机构：华泰证券 研究员：樊俊豪/曾珺 公司公布1H25 业绩：收入29.27 亿元/yoy+0.02%，录得归母净利润3.09亿元/yoy+0.39%，对应归母净利 率10.6%/yoy+0.04pct，收入及利润端整体表现稳健。1H25 宣派每股股息0.3107 港元（对应人民币 0.2836 元），分红率95%，股东回馈优渥。期内公司不断捕捉需求端变化，完善产品研发机制，B 端产 品定制化能力提升。渠道端践行精细化管理，强化KA 终端管理，驱动第三方经销商渠道收入同比增长 2.1%。立足长期，公司持续推进供应链全球化布局和B 端能力建设，积极推进以增量利润为关键激励指 标的内部考核体系，盈利稳定性和经营韧性有望持续验证。维持"增持"评级。 3.7%/+8.2%/+1.2% ， 单公斤平均售价分别同比-1.9%/-8.2%/-6.5%，销量分别同 比-1.7%/+17.6%/+8.1%，火锅调味料销量受关联方采购量减少影响，B 端客户对复合调味料采购量增加 弥补其单价下滑影响。1H25 公司火锅调味料/复合调味料/方便速食毛利率分别达31.2%/33.6%/24.0%， 同比分别-0.1pct/-1.1pc ...

Core Viewpoint - The company, Yao Mazi, is planning to list on the Beijing Stock Exchange after its recent listing on the New Third Board, aiming to leverage capital for product diversification and channel expansion amidst a competitive seasoning market [1][3]. Group 1: Company Overview - Yao Mazi, known for its pepper oil, has shown steady growth in recent years, with revenue increasing from 450 million yuan in 2022 to 625 million yuan in 2024, and net profit rising from approximately 81.16 million yuan to 157 million yuan during the same period [5]. - The company has a high dependency on a single product, with over 91% of its revenue coming from pepper oil, indicating potential risks associated with market saturation [5][6]. Group 2: IPO Journey - Yao Mazi's IPO journey has faced challenges, including a previous attempt to list on the Shenzhen Stock Exchange that was halted due to 43 feedback issues from the regulatory body [1][2]. - The company has recently submitted a listing application to the Beijing Stock Exchange, with a faster-than-expected timeline from its New Third Board listing to the current IPO preparation [2]. Group 3: Governance and Compliance Issues - The company has faced scrutiny over governance issues, particularly regarding related party transactions and transparency, which were highlighted during its previous IPO attempt [2][4]. - The family-controlled structure of Yao Mazi raises concerns about internal controls and the potential neglect of minority shareholders' interests [4]. Group 4: Market Position and Competition - Yao Mazi is positioned as a leader in the niche market of pepper oil, but it faces increasing competition from larger players like Jinlongyu and Haitian, who are entering the pepper oil segment [6][7]. - The company’s market penetration remains low outside its primary region, with less than 10% market share in Eastern and Northern China, indicating a slow national expansion [5]. Group 5: Future Strategies - To address its reliance on a single product, Yao Mazi has initiated a "Pepper+" strategy to diversify its offerings, although current revenue from new product lines remains minimal [6][7]. - The company aims to enhance its core competencies in R&D, smart manufacturing, and brand marketing to adapt to market challenges and consumer trends [7].

Group 1 - The company will continue to focus on its core business of pickled vegetables, specifically "pickled vegetable+" and related categories, while expanding its product matrix to include various types of pickled vegetables, compound seasonings, and sauces [2] - The company is actively seeking related acquisition targets in the condiment and side dish industry and plans to conduct mergers and acquisitions as appropriate [2]

Core Viewpoint - 幺麻子食品股份有限公司 has completed the listing guidance filing with the Sichuan Securities Regulatory Bureau, with plans to go public after previously withdrawing its IPO application in December 2023 [1][2]. Company Overview - 幺麻子 was established on March 20, 2008, with a registered capital of 132 million yuan, and is headquartered in Hongya County, Sichuan [1][2]. - The company focuses on the research, production, and sales of seasoning oils, compound seasonings, and local specialty foods, primarily centered around pepper oil [2]. Financial Performance - In 2024, the company reported an operating income of 625.22 million yuan, a year-on-year increase of 14.69% [2][3]. - The net profit attributable to shareholders was 157 million yuan, reflecting a significant year-on-year increase of 58.95% [2][3]. - The gross profit margin improved to 38.83%, compared to 33.30% in the previous year [3]. Shareholding Structure - The controlling shareholder, Zhao Yuejun, directly holds 30.92% of the company's shares, while other family members collectively hold a significant portion, resulting in a total of 73.28% of shares held by the Zhao family [4][5]. - Zhao Yuejun, Gong Wanfen, Zhao Qi, and Zhao Lin are identified as the actual controllers of the company, actively participating in its daily operations and management [5].

