近年来，我国国民消费水平不断提升，消费升级趋势促进肉制品企业面临产品结构升级，肉制品产品迎 来创新时代，从美食圈到现代食品工业，肉制品的呈现形式随着时代需求在不断演化、种类大放异彩， 以不同的面貌出现在大众视野，"天然健康、清洁标签、高蛋白、便捷、健康"成为肉制品的新标签。牛 羊肉制品以其高蛋白、低脂肪、氨基酸含量平衡、矿物质含量丰富等优点备受消费者追捧，近年来市场 需求持续增长，2023年我国牛羊肉制品市场需求达146.09万吨。 牛羊肉制品是指以牛羊肉或其他可食副产品为主要原料，添加或不添加辅料，经腌、腊、卤、酱、蒸、 煮、熏、烤、烘焙、干燥、油炸、成型、发酵、调制等有关工艺加工而成的生或熟的制品。常见牛羊肉 制品有咖喱牛肉、黑椒牛柳、冷冻牛肉串、速冻牛排、牛肉丸、调理羊肉卷等。 《中国牛羊肉制品行业发展趋势及竞争策略研究报告》分析显示： 随着近年来我国经济的不断发展，居民生活水平的提升，牛羊肉制品的需求量也随之不断增加。近年 来，中国牛羊肉制品行业市场产量呈现出稳步增长的趋势，2023年牛羊肉制品产量为153.64万吨。 中经产业信息研究网 中经智盛旗下网站 www.cniir.com 中国牛羊肉制品行 ...

Core Viewpoint - The ham sausage industry, once a staple in the convenience food market, is facing significant sales declines alongside instant noodles, with a notable drop in consumer demand and changing preferences towards healthier options [1][2][3]. Consumer Demand - Consumers are increasingly opting for healthier snacks and instant foods, leading to a decline in ham sausage purchases. Many consumers express a lack of necessity for ham sausage in their diets, citing health concerns and the availability of better alternatives [2][4]. - The traditional high salt content and additives in ham sausages are causing consumers to lose interest, as they now prefer low-calorie, high-fiber, and minimally processed foods [2][4]. Market Performance - The market share for instant sausages has decreased from 34.87% in 2023 to 33.51% in the first half of 2024, indicating a clear trend of market contraction [3]. - Leading company Shuanghui Development reported a revenue drop from a peak of 73.94 billion in 2020, with a 9.34% decline in total revenue to 27.7 billion in the first half of 2024, alongside a 14.16% decrease in total profit [3]. Industry Challenges - Retailers are experiencing low sales, with some reporting only a few units sold per week, and promotional efforts failing to stimulate consumer interest [4]. - The industry is facing competition from emerging products such as instant noodles, canned foods, and pre-prepared meals, which offer more variety and better nutritional profiles, further squeezing the market for ham sausages [4][5]. Response to Market Changes - Some ham sausage companies are attempting to adapt by innovating and improving their products to align with health trends, such as launching low-fat and reduced-salt options [5]. - The industry is at a critical juncture, with the potential for recovery hinging on its ability to innovate and meet evolving consumer preferences [5].

Core Insights - Traditional brands like Dahuamen and Yueshengzhai are actively innovating to attract younger consumers by exploring new consumption scenarios such as leisure, health, and barbecue [1][4][11] - The introduction of ready-to-eat and pre-packaged products is a key strategy for these brands to meet the convenience demands of modern consumers [4][9][12] Group 1: Company Innovations - Dahuamen has a market share exceeding 40% in Beijing and is expanding its product line to include nearly 100 types of ready-to-eat dishes, such as pig stomach chicken and braised pork [4][9] - The company is leveraging its traditional expertise to create healthier options, including low-calorie and high-protein foods, which have received positive feedback from consumers [9][12] - Yueshengzhai is adapting traditional dishes for modern consumption, offering portable snacks like fried lamb and beef in convenient packaging for on-the-go eating [11][12] Group 2: Market Trends - The ready-to-eat food market is experiencing rapid growth, driven by consumer preferences for convenience and health [9][12] - The barbecue ingredient market is also seeing explosive growth, prompting the launch of over 40 new products this year by Dahuamen [7] - The trend towards healthier eating is reflected in the introduction of vacuum-sealed, slow-cooked meats that retain 95% of protein, appealing to fitness enthusiasts [12]

