9月1日12点，北纬35度以北我国管辖的渤海和黄海海域结束为期4个月的伏季休渔期。3万余艘渔船，从辽 宁省、河北省、山东省等地各大渔港出发，开启新的捕捞季。 在山东蓬莱，首批出海捕捞的渔船陆续回港。9月1日下午6点左右，在西山渔港码头，渔民们忙着分拣海 鲜。 渔民：第一网打了六七箱蟹，六七箱虾爬（皮皮虾），出海第一网打得不错，挺满意。 随着渔船满载而归，岸上的海鲜市场也热闹了起来。等候多时的消费者围拢上去，讨价还价声此起彼伏。 据了解，今年开海第一网螃蟹大丰收，价格比往年便宜了不少，平均每斤十元左右。 消费者：螃蟹十元/斤，感觉挺便宜的。蟹子煮着吃，海兔可以酱起来，小鱼红焖，期待已久的开海。 据介绍，连续实施多年的伏季休渔期政策，对海洋资源的保护作用明显，渔民表示，开海后各种海鲜的数 量明显增加。 ...

证券研究报告：食品饮料 | 公司点评报告 传统渠道表现弱势，静待下半年逐季改善 ⚫ 事件 公司 2025 年上半年实现营业收入/归母净利润/扣非净利润 11.24/1.12/0.87 亿元，同比-0.5%/-21.86%/-28.94%。公司单 Q2 实 现营业收入/归母净利润/扣非净利润 5.28/0.44/0.34 亿元，同比- 10.37%/-36.27%/-47.49%。 发布时间：2025-09-01 股票投资评级 买入|维持 公司基本情况 | 最新收盘价（元） | 13.32 | | --- | --- | | 总股本/流通股本（亿股）4.51 / 3.00 | | | 总市值/流通市值（亿元）60 / 40 | | | 52 周内最高/最低价 | 15.65 / 10.19 | | 资产负债率(%) | 34.0% | | 市盈率 | 20.34 | | 第一大股东 | 周劲松 | 研究所 分析师:蔡雪昱 SAC 登记编号:S1340522070001 Email:caixueyu@cnpsec.com 分析师:杨逸文 SAC 登记编号:S1340522120002 Email:yangyiwe ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is expected to focus on high-potential BC channels in offline sales for 2025, while actively promoting membership supermarket collaborations. The volume channel is anticipated to maintain high growth through SKU expansion. Online channels are expected to improve exposure through integrated product promotion, aiming to recover performance on platforms like Douyin [5] - For Q4 2024, the company achieved total revenue of 640 million yuan (up 11.9%) and a net profit attributable to shareholders of 77 million yuan (up 0.3%). The annual revenue for 2024 reached 2.412 billion yuan (up 16.8%), with a net profit of 291 million yuan (up 39.0%) [6] - The company’s offline and online revenue for 2024 is expected to grow by 22.6% and decline by 6.2% respectively, with offline channels meeting the company's initial targets while online channels await the effects of reforms [6] Financial Performance Summary - In Q4 2024, the company's gross margin was 30.99%, a year-on-year decrease of 1.6 percentage points, primarily due to a 5.6% increase in anchovy costs. The overall gross margin for 2024 improved due to cost reductions and economies of scale [6] - The company’s net profit margin for Q4 2024 was 12.0%, reflecting a year-on-year decrease of 1.5 percentage points, while the annual net profit margin was 12.2%, an increase of 1.9 percentage points [6] - The company’s revenue projections for 2025-2027 are 2.757 billion yuan, 3.127 billion yuan, and 3.518 billion yuan respectively, with corresponding net profits of 317 million yuan, 370 million yuan, and 431 million yuan [7][9]