9月30日，天虹股份跌0.73%，成交额5962.71万元。两融数据显示，当日天虹股份获融资买入额1030.14 万元，融资偿还1166.20万元，融资净买入-136.06万元。截至9月30日，天虹股份融资融券余额合计2.51 亿元。 融资方面，天虹股份当日融资买入1030.14万元。当前融资余额2.51亿元，占流通市值的3.95%，融资余 额超过近一年90%分位水平，处于高位。 截至9月20日，天虹股份股东户数3.51万，较上期减少1.56%；人均流通股33250股，较上期增加1.58%。 2025年1月-6月，天虹股份实现营业收入60.09亿元，同比减少1.79%；归母净利润1.54亿元，同比减少 0.05%。 分红方面，天虹股份A股上市后累计派现41.49亿元。近三年，累计派现3.16亿元。 机构持仓方面，截止2025年6月30日，天虹股份十大流通股东中，香港中央结算有限公司位居第三大流 通股东，持股5220.37万股，相比上期增加246.93万股。华夏新兴消费混合A（005888）位居第十大流通 股东，持股335.49万股，持股数量较上期不变。华夏国证自由现金流ETF（159201）退出十大流通股东 ...

亨泰消费品集团主要从事包装食品、饮料及家庭消费品贸易，农产品贸易及上游耕作业务，以及证券经 纪及孖展融资业务。所得款项中，约750万港元将用于翻新上海物流中心的建筑物，并更换及升级家具 及物流设备；约270万港元将用于采购新设备及扩充东莞加工中心的人手；约400万港元将用于集团的一 般营运资金。本次发行根据股东大会授予的一般授权实施，预计认购事项于认购事项所有条件获达成后 的下一个营业日完成，但该日期须在配售及认购协议日期后的14日内（或公司与认购人在遵守所有适用 法律、规则及规例的前提下协定的其他日期） 。 点击查看公告原文>> 声明：市场有风险，投资需谨慎。 本文为AI大模型基于第三方数据库自动发布，任何在本文出现的信 息（包括但不限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成 个人投资建议。受限于第三方数据库质量等问题，我们无法对数据的真实性及完整性进行分辨或核验， 因此本文内容可能出现不准确、不完整、误导性的内容或信息，具体以公司公告为准。如有疑问，请联 系biz@staff.sina.com.cn。 来源：新浪港股-好仓工作室 2025年10月8日，亨泰消费品集团（股 ...

Core Insights - A recent survey conducted by a Japanese database company indicates that over 3,000 food and beverage products will see price increases in October, driven by high rice prices [1] Group 1: Price Increases - The survey highlights that the price of boxed rice will potentially increase by up to 17% [1] - Products made from rice, such as rice cakes and Japanese sake, are among those listed for price hikes due to the rising cost of rice [1]

Company Overview - Tianhong Co., Ltd. is located in Nanshan District, Shenzhen, Guangdong Province, and was established on May 2, 1984. The company was listed on June 1, 2010. Its main business involves retailing goods, primarily in department stores [1]. - The revenue composition of Tianhong includes: fresh and cooked food 27.72%, packaged food 25.63%, department store retail 19.89%, catering support 13.78%, daily necessities 10.39%, and other businesses 2.60% [1]. Stock Performance - As of September 22, Tianhong's stock price decreased by 2.18%, trading at 5.39 CNY per share, with a total market capitalization of 6.3 billion CNY. The stock has declined by 7.07% year-to-date and 4.09% over the last five trading days [1]. - The stock's trading volume on September 22 was 72.28 million CNY, with a turnover rate of 1.14% [1]. Financial Performance - For the period from January to June 2025, Tianhong reported a revenue of 6.009 billion CNY, a year-on-year decrease of 1.79%. The net profit attributable to shareholders was 154 million CNY, a slight decrease of 0.05% year-on-year [2]. - Since its A-share listing, Tianhong has distributed a total of 4.149 billion CNY in dividends, with 316 million CNY distributed over the past three years [3]. Shareholder Information - As of September 10, the number of shareholders for Tianhong was 35,700, an increase of 0.34% from the previous period. The average number of circulating shares per shareholder was 32,731, a decrease of 0.34% [2]. - As of June 30, 2025, the top ten circulating shareholders included Hong Kong Central Clearing Limited as the third-largest shareholder, holding 52.2037 million shares, an increase of 2.4693 million shares from the previous period [3].

