证 券 研 究 报 告 安井食品（603345）2025 年中报点评 强推（维持） 当前承压，布局修复 目标价：100 元 事项： 评论： ❖ 风险提示：新品拓展不及预期、行业竞争加剧、食品安全问题等。 [ReportFinancialIndex] 主要财务指标 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 15,127 | 15,778 | 17,055 | 18,352 | | 同比增速(%) | 7.7% | 4.3% | 8.1% | 7.6% | | 归母净利润(百万) | 1,485 | 1,411 | 1,541 | 1,720 | | 同比增速(%) | 0.5% | -5.0% | 9.2% | 11.6% | | 每股盈利(元) | 4.46 | 4.23 | 4.62 | 5.16 | | 市盈率(倍) | 17 | 18 | 17 | 15 | | 市净率(倍) | 2.0 | 1.9 | 1.8 | 1.7 | 资料来源：公司公告，华创证券预测 注：股价为 2025 ...

公司主要会计数据和财务指标的说明 √适用 □不适用 报告期内，公司经营活动产生的现金流量净额-162,921,190.81 元，同比下降 132%，主要系 购买商品、接受劳务支付的现金较上年同期增加所致。 八. 境内外会计准则下会计数据差异 □适用 √不适用 九. 非经常性损益项目和金额 √适用 □不适用 单位:元 币种:人民币 非经常性损益项目 金额 附注（如适用） 非流动性资产处置损益，包括已计提资产减值 -129,027.87 准备的冲销部分 计入当期损益的政府补助，但与公司正常经营 业务密切相关、符合国家政策规定、按照确定 的标准享有、对公司损益产生持续影响的政府 补助除外 除同公司正常经营业务相关的有效套期保值业 务外，非金融企业持有金融资产和金融负债产 生的公允价值变动损益以及处置金融资产和金 融负债产生的损益 单独进行减值测试的应收款项减值准备转回 967,519.05 除上述各项之外的其他营业外收入和支出 -516,706.57 其他符合非经常性损益定义的损益项目 减：所得税影响额 23,347,305.12 少数股东权益影响额（税后） 819,269.61 合计 72,624,876.71 ...

承董事會命 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因倚 賴該等內容而引致的任何損失承擔任何責任。 ANJOY FOODS GROUP CO., LTD. 安井食品集團股份有限公司 （於中華人民共和國註冊成立的股份有限公司） （股份代號：2648） 本公告乃根據《香港聯合交易所有限公司證券上市規則》第13.10B條而作出。 茲 載 列 安 井 食 品 集 團 股 份 有 限 公 司（「 本公司 」）在 上 海 證 券 交 易 所 網 站 ( www.sse.com.cn )刊登的本公司2025年半年度報告（A股），僅供參閱。 安井食品集團股份有限公司 董事長兼執行董事 劉鳴鳴先生 中國廈門，2025年8月25日 於本公告日期，本公司董事會成員包括：(i)執行董事劉鳴鳴先生、張清苗先生、 章高路先生及黃建聯先生；(ii)非執行董事鄭亞南博士及戴凡先生；及(iii)獨立非 執行董事張梅女士、劉曉峰博士、趙蓓博士及張躍平先生。 公司代码：603345 公司简称：安井食品 2025 年半年度报告 ...

Group 1 - The core viewpoint of the news is that Shennong Group's stock performance and financial metrics indicate a significant growth potential compared to its industry peers, despite having a lower price-to-earnings (PE) ratio [1][2] - As of August 8, Shennong Group's closing price was 33.17 yuan, with a PE ratio of 18.94 times and a total market capitalization of 17.409 billion yuan [1] - The average PE ratio for the agriculture, animal husbandry, and fishery industry is 43.83 times, with Shennong Group ranking 34th among its peers [1][2] Group 2 - In the first quarter of 2025, Shennong Group reported a revenue of 1.472 billion yuan, representing a year-on-year increase of 35.97% [1] - The net profit for the same period was 229 million yuan, showing a remarkable year-on-year growth of 6510.85%, with a sales gross margin of 22.90% [1] - Eleven institutions, including 11 funds, held a total of 5.7814 million shares of Shennong Group, with a combined market value of 178 million yuan [1]

