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].

投资评级：增持（维持） 证券研究报告|公司专题报告 食品饮料 2025年8月8日 IFBH（6603.HK）： 椰子水行业高增势能延续，龙头优势助力前行 分析师：张东雪（S1350525060001） 分析师：林若尧（S1350525070002） 请务必仔细阅读正文之后的评级说明和重要声明 椰子水产业链分工明确，原料属性决定上游稳定性为供应链关键环节 盈利预测：我们预计公司2025-2027年归母净利润分别为0.43/0.56/0.7亿美元，同比增速分别为+29.5%/+28.77%/+25.12%，考虑 到公司所处赛道景气度高，且未来业绩增速预计维持较高水平，维持"增持"评级。 风险提示：过度依赖外部资源所产生的风险、原材料价格波动风险、国内市场竞争加剧的风险 2 椰子水市场高景气度有望维持，格局仍具较大改善空间。椰子水饮料作为天然健康饮品，近年来市场规模迅速提升，但规模 绝对额也仅10亿美元出头，和其他饮料品类规模相比仍较小，渗透率持续提升下预计规模增长具备较强可持续性。由于椰子 水产品原材料主要就是椰子水本身，因此产品的原材料属性偏重，竞争环节更靠近上游，短期内行业景气度保持较高水平， 吸引众多参与者 ...