ab事le件_S：u公m司ma发ry布] 2025年中报业绩预告，25年上半年预计实现收入7.46-7.98亿元，同比增 长40.9%-50.8%；实现归母净利润1.05-1.12 亿元，同比增长37.9%-47.6%；实现扣非归母净利润0.89-0.97 亿元，同比增长46.8%-58.2%。 其中25Q2预计实现收入3.63-4.15 亿元，同比增长42.7%-63.3%；25Q2 实现归母净利润0.55-0.62 亿元， 同比增长66.5%-88.8%；25Q2 实现扣非归母净利润0.45-0.53 亿元，同比增长74%-103%；公司业绩超市 场预期。 得益于新兴渠道放量带动，收入端维持高速增长。自24Q3 起公司核心单品脱骨鸭掌成功上市并取得爆 发式增长后，会员制超市这一新兴渠道已逐步成为贡献公司收入增量的核心动能。25 年4月以来，公司 在会员制超市渠道先后实现了第二款素菜单品以及第三款贵州风味酸汤双脆肉类单品的顺利上市，预计 三大单品的强势表现支撑起Q2公司收入端的高增，此外零食连锁及电商等新兴渠道的良好表现亦对收 入增量有充足贡献。 25Q2 盈利能力提升显著，或与阶段性费用调整有关。25Q2 ...

证券研究报告：食品饮料 | 公司点评报告 发布时间：2025-07-14 股票投资评级 资料来源：聚源，中邮证券研究所 公司基本情况 | 最新收盘价（元） | 12.43 | | --- | --- | | 总股本/流通股本（亿股）4.28 / 4.28 | | | 总市值/流通市值（亿元）53 / 53 | | | 52 周内最高/最低价 | 15.93 / 5.43 | | 资产负债率(%) | 13.3% | | 市盈率 | 33.59 | | 第一大股东 | 鹿有忠 | 研究所 分析师:蔡雪昱 SAC 登记编号:S1340522070001 Email:caixueyu@cnpsec.com 分析师:杨逸文 SAC 登记编号:S1340522120002 Email:yangyiwen@cnpsec.com 有友食品(603697) 市场有风险，投资需谨慎 请务必阅读正文之后的免责条款部分 会员渠道放量驱动增长，业绩有望保持高增 ⚫ 事件 公司发布 2025 年半年度业绩预告，显示 2025 年上半年公司实现 营业收入 7.46-7.98 亿元，同比增长 40.91％-50.77%，单 Q2 实现收 ...

证券研究报告·行业跟踪周报·商贸零售 商贸零售行业跟踪周报 中式快餐第一品牌，老乡鸡招股书拆解 2025 年 07 月 14 日 增持（维持） [Table_Tag] [投资要点 Table_Summary] 证券分析师 吴劲草 执业证书：S0600520090006 wujc@dwzq.com.cn 证券分析师 石旖瑄 执业证书：S0600522040001 shiyx@dwzq.com.cn 证券分析师 张家璇 执业证书：S0600520120002 zhangjx@dwzq.com.cn 证券分析师 阳靖 执业证书：S0600523020005 yangjing@dwzq.com.cn 证券分析师 郗越 执业证书：S0600524080008 xiy@dwzq.com.cn 证券分析师 王琳婧 执业证书：S0600525070003 wanglj@dwzq.com.cn 行业走势 -9% -2% 5% 12% 19% 26% 33% 40% 47% 54% 61% 2024/7/15 2024/11/12 2025/3/12 2025/7/10 商贸零售 沪深300 相关研究 《618 节奏拉长规则简化 ...

2025 年 07 月 13 日 业绩延续高增，产品渠道双轮驱动 —有友食品（603697.SH）公司事件点评报告 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 | 2025-07-11 | | --- | --- | | 当前股价（元） | 12.43 | | 总市值（亿元） | 53 | | 总股本（百万股） | 428 | | 流通股本（百万股） | 428 | | 52 周价格范围（元） | 5.43-15.93 | | 日均成交额（百万元） | 104.13 | 市场表现 -50 0 50 100 150 200 (%) 有友食品 沪深300 资料来源：Wind，华鑫证券研究 相关研究 1、《有友食品（603697）：业绩持 续兑现，会员制渠道势能释放》 2025-05-11 2、《有友食品（603697）：2024 年 圆满收官，渠道红利持续释放》 2025-03-2 ...