Group 1 - Chengdu is establishing a new pattern of government-enterprise communication, focusing on "responding to needs and not disturbing without reason" [1] - The New Jin District has introduced a "white, gray, black" credit regulatory system to enhance administrative efficiency and reduce interference in normal business operations [3][4] - The district aims to support businesses by implementing a credit classification management system, categorizing enterprises into three levels based on their credit status [4] Group 2 - The "white list" allows enterprises with good credit to receive an "exemption gold medal," significantly reducing the frequency of inspections [3][5] - From January to June, the frequency of inspections related to enterprises decreased by 8.6%, contributing to an economic growth of 6.9% [3] - The district has established a comprehensive enterprise credit database, collecting data from 38,000 business entities and over 8,000 credit records [3][4] Group 3 - The credit regulatory reform has led to a "de-burdening" effect, allowing companies to focus more on market expansion and production [5][6] - A leading domestic food company, which achieved sales of approximately 1.4 billion yuan from its popular product, has successfully reduced inspection frequency and is now expanding into international markets [5] - A new energy chain enterprise has set a production target of 1 billion yuan for this year, reflecting a 20% increase from the previous year, due to the confidence gained from the credit regulatory reforms [6]

Core Viewpoint - Shuanghui has initiated a new restaurant project aimed at upgrading its product and operational standards, planning to add 100 community deli stores in the next year to expand market coverage [1] Group 1: Company Strategy - Shuanghui's deli stores primarily focus on marinated dishes, offering a variety of products including fried chicken legs, grilled sausages, and crispy meat [1][2] - The company has been operating its deli store model for some time, with the latest upgrade to version 2.0 occurring in 2022 [1] - The new project involves standardizing products and operations, with a goal of opening 100 new community deli stores within a year [1] Group 2: Product Offering - Shuanghui's deli stores highlight its pork products while also expanding to chicken, beef, duck, cod, and vegetarian options, providing a diverse selection for consumers [2] - The stores offer both hot and cold marinated foods, as well as side dishes and fried snacks, including marinated pig's trotters, pig's head meat, and spicy chicken [4][5] Group 3: Market Presence - Most of Shuanghui's existing deli stores are located in northern China, particularly in Henan province, with over ten stores in its headquarters city of Luohe [5][6] - The company is exploring opportunities in southern regions like Guangzhou and Shenzhen, where it has opened one store in each city [6] Group 4: Industry Context - The marinated dish market has become increasingly competitive, with numerous brands, from large chains to small vendors, entering the space [1][13] - The growth rate of the marinated dish market has slowed, and the number of marinated food stores has started to decline [13] - Established competitors like Ziyuan Baiwei Chicken and Jiuduo Rouduo have already achieved significant scale, making it challenging for Shuanghui to capture market share as a latecomer [13] Group 5: Operational Challenges - While Shuanghui has extensive experience in meat production, operating restaurants requires different skills, including site selection, employee management, customer service, and marketing [13] - The increasing sophistication of marinated food brands in terms of operational efficiency poses additional challenges for Shuanghui as it seeks to establish its presence in this segment [13]

Core Viewpoint - The Chinese catering supply chain industry is undergoing an efficiency revolution, driven by the increasing demand for standardized and efficient supply chains due to rising consumer expectations and market growth [1] Group 1: Industry Overview - Since 2020, the capital market's interest in the catering supply chain sector has been rising, with the Wande seasoning/prepared food concept index growing by 88% and 82% from March 2019 to May 2021 [1] - The catering market is primarily composed of small and medium-sized operators, with a projected chain rate of only 20.1% by 2024, indicating significant room for growth and consolidation [1] Group 2: Key Trends - **Pre-prepared Ingredients**: The trend towards pre-prepared ingredients represents a shift towards industrialized production in the food sector, with the catering supply chain market size estimated at approximately 2.4 trillion yuan, and the number of processing enterprises expected to reach 890,000 by April 2025 [2] - **Catering Snackification**: The shift towards snackification reflects changing consumer lifestyles and preferences, with products becoming lighter and more retail-oriented, leading to a 10% growth in community supermarkets and an impressive 76% growth in snack discount stores in 2023 [3] Group 3: Comparative Analysis - The U.S. catering supply chain was valued at approximately $382 billion in 2022, with Sysco achieving $78.8 billion in revenue by 2024 through extensive acquisitions, showcasing the potential for growth in the Chinese market [4] - Japan's frozen prepared food industry has matured, with companies like Kobe Bussan achieving a 12% compound revenue growth through vertical integration, serving as a benchmark for cost-effective franchise models [4] Group 4: Future Outlook - The catering supply chain industry is entering a new phase where inefficient producers face significant survival pressure, leading to an expected optimization of supply-side dynamics, favoring leading companies with established capacity and efficiency barriers [5] - Companies that understand consumer needs and adapt to changes are more likely to maintain stability and seize long-term growth opportunities during industry adjustments [5]

