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 ...

| 用 否 | 不适用 | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 项目 | | | | | | | | | | | | | — | 合计 | 34,266.06 | 34,266.06 | 34,266.06 | 3,434.57 | 31,936.17 | -2,329.89 | 93.20 | — | - | | | — — | | | | | | | | | | | | | 未达到计划进度原因（分具体募投项目） | | | | | | | | | | | 不适 | | 用 | | | | | | | | | | | | | 项目可行性发生重大变化的情况说明 | | | 无 | | | | | | | | | | 募集资金投资项目先期投入及置换情况 | | | | 无 | | | | | | | | | 用闲置募集资金暂时补充流动资金情况 | | | | 无 | | | | | | | | | 对闲置募集资金进行现金管理，投资相关产品情况 | | | | ...

Core Viewpoint - The 10th Guizhou Zunyi International Chili Pepper Expo was held, where Zunyi was awarded the title of "World Quality Chili Pepper Core Production Area" by the World Chili Pepper Alliance, highlighting its significance in the global chili pepper industry [1] Group 1: Industry Overview - Zunyi, known as the "Chili Capital of the World" and "Chili Capital of China," has a chili planting history of over 400 years [1] - The chili planting area in Zunyi remains stable at over 2 million acres annually [1] - In 2024, Zunyi's chili harvesting area is projected to be 1.2638 million acres, with a fresh chili output of 1.5492 million tons [1] Group 2: Economic Impact - As of August 2025, Zunyi has over 40 planting enterprises, more than 120 professional cooperatives, and over 50,000 professional chili farmers [1] - The product range has expanded from traditional chili oil and chili powder to include snacks, compound seasonings, and specialty sauces, with exports to various countries including Russia, the UK, the US, and Spain [1] Group 3: Future Prospects - The Secretary-General of the World Chili Pepper Alliance expressed the desire to deepen cooperation with Zunyi to enhance the international market presence of Zunyi's chili products [1] - The aim is to promote a tighter collaborative network in the global chili pepper industry, facilitating technology exchange and sharing [1]

Core Viewpoint - The company Huang Shang Huang announced its plan to acquire a 51% stake in freeze-dried food company Fujian Lixing Food Co., Ltd. for 495 million yuan, aiming to diversify its product offerings and expand into new markets amid declining revenues in its core business [1][11]. Group 1: Acquisition Details - The acquisition of Lixing Food, established in 2006, is part of Huang Shang Huang's strategy to enter the freeze-dried food sector, which includes a wide range of products such as fruits, vegetables, and ready-to-eat meals [2][11]. - Lixing Food has 37 freeze-drying production lines and an annual production capacity of nearly 6,000 tons of various freeze-dried products, making it a leading manufacturer in China [8][9]. - The estimated valuation of Lixing Food is 978 million yuan, with projected revenues of 415 million yuan and 251 million yuan for 2024 and the first half of 2025, respectively [9][11]. Group 2: Financial Performance - Huang Shang Huang's revenue has been declining since 2021, with a 7.19% drop in revenue to 984 million yuan in the first half of 2025, although net profit increased by 26.90% to 77 million yuan during the same period [14]. - The company has seen a net reduction of 762 stores in the first half of 2025, continuing a trend of store closures that has resulted in a total decrease of 1,599 stores since 2021 [14][12]. Group 3: Market Context - The acquisition comes as other major players in the marinated food sector, such as Zhou Hei Ya and Jue Wei Food, are also facing revenue declines and are exploring diversification strategies [15][17]. - The freeze-dried food market is seen as a growth opportunity, aligning with consumer trends towards health and convenience, but challenges remain in expanding retail channels and brand recognition [17].

Core Viewpoint - Zhou Hei Ya has demonstrated strong profitability and resilience in the face of challenges in the leisure food consumption sector, with a significant increase in expected profits and revenue for the first half of 2025 [1][2] Financial Performance - The company anticipates a profit of approximately 90 million to 113 million yuan for the first half of 2025, representing a year-on-year increase of 55.2% to 94.8% [1] - Expected revenue is projected to be between 1.2 billion to 1.24 billion yuan, excluding uncompleted statistics from joint ventures and related tax impacts [1] Operational Strategy - Zhou Hei Ya has been focusing on "store quality reform," optimizing store structure, and enhancing operational quality, which has led to improved average sales per store [1] - The downward trend in raw material costs has contributed to an increase in gross margin, enhancing the company's profitability [1] - The company has successfully optimized its sales expense ratio through lean management, further improving overall profitability [1] Market Positioning - In a competitive environment with increasing pressure on growth, Zhou Hei Ya has shifted its focus from scale expansion to operational quality, achieving a differentiated development path based on quality [1] - The company has implemented refined operations to achieve sustainable profit growth [1] Future Outlook - Zhou Hei Ya is expected to continue its positive development trend, with further potential for single-store sales improvement through ongoing "store quality reform" [2] - Stable control of raw material costs and continuous optimization of expense ratios will support the company's ongoing profitability enhancement [2] - The exploration of new product categories, such as compound seasonings, and steady expansion into emerging channels and overseas markets will open new growth avenues for the company [2]

