Core Insights - Salted Fish Food Co., Ltd. reported a revenue of 2.941 billion yuan for the first half of 2025, representing a year-on-year growth of 19.58%, and a net profit attributable to shareholders of 373 million yuan, up 16.70% year-on-year [1] - The growth is primarily driven by explosive growth in konjac snacks, with the strategic brand "Big Devil" successfully enhancing overall profitability [1] - The konjac product category is in an expansion phase, and the company aims to solidify the strategic core position of konjac products and increase the market share of "Big Devil" [1] Revenue Breakdown - The revenue from the leisure konjac products segment reached 791 million yuan in the first half of the year, accounting for 26.90% of total revenue, with a year-on-year growth of 155.10%, confirming its status as the fastest-growing category [1] - The "Big Devil" series is projected to exceed 1 billion yuan in annual sales in 2024, entering the 1 billion yuan product category [2] Product Development - The "Big Devil" series launched a new product in collaboration with Samyang Foods, known for its "Fire Noodle," featuring "Spicy Konjac Fire Chicken Sauce," showcased at the 26th SIAL International Food Exhibition [3] International Expansion - The company is actively expanding its konjac product line in overseas markets, successfully entering Southeast Asia and establishing its own brand "Mowon" in Thailand and the United States [4] - In the U.S. market, the core product "Liubiju Sesame Sauce Konjac" has been listed in the well-known supermarket 99 Ranch Market and showcased in key stores like Santa Anita Mall [4] - The company plans to further expand its konjac products in Southeast Asia, with over 80% of overseas sales currently coming from Thailand, indicating strong confidence in future market expansion [4] Profitability Enhancement - The company's net profit margin for the first half of the year was 12.67%, with a decrease in sales expense ratio by 2.70 percentage points to 10.57% and an optimized management expense ratio of 3.55% [6] - The scale effect driven by the "Big Devil" strategic core product has further enhanced the "cost reduction and profit increase" logic [5][6] Strategic Outlook - Looking ahead, the company will focus on a strategy centered around "channel leadership, product superiority, and system support," continuing to deepen its "category brand" strategy and promoting six core categories to achieve strong single product performance [6]

Core Insights - The company reported a revenue of 2.941 billion yuan, representing a year-on-year growth of 19.58%, and a net profit attributable to shareholders of 373 million yuan, up 16.70% year-on-year [1][2] Group 1: Financial Performance - The growth in performance is primarily attributed to the explosive growth of konjac-based snacks, with the "category brand" strategy showing initial success, significantly enhancing overall profitability [1] - The konjac snack segment generated a revenue of 791 million yuan in the first half of the year, accounting for 26.90% of total revenue, and grew by 155.10% year-on-year, confirming its status as the fastest-growing category [1] - The net profit margin for the first half of the year was 12.67%, benefiting from the scale-up of key products [2] Group 2: Strategic Developments - The company launched its first strategic sub-brand "Da Mo Wang" in October 2023, with sales expected to exceed 1 billion yuan (including tax) in 2024, positioning it among the top 10 billion yuan products [1] - The "Da Mo Wang" series achieved a monthly sales record of over 100 million yuan within 16 months of its launch, marking the fastest record in the industry [1] - The company is expanding its konjac product line into overseas markets, successfully entering Southeast Asia and the United States, with the "Mowon" brand gaining traction [2] Group 3: Future Outlook - The company plans to continue its "channel-driven, product-leading, and system-supporting" strategy, deepening the "category brand" approach to promote strong single products across six core categories [3] - The company aims to leverage its omnichannel capabilities to deliver healthy and delicious snacks to consumers both domestically and internationally [3]

Core Insights - The company reported a revenue of 2.941 billion yuan for the first half of 2025, representing a year-on-year growth of 19.58% and a net profit attributable to shareholders of 373 million yuan, up 16.70% year-on-year [1] - The growth in performance is primarily attributed to the explosive growth of konjac snacks, with the "category brand" strategy showing initial success, significantly enhancing overall profitability [1] - The konjac product line is in an expansion phase, and the company plans to solidify the strategic core position of konjac as a key product [1] Revenue Breakdown - Revenue from konjac snacks reached 791 million yuan in the first half of the year, accounting for 26.90% of total revenue, with a year-on-year growth of 155.10%, confirming its status as the fastest-growing category [1] Strategic Developments - In October 2023, the company launched its first strategic sub-brand "Da Mo Wang," which achieved annual sales exceeding 1 billion yuan (including tax) in 2024, entering the billion-yuan product category [2] - The company is actively expanding its konjac product line in overseas markets, successfully entering Southeast Asia with its own brand "Mowon," and making inroads into the Thai and U.S. markets [2] - The core product "Liubiju Sesame Sauce Vegetarian Beef" from the "Mowon" brand has been launched in well-known U.S. supermarket 99 Ranch Market and showcased in key stores like Santa Anita Mall [2] Profitability and Future Outlook - The net profit margin for the first half of the year was 12.67%, benefiting from the scale-up of major products [2] - Looking ahead, the company aims to deepen its "category brand" strategy around the strategic pillars of "channel leadership, product superiority, and system support," while promoting strong single products across six core categories [2]

除了在国内市场攻城略地，盐津铺子还持续推进魔芋品类在海外市场的布局。 2023年10月，盐津铺子推出公司旗下首个战略子品牌"大魔王"。 2024年，"大魔王"系列年销售额突破10亿元(含税)，跻身10亿大单品之列。 今年3月，大魔王麻酱素毛肚上市仅16个月，便斩获月销售额破亿的佳绩，创下行业最快破亿纪录，逐 步显现"全球大单品"潜质。 今年5月，大魔王与"火鸡面鼻祖"三养食品联名推出"火爆魔芋火鸡酱味"新品，并亮相第26届SIAL国际 食品展。 8月20日晚间，盐津铺子（002847）(002847.SZ)发布2025年半年度报告。报告期内，公司实现营收29.41 亿元，同比增长19.58%；归母净利润3.73亿元，同比增长16.70%。 目前，公司"大魔王"魔芋零食已成功进入东南亚区域，通过打造自有品牌"Mowon"，在泰国市场、美国 市场实现突破，成为销售增量新市场。 公司表示，业绩增长主要得益于魔芋类零食迎来爆发式增长，"品类品牌"战略首战告捷，带动整体盈利 能力显著提升。魔芋品类处于扩容期，公司未来将持续夯实魔芋的战略核心单品地位，进一步提升"大 魔王"的市占率。 辣卤零食板块中，休闲魔芋制品上半年营 ...