Company Performance - In 1H25, the company improved same-store performance and effectively controlled expenses in emerging channels, focusing on efficiency enhancement [1] - The total number of stores decreased by 167 to 2864 compared to 2024, with self-operated stores down by 18 and franchised stores down by 149 [1] - Average same-store revenue increased by 12% for self-operated stores and 14% for franchised stores year-on-year [1] - Other income, mainly from packaged food distribution, grew by 27.5% year-on-year to 0.7 billion [1] - Gross profit margin increased by 3.3 percentage points to 58.6%, attributed to low raw material prices and improved store quality [1] - The net profit margin for 1H25 was 8.8%, up by 6.2 and 3.3 percentage points compared to 1H24 and 2H24, respectively [1] Future Outlook - In 2H25, the company will continue to enhance store quality, optimize products, and refine promotional strategies for emerging channels, expecting sustained growth [1] - The company plans to upgrade store renovations and strengthen professional management and service, enhancing private member operations and deepening partnerships with delivery services and live streaming [1] - The "braised meat +" packaged food segment will continue to expand, with plans to optimize product matrices for various retail channels [1] - The company anticipates further acceleration in the scale of emerging channels from 2H25 to 2026 [1] Profit Forecast and Valuation - The profit expectations for 2025 and 2026 are maintained, with a target price of 3.0 HKD [2] - The current stock price corresponds to a P/E ratio of 24.7 and 22.3 for 2025 and 2026, respectively, while the target price corresponds to approximately 32 and 29 times P/E for the same years [2] - There is an estimated upside potential of about 28.8% from the current price to the target price, maintaining an outperform rating [2]

Core Viewpoint - CICC maintains profit expectations for Zhou Hei Ya (01458) for 2025 and 2026, with a target price of HKD 3.0, indicating a potential upside of approximately 28.8% from the current stock price [1] Group 1: Company Current Status - In 1H25, the company improved same-store performance and effectively controlled expenses in emerging channels, focusing on efficiency enhancement [2] - The company is expected to continue improving same-store quality and optimizing product offerings in emerging channels in 3Q25 [2] Group 2: Financial Performance - In 1H25, the average same-store revenue for self-operated and franchised stores increased by 12% and 14% year-on-year, respectively [3] - Other income, primarily from packaged food distribution, grew by 27.5% year-on-year to CNY 0.7 billion in 1H25, indicating a stable development phase for the packaged food business [3] - The gross profit margin increased by 3.3 percentage points to 58.6% in 1H25, attributed to low raw material prices and improved store quality [3] - The net profit margin attributable to the parent company reached 8.8% in 1H25, up by 6.2 and 3.3 percentage points compared to 1H24 and 2H24, respectively [3] Group 3: Future Outlook - In 2H25, the company will continue to enhance store quality, optimize products, and refine promotional strategies for emerging channels, expecting sustained growth in scale [4] - The company will focus on store renovations and professional management to improve service quality, with expectations for further improvement in store profitability [4] - The "braised meat +" packaged food strategy will continue to expand, with plans to optimize product offerings and channel matching for supermarkets, membership stores, and convenience stores, anticipating accelerated growth in emerging channels from 2H25 to 2026 [4]