Investment Rating - The report maintains a "Strong Buy" rating for the company, with a target price of 28 yuan [2][6]. Core Insights - The company's total revenue for the first half of 2025 reached 28.503 billion yuan, a year-on-year increase of 3%. The net profit attributable to shareholders was 2.323 billion yuan, up 1.17% year-on-year. In Q2 alone, total revenue was 14.208 billion yuan, reflecting a 6.31% increase year-on-year, while net profit rose by 15.74% to 1.186 billion yuan [2][6]. - The company plans to distribute a dividend of 6.5 yuan per 10 shares (including tax), totaling 2.25 billion yuan, with a payout ratio of 96.94%, resulting in a semi-annual dividend yield of 2.66% [2][6]. - The report highlights the stabilization of meat product sales and the solid dividend yield as key factors supporting the investment thesis [6]. Financial Performance Summary - **Revenue Forecasts**: The projected total revenue for the company is expected to grow from 59.561 billion yuan in 2024 to 65.765 billion yuan by 2027, with year-on-year growth rates of -0.6%, 4.0%, 3.0%, and 3.0% respectively [2][13]. - **Net Profit Forecasts**: The net profit attributable to shareholders is forecasted to increase from 4.989 billion yuan in 2024 to 5.753 billion yuan in 2027, with growth rates of -1.3%, 6.1%, 4.1%, and 4.5% respectively [2][13]. - **Earnings Per Share (EPS)**: EPS is projected to rise from 1.44 yuan in 2024 to 1.66 yuan in 2027, with corresponding price-to-earnings (P/E) ratios of 17, 16, 16, and 15 [2][13]. Business Segment Analysis - **Meat Products**: In Q2 2025, the meat products segment generated revenue of 5.623 billion yuan, a slight year-on-year increase of 0.8%. The operating profit for this segment rose by 4.4% to 1.5 billion yuan, with a profit margin of 26.68% [6][8]. - **Slaughtering and Other Businesses**: The slaughtering segment achieved revenue of 6.767 billion yuan in Q2 2025, with a significant year-on-year decline in operating profit by 61.7% to 0.6 billion yuan, reflecting increased costs associated with market expansion [6][9]. Investment Outlook - The report anticipates stable growth in both volume and profit for the year, driven by the professionalization of meat product operations and the recovery of the slaughtering and breeding segments. The company is expected to continue leveraging new sales channels and enhance its market position [6][9].

Macro Insights - The US July CPI shows a moderate increase, with core CPI rising 0.3% month-on-month, aligning with market expectations, alleviating concerns about significant inflation rebound [2] - The core CPI year-on-year increased by 0.2 percentage points to 3.1%, slightly above the expected 3.0% [2] - The market anticipates a 96% probability of a Federal Reserve rate cut in September, influenced by the manageable inflation pressures from tariffs [2] Fixed Income Insights - AI is becoming a central theme in the market, impacting investment, employment, and asset prices, leading to a structural divergence in stock performance [3] - The report suggests that AI could enhance labor productivity, potentially leading to a scenario where stock market performance outpaces GDP and employment growth [3] - Long-term, AI may alleviate debt pressures but could also exacerbate income and opportunity disparities [3] Energy Sector Insights - National electricity generation in July is estimated to increase by 3.2% year-on-year to 924.9 billion kWh, with coal, hydro, and renewable energy sources contributing differently [4] - The report anticipates a positive growth momentum for thermal power generation despite some pressure from hydroelectric output recovery [4] Banking Sector Insights - The introduction of a personal consumption loan interest subsidy policy aims to stimulate domestic demand, with a 1% annual subsidy rate [5] - Major banks are responding positively to the subsidy policy, indicating a favorable outlook for structural opportunities in the banking sector [5] Company-Specific Insights - Wanchen Group (300972 CH) is accelerating the acquisition of minority shareholder equity, with stable earnings in April and May, leading to an upgraded target price of 212.66 CNY and a "Buy" rating [7] - Guizhou Moutai (600519 CH) reported a 9.2% year-on-year increase in total revenue for H1 2025, indicating a solid foundation for achieving its annual growth target [11] - Pengding Holdings (002938 CH) is focusing on AI-related capacity investments, with a revenue increase of 24.75% year-on-year in H1 2025, leading to an upgraded target price of 69.2 CNY [12] - Desay SV (002920 CH) benefited from the smart driving trend, achieving a 25.25% year-on-year revenue growth in H1 2025, with a positive outlook for future growth [17] - City Development Environment (000885 CH) reported a revenue increase of 11.25% year-on-year in H1 2025, indicating stable growth in waste treatment operations [21]