投资建议：公司在泡卤工艺方面具有深厚积累，作为泡椒凤爪龙头持续开拓新品类，积极拥抱新兴渠 道，会员店、零食量贩实现快速放量，看好公司长期发展。我们预计公司2025-2027 年营业收入分别为 16.75/20.21/24.26 亿元，分别同比增长41.66%/20.67%/20.02%，预计公司2025-2027 年实现归母净利润 2.19/2.61/3.17 亿元，分别同比增长39.36%/19.24%/21.32%，对应25-27 年PE 为24.2/20.3/16.8X，维持"推 荐"评级。 风险提示：需求不及预期风险；行业竞争加剧风险；食品安全风险 会员店持续拓品验证强大产品创新能力，关注渠道定制化产品机会。今年以来公司持续在会员店渠道拓 品（素食礼包和酸汤双脆），下半年有望贡献较大收入增量。公司的产品能力已经得到充分验证，随着 下游渠道定制化需求不断提升，公司有望不断加深与零食量贩系统、大型商超等渠道合作，开发出更多 定制化差异产品。除会员店渠道外，公司积极拥抱零食量贩、抖音等渠道，保持快速增长。 产品推新加速，关注新品铺货进展。近几年公司加快产品研发推新步伐，在泡椒凤爪大单品基础上补充 了鸡脚筋、 ...

老乡鸡于2020年开始探索加盟模式，并不断发展和打磨该模式，已形成能够兼顾质量与扩张的"直营 +加盟"门店网络。截至2025年4月30日，老乡鸡在中国58个城市拥有1564家门店，包括911家直营店和 653家加盟店，覆盖9个省。根据招股书显示，过去两年，老乡鸡的直营店数量在不断缩减，加盟店数量 则在不断增加，整体门店规模仍能保持增长。2022年-2024年，其直营店数量分别为1007家、973家、 914家；同期，其加盟店数量分别为118家、226家、565家。 此前，2022年5月，老乡鸡曾向上交所主板递交招股书，拟于A股上市，但在2023年8月，老乡鸡撤回了 A股上市申请。今年1月3日，老乡鸡转战港股，正式向港交所递交了招股书。不过截至目前，老乡鸡尚 未通过港交所聆讯。 老乡鸡是中国最大的中式快餐（"QSR"）品牌，成立于2003年，创始人束从轩是一位退伍军人出身的家 禽养殖户，在安徽省合肥市开设了第一家名为"肥西老母鸡"的门店。2012年"肥西老母鸡"进行品牌升 级，更名"老乡鸡"。 （原标题：老乡鸡再次递表港交所） 根据灼识咨询的资料，以交易总额计，老乡鸡在2024年以0.9%的市场占有率位居中国中 ...

Core Viewpoint - The company, Laoxiangji, is preparing for its Hong Kong IPO after previously withdrawing its A-share application, with financial data updated in its prospectus as of July 7, 2023 [1] Financial Performance - Laoxiangji's revenue for 2022, 2023, and 2024 is projected to be CNY 4.528 billion, CNY 5.651 billion, and CNY 6.288 billion, with year-on-year growth rates of 58.38%, 24.80%, and 11.27% respectively [4] - Net profit for the same years is expected to be CNY 252 million, CNY 375 million, and CNY 409 million, with growth rates of 86.67%, 48.81%, and 9.07% respectively [4] - In the first four months of 2023, revenue increased by 9.91% to CNY 2.120 billion, while net profit grew by 7.41% to CNY 174 million [4] Store Operations - As of April 30, 2025, Laoxiangji operates 1,564 stores, comprising 911 direct-operated and 653 franchised stores [3] - The number of direct-operated stores has decreased from 1,007 in 2022 to a projected 914 in 2024, while franchised stores have increased from 118 to 565 in the same period [3] - The company has implemented a strategy to convert direct-operated stores to franchised ones to maximize operational efficiency and capital returns [3] Revenue Contribution - In 2022, the average revenue contribution per direct-operated store was CNY 5.926 million, while for franchised stores it was CNY 1.259 million, indicating that direct-operated stores contribute significantly more to overall revenue [5] - For 2024 and the first four months of 2025, revenue from direct-operated stores is expected to be CNY 5.416 billion and CNY 1.648 billion, accounting for 86.13% and 77.35% of total revenue respectively [5] Consumer Metrics - In 2024, the average consumption per customer at direct-operated stores decreased by CNY 0.2 to CNY 27.5, while the turnover rate increased slightly [7] - The average daily sales per direct-operated store increased by 4.12% to CNY 16,000 in 2024 [7] - The company remains heavily reliant on the East China market, particularly Anhui province, which accounts for 47.95% of its total stores and 50.05% of its revenue [7]

