证券研究报告 颐海国际 (1579 HK) 港股通 第三方经营稳健，期待海外和 B 端新 增量 2025 年 8 月 26 日│中国香港 餐饮 公司公布 1H25 业绩：收入 29.27 亿元/yoy+0.02%，录得归母净利润 3.09 亿元/yoy+0.39%，对应归母净利率 10.6%/yoy+0.04pct，收入及利润端整体 表现稳健。1H25 宣派每股股息 0.3107 港元（对应人民币 0.2836 元），分 红率 95%，股东回馈优渥。期内公司不断捕捉需求端变化，完善产品研发 机制，B 端产品定制化能力提升。渠道端践行精细化管理，强化 KA 终端管 理，驱动第三方经销商渠道收入同比增长 2.1%。立足长期，公司持续推进 供应链全球化布局和 B 端能力建设，积极推进以增量利润为关键激励指标 的内部考核体系，盈利稳定性和经营韧性有望持续验证。维持"增持"评级。 风险提示：原料成本抬升；关联方调整及渠道铺设不及预期。 | 华泰研究 | | 中报点评 | 投资评级(维持): | 增持 | | --- | --- | --- | --- | --- | | 2025 年 8 月 | 26 日│中国香港 | ...

烘焙赛道顺利起步，有望构筑未来利润增长点。虽然目前外部市场环境需求仍有压力，下游餐饮市场竞 争激烈，但是公司通过深度服务原有客户、持续加大新产品和新客户的拓展，实现了业绩的稳健增长。 同时公司注重把握行业高速增长红利，战略性拓展烘培业务，并将烘焙预拌粉作为重要的发展方向，打 造第二增长曲线，为长期发展注入新动能。 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。 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 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 ...

食品圈有大动作，天味食品将奔赴香港上市，卤味大拿全力向冻干领域冲刺，食品行业中，近期有两件事颇受关注，天味食品拟进军香港上市，卤味巨头奋 力朝着冻干食品领域迈进，其中蕴含着食品行业怎样的发展趋势与市场规律？ 不过，这两个举动也面临着一些挑战， 对于天味食品来说，进军香港上市后，得去适应国际市场的规则和投资者的需求， 天味食品为川味复合调味料的龙头企业，此番规划赴港上市，背后存多重考量，于市场拓展而言，香港乃国际金融中心，拥有更宽泛的国际投资者群体，天 味食品上市后，可获取更多资金支撑，用以拓展海外市场，例如天味食品能够凭借这些资金在东南亚、欧美等地构建销售渠道，推广川味调味料。 从行业竞争角度来剖析，由于食品行业竞争愈发激烈，天味食品得不断提升自身竞争能力，赴香港上市有利于提升品牌在国际上的知名度，吸引众多高端人 才与先进技术，这恰似一场竞赛，天味食品经赴香港上市，为自身配备了更为高级的"装备"在竞争中更具优势。 熟食行业一直是食品行业中的热门领域，这几年市场逐渐趋于饱和，为寻找新的增长机遇，卤味行业各大企业纷纷将目光转向冻干食品领域 脱水食品乃是采用冷冻脱水技术制成的食品，具备储存时间长、营养流失少等优点， ...

Core Viewpoint - Tianwei Food (603317.SH) is advancing its internationalization strategy and overseas business layout by preparing for the issuance and listing of H-shares to enhance brand recognition and influence in international markets [1] Company Overview - Tianwei Food specializes in the research, production, and sales of compound seasonings, with five major brands: "Hao Ren Jia," "Da Hong Pao," "Tian Che," "Tian Wei Can Tiao Gao Dendai," and "Shi Cui Fang" [1] - The company's product range includes hot pot base materials and recipe-style seasonings [1] - Tianwei Food was listed on the Shanghai Stock Exchange on April 16, 2019, and as of August 20, its market capitalization was approximately 13.099 billion RMB [1]

编者荐语： 日经中文网"开设了"日经BP精选"栏目。日经BP是日本经济新闻社媒体集团的一员，成立于1969年。作 为日本领先的B2B媒体公司，聚焦经营管理、专业技术及生活时尚三大主要领域。敬请读者关注。 以下文章来源于日经BP ，作者日经BP 日经BP . 日经BP成立于1969年4月, 隶属于日本经济新闻社集团。作为日本领先的B2B媒体公司，我们聚焦"经营 管理"、"专业技术"及"生活时尚"三大主要领域，满足客户多元化的需求。 曾开发畅销商品" 透明酱油 "的日本FUNDODAI日前推出了"透明酱油"的 泡沫版—— " Foam（泡沫）透明酱油 "。喷嘴喷出的泡沫能持续约30分钟，兼顾了立体感和柔滑的口 感。该公司还推出了片状的酱油和味噌。这些调味料在激发厨师等想象力的同时，为菜 肴带来了崭新的装盘和呈现方式… 生产和销售酱油及味噌等调味料的日本FUNDODAI于2025年4月推出了"Foam（泡沫）透明酱油"。此前 推出的"透明酱油"累计销量达到150万瓶，成为畅销产品。而此次的新商品则是"透明酱油"的泡沫版。 此外，该公司还推出了将酱油和味噌制成片状的新商品。创立于1869年的这家历史悠久的企业如今正在 ...