Group 1: Key Insights on Anti-Overcompetition Strategies - The report emphasizes the need to "break the cycle of overcompetition," as highlighted by the General Secretary in July 2025, with a governance framework focusing on three dimensions: industry, enterprise, and government [3][10] - Effective price alliances are identified as a significant international strategy against overcompetition, characterized by public agreements on market share distribution, unified pricing, and supply limitations [3][10] - Successful examples of price alliances include OPEC and iron ore price alliances, which have established mechanisms for collective bargaining and market stability [10] Group 2: Company Performance Analysis - Kweichow Moutai (600519) - Kweichow Moutai reported a total revenue of 91.094 billion yuan for H1 2025, reflecting a year-on-year growth of 9.16%, with a net profit of 45.403 billion yuan, up 8.89% [14] - In Q2 2025, the company achieved a revenue of 39.650 billion yuan, a 7.26% increase year-on-year, and a net profit of 18.555 billion yuan, growing by 5.25% [14] - The company maintains a strong brand barrier and a robust business model, projecting net profits of 93.96 billion, 99.14 billion, and 104.7 billion yuan for 2025-2027, with corresponding PE ratios of 19x, 18x, and 17x [14] Group 3: Company Performance Analysis - Shuanghui Development (000895) - Shuanghui Development reported a total revenue of 28.503 billion yuan for H1 2025, with a net profit of 2.323 billion yuan, marking a year-on-year increase of 3% and 1.17% respectively [15] - The company’s Q2 2025 revenue was 14.208 billion yuan, up 6.3% year-on-year, with a net profit of 1.186 billion yuan, reflecting a 15.74% increase [15] - The company is positioned as a leading player in the meat products industry, with a high dividend payout ratio of 97% and a projected dividend yield of 5.7% for 2024 [15]

Group 1: China Unicom - Company revenue exceeded RMB 200 billion in the first half of the year, with a total profit of RMB 17.7 billion, representing a year-on-year increase of 5.2% [1] - Internet communication revenue reached RMB 131.9 billion, while intelligent network revenue amounted to RMB 45.4 billion, accounting for 26% of total revenue [1] - The number of connected users surpassed 1.2 billion, with mobile and broadband users increasing by over 11 million, reaching a total of 480 million [1] Group 2: Kweichow Moutai - The net profit for the first half of the year increased by 8.89%, with favorable factors outweighing unfavorable ones [2] Group 3: Shuanghui Development - The company reported a total meat product export volume of 1.57 million tons, a year-on-year increase of 3.67%, and total revenue of RMB 28.5 billion, up 3.00% [4] - The total profit decreased by 2.36%, while the net profit attributable to shareholders rose by 1.17% due to improved profitability in tax-exempt businesses [4] Group 4: Pengding Holdings - The company achieved a revenue of RMB 16.375 billion, a year-on-year increase of 24.75%, and a net profit of RMB 1.233 billion, up 57.22% [6] - The increase in revenue was attributed to a rise in customer orders [6] Group 5: Jinlongyu - The company reported a net profit increase of 60.07%, with revenue reaching RMB 115.68 billion, up from RMB 109.48 billion [9] - The growth in revenue was driven by increased sales of kitchen foods, feed raw materials, and oil technology products [9] Group 6: Other Companies - Zhenray Technology reported a turnaround in net profit due to significant growth in main business revenue [12] - Zhongke Sanhuan achieved a net profit increase of 160.82%, despite a revenue decline of 11.17% [16]

