青岛日辰食品股份有限公司2025 年半年度报告 公司代码：603755 公司简称：日辰股份 青岛日辰食品股份有限公司 青岛日辰食品股份有限公司2025 年半年度报告 重要提示 一、 本公司董事会及董事、高级管理人员保证半年度报告内容的真实性、准确性、完整性，不 存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、 公司全体董事出席董事会会议。 三、 本半年度报告未经审计。 四、 公司负责人张华君、主管会计工作负责人张韦及会计机构负责人（会计主管人员）孙庆禹 声明：保证半年度报告中财务报告的真实、准确、完整。 五、 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 公司计划实施2025年半年度利润分配方案，以权益分派实施公告确定的股权登记日的总股本 扣除公司回购专用账户中的股份后剩余总股本97,193,681股为基数，向全体股东每股派发现金红利 人民币0.20元（含税）,合计派发现金红利人民币19,438,736.20元，该议案已经公司第四届董事会 第五次会议审议通过，尚需提交公司股东会进行审议。 六、 前瞻性陈述的风险声明 √适用 □不适用 本半年度报告中所涉及的未来计划、发展战略等 ...

证券代码：603755 证券简称：日辰股份 编号：2025-039 青岛日辰食品股份有限公司 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 根据上海证券交易所《上市公司行业信息披露指引第十四号—食品制造 （2022 年修订）》第十四条相关规定，现将青岛日辰食品股份有限公司 2025 年 半年度经营数据公告如下： 一、主营业务收入分产品 单位：元 币种：人民币 分类 2025 年 1-6 月 2024 年 1-6 月 同比变动 酱汁类调味料 146,042,766.14 148,280,374.48 -1.51% 粉体类调味料 45,386,613.69 37,782,493.71 20.13% 烘焙类食品 注 食品添加剂 1,284,255.14 883,897.24 45.29% 主营业务收入合计 203,203,217.74 186,946,765.43 8.70% 注：公司于 2025 年 3 月收购嘉兴艾贝棒食品有限公司（以下简称"艾贝棒"）100%的股权。自 2025 年 4 月起，艾贝棒正式纳入公司合并财务报表范 ...

青岛日辰食品股份有限公司 2025 年半年度经营数据公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 根据上海证券交易所《上市公司行业信息披露指引第十四号—食品制造 （2022 年修订）》第十四条相关规定，现将青岛日辰食品股份有限公司 2025 年 半年度经营数据公告如下： 一、主营业务收入分产品 注：公司于 2025 年 3 月收购嘉兴艾贝棒食品有限公司（以下简称"艾贝棒"）100%的股权。自 2025 年 4 月起，艾贝棒正式纳入公司合并财务报表范围，其主营产品为冷冻面团，列示为烘焙类食品。 二、主营业务收入分渠道 | | | | | | 单位：元 | 币种：人民币 | | --- | --- | --- | --- | --- | --- | --- | | 销售渠道 | 2025 年 月 | 1-6 | 2024 | 年 1-6 | 月 | 同比变动 | | 餐饮 | 96,357,507.59 | | | 90,577,732.83 | | 6.38% | | 食品加工 | 68,751,993.60 | | | ...

Core Viewpoint - The article discusses the upcoming German Industrial Baking Localization & Nutrition Fortification Summit, highlighting the challenges and opportunities in the Chinese baking industry as it moves towards industrialization, standardization, and internationalization [3][5]. Group 1: Event Overview - The summit will take place on September 12, 2025, in Kunshan, Jiangsu, organized by Stenningredients, aiming to deepen cooperation between the Chinese and German baking industries [2][3]. - It will feature international experts, industry champions, and leading company representatives, focusing on the localization of German industrial baking practices and innovative applications of nutritional fortification [5][10]. Group 2: Key Challenges and Topics - The summit will address core challenges faced by the Chinese baking industry, such as the need for clean labels, production efficiency, and the shift in market demand from taste to health and nutrition [5][6]. - Key topics include dual-track innovation, the adaptation of German baking technology to Chinese market needs, and the integration of international standards with local practices [6][10]. Group 3: Summit Structure - The event will cover four main areas: market and trend insights, technology and process learning, nutrition and formula innovation, and immersive visits for practical exchanges [22][27]. - Participants will gain insights into the latest German industrial baking concepts, engage directly with experts, and take away actionable solutions for formula optimization and production management [27][29]. Group 4: Organizers and Brands - The summit is organized by Stenningredients, a global leader in functional food ingredients, and will showcase its three major brands: SternEnzym, DeutscheBack, and SternVitamin, each specializing in enzyme solutions, industrial baking, and nutritional fortification respectively [29][31].

