资料显示，重庆市涪陵榨菜集团股份有限公司位于重庆市涪陵区江北街道办事处二渡村一组，成立日期 1988年4月30日，上市日期2010年11月23日，公司主营业务涉及榨菜产品、榨菜酱油和其他佐餐开胃菜 等方便食品的研制、生产和销售,其中最主要的是榨菜生产加工和销售,主导产品为乌江牌系列榨菜。主 营业务收入构成为：榨菜85.52%，泡菜9.03%，其他产品2.78%，萝卜2.53%，其他(补充)0.13%。 涪陵榨菜所属申万行业为：食品饮料-调味发酵品Ⅱ-调味发酵品Ⅲ。所属概念板块包括：国资改革、休 闲食品、MSCI中国、融资融券、社区团购等。 8月27日，涪陵榨菜盘中下跌2.02%，截至13:47，报13.58元/股，成交2.48亿元，换手率1.58%，总市值 156.70亿元。 资金流向方面，主力资金净流出3423.67万元，特大单买入687.14万元，占比2.77%，卖出2644.32万元， 占比10.68%；大单买入4925.94万元，占比19.89%，卖出6392.44万元，占比25.81%。 涪陵榨菜今年以来股价跌0.95%，近5个交易日跌1.45%，近20日涨1.49%，近60日涨0.67%。 分红方 ...

兴业证券发布研报称，今年所有A股中报业绩将于8月29日披露完毕，近期进入披露高峰期。从已披露中报业绩的公司来看，25H1全A/全A非金融/主板以 整体法计算的净利润同比增速分别为9.85%/6.74%/9.23%，二季度景气延续。一级行业看，Q2业绩高增的行业主要集中在周期、券商、农林牧渔、电力设 备。二级行业看，除以上一级行业外，TMT、消费、制造等板块中也具备业绩α。结合6月23日以来涨跌幅，当前低位绩优的方向主要集中在消费板块， 以及部分周期和制造板块。 兴业证券主要观点如下： A股进入中报业绩披露高峰期，市场对业绩的关注度明显提升。今年所有A股中报业绩将于8月29日披露完毕，近期进入披露高峰期。截至8月26日15点， 已有3233家上市公司披露中报业绩(含业绩预告/快报，剔除次新股，下同)，披露率60.85%。 从"股价-业绩相关性"的季节效应看，随着业绩陆续披露，8月下半月市场对业绩的关注度明显提升。 从已披露中报业绩的公司来看，25H1全A/全A非金融/主板以整体法计算的净利润同比增速分别为9.85%/6.74%/9.23%，二季度景气延续。 一级行业看，Q2业绩高增的行业主要集中在周期、券商、农 ...

海外+第三方 B 端高增，关联方表现承压 调味发酵品Ⅱ 执业证书编号：S0740519080002 Email：xiongxw@zts.com.cn | 基本状况 | | | --- | --- | | 总股本(百万股) | 1,036.70 | | 流通股本(百万股) | 1,036.70 | | 市价(港元) | 14.78 | | 市值(百万港元) | 15,322.43 | | 流通市值(百万港 | 15,322.43 | | 元) | | 1、《第三方增长势能强劲，关联方期 待改善》2025-03-26 2、《颐海国际（1579.HK）_点评报告： 盈利》2024-08-28 颐海国际（01579.HK） 证券研究报告/公司点评报告 2025 年 08 月 26 日 公司点评报告 | 盈利预测表 | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 资产负债表 | | | | 单位:百万元 | 利润表 | | | | 单位:百万元 | | 会计年度 | 2024A | 2025E | 2 ...