Core Viewpoint - The 2025 China (Beijing-Tianjin-Hebei) Catering Industry Expo and the 2025 Third China Beijing-Tianjin-Hebei Food Ingredients E-commerce Festival successfully opened, showcasing a wide variety of food ingredients and promoting innovation in the catering industry across the three regions [1][2]. Group 1: Event Overview - The event attracted over 20,000 professional visitors from Beijing-Tianjin-Hebei and surrounding provinces, with a bustling atmosphere in the 50,000 square meters exhibition area [1]. - Key figures from various culinary associations and companies delivered speeches, emphasizing the expo's role in promoting collaborative innovation and resource integration in the catering industry [1]. Group 2: Regional Cuisine and Innovations - The president of the Hebei Hotel Cooking and Catering Industry Association presented the updated achievements of Hebei cuisine, including a list of must-try dishes and restaurants to enhance regional culinary development [2]. - Various local food trade companies showcased unique products, such as dried chicken and various types of noodles, attracting significant interest from attendees [2][4]. Group 3: Competitions and Industry Development - An innovative cooking competition featured chefs from Hebei, showcasing their skills in preparing the famous "Golden Hair Lion Fish," resulting in over a hundred unique dishes [4]. - The Hebei Cuisine Industry Development Conference highlighted innovations in the local pancake and health food industries, along with the release of a list of the top 50 barbecue enterprises in Hebei [6]. Group 4: Supply Chain and Efficiency - A one-stop precise procurement meeting was held to enhance efficiency and reduce unnecessary costs for supply and demand enterprises within the food ingredient industry [8]. - Concurrent events included a cooking competition for Beijing roast duck and a commercial kitchen design competition, focusing on innovative solutions for optimizing kitchen space and improving operational efficiency in the catering sector [8].

Group 1 - The core viewpoint of the news is that Shennong Group's stock performance is under pressure, with a significant drop in share price and a low PE ratio compared to the industry average [1] - As of the first quarter of 2025, Shennong Group reported a revenue of 1.472 billion yuan, representing a year-on-year increase of 35.97%, and a net profit of 229 million yuan, showing a remarkable year-on-year growth of 6510.85% [1] - The company operates primarily in feed processing and sales, pig farming and sales, pig slaughtering, and fresh pork food sales, with key products including feed, commodity pigs, piglets, and various pork products [1] Group 2 - Shennong Group's current PE ratio is 17.82, significantly lower than the industry average of 43.23 and the industry median of 43.11, ranking 34th in the industry [2] - The total market capitalization of Shennong Group is 16.38 billion yuan, with 12 institutions holding shares, including 10 funds and 1 social security fund [1][2] - The average PE ratio for the industry is 43.23, with the highest being 47.69 for other companies, indicating a competitive landscape in the agricultural and livestock sector [2]

Group 1 - The "Super League" match between Nanjing and Suzhou teams attracted significant attention, with a vibrant atmosphere created by the simultaneous opening of 11 football night markets in Suzhou for fans unable to attend the game in person [1] - The event at the Xiufu Square featured nearly 100 viewing seats and free food offerings, including dumplings, bagels, beer, and milk tea, enhancing the experience for attendees [1] - The large 12-square-meter projection screen at the Suzhou Municipal Conference Center displayed the match, generating excitement and engagement among fans, creating an atmosphere comparable to being at the live event [1] Group 2 - The newly established food area at the football night market included popular snacks such as canned beer, crayfish, and fries, attracting a large number of fans and families [2] - Fans expressed that watching the game at the football night market provided a unique and enjoyable experience, fostering a sense of community and excitement that is not felt when watching at home [2] - The atmosphere at the night market was described as vibrant and engaging, allowing fans to enjoy football while experiencing the lively ambiance of the city [2]