买入(维持) 事件 | 分析师：孙山山 | S1050521110005 | | --- | --- | | sunss@cfsc.com.cn | | | 联系人：张倩 | S1050124070037 | | zhangqian@cfsc.com.cn | | | 基本数据 | 2025-08-27 | | --- | --- | | 当前股价（元） | 10.75 | | 总市值（亿元） | 48 | | 总股本（百万股） | 448 | | 流通股本（百万股） | 344 | | 52 周价格范围（元） | 4.35-12.05 | | 日均成交额（百万元） | 406.11 | 市场表现 2025 年 08 月 27 日 降本增效盈利改善，第二曲线持续拓展 -50 0 50 100 150 200 (%) 好想你 沪深300 资料来源：Wind，华鑫证券研究 相关研究 1、《好想你（002582）：净利润大 幅改善，成本红利持续释放》2025- 04-27 2、《好想你（002582）：红小派延 续增长，全渠道建设稳步推进》 2024-08-10 3、《好想你（002582）：营收稳步 增长，红小派 ...

Core Viewpoint - The company "Hao Xiang Ni," known as the "first stock of red dates," is facing continuous losses due to weak red date consumption, despite significant institutional investment in its stock during this downturn [2][11]. Company Performance - Hao Xiang Ni's revenue for the first half of 2025 decreased by 15.64% to 689 million yuan, with a net loss of 19.84 million yuan [6][7]. - The company's net profit for the years 2022 to 2024 showed losses of 189 million yuan, 52 million yuan, and 72 million yuan respectively [6]. - The revenue from red date products increased from 985 million yuan in 2021 to 1.222 billion yuan in 2024, but the growth rate fell from 47.9% to a decline of 6.83% [6][7]. Market Challenges - The red date consumption market is experiencing a decline, attributed to changing consumer perceptions and a lack of engagement from younger demographics [7][8]. - The company has seen a net decrease of 9.1% in the number of distributors in Henan province and a 17.9% decrease outside the province [8]. - The overall inventory of red dates is high, with 10,000 tons reported as of August 1, significantly up from 5,383 tons the previous year [8]. Strategic Initiatives - To counteract declining performance, the company is focusing on a "red date+" product strategy, introducing various new products aimed at different consumer segments [9]. - New product launches include a range of health-oriented snacks and beverages, such as a series of craft beers and collaborations with popular brands [9][10]. - Despite these efforts, the new craft beer product has not gained significant market traction, raising concerns about the effectiveness of the diversification strategy [10]. Institutional Investment - Institutional investors have shown interest in Hao Xiang Ni, with several funds increasing their holdings, collectively approaching a 10% stake [11][12]. - The low valuation of the company, with a price-to-earnings ratio at a three-year low, is seen as a potential attraction for institutional investors looking for safety margins [12].

好想你健康食品股份有限公司 2025 年半年度财务报告 好想你健康食品股份有限公司 好想你健康食品股份有限公司 2025 年半年度财务报告 一、审计报告 半年度报告是否经过审计 □是 ?否 公司半年度财务报告未经审计。 二、财务报表 财务附注中报表的单位为：元 编制单位：好想你健康食品股份有限公司 | | | | 单位：元 | | --- | --- | --- | --- | | 项目 | | 期末余额 | 期初余额 | | 流动资产： | | | | | 货币资金 | | 909,490,099.99 | 916,576,041.16 | | 结算备付金 | | | | | 拆出资金 | | | | | 交易性金融资产 | | 278,076,065.12 | 551,406,507.26 | | 衍生金融资产 | | 21,592,918.40 | | | 应收票据 | | 2,402,478.19 | 5,223,886.90 | | 应收账款 | | 91,651,820.69 | 123,855,098.07 | | 应收款项融资 | | | | | 预付款项 | | 11,499,721.02 ...

Core Viewpoint - The company "好想你" is experiencing a narrowing of losses in the first half of 2025, but its core business challenges remain unresolved despite efforts in cost control and management [1][2][4] Financial Performance - The company expects a net loss attributable to shareholders of between 15 million and 25 million yuan for the first half of 2025, an improvement from the previous year's loss [1] - In 2024, the company's total revenue was 1.67 billion yuan, with the red date business contributing 1.22 billion yuan, accounting for 73.17% of total revenue, but showing a year-on-year decline of 6.83% [2] - The gross profit margin is also declining, with the health lock fresh products generating 68.885 million yuan in revenue, down 20.31% year-on-year [2] Cost Management and Operational Efficiency - The company has implemented measures such as targeted raw material procurement and centralized bidding to reduce procurement and production costs [1] - Sales and management expenses have decreased year-on-year, leading to improved operational efficiency [1] Investment and Strategic Initiatives - The company announced a 700 million yuan investment in Hunan Snack Very Busy Commercial Chain Co., Ltd., acquiring a 6.64% stake, which is part of a strategic merger with Zhao Yiming Snacks [3] - The company is focusing on developing major products as a second growth curve, with plans to promote "红小派" and "豆菲菲" in both domestic and international markets [3] Challenges and Future Outlook - Despite the strategic initiatives, the company faces significant competition in the snack market, and the effectiveness of its new product lines and partnerships remains uncertain [3][4] - For long-term success, the company must continue to optimize cost management, innovate in core business areas, and effectively convert investment returns [4]

Core Viewpoint - The company reported a decline in total revenue for 2024 but showed significant improvement in net profit for Q1 2025, indicating a potential recovery in profitability driven by cost management and product optimization [1][2]. Financial Performance - Total revenue for 2024 was 1.67 billion yuan, a decrease of 3% year-on-year, with a net loss of 72 million yuan compared to a loss of 52 million yuan in 2023 [1] - Q4 2024 revenue was 492 million yuan, down 23% year-on-year, with a net loss of 11 million yuan [1] - Q1 2025 revenue was 413 million yuan, a decrease of 16% year-on-year, but net profit increased by 216% to 40 million yuan [1] Profitability and Cost Management - Gross margin for 2024 and Q1 2025 was 22.62% and 33.97%, respectively, with a recovery in profitability due to the depletion of high-cost raw materials [2] - Selling expense ratio decreased by 0.1 percentage points in 2024 and by 1 percentage point in Q1 2025, while management expense ratio decreased by 1 percentage point in 2024 and by 0.1 percentage points in Q1 2025, indicating effective cost control [2] - Net profit margin improved significantly in Q1 2025 to 9.62%, up from a loss margin of 4.53% in 2024 [2] Product and Channel Strategy - Revenue from red date products, health preservation products, and other categories for 2024 was 1.22 billion, 69 million, and 320 million yuan, respectively, with a notable decline in health preservation products due to reduced maintenance of old products [3] - Offline channel revenue increased by 3% to 1.14 billion yuan, driven by new retail channels, while e-commerce revenue decreased by 16% to 475 million yuan due to channel relocation [3] - The company is focusing on optimizing product structure and developing differentiated, high-tech red date products [3] Earnings Forecast - The company is expected to see continuous improvement in profitability due to lower raw material costs and the expiration of certain depreciation expenses [4] - Projected EPS for 2025-2027 is 0.02, 0.17, and 0.27 yuan, with corresponding PE ratios of 502, 70, and 44 times [4]