Core Viewpoint - Fuling Zhacai (002507) aims to strengthen its core pickled vegetable business while expanding into other product categories such as radishes, cowpeas, kelp, and compound seasonings [1] Group 1 - The company plans to continuously solidify its pickled vegetable foundation [1] - The company intends to broaden its growth lines by developing and optimizing new product categories [1]

Core Insights - The unique flavor of Chinese cuisine, particularly in Anhui, drives significant demand for seasoning products, which are essential in daily diets and contribute to the rapid growth of the seasoning industry [2][3][6] - The 2025 Anhui Grain and Oil Seasoning Exhibition aims to create a professional platform for B2B exchanges, focusing on various categories including seasonings, grain products, and edible oils [2][10] Group 1: Demand for Seasoning Products - Anhui cuisine, known for its emphasis on flavor, creates a substantial demand for seasoning products [3][4][5] - The province's numerous local restaurants further amplify the need for seasonings [6] - The thriving restaurant industry in Anhui also indicates a high demand for seasonings and oils [7] Group 2: Market Expansion and Economic Growth - Anhui is promoting the high-quality development of the prepared dish industry, which will increase the demand for seasonings as these products are essential in the production of prepared dishes [9] - The province's economic growth, with a projected GDP of 50,625 billion yuan in 2024 and a growth rate of 5.8%, positions Anhui as a net inflow province, enhancing the consumer base for the restaurant market [9] Group 3: Exhibition Details - The 2025 Anhui Grain and Oil Seasoning Exhibition will take place from November 15-17 at the Hefei Binhu International Convention and Exhibition Center, aiming to facilitate precise connections between exhibitors and professional audiences [2][10] - The exhibition will include various activities such as industry exchange meetings and award ceremonies to provide more opportunities for collaboration [12]

Investment Rating - The report does not explicitly state an investment rating for the seasoning industry Core Insights - The seasoning industry in China is experiencing a transformation driven by the expansion of chain restaurants, leading to a growing demand for customized compound seasonings [4][30] - Basic seasonings are showing stable growth, while compound seasonings are witnessing explosive growth, with a compound annual growth rate (CAGR) of 10.2% from 2019 to 2024 [11][26] - The market for basic seasonings is becoming saturated, with zero growth observed in 2023, indicating a shift towards high-end and innovative products [11][25] Summary by Sections Current Status of the Seasoning Industry - Basic seasonings are expected to grow from CNY 322.4 billion in 2019 to CNY 371.6 billion in 2024, but growth rates are slowing [11] - Compound seasonings are projected to increase from CNY 85.7 billion in 2019 to CNY 126.5 billion in 2024, contributing 62% of the industry's growth [11][26] Drivers of Change in the Seasoning Industry - The rapid expansion of chain restaurants is creating a strong demand for standardized and customized seasoning solutions [45] - The shift towards convenience and health-conscious products is driving innovation in the seasoning market, with a focus on low-sodium and organic options [48][52] Competitive Landscape of the Seasoning Industry - The market is led by comprehensive seasoning companies such as Haitian and Lee Kum Kee, with a focus on product diversification and innovation [61] - The report highlights the importance of distribution channels, with online and community group buying emerging as significant growth areas [49][50] Future Development Trends - The seasoning industry is expected to continue evolving with a focus on health and convenience, as consumer preferences shift towards high-quality, low-additive products [25][48] - The report emphasizes the need for companies to adapt to changing consumer demands and invest in R&D to maintain competitive advantages [53][54]