Investment Rating - The investment rating for the company is "Buy" and is maintained [1] Core Views - The company's performance in H1 2025 met expectations, with total revenue of 28.503 billion yuan, a year-on-year increase of 3%, and a net profit attributable to shareholders of 2.323 billion yuan, a year-on-year increase of 1.17% [6] - The company announced a cash dividend plan of 2.252 billion yuan, with a dividend payout ratio of 97% [6] - The company is expected to maintain strong competitive advantages in the meat products industry, with a low valuation and high dividend yield, projected at 5.67% for 2024 [6] Financial Data and Profit Forecast - Total revenue forecast for 2025 is 60.663 billion yuan, with a year-on-year growth rate of 1.6% [5] - Net profit attributable to shareholders for 2025 is projected at 5.040 billion yuan, with a year-on-year growth rate of 1% [5] - Earnings per share for 2025 is estimated at 1.45 yuan [5] - The gross profit margin is expected to be 16.8% for 2025 [5] - Return on equity (ROE) is projected at 23.9% for 2025 [5] Business Performance Insights - In Q2 2025, the company's meat product revenue was 5.623 billion yuan, with a year-on-year increase of 0.77% [6] - The volume of meat products sold in Q2 2025 was 328,700 tons, a year-on-year increase of 0.62% [6] - The average selling price for meat products in Q2 2025 was 17.1 yuan/kg, a year-on-year increase of 0.16% [6] - The company has implemented a sales system reform, leading to improved sales performance in Q2 2025 [6] - The slaughtering business generated revenue of 6.767 billion yuan in Q2 2025, with a year-on-year increase of 0.6% [6] - The breeding segment turned profitable in Q2 2025, with revenue of 2.49 billion yuan, a year-on-year increase of 28.42% [6]

Market Performance - The food and beverage sector increased by 0.8% on August 5, outperforming the CSI 300 index by approximately 0.03 percentage points, ranking 16th among 31 sub-industries in the Shenwan index [1] - Within the food and beverage sector, soft drinks (+2.3%), other alcoholic beverages (+1.9%), and meat products (+1.1%) showed relatively strong performance [3] Important Announcements - **Water Well Group** announced a profit distribution plan for 2024, proposing a cash dividend of 0.97 RMB per share based on a total share capital of 490 million shares [7] - **Black Sesame** is in the process of a control change and has announced a continued suspension of trading, following a notification from its controlling shareholder regarding the transfer of shares [7] Industry News - **Kweichow Moutai** will release a limited edition product on August 8, celebrating the 70th anniversary of its five-star trademark, with a planned price of 7000 RMB per bottle, each featuring a unique identity code [7] - **Luzhou Laojiao** announced its 2024 profit distribution plan, proposing a cash dividend of 45.92 RMB for every 10 shares based on a total share capital of 1.47 billion shares [7] - A meeting for the Guizhou Sauce Aroma Baijiu Employment Training Alliance was held recently, marking the launch of a provincial talent training platform for the sauce liquor industry, attracting 83 member units and over 120 representatives [7]

Core Viewpoint - Delisi has signed a strategic cooperation agreement with Haifusheng and Xinsanhe to enhance collaboration in product supply, market expansion, technology synergy, and the development of freeze-dried pet food, aiming to leverage each other's strengths for mutual growth [1][2]. Group 1: Strategic Cooperation - The cooperation will focus on product supply and procurement, market expansion, technology collaboration, and the development of freeze-dried pet food [1]. - Delisi aims to utilize this partnership to enhance production efficiency, upgrade its product matrix, and expand market boundaries, particularly in the leisure food sector [1][2]. Group 2: Market Potential - The freeze-dried food market is growing, with China's leisure food industry market size increasing from 410 billion yuan in 2010 to 1,165.4 billion yuan in 2022, and projected to reach 1,237.8 billion yuan by 2027 [2]. - Delisi's collaboration is expected to enrich its product system and leverage its expertise in meat processing to gain a competitive edge in the leisure food market [2]. Group 3: Supply Chain and Production - Delisi has a slaughtering capacity of 3 million heads annually and a prepared food capacity of 180,000 tons, which will be prioritized for supply to its partners [3]. - The "dual-priority" supply chain model will stabilize order demand, reduce production costs, and enhance product quality through long-term cooperation [3]. Group 4: Technological Advancements - The partnership will allow Delisi to enhance its product offerings by integrating advanced freeze-drying technology, leading to innovative and differentiated products [3]. - Both parties will establish a communication mechanism for technology and business exchanges, sharing expertise in deep processing, freeze-drying, and food safety management [3]. Group 5: Sales and Market Penetration - Delisi will benefit from Haifusheng's strong online sales performance and mature operational experience, which will help expand its online market presence and brand influence [4]. - The collaboration will also explore the development of freeze-dried pet food, targeting the growing pet food market, which is expected to grow from 15.7 billion yuan in 2012 to 158.5 billion yuan by 2024, with a compound annual growth rate of 21.2% [4].