Core Viewpoint - The company reported a revenue of 1.22 billion yuan for the first half of 2025, a year-on-year decrease of 2.9%, while net profit increased by 228% to 108 million yuan, indicating a stabilization in store operations and potential for recovery in the business [1][2]. Group 1: Financial Performance - The company's revenue for 25H1 was 1.22 billion yuan, down 2.9% year-on-year, but net profit rose to 108 million yuan, reflecting a significant increase of 228% [1]. - The gross profit margin improved by 3.2 percentage points to 58.6%, attributed to low raw material prices and supply chain optimization [2]. - The net profit margin reached 8.8%, up 6.2 percentage points year-on-year, showcasing a recovery in profitability [2]. Group 2: Business Operations - Same-store sales showed signs of stabilization, with self-operated stores generating 710 million yuan and franchised stores contributing 270 million yuan in 25H1 [1]. - The number of stores decreased by 167 to 2,864 by the end of 25H1, but average sales per store increased by 15.5% year-on-year [1]. - Online sales slightly declined by 4.2% to 170 million yuan, while other income, mainly from packaged food distribution, rose by 27.5% to 70 million yuan [1]. Group 3: Future Outlook - The company aims to enhance store efficiency and optimize store structure, leveraging brand recognition to navigate through development cycles [3]. - The packaging food segment is expected to contribute additional revenue, with products entering major retail channels like Costco and Sam's Club [3]. - Profitability is anticipated to improve further due to low raw material costs and ongoing internal cost reduction efforts, with projected net profits of 210 million, 250 million, and 300 million yuan for 2025-2027 [3].

证券研究报告 公司研究 [Table_ReportType] 公司点评报告 [Table_StockAndRank] 周黑鸭(1458.HK) | | | CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲127号金隅大厦 B座 邮编：100031 [Table_Title] 门店有望企稳，盈利快速修复 [Table_ReportDate] 2025 年 9 月 1 日 [Table_Summary] 事件：公司发布 2025 半年报，公司 25H1 实现收入 12.2 亿元，同比-2.9%。 实现净利润 1.08 亿元，同比+228%。收入落在预告中枢位置，盈利落在预告 偏上线。 点评： 请阅读最后一页免责声明及信息披露 http://www.cindasc.com 1 ➢ 同店企稳下，门店业务有望逐步止跌向上。25H1 公司收入同比-2.9%， 收入降幅收窄有望逐步企稳。门店业务端，25H1 自营门店实现营收 7.1 亿，特许经营实现营收 2.7 亿，25H1 公司门店数量较 24 年底净减少 167 家至 2864 家，25H1 平均单店同比增长 15.5%，我们预计公司上半年 ...

Core Viewpoint - Shanghai Xiaonan Guo (03666.HK) reported a significant decline in revenue and gross profit for the six months ending June 30, 2025, indicating challenges in its restaurant and packaged food segments [1] Financial Performance - The group's total revenue reached RMB 101.8 million, which includes restaurant revenue of RMB 101.8 million and packaged food sales of RMB 0.02 million, representing a decrease of RMB 80.6 million or 44.2% compared to RMB 182.4 million in the same period last year [1] - The group's gross profit was RMB 65.7 million, down approximately RMB 53.3 million or 44.7% from RMB 119.0 million in the previous year [1] - The loss attributable to the company's owners was approximately RMB 18.3 million, which is a reduction of RMB 11.1 million compared to the same period last year [1]

Core Viewpoint - The company aims to diversify its product offerings by exporting various new products from China to Asian and European markets, responding to the challenges faced in its current fast-moving consumer goods (FMCG) trade business [1][2] Group 1: Business Strategy - The company intends to expand its packaging food, beverage, and household consumer goods trade business due to significant improvements in the quality and price advantages of Chinese products [1] - The company is continuously reviewing its import trade operations to streamline unprofitable segments and reduce operational costs in response to increasing competition from local brands [1] - The company plans to expand its agricultural processing center in Dongguan, which serves as a crucial hub for fresh agricultural product trade, providing pre-prepared and cooked fresh produce to well-known fast-food chains and school canteens [1] Group 2: Market Conditions - The FMCG trade business is facing adverse market conditions due to the growing preference of Chinese consumers for local products, driven by competitive pricing and increased market share through advertising [1] - The company believes that its established supply chain and market expertise in China will support the development of its export business and local fresh agricultural product trade [2]