长期来看，西部证券认为底料、复调行业依然还有成长空间，并非存量市场。目前海底捞门店数量已经 基本稳定，低基数下明年翻台有望改善，预计关联方收入企稳改善。第三方业务价格承压，预计明年有 所改善，销量稳步增长，预计2025至2027年火锅调味料收入年增0.1%、5.7%及5%。方便快餐收入分别 同比跌2.9%、回升2.4%及续增5.4%。复合调味料收入料同比增6.9%、11.3%及8.7%。 西部证券又指，公司现金分红积极，股息回报具备吸引力。预测2025至2027年公司营收分别为65.7亿 元、69.6亿元、73.8亿元人民币(下同)，分别同比增0.5%、5.9%及6%，同期归母净利润分别为8亿元、 8.9亿元及9.8亿元，分别年增8.8%、10.3%及10.2%。 西部证券（002673）发布研报称，颐海国际(01579)早期曾享受成长性的估值溢价，但随后颐海关联方 收入波动，同时行业成长性不及预期，估值开始从高点回落，在此期间，颐海国际资本开支进入下行周 期，提升分红比例，市场对公司定价逻辑从高成长标的到低估值、高股息公司，首次覆盖并给予"买 入"评级。 ...

Core Viewpoint - The article discusses the increasing use of compound seasonings in the restaurant industry, highlighting both their benefits and the risks associated with their improper use, particularly concerning food safety and consumer perceptions [3][4][6]. Group 1: Industry Trends - Compound seasonings are becoming standard in many small and medium-sized restaurants due to their convenience, flavor stability, and cost-effectiveness [3][4]. - The use of compound seasonings allows for improved efficiency in food preparation, as fewer skilled workers are needed to maintain consistent flavor profiles [4]. - For example, a 500-gram package of a certain brand's spicy hot pot base costs 25 yuan and can prepare 3 to 4 servings, making the average cost per serving only 6 to 8 yuan, significantly lower than sourcing multiple ingredients [4]. Group 2: Regulatory and Safety Concerns - There are significant issues with the non-compliant use of compound seasonings, with many restaurant operators exceeding recommended usage amounts without proper knowledge [4][5]. - The regulatory framework for food additives in China is well-established, with standards such as GB31644-2018 governing the use of compound seasonings, although specific regulations for products like "Meat Treasure King" are lacking [6][7]. - Experts emphasize the importance of adhering to national standards and the need for better consumer education regarding the safety of legally used food additives [6][7]. Group 3: Consumer Perceptions - Consumer opinions on compound seasonings are divided, with some believing that they contain harmful additives, while others recognize that compliant additives are safe when used correctly [6][7]. - Misunderstandings about food additives often stem from past food safety incidents, leading to a general mistrust among consumers [6][7]. Group 4: Recommendations for Improvement - To ensure safe usage of compound seasonings, it is recommended that food producers maintain transparency in labeling, provide clear usage instructions, and implement better storage practices [7]. - Ongoing education and awareness campaigns are necessary to improve the understanding of food safety regulations among restaurant operators and consumers alike [7].

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The company reported a total revenue of 1.38 billion yuan for the first half of 2025, representing a year-on-year increase of 8.39%. The net profit attributable to the parent company was 117 million yuan, up 7.53%, while the net profit excluding non-recurring items was 111 million yuan, an increase of 12.14% [2][4]. - In Q2 2025, the company achieved a revenue of 711 million yuan, reflecting a growth of 9.54%. The net profit attributable to the parent company reached 58.41 million yuan, marking a significant increase of 22.45% [2][4]. - The company has successfully expanded its B-end sales while achieving double-digit growth in the C-end market. The brand "Kongke" has undergone product innovation, contributing to revenue growth [10]. Summary by Sections Financial Performance - For H1 2025, the company's gross profit margin improved by 1.61 percentage points to 33.68%, while the net profit margin slightly decreased by 0.07 percentage points to 8.45%. The total expenses ratio increased by 0.76 percentage points to 19.9% [10]. - In Q2 2025, the gross profit margin increased by 2.58 percentage points to 34.68%, and the net profit margin improved by 0.87 percentage points to 8.21% [10]. Market Strategy - The company is actively exploring new sales channels, including membership-based stores, large chain supermarkets, discount stores, and O2O instant retail. This diversification aims to adapt to changing consumer demographics and preferences [10]. - The company has increased its direct sales by 11.89% and non-direct sales by 2.29%, with a notable increase in the number of distribution clients [10]. Profit Forecast - The company is projected to achieve net profits of 259 million yuan, 301 million yuan, and 336 million yuan for the years 2025, 2026, and 2027, respectively. The corresponding earnings per share (EPS) are expected to be 0.65 yuan, 0.75 yuan, and 0.84 yuan, with price-to-earnings (PE) ratios of 23, 19, and 17 times [10].