤制食品销售收入为23.40亿元，占到同期主营业务收入的84.88%。 官网资料显示，绝味食品公司成立于2005年4月15日，注册资本6亿元。该公司于2017年3月17日上市。其中，卤制品绝味鸭脖是其拳头产品，绝味食品也因 此被外界称为"鸭脖大王"。官网数据显示，其鸭脖原料消耗达到1万吨，零售规模超过60亿。 因涉嫌信息披露违法违规，绝味食品（维权）(603517.SH)及其董事长等被处罚，公司股票拟被ST。 绝味食品日前发布公告称，因涉嫌信息披露违法违规，去年6月7日， 中国 ...

传统卤味往往依赖老师傅的经验，产品质量难以标准化，也存在食品安全隐患。汉味尚品通过引入先进 生产线、构建四级食品安全管理体系，彻底改变了这一局面。公司建立了以法人、厂长、食品安全总 监、安全管理员为核心的管理架构，严格执行"日管控、周排查、月调度"机制，实现从原料采购、生产 加工到出厂检验的全流程控制。 在陕西汉中，卤味不再是街边小摊的专属，而是通过现代化生产线走向全国餐桌。陕西汉味尚品食品有 限公司凭借对传统风味的坚守与对科技创新的投入，成功实现了从传统作坊到现代食品企业的跨越，成 为地方特色食品工业化的一个缩影。 汉味尚品的转型之路，正是国家推动食品工业高质量发展政策的具体实践。公司通过深度融合传统工艺 与现代科技，不仅提升了产品竞争力，也为地方食品企业升级提供了样本。未来，汉味尚品将继续以科 技为翼、以风味为根，让更多消费者品尝到安全、健康、美味的陕西特色卤味。 作为一家成立于2021年的食品企业，汉味尚品从创建伊始就明确了一条融合传统与现代化的发展路径。 公司依托汉中本地资源优势，以大鲵养殖、研发及深加工为主要方向，同时深耕卤制、熏制食品领域， 推出椒麻鸡、一桶鸡、一桶鸭、自热锅等系列产品，迅速打开市 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [6] Core Views - The company reported a total revenue of 771 million yuan for the first half of 2025, representing a year-on-year increase of 45.59%. The net profit attributable to shareholders was 108 million yuan, up 42.47%, while the net profit excluding non-recurring items was 92.78 million yuan, an increase of 52.51% [2][4] - In the second quarter of 2025, total revenue reached 388 million yuan, reflecting a year-on-year growth of 52.45%. The net profit attributable to shareholders was 58.15 million yuan, a significant increase of 77.03%, and the net profit excluding non-recurring items was 49.19 million yuan, up 87.86% [2][4] - The company is focusing on new product launches and channel adjustments, particularly in the Sam's Club channel, which is expected to drive future growth [9] Financial Performance Summary - For the first half of 2025, the company's net profit margin decreased by 0.31 percentage points to 14.07%, while the gross margin fell by 3.27 percentage points to 27.57%. The expense ratio decreased by 4.4 percentage points to 11.85% [9] - In the second quarter of 2025, the net profit margin improved by 2.08 percentage points to 14.99%, with a gross margin of 28.04% [9] - The company plans to distribute a cash dividend of 0.23 yuan per share, which represents 90.69% of the net profit attributable to shareholders for the period [9] Earnings Forecast - The company is expected to achieve net profits attributable to shareholders of 230 million yuan, 262 million yuan, and 293 million yuan for the years 2025, 2026, and 2027, respectively. The corresponding earnings per share (EPS) are projected to be 0.54 yuan, 0.61 yuan, and 0.69 yuan, with price-to-earnings (PE) ratios of 26, 23, and 21 times, respectively [9]

Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Viewpoints - The company's total revenue for H1 2025 is 1.473 billion yuan, a year-on-year decrease of 11.46%. The net profit attributable to the parent company is 105 million yuan, down 47.2% [2][5]. - In Q2 2025, total revenue is 909 million yuan, a decrease of 6.16%, with a net profit of approximately 89.36 million yuan, down 37.99% [2][5]. - The company is focusing on improving its overseas supply chain layout, particularly in the North American market and through the establishment of a processing base in Nepal [10]. Financial Performance - The company's gross profit margin decreased by 2.55 percentage points to 22.24% in H1 2025, while the net profit margin fell by 4.81 percentage points to 7.1% [10]. - The company expects net profits for 2025, 2026, and 2027 to be 212 million, 266 million, and 321 million yuan respectively, with corresponding EPS of 0.51, 0.64, and 0.78 yuan [10]. Revenue Breakdown - In Q2 2025, revenue from various product categories showed mixed results: "夫妻肺片" down 15.90%, "整禽类" down 19.59%, "香辣休闲类" up 9.84%, "其他鲜货" down 24.40%, and "预包装产品" up 87.84% [10]. - Revenue from different channels in Q2 2025: distribution down 12.03%, direct sales up 71.98%, and other channels up 22.48% [10]. - The overseas revenue for the first half of 2025 reached 6.4873 million yuan, a significant increase of 403.29% [10]. Market Strategy - The company has successfully penetrated the North American market by partnering with Chinese supermarkets and opening direct stores in New York [10]. - A new high-tech slaughterhouse and water buffalo breeding center is being established in Nepal, which is expected to significantly reduce beef import costs [10].

Core Insights - In the first half of 2025, the company reported a revenue of 1.473 billion yuan and a net profit of 105 million yuan, reflecting its strategic focus on product innovation and market expansion [2] - The company has increased its R&D investment, launching new products such as the tea-marinated series and Rongchang marinated goose, while also targeting young consumers through specific market strategies [4][5] Financial Performance - The company achieved a net cash flow from operating activities of 203 million yuan, a year-on-year increase of 28.7%, while its operating costs decreased by 8.46% to 1.145 billion yuan [3] - The effective cost control is attributed to stable supply chain capabilities and long-term partnerships with major suppliers [3] Market Trends - The market for marinated food in China has grown from 149.82 billion yuan in 2018 to 234.95 billion yuan in 2022, with a compound annual growth rate of 11.9%, and is expected to reach 393.41 billion yuan by 2027 [3] Product and Innovation Strategy - The company emphasizes innovation in R&D, with an investment of 7.8179 million yuan in the first half of 2025, a 15.54% increase year-on-year, and aims to align product development with market demand [4] - The company has established a "research and sales integration" model to enhance its product offerings based on consumer feedback and market trends [4] Expansion Strategy - The company is expanding its market presence by targeting young consumers through a dual-channel strategy of "University Town + Large Factory Canteen," focusing on high-frequency consumption areas [5][6] - The company has entered the North American market, opening stores in the U.S. and Australia, and plans to establish a production base in Nepal to support its international supply chain [6]

Core Insights - In the first half of 2025, Ziyan Food achieved an operating income of 1.473 billion yuan and a net profit of 105 million yuan, reflecting a strong performance amid strategic expansions and product innovations [1] Group 1: Financial Performance - Ziyan Food's cash flow from operating activities reached 203 million yuan, a year-on-year increase of 28.7% [2] - The company's operating costs were 1.145 billion yuan, showing a decrease of 8.46% compared to the previous year, attributed to effective cost control and stable supply chain capabilities [2] Group 2: R&D and Product Innovation - The company increased its R&D investment to 7.8179 million yuan, a growth of 15.54% year-on-year, focusing on new product lines such as the tea-marinated series and "Rongchang Marinated Goose" [4] - Ziyan Food's innovation research institute has upgraded its strategy to align R&D with market demands, launching new products monthly based on consumer feedback and regional characteristics [3] Group 3: Market Expansion and Strategy - The company is targeting young consumers through a dual-channel strategy of "University Town + Large Factory Canteen," aiming to penetrate the market effectively [5][6] - Ziyan Food has rapidly expanded its overseas business, entering the North American market by partnering with major Chinese supermarkets and opening stores in New York and New Jersey [7] - The company plans to establish a production and processing base in Nepal, which is expected to support its international supply chain and mitigate trade barriers [7] Group 4: Industry Outlook - The market for marinated food in China has grown from 149.82 billion yuan in 2018 to 234.95 billion yuan in 2022, with a compound annual growth rate of 11.9%, and is projected to reach 393.41 billion yuan by 2027 [2]