Core Insights - The company has launched a new product, Chongqing Gele Mountain Style Spicy Chicken Seasoning, aimed at bringing authentic Chongqing cuisine into home kitchens with a focus on "three layers of crispiness" and convenience [1][3]. Product Features - The new seasoning replicates the authentic flavor of Chongqing spicy chicken, featuring a separate marinating packet to ensure the chicken is well-seasoned, along with crispy Guizhou chili and fragrant peanuts for a rich flavor profile [3]. - The cooking process is simplified into three steps: marinate, fry, and stir-fry, making it easier for consumers to achieve authentic taste at home [3]. Market Positioning - The seasoning breaks traditional hot dish limitations, catering to various dining needs and casual moments, making it suitable for family gatherings and social occasions, while also transforming spicy chicken into a snack for casual eating [5]. - The product is positioned as a versatile option for different dining scenarios, enhancing the dining experience and becoming a highlight dish [5]. Industry Insights - According to a report by Zhiyan Consulting, chicken is the second most consumed meat in China, following pork, indicating a strong consumer base and broad acceptance of flavors [7]. - The company is actively expanding its poultry seasoning product line, having previously launched several chicken seasoning products, and the new spicy chicken seasoning is a strategic addition to its existing product matrix [7]. - As a brand under Tianwei Foods (stock code 603317), the company emphasizes high-quality ingredients and a rigorous quality control system to ensure safety and quality from farm to table [7].

Core Viewpoint - The Hong Kong stock market experienced fluctuations, with notable declines in popular consumer stocks like Pop Mart and Mixue Group, despite their recent highs and overall market interest in the new consumption sector [1][2][4][5]. Group 1: Pop Mart - Pop Mart's stock price reached a historical high of 235 HKD, with a total market capitalization exceeding 300 billion HKD, reflecting a year-to-date increase of over 160% [2][4]. - Following the peak, Pop Mart's stock saw a significant drop of over 7%, attributed to high market enthusiasm and profit-taking rather than any negative fundamental changes [4]. - The trading volume surged, with 27.2 billion HKD traded in the morning session, nearing the previous day's total of 28.4 billion HKD [4]. Group 2: Mixue Group - Mixue Group also faced a decline of over 6% after a nearly 10% increase the previous day, reaching a historical high [5][7]. - The stock was listed at 202.5 HKD per share, with a peak price of 579 HKD, marking a 186.6% increase from the IPO price [5]. - Daiwa raised its target price for Mixue Group from 539 HKD to 608 HKD, citing its unique economies of scale and strong market position, with same-store sales growth expected to exceed 10% in April [7]. Group 3: Market Trends - Despite the declines in Pop Mart and Mixue Group, the overall consumer sector in the Hong Kong stock market remains vibrant, with several established consumer stocks experiencing gains [8]. - Analysts suggest a "high-low switch" phenomenon, indicating a shift in investor focus towards quality companies as new consumer and technology firms enter the market [10]. - The market is witnessing a structural change, with new consumption, technology, and biomedicine sectors increasingly dominating the market capitalization, now accounting for over half of the Hong Kong stock market [10].

Group 1 - Tianwei Food has experienced a decline for three consecutive trading days, with a cumulative drop of -3.43% [1] - Sichuan Tianwei Food Group Co., Ltd. (stock code: 603317) focuses on the research, production, and sales of compound seasonings and is recognized as a national key leading enterprise in agricultural industrialization, a national green factory, and a national intelligent manufacturing demonstration factory [1] - The company currently operates two industry-leading intelligent factories and four modern bases [1] Group 2 - In the fourth quarter of last year, Invesco Great Wall Fund's Invesco Great Wall Emerging Growth Mixed A reduced its holdings in Tianwei Food and has a year-to-date return of 0.06%, ranking 1748 out of 4590 in its category [1] - The fund manager, Liu Yanchun, has a master's degree in management and has extensive experience in the investment industry, having worked in various research and management roles since 2002 [4][5] - Liu Yanchun is currently the assistant general manager and head of research at Invesco Great Wall Fund Management Co., Ltd., managing multiple funds including Invesco Great Wall Emerging Growth Mixed Fund [4][5]