Core Viewpoint - The article emphasizes that frozen dough technology serves as a bridge between the past and future, being crucial for the chain rate in China's baking industry and addressing key issues related to product preservation and softness [1]. Group 1: Frozen Dough Technology - Frozen dough technology is divided into two main components: the cold chain system and the basic formula, which involves yeast and gluten dough crystallization issues [1]. - Currently, the most advanced enzyme and biological modification technologies in this field are predominantly held by companies from Europe, the United States, and Japan, with a significant reliance on imports in China [1]. - The future of the baking industry in China lies in domestic alternatives, with potential collaboration between local biopharmaceutical companies and baking technology [1]. Group 2: Characteristics of Frozen Dough - Frozen dough allows for easy preservation and transportation, enabling standardized production and quality assurance of baked goods [48]. - This technology facilitates the just-in-time baking model, ensuring customers can enjoy freshly baked bread at any time [49]. - The advantages of frozen dough include extended shelf life, reduced labor costs, and improved flavor consistency [50]. Group 3: Factors Affecting Freezing Technology - Key factors influencing freezing technology include initial temperature, freezing rate, and temperature fluctuations [27]. - The maximum ice crystal formation zone for most foods is between -5°C and -1°C, where approximately 80% of the water content freezes [29]. - The freezing temperature should be maintained at -18°C to -30°C for optimal preservation, with -18°C freezing 94% of the water content [31]. Group 4: Types of Frozen and Refrigerated Dough - Refrigerated dough, also known as low-temperature fermentation, maintains temperatures between 4°C and 12°C, allowing for slow fermentation without freezing the water content [51]. - Different types of refrigerated dough include cold intermediate dough, where the dough is allowed to ferment slowly, and dough that is refrigerated after mixing to delay fermentation [54][55]. - Frozen dough methods include direct freezing of mixed dough, freezing after fermentation, and freezing after shaping, each with its own advantages and challenges [80][83]. Group 5: Ingredients for Frozen and Refrigerated Dough - The choice of flour for frozen dough should be lower in protein to avoid excessive toughness in the final product [91]. - Yeast usage is typically increased by 2-3 times compared to standard recipes to compensate for reduced activity in cold environments [92]. - Bread improvers may need to be increased to 2-4% for frozen dough to ensure quality during extended fermentation times [93]. Group 6: Common Issues with Frozen Dough - Ice crystal formation can severely damage the dough structure and yeast cells, influenced by freezing temperature, speed, and storage conditions [108]. - A reduction in bubble count during baking can lead to poor volume and texture, often caused by uneven fermentation or excessive cooling [112]. - The "pear skin" phenomenon, characterized by surface bubbles and rough texture, can occur due to over-fermentation before freezing or inadequate thawing [120].