Investment Rating - The report maintains a "Buy" investment rating for the company [7] Core Views - The company is expected to achieve a net profit attributable to shareholders of 160-170 million yuan for H1 2025, representing a year-on-year increase of 59%-69% [5] - The company continues to optimize its profitability through cost advantages and is expanding its product lineup, particularly in the health beverage sector [6] - The company is undergoing internal marketing reforms to enhance brand recognition and is steadily increasing its market share in the MSG segment [7] Summary by Sections Financial Performance - The company forecasts a net profit of 1.60-1.70 billion yuan for H1 2025, with a growth rate of 59%-69% year-on-year [5] - For Q2 2025, the expected net profit is 0.59-0.69 billion yuan, reflecting a year-on-year increase of 14%-34% [5] Product Development - The company is seeing strong growth in its core MSG business, with a downward trend in costs and significant contributions from retail packaging [6] - New products such as Matsutake Fresh, premium brewed soy sauce, and compound seasonings have all seen over 100% year-on-year revenue growth in H1 2025 [6] - The company is also entering the health beverage market with new products like red bean and coix seed water, which are expected to drive new growth [6] Profitability Forecast - The company is adjusting its EPS forecasts for 2025-2027 to 0.18, 0.24, and 0.30 yuan respectively, with corresponding PE ratios of 33, 25, and 20 times [7] - The company is expected to maintain a steady increase in revenue and net profit, with projected growth rates of 30.1% for 2025 and 63.8% for the same year in net profit [10]

Core Viewpoint - Lianhua Holdings has announced a significant increase in net profit for the first half of 2025, projecting a year-on-year growth of over 50%, yet has not issued any dividends despite strong performance [1][2]. Group 1: Financial Performance - For the first half of 2025, Lianhua Holdings expects a net profit between 160 million to 170 million yuan, representing a year-on-year increase of 58.67% to 68.59% [2]. - The company achieved a net profit of 130 million yuan in 2023, marking a year-on-year growth of 181.26%, and 203 million yuan in 2024, with a growth of 55.92% [2]. - The revenue for 2023 was 2.101 billion yuan, up 24.23%, and for 2024, it was 2.646 billion yuan, an increase of 25.98% [2]. Group 2: Product Development and Strategy - The high growth in 2025 is attributed to the successful development and sales of new products, with several new offerings like Matsutake Fresh and Premium Brewed Soy Sauce seeing revenue growth exceeding 100% [2]. - Lianhua Holdings underwent significant strategic changes post-restructuring in 2019, focusing on governance, credit repair, strategic restructuring, and product innovation [3]. - The company launched a "Brand Revival Strategy" in 2022, emphasizing youthfulness, digitalization, internationalization, and innovation [3]. Group 3: Stock Performance - Following its restructuring, Lianhua Holdings' stock price has seen substantial growth, with a peak increase of over six times from its lowest point in 2019 [4]. - The stock price reached a high of 8.24 yuan in 2023, with a dynamic price-to-earnings ratio exceeding 160 times [4]. - As of July 11, 2025, the closing price was 6.23 yuan, with a dynamic P/E ratio of 43.94 times [4]. Group 4: Dividend Policy - Lianhua Holdings has only issued cash dividends once since its listing in 1998, in 2001, and has not distributed dividends since its restructuring in 2019 [6][7]. - The company's retained earnings have remained negative since 2010, with a deficit of 1.32 billion yuan in 2010 and worsening to 1.176 billion yuan by 2024 [6][7]. - The company's dividend policy stipulates that dividends can only be distributed if there are positive retained earnings, making short-term dividends unlikely [7].

Group 1: Company Performance Forecasts - Zhujiang Beer expects a net profit of 575 million to 625 million yuan for the first half of 2025, representing a growth of 15% to 25% [1] - Yanjing Beer anticipates a net profit growth of 40% to 50%, estimating between 1.062 billion to 1.137 billion yuan [2] - Lianhua Holdings projects a net profit increase of 58.67% to 68.59%, estimating between 160 million to 170 million yuan [5] - Tianbang Foods expects a net profit of 350 million to 370 million yuan, a decline of 56.01% to 58.39% [7] - Muyuan Foods forecasts a net profit of 10.5 billion to 11 billion yuan, a significant increase of 924.60% to 973.39% [8] - Bubu Gao anticipates a net profit of 180 million to 220 million yuan, indicating a turnaround to profitability [10] Group 2: Strategic Developments - Ferrero has agreed to acquire WK Kellogg Co for $23 per share, totaling an enterprise value of $3.1 billion [3] - Zhongju Gaoxin elected Li Ruxiong as chairman and Yu Jianhua as vice chairman during its board meeting [4] - Tea Yan Yue Se is expanding into North America through e-commerce, launching nearly 40 products [9][10] - Yonghui Supermarket has issued a public letter to suppliers, emphasizing a commitment to fair competition and quality standards [12]