该行预期，颐海国际第三方收入下半年可望提速，全年或可达成双位数增长目标。该行指出，公司主要 受惠于B端及海外业务的持续良好表现，及新品对整体收入的持续拉动，B端底料团队于今年次季建 立，下半年可望录得更显著贡献。同时，考虑到原物料价格保持稳定，销售、一般及行政费用持续改 善，预期全年净利润率亦可望维持稳定。 中金发布研报称，颐海国际(01579)上半年收入同比增长0.02%，纯利同比升0.4%，派息比率89%，整体 表现符合预期。期内，B端餐饮客户表现亮眼，收入同比升131.7%，海外业务增34%，其中该行预期海 外第三方业务增逾50%。该行上调集团今年盈测3%至8.2亿元人民币，上调目标价20%至18港元，续 予"跑赢行业"评级。 ...

该行预期，颐海国际第三方收入下半年可望提速，全年或可达成双位数增长目标。该行指出，公司主要 受惠于B端及海外业务的持续良好表现，及新品对整体收入的持续拉动，B端底料团队于今年次季建 立，下半年可望录得更显著贡献。同时，考虑到原物料价格保持稳定，销售、一般及行政费用持续改 善，预期全年净利润率亦可望维持稳定。该行上调集团今年盈测3%至8.2亿元，上调目标价20%至18港 元，续予"跑赢行业"评级。 中金发表研究报告指，颐海国际上半年收入按年增长0.02%，纯利按年升0.4%，派息比率89%，整体表 现符合预期。期内，B端餐饮客户表现亮眼，收入按年升131.7%，海外业务增34%，其中该行预期海外 第三方业务增逾50%。 ...

Core Viewpoint - The company reported Q1 2025 earnings that fell short of expectations, with revenue and net profit declining significantly year-on-year, leading to a slight downward revision of profit forecasts for 2025-2027 [1][2]. Group 1: Financial Performance - Q1 2025 revenue and net profit were 640 million and 70 million yuan, respectively, representing year-on-year declines of 24.8% and 57.5% [1]. - The revenue drop was attributed to early inventory stocking for the Spring Festival, channel inventory clearance, and slightly lower-than-expected demand recovery [1]. - The gross margin for Q1 2025 decreased by 3.3 percentage points year-on-year to 40.7%, while the net profit margin fell by 8.56 percentage points year-on-year [2]. Group 2: Cost and Expense Analysis - The company experienced an increase in expense ratios across sales, management, finance, and R&D, primarily due to a decrease in revenue volume while maintaining stable absolute expense values [2]. - The company is expected to control expenses effectively throughout 2025, particularly by reducing spending in traditional supermarket channels and increasing investment in small B channels [3]. Group 3: Strategic Outlook - The company is focusing on strengthening its position in the C-end channel and has made breakthroughs in e-commerce platforms like Douyin and Xiaohongshu [3]. - The completion of acquisitions such as Shicui and Jiadian Zhiwei is anticipated to enhance the company's channel capabilities and support long-term growth [3]. - The company is actively preparing for seasonal products, such as crayfish seasoning, which is expected to drive revenue recovery in Q2 2025 [1].