Summary of the Conference Call for 日辰股份 Company Overview - **Company**: 日辰股份 - **Industry**: Food Processing and Seasoning Key Points and Arguments Financial Performance - **Q1 Revenue Growth**: Approximately 10.5% increase in revenue year-on-year, with net profit rising by 36% [2][4] - **Q2 Performance**: Decline in chain restaurant clients; however, the newly acquired 嘉兴艾贝邦 is expected to contribute approximately 50 million yuan in revenue for the year, positively impacting overall performance [2][7] - **Half-Year Outlook**: Anticipated to maintain double-digit growth in the first half, with potential improvement in the second half due to new product launches [2][5] Market Dynamics - **Chain Restaurant Sector**: The decline in the second quarter is attributed to a market downturn rather than loss of market share; demand from small and medium clients is weak, while large clients remain stable [6][8] - **Customer Base**: Focus on large clients such as 百胜, 沙普, and 三木 for revenue growth in the second half, particularly through new product launches in the autumn [9] Product and Capacity Insights - **Product Performance**: Shrimp cracker products have shown significant growth, although their low profit margin limits net profit contribution [10] - **Membership Store System**: The brand customization segment has performed exceptionally well, with revenue expected to exceed 80 million yuan by year-end [11] - **Production Capacity**: 青岛工厂 is nearing full capacity, while 嘉兴工厂 is expected to commence production between October and December, enhancing efficiency and order management [14] Strategic Initiatives - **Stock Incentive Plan**: A new stock incentive plan targets mid-to-senior management, with performance metrics set for a compound annual growth rate of 20% [3] - **C-end Strategy**: The company is adopting a contraction strategy in the C-end market, avoiding large-scale investments in distributors or offline supermarkets due to poor returns [24] - **Expansion Plans**: Plans to expand the 爱必诺 production line to reduce dependency on 百胜, which currently accounts for over 80% of its revenue [22] Challenges and Risks - **Market Environment**: The overall market remains cautious, with pressure from customer price negotiations impacting profit margins, which are expected to stabilize between 38% and 39% [18] - **Future Growth**: If the restaurant sector does not recover in the next three years, the company aims to achieve growth through new client acquisition and enhancing existing client contributions [29] Additional Insights - **Traditional Supermarket Channels**: Limited engagement in traditional supermarkets, with lower profit margins compared to overall business [12] - **Product Development**: Ongoing product development efforts with a focus on market feedback to align with consumer preferences [26][27] This summary encapsulates the essential insights from the conference call, highlighting the company's financial performance, market dynamics, strategic initiatives, and potential challenges.

Group 1 - The core viewpoint of the articles highlights that Nanchao Food (605339.SH) reported a 3.31% year-on-year decline in consolidated revenue to 255 million yuan in May, continuing a trend of performance volatility [2][3] - The decline in revenue is attributed to rising raw material costs and challenges from market transformation, particularly the volatility in commodity prices like palm oil, which heavily impacts Nanchao's main products [2] - Despite attempts to pass on cost increases to downstream customers, competitive market conditions have hindered full absorption of price hikes, leading to sustained pressure on gross margins [2][3] Group 2 - The shift in consumer demand towards healthier options, such as low-sugar and low-fat baked goods, has negatively impacted traditional products like margarine and shortening, contributing to slower market growth [2] - Nanchao Food has begun to diversify into emerging businesses like frozen dough and cream, but these segments currently represent a small revenue share and are unlikely to offset the decline in baking oil revenue in the short term [2] - The company's distribution model faces challenges, with weaker risk resilience among small and medium-sized distributors and slow recovery in offline consumption in some regions, leading to stagnant distributor income growth [3] Group 3 - Nanchao Food is attempting to adjust its business structure by expanding frozen dough capacity and strengthening partnerships with large supermarkets to align with efficiency trends in the baking industry [3] - The competitive landscape is intensifying, with international giants like Cargill and AAK accelerating their market presence, making cost control and product innovation critical for Nanchao's future market position [3] - While short-term performance remains uncertain, Nanchao's technological accumulation and channel advantages in the baking ingredient sector provide a competitive edge for long-term prospects [3]

Core Viewpoint - The company reported a revenue of 15.127 billion yuan for 2024, representing a year-on-year growth of 7.70%, with a net profit of 1.485 billion yuan, a slight increase of 0.46% [1] Group 1: Financial Performance - In Q1 2025, the company achieved a revenue of 3.6 billion yuan, a decrease of 4.13% year-on-year, and a net profit of 395 million yuan, down 10.01% [1] - The company’s revenue from frozen prepared foods, frozen dishes, frozen noodles, and agricultural products was 7.839 billion, 4.349 billion, 2.465 billion, and 449 million yuan respectively, with year-on-year growth rates of 11.41%, 10.76%, -3.14%, and -11.74% [1] Group 2: Sales Channels - Revenue from distributors, supermarkets, direct sales, e-commerce, and new retail reached 12.382 billion, 827 million, 1.023 billion, 313 million, and 582 million yuan respectively, with year-on-year growth rates of 8.91%, -2.35%, -4.54%, -2.29%, and 32.97% [2] - The number of distributors increased to 2,017 by year-end, a net increase of 53 [2] - Revenue from various regions showed growth, with East China being the core market, and significant growth in Southwest, Northwest, and overseas regions [2] Group 3: Profitability Metrics - The company achieved a gross margin of 23.30% and a net margin of 9.82% in 2024, with a slight increase in gross margin but a decrease in net margin by 0.71 percentage points [3] - The expense ratio was 10.03%, an increase of 0.67 percentage points year-on-year, with specific changes in sales, management, R&D, and financial expense ratios [3] Group 4: Strategic Outlook - The company is implementing a "three-pronged" strategy to enhance its product matrix and optimize its product structure, focusing on both B2B and B2C channels [4] - The company signed a share acquisition agreement with Dingwei Thai, marking a transition from a frozen food leader to a comprehensive dining solution provider [4] - Revenue projections for 2025-2027 are 16.068 billion, 17.498 billion, and 19.677 billion yuan, with net profits of 1.618 billion, 1.778 billion, and 2.038 billion yuan respectively [4] Group 5: Valuation Metrics - The company’s price-to-earnings ratios are projected at 13.96, 12.70, and 11.08 for the years 2025, 2026, and 2027 [5]