Investment Rating - The investment rating for the company is "Buy" and it is maintained [7] Core Views - The company is expected to achieve a revenue of 746 to 798 million yuan in the first half of 2025, representing a year-on-year increase of 40.9% to 50.8%. The net profit attributable to the parent company is projected to be between 105 to 112 million yuan, a year-on-year increase of 37.9% to 47.6%. The non-recurring net profit is expected to be between 89 to 97 million yuan, reflecting a year-on-year increase of 46.8% to 58.9% [2][5] - For the second quarter of 2025, the company anticipates revenue of 363 to 415 million yuan, a year-on-year increase of 42.7% to 63.2%. The net profit attributable to the parent company is expected to be between 55 to 62 million yuan, a year-on-year increase of 66.5% to 88.8%. The non-recurring net profit is projected to be between 46 to 53 million yuan, reflecting a year-on-year increase of 74.6% to 102.7% [2][5] Summary by Sections Revenue Growth - The company has seen significant revenue growth, particularly in the Sam's Club channel, with new product launches contributing to this increase. The company has introduced a new vegetarian snack and a sour soup chicken snack, with the latter achieving monthly sales of over 100,000 units, ranking in the top three for summer appetizers [11] Profit Margin Improvement - The improvement in profit margins is attributed to cost benefits and economies of scale. The wholesale prices of domestic white strip chicken have decreased year-on-year, and the prices of frozen duck products have also declined. The company expects to maintain stable profit margins in the second half of the year due to continued economies of scale [11] Earnings Forecast - The company forecasts net profits attributable to the parent company for 2025, 2026, and 2027 to be 230 million, 264 million, and 295 million yuan respectively. The earnings per share (EPS) are projected to be 0.54, 0.62, and 0.69 yuan, corresponding to price-to-earnings (PE) ratios of 25, 21, and 19 times at the current stock price [11]

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The company's total revenue for 2024 is projected at 3.363 billion yuan, a year-on-year decrease of 5.28%. The net profit attributable to shareholders is expected to be 346 million yuan, an increase of 4.5%, while the net profit excluding non-recurring items is estimated at 281 million yuan, up 1.28% [2][4]. - In Q4 2024, the total revenue is expected to be 676 million yuan, down 7.88%, with a net profit of -2.489 million yuan, indicating a reduction in losses, and a net profit excluding non-recurring items of -20.282 million yuan, showing an increase in losses [2][4]. - For Q1 2025, the total revenue is projected at 564 million yuan, a decline of 18.86%, with a net profit of 15.218 million yuan, down 71.8%, and a net profit excluding non-recurring items of 5.003 million yuan, down 87.09% [2][4]. Summary by Sections Financial Performance - The company’s revenue and profit are under pressure, with a significant decline in Q1 2025 compared to the previous year. The revenue for 2025 is expected to continue facing challenges due to store closures and external factors affecting consumer behavior [10]. - The company plans to establish a processing base in Nepal to mitigate cost fluctuations, investing up to 500 million yuan in its subsidiary [10]. - The company aims to maintain a high dividend policy, proposing a cash dividend of 5.2 yuan per 10 shares, with a total cash dividend of 340 million yuan for 2024, resulting in a payout ratio of 98.04% [10]. Earnings Forecast - The forecast for net profit attributable to shareholders for 2025, 2026, and 2027 is 271 million yuan, 312 million yuan, and 364 million yuan respectively, with corresponding EPS of 0.65 yuan, 0.75 yuan, and 0.88 yuan. The price-to-earnings ratio is projected to be 35, 30, and 26 times respectively [10].

Core Viewpoint - The sales of "Couple's Lung Slice," a signature dish of Ziyan Food, are under pressure, with revenue contribution of 999.1 million yuan in 2024, a decrease of 108 million yuan from 2023, representing a year-on-year decline of 9.84% [1][4] Group 1: Financial Performance - Ziyan Food's operating revenue has been declining over the past two years, despite an overall increase in the number of stores [1] - The Q1 2025 report shows an operating revenue of 564 million yuan, a year-on-year decrease of 18.9%, and a net profit attributable to shareholders of 15.22 million yuan, down 71.8% year-on-year [3] - The company reported a net loss of 24.89 million yuan in Q4 2024 [3] Group 2: Product Performance - The sales volume of "Couple's Lung Slice" in 2024 was 9,694.6 tons, a decrease of 5.49% compared to the previous year, contributing to revenue of 999.1 million yuan, down 9.84% year-on-year [4] - In 2022 and 2023, the sales volume of this signature dish exceeded 10,000 tons, generating nearly 1.1 billion yuan in annual revenue [4] Group 3: Company Development and Projects - Ziyan Food, which was established in 1996 and went public in September 2022, initially had high expectations for future growth and planned multiple expansion projects [3][5] - Recent announcements indicate that several fundraising projects are progressing slowly, with some experiencing delays or adjustments [5] - The company has extended the timeline for the "Rongchang Food Production Base Phase II" project to April 2028, while also planning to use up to 470 million yuan of temporarily idle fundraising for cash management [5]