Core Viewpoint - Zhou Hei Ya (01458) has demonstrated strong profitability and resilience in the face of challenges in the snack food sector, with a significant increase in expected profits and revenue for the first half of 2025 [1][2] Financial Performance - The company anticipates a profit of approximately 90 million to 113 million yuan for the first half of 2025, representing a year-on-year increase of 55.2% to 94.8% [1] - Expected revenue is projected to be between 1.2 billion to 1.24 billion yuan, excluding uncompleted statistics from joint ventures [1] Operational Strategy - Zhou Hei Ya has been implementing a "store quality reform" to optimize store structure and focus on improving operational quality, which has led to an effective increase in average single-store sales [1] - The downward trend in raw material costs has directly contributed to an increase in gross margin, enhancing the company's profitability [1] - Through lean management, the company has successfully optimized its sales expense ratio, further improving overall profitability [1] Market Positioning - In a competitive environment with increasing pressure on growth, Zhou Hei Ya has shifted its focus from scale expansion to operational quality, achieving a differentiated development path based on quality [1] - The company has successfully navigated industry challenges by implementing refined operations for sustainable profit growth [1] Future Outlook - Zhou Hei Ya is expected to continue its positive development trend by deepening strategic layouts, with significant potential for further single-store sales improvement [2] - Stable control of raw material costs and ongoing optimization of expense ratios will support the company's sustained profitability [2] - The exploration of new product categories, such as compound seasonings, and steady expansion into emerging channels and overseas markets will open new growth avenues and enhance long-term value [2]

Group 1 - The core viewpoint highlights Jinxiang County's strategic development of its garlic industry, aiming to be included in the provincial "14th Five-Year" agricultural and rural planning, and striving to create a national-level condiment production and processing base [1] Group 2 - Jinxiang County has a leading advantage in garlic planting and storage, with 700,000 acres of garlic cultivated, supporting around 2 million acres in the surrounding area, accounting for one-third of the national garlic planting area. The annual processing capacity exceeds 3 million tons, with exports covering over 170 countries and regions, representing more than 70% of the national export volume [1] - The county's logistics system for condiments is among the best in the country, with a cold chain storage capacity of 4.8 million tons, ranking high in the industry. It holds the largest storage volume for spices like San Ying pepper and black pepper, and significant storage for star anise and cinnamon, ensuring stable raw material supply for condiment production [1] Group 3 - The professional park in Jinxiang, covering 11 square kilometers, is the largest specialized food park in the country, promoting an integrated service model for wastewater treatment, heat supply, and foreign trade services. It hosts 82 enterprises, including Fortune Global 500 companies, forming four major industrial clusters and nurturing 24 national high-tech enterprises and 13 provincial leading enterprises [1] - In 2024, the park is set to be included in Shandong Province's pillar industry cluster, with its industrial scale and competitiveness ranking among the top in the province [1] Group 4 - The industry has a complete certification system, enhancing ecological upgrades. Jinxiang has established strategic cooperation with the Shandong Condiment Association, aiming to receive titles such as "Quality Raw Material Base for Spices" by June 2025. Several local enterprises have been recognized as quality condiment producers, achieving full-chain quality certification from raw materials to manufacturing [2] - Jinxiang is accelerating the construction of a national benchmark area for high-quality development in the condiment industry, leveraging its "five major centers" industrial ecosystem [2]