Core Viewpoint - The company experienced a revenue increase in Q4 2024 but faced a significant decline in net profit due to rising expenses, while Q1 2025 showed recovery in both revenue and net profit, driven by strong performance in the restaurant channel and improved gross margins [1][7]. Financial Performance - In Q4 2024, the company reported revenue of 1.07 billion, a year-on-year increase of 14.90%, while net profit was 942.32 million, down 36.49% due to increased expenses [2][4]. - For the full year 2024, the company achieved revenue of 4.05 billion, up 12.59%, and net profit of 6385.77 million, up 13.16% [2]. - In Q1 2025, revenue reached 1.01 billion, a 10.5% year-on-year increase, and net profit was 1766 million, up 36.86% [5][7]. Business Segments - The company’s restaurant business generated 2.0 billion in 2024, a 22.2% increase, with Q4 showing a 17.3% growth, primarily due to deepening partnerships with major clients [3]. - The brand customization segment saw revenue of 523.3 million in 2024, up 15.1%, with Q4 growth of 26.5% attributed to increased orders from clients like Sam's [3]. - The distributor channel continued to decline, with a 34.9% drop in revenue for 2024, reflecting a strategic shift towards direct channels [3]. Profitability Metrics - The company maintained a gross margin of 38.70% for 2024, slightly down from the previous year, while Q4 gross margin improved to 39.28% due to lower raw material costs [4]. - The net profit margin for 2024 was 15.78%, a slight increase, but Q4 saw a decline to 8.77% due to higher sales and management expenses [4]. Future Outlook - The company anticipates continued growth in the restaurant channel in 2025, supported by ongoing collaborations with major clients and the acquisition of Jiaxing Aibeibang Food Co., which is expected to enhance revenue and product capabilities [6][7]. - The focus remains on B2B client expansion, with expectations for improved profitability driven by cost stability and optimized expenses [6][7].

Investment Rating - The report maintains a "Strong Buy" rating for the company, indicating a predicted increase of over 20% relative to the benchmark index in the next 12 months [2][15]. Core Insights - The report highlights that Anjuke Foods is strategically expanding into the frozen baking sector and enhancing its supply chain collaboration through the acquisition of a 70% stake in Dingweitai for 444.5 million RMB. This acquisition aims to fill the high-end seafood gap, supplement the frozen baking segment, deepen B-end channel cooperation, and support international expansion [5][7]. Summary by Sections Company Overview - Anjuke Foods (603345) is positioned as a leading player in the frozen food industry, with a market capitalization of 23.141 billion RMB and a recent closing price of 78.9 RMB [2]. Historical Performance - The company's stock performance has shown fluctuations, with a historical decline of 23% over the past year compared to the CSI 300 index [3]. Financial Forecast - Projected revenues for 2024, 2025, and 2026 are 155.91 billion RMB, 176.14 billion RMB, and 199.46 billion RMB, respectively, reflecting year-on-year growth rates of 11.01%, 12.98%, and 13.24% [7][10]. - Expected net profits for the same years are 14.97 billion RMB, 16.78 billion RMB, and 19.19 billion RMB, with growth rates of 1.29%, 12.07%, and 14.40% [7][10]. Strategic Initiatives - The acquisition of Dingweitai is seen as a pivotal move to enhance Anjuke's product offerings and market reach, particularly in high-end seafood and frozen baked goods, while also leveraging existing B-end customer relationships [5][6].