Investment Rating - The report maintains a recommendation for the food and beverage industry, indicating a positive outlook for structural growth opportunities [20][21]. Core Insights - The report highlights a stabilization in the price of Moutai, suggesting a potential improvement in sentiment within the liquor sector. It notes that while short-term demand fluctuations may lead to a slowdown in the liquor sector in Q2 2025, leading companies are working to maintain price stability, and smaller companies are adapting to consumer trends [20][21]. - The snack segment is experiencing stable performance in traditional channels, with rapid growth in membership supermarket channels. New products are expected to be launched in the second half of 2025, and the pet food sector is also showing good growth [20][21]. - The report emphasizes the importance of product quality enhancement, channel expansion, and innovative marketing strategies as key methods for companies to navigate current market challenges [20][21]. Summary by Sections Core Company Tracking - Luzhou Laojiao is improving market inventory and plans to expand its distribution network to four million terminals over the next five years. The company is also developing lower-alcohol products [11][12]. - Yanghe Co. has appointed new leadership, which is expected to drive organizational adjustments and enhance operational dynamics. The company continues to innovate its product line [12]. - Jiugui Liquor is focusing on channel adjustments and has partnered with a retail chain to explore new growth avenues [13]. - New Dairy is benefiting from cost advantages, leading to stronger profit release capabilities, with a focus on low-temperature milk products [14]. - Jinzai Food is in a cautious operational phase, with stable performance in traditional and snack channels [15][16]. - Zhongchong Co. is seeing continued growth in its self-owned brands, despite some export challenges [17]. - Petty Co. is expanding its product offerings in both snacks and staple foods, with a focus on New Zealand's production capacity [18]. - Anji Food has successfully listed its H shares, raising approximately 2.302 billion HKD [19]. Investment Recommendations - The report suggests focusing on growth sectors influenced by changing consumer trends, with specific recommendations for companies like Zhongchong Co., Guobao Pet Food, and Nongfu Spring [21]. - It also highlights structural growth opportunities in the restaurant chain recovery, recommending companies such as Zhujiang Beer and Yanjing Beer [21]. - For traditional consumer goods, it advises investing in leading liquor companies and dairy products, with a focus on companies like Yili and New Dairy [21]. Industry Overview - The food and beverage industry is characterized by a total of 143 listed companies with a total market capitalization of 478.1 billion RMB [4]. - The industry has shown a mixed performance, with a 1-month absolute performance of -4.7% and a 12-month performance of 28.2% [6].

Core Viewpoint - The Huizhou Daya Bay Economic and Technological Development Zone Management Committee's Market Supervision Administration has conducted food safety supervision and sampling inspections, revealing that out of 150 batches tested, 3 batches were found to be non-compliant with safety standards [3]. Summary by Category Food Safety Inspection Results - A total of 150 batches of food were inspected as part of the 2025 food sampling plan, with 3 batches failing to meet safety standards [3]. - The results are being publicly disclosed in accordance with government information disclosure regulations [3]. Specific Findings - The inspection covered various food categories, including dining utensils, condiments, and processed meat products, among others [4][5][6]. - Specific products that failed included items such as flavored condiments and processed meat products, indicating potential issues in food safety compliance [4][5][6]. Regulatory Compliance - The public disclosure of inspection results aligns with the government's commitment to transparency and consumer safety in food products [3].

Core Viewpoint - Yantai Zhenhua Supermarket New World store has officially reopened after a major renovation aimed at enhancing customer experience through improved space, product offerings, and services [1][2]. Group 1: Store Renovation and Offerings - The renovation included significant adjustments to the store layout, creating a more comfortable environment with better quality assurance and more affordable prices [2][9]. - New self-operated projects introduced include Zhenhua Bakery, Zhenhua Noodles, and Zhenhua Delicacies, with the bakery area covering approximately 500 square meters [2][5]. - The bakery offers a variety of products, including customizable birthday cakes made with animal cream and various types of bread, such as Japanese, French, and German styles [2][5]. - The noodle section features dishes inspired by Henan and Beijing flavors, with popular items like old-style steamed buns and red sugar date cakes [2][5]. Group 2: Food Safety and Quality Assurance - The supermarket has a dedicated food safety organizational structure, with safety supervisors at both headquarters and individual stores responsible for monitoring the entire supply chain [5][7]. - High-quality ingredients are emphasized, with French flour, New Zealand butter, and Belgian chocolate used in bakery products, ensuring a commitment to quality [7][9]. - Fresh meat for the delicacies comes from certified suppliers, with inspection reports available to guarantee safety [7][9]. Group 3: Customer Experience and Promotions - The store has lowered shelf heights for better visibility and enhanced customer shopping experience, with increased promotional signage and sampling areas [9]. - From June 27 to June 29, the store is offering significant discounts, including buy-one-get-one-free on freshly baked bread and birthday cakes, as well as 20% off on noodles and 8.8% off on delicacies [9]. - The renovation reflects the company's commitment to high-quality development and enhancing consumer experience, integrating local sentiment into product details [9].