华福证券 证 券 研 盈利预测与投资建议：结合公司当期业绩，我们调整盈利预测，预计 公司 25-27 年归母净利润为 0.78/0.93/1.08 亿元（25-26 年前值为 0.88/1.05 亿元），分别同增 22%/18%/17%，对应当前股价 PE 分别为 37/31/27 倍，对 应维持"买入"评级。 究 报 风险提示：国内需求恢复不及预期、原材料价格波动、海外业务拓展不及 预期、产能投放不及预期、汇率波动风险、食品安全风险 公 司 研 究 日辰股份（603755.SH） 冷冻烘焙并表贡献增量，控费得当盈利能力提升 公 司 事件：公司披露 2024 年半年度业绩：25 年 H1 公司实现营收 2.04 亿元， 同比+8.63%；归母净利润 0.35 亿元，同比+22.64%；扣非归母净利润 0.35 亿元，同比+27.73%。其中，25Q2 公司实现营收 1.02 亿元，同比+6.85%； 归母净利润 0.18 亿元，同比+11.04%；扣非归母净利润 0.17 亿元，同比 +14.15%。 财 报 点 评 新品与渠道双轮驱动，市场开拓成果显著。分品类看，25Q2 公司酱汁 类调味料/粉体类调味料/ ...

| 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 831726 | 朱老六 | 22.49 | 5.09% | 6.38万 | | 1.41亿 | | 002650 | ST加加 | 6.53 | 4.98% | 14.60万 | | 9270.40万 | | 603027 | 千禾味业 | 12.84 | 4.39% | 31.36万 | | 3.96 Z | | 603755 | 日辰股份 | 29.22 | 4.36% | - 2.70万 | | 7711.63万 | | 600872 | 中炬高新 | 19.78 | 3.29% | 38.34万 | | 7.49亿 | | 603288 | 海天味业 | 41.10 | 3.14% | 32.58万 | | 13.27亿 | | 603696 | 安记食品 | 12.13 | 2.88% | 24.15万 | | 2.90 Z | | 300908 | 仲景食品 | 32.49 | 2.52% | 4.67万 | | 1. ...

天味食品所属申万行业为：食品饮料-调味发酵品Ⅱ-调味发酵品Ⅲ。所属概念板块包括：调味品、高派 息、融资融券、中盘、增持回购等。 8月25日，天味食品盘中上涨2.13%，截至13:11，报12.48元/股，成交7860.52万元，换手率0.60%，总市 值132.91亿元。 资金流向方面，主力资金净流出548.51万元，特大单买入0.00元，占比0.00%，卖出531.54万元，占比 6.76%；大单买入819.88万元，占比10.43%，卖出836.85万元，占比10.65%。 天味食品今年以来股价跌2.43%，近5个交易日涨3.74%，近20日涨9.09%，近60日涨8.71%。 资料显示，四川天味食品集团股份有限公司位于四川省成都市双流区西航港街道腾飞一路333号，成立 日期2007年3月2日，上市日期2019年4月16日，公司主营业务涉及川味复合调味料的研发、生产和销 售。主营业务收入构成为：中式菜品调料50.94%，火锅调料36.39%，香肠腊肉调料9.46%，其他 3.04%，其他(补充)0.17%。 截至3月31日，天味食品股东户数3.10万，较上期减少1.97%；人均流通股34338股，较上期增 ...