Group 1 - The Chinese herbal health water market is rapidly growing, with brands like Laoshang Baihua Shecao Water and Yuanqi Forest leading the way, expected to exceed 10 billion yuan by 2028. However, issues such as poor taste, severe homogenization, and inadequate channel distribution are prominent [2][9][32] - The beer and beverage industries are increasingly overlapping, with beer companies like Chongqing Beer and Yanjing Beer entering the non-alcoholic beverage market, while beverage companies are attempting to enter the alcoholic sector, indicating a competitive landscape that requires precise consumer and scenario positioning [3][18] - The compound seasoning industry in China is experiencing rapid growth, with a market size reaching 203.2 billion yuan in 2023, accounting for 34% of the total seasoning market, driven by the rise of restaurant chains and the popularity of takeout culture [5] Group 2 - The trend of "Chinese medicine + dining" is gaining traction among young consumers, but issues such as illegal additives and exaggerated efficacy are prevalent, highlighting the need for improved regulations and quality control in the industry [7] - The beverage market is seeing a rise in functional drinks favored by young consumers, with platforms like Xiaohongshu driving trends and product popularity, particularly in the juice category [8][26] - The launch of "Wahaha's" new sugar-free tea brand "Wah Xiaozong" aims to capture the young consumer market, with a focus on product differentiation and brand transformation [13] Group 3 - The energy drink market is dominated by Dongpeng Beverage, which reported a revenue of 15.84 billion yuan and a net profit of 3.33 billion yuan in 2024, but faces uncertainties regarding future growth due to reliance on its flagship product [21] - The non-alcoholic beverage market is becoming increasingly competitive, with Yanjing Beer launching a new soda product to adapt to market trends and consumer preferences [18] - The rapid growth of the "no-sugar tea" market is evident, with brands like "Guozi Shule" achieving significant sales increases through innovative product design and marketing strategies [34]

Core Viewpoint - The company is expected to maintain steady growth in 2025, following a return to growth in 2024 after reforms, with revenue growth projected at +9.5% for 2024 and +8.1% for Q1 2025 [1] Group 1: Revenue Growth - The company operates in a resilient sector with essential demand for condiments, allowing for sustained growth [1] - There is potential for further penetration in lower-tier markets [1] - Core product categories such as soy sauce, oyster sauce, and seasoning sauces are expected to continue stable growth, with new products like cooking wine, vinegar, and compound seasonings also showing significant growth potential, projected at +16.8% for 2024 and +20.8% for Q1 2025 [1] Group 2: International Expansion - The company is advancing its overseas strategy steadily, which is expected to contribute to performance growth in the medium to long term [1] - The company is implementing a localized operational strategy to explore and seize growth opportunities in overseas markets [1] Group 3: Profitability - Cost advantages and improved supply chain efficiency are expected to lead to a continued increase in gross margin, with gross margins projected to rise by +2.3 and +2.7 percentage points for 2024 and Q1 2025, respectively [2] - The company has maintained good expense control, with net profit margins increasing by +0.7 and +1.5 percentage points for 2024 and Q1 2025, respectively [2] - Profit growth is anticipated to outpace revenue growth in 2025 [2] Group 4: Earnings Forecast - Revenue projections for 2025-2027 are estimated at 29.79 billion, 32.71 billion, and 35.76 billion yuan, representing year-on-year growth of +10.7%, +9.8%, and +9.3%, respectively [2] - Net profit forecasts for the same period are 7.28 billion, 8.06 billion, and 8.87 billion yuan, with year-on-year growth of +14.7%, +10.7%, and +10.1%, respectively [2]

Group 1 - The article emphasizes the establishment of a multi-dimensional connection network through an innovative investment attraction mechanism, utilizing a "small team precision strike + key project targeted breakthrough" approach to enhance investment efficiency [1] - The focus is on major food industries such as condiments, garlic health foods, leisure foods, and prepared dishes, leveraging resources from the Shandong Province Condiment Association to benchmark and learn from successful experiences in regions like Dezhou and Jiangsu [1] - Specialized investment teams are formed to engage frequently with key projects, including those from the Chinese Academy of Forestry and the Chinese Academy of Agricultural Sciences, to create personalized landing plans and expedite project signing [1] Group 2 - The article discusses deepening the industrial ecosystem to create a full-chain aggregation magnetic field, particularly in the dual-spicy condiment industry, by collaborating with the Shandong Province Condiment Association and hosting specialized training sessions [1] - In the garlic health industry, partnerships with universities and experts are highlighted to promote research and development of functional foods and health products, while the black garlic industry aims to establish international standards and develop diversified products [1] - The leisure food and prepared dish sectors are supported by core companies like Daoxiangcun and Fuying Foods, with initiatives to establish production centers and introduce key projects in pre-prepared food processing [1] Group 3 - The article outlines the strengthening of factor support to create a high-level investment environment, ensuring the timely production of key projects such as the 20,000-ton compound seasoning deep processing project [1] - Collaboration with local regulatory and agricultural departments is emphasized to reassess and exploit the brand potential of "Jinxiang Garlic," aiming to expand domestic and international market shares through diversified promotion [1] - The article also mentions partnerships with leading e-commerce influencers to promote black garlic products, thereby broadening market channels and enhancing the brand and market environment [1]