Core Viewpoint - The performance of Ziyan Food Group Co., Ltd. continues to decline in the first half of 2025, with both revenue and net profit decreasing, raising market concerns [1][2]. Financial Performance - In the first half of 2025, the company achieved operating revenue of 1.473 billion yuan, a year-on-year decrease of 11.46% [1]. - The net profit attributable to shareholders was 105 million yuan, with a significant year-on-year decline of 47.2% [1]. - The company's revenue has been on a downward trend for three consecutive years, with a 1.46% decline in 2023 and a 5.28% decline in 2024 [2]. - Despite a quarter-on-quarter improvement of 61.3% in Q2 2025, the revenue still fell by 6.16% year-on-year [2]. - The gross profit margin decreased from 24.79% in 2024 to 22.24% in 2025, while the net profit margin fell to 7.35% [2]. Cost and Expense Analysis - Rising labor costs are identified as a significant factor contributing to the decline in gross profit [2]. - Logistics costs have also increased, adding to overall cost pressures [2]. - Sales expenses grew by 2.25% year-on-year, while financial expenses surged by 395.39% due to increased short-term loan interest and foreign exchange losses [2]. Product and Market Structure - Fresh products remain the main revenue driver, accounting for 77.96% of total revenue in the first half of 2025, with "husband and wife lung slices" and whole poultry being key products [3]. - Pre-packaged and other products saw a revenue increase of over 40%, but still only accounted for 17.09% of total revenue [3]. - The company faces regional dependency issues, with 68.96% of revenue coming from the East China region, indicating a lack of nationwide market penetration [3]. Debt and Expansion Challenges - The asset-liability ratio rose to 49.31%, an increase of 11.98 percentage points year-on-year, highlighting short-term debt repayment pressures [4]. - Inventory turnover days increased to 24.89 days, indicating declining operational efficiency [4]. - Despite ongoing efforts to expand into North America and Australia, overseas revenue remains minimal at 6.4873 million yuan, raising questions about the balance between short-term investments and long-term returns [4]. - The industry faces structural challenges such as product homogenization and shifts towards healthier consumption, which may impact the company's strategic initiatives [4].

Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Viewpoints - The company's total revenue for H1 2025 is 1.473 billion yuan, a year-on-year decrease of 11.46%. The net profit attributable to the parent company is 105 million yuan, down 47.2% [2][5]. - In Q2 2025, total revenue is 909 million yuan, a decrease of 6.16%, with a net profit of approximately 89.36 million yuan, down 37.99% [2][5]. - The company is focusing on improving its overseas supply chain layout, particularly in the North American market and through the establishment of a processing base in Nepal [10]. Financial Performance - The company's gross profit margin decreased by 2.55 percentage points to 22.24% in H1 2025, while the net profit margin fell by 4.81 percentage points to 7.1% [10]. - The company expects net profits for 2025, 2026, and 2027 