公司报告 | 半年报点评 安琪酵母（600298） 证券研究报告 收入增速环比提速，利润持续兑现 事件：2025H1 公司收入/归母净利润分别为 78.99/7.99 亿元（同比 +10.10%/+15.66%）；25Q2 公司收入/归母净利润分别为 41.05/4.29 亿元 （同比+11.19%/+15.35%）。 酵母主业保持较高增速，制糖业务有所增长。25Q2 公司酵母及深加工/制 糖/包装类产品/其他收入 29.81/2.28/0.99/3.22 亿元（同比+12%/+20%/+4% /-55%），食品原料收入 4.54 亿元，环比增长。上半年实现发酵产量 22.8 万吨，同比增长 11.8%。酵母主业继续保持较高增速，并贡献主要增量； 制糖业务有所增长，25 年 7 月公司公告拟以 5.06 亿元收购晟通糖业 55% 股权，晟通糖业业务以甜菜制糖业为核心，并承诺 25-27 年净利润达到 2 896/7586/9889 万元。 国外业务维持高增速，线上收入有所下降。25Q2 公司国内/国外收入分别 为 23.05/17.78 亿元（同比+4%/+22%），国内业务维持稳健增长，海外业务 维持高增速 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has shown significant growth in overseas revenue, with a notable increase in profit margins due to cost improvements [5] - The company achieved a revenue of 7.9 billion yuan in H1 2025, representing a year-on-year increase of 10.1%, and a net profit of 800 million yuan, up 15.7% year-on-year [4][5] - The company is expected to continue its growth trajectory with projected revenues of 16.68 billion yuan, 18.28 billion yuan, and 19.97 billion yuan for 2025, 2026, and 2027 respectively, with corresponding net profits of 1.596 billion yuan, 1.826 billion yuan, and 2.074 billion yuan [5][7] Summary by Sections Financial Performance - In Q2 2025, the company reported a revenue of 4.11 billion yuan, a year-on-year increase of 11.2%, and a net profit of 430 million yuan, up 15.4% year-on-year [4] - The company's gross margin reached 26.1% in H1 2025, an increase of 1.8 percentage points year-on-year, primarily due to cost improvements [5] - The operating cash flow for H1 2025 was 262 million yuan, showing a significant increase compared to the previous year [5] Revenue Breakdown - The company's yeast product revenue grew by 12.4% year-on-year, outpacing overall revenue growth [5] - In Q2 2025, revenue from domestic and international markets was 2.31 billion yuan and 1.78 billion yuan respectively, with year-on-year growth of 4.3% and 22.3% [5] Profitability Forecast - The company is projected to achieve an EPS of 1.84 yuan, 2.10 yuan, and 2.39 yuan for 2025, 2026, and 2027 respectively, with corresponding P/E ratios of 21, 18, and 16 [5][7]

Group 1 - The seasoning and fermentation sector increased by 0.42% on August 5, with Jialong Co., Ltd. leading the gains [1] - The Shanghai Composite Index closed at 3617.6, up 0.96%, while the Shenzhen Component Index closed at 11106.96, up 0.59% [1] - Key stocks in the seasoning and fermentation sector showed varied performance, with Jialong Co., Ltd. closing at 2.73, up 2.25%, and Haidilao closing at 38.40, up 0.37% [1] Group 2 - The seasoning and fermentation sector experienced a net outflow of 41.97 million yuan from institutional investors, while retail investors saw a net inflow of 45.66 million yuan [2] - The trading volume and turnover for key stocks varied, with Jialong Co., Ltd. achieving a turnover of 69.89 million yuan and Haidilao reaching 407 million yuan [2] - The net inflow and outflow of funds for individual stocks showed mixed results, with Jialong Co., Ltd. experiencing a net outflow of 4.98 million yuan from institutional investors [3]

Core Viewpoint - Zhongju Gaoxin (600872) has revised its Articles of Association to enhance the governance structure in response to national requirements for strengthening the Party's leadership in listed companies [1][3]. Company Announcement Summary - The company plans to amend its Articles of Association to comply with national regulations and the "Guidelines for Articles of Association of Listed Companies" [1]. - Key amendments include the addition of Party management regulations and responsibilities of the Party Committee and Discipline Inspection Committee, the definition of senior management personnel, and the adjustment of the board members' appointment and remuneration from special resolution to ordinary resolution [1][3]. - The revised Articles must be approved by more than two-thirds of the voting rights at the shareholders' meeting to take effect [1]. Articles of Association Summary - The registered capital of Zhongju Gaoxin is RMB 778,991,206, with its registered address in Zhongshan, Guangdong Province [2]. - The company’s business scope includes urban infrastructure investment, real estate development, property management, and high-tech industry investment [2]. - The profit distribution policy emphasizes cash dividends, requiring at least one distribution per year, with cumulative cash dividends over the last three years not less than 30% of the average distributable profit [2]. - The Articles also establish procedures for mergers, divisions, capital increases, reductions, dissolution, and liquidation, along with internal audit systems and requirements for the appointment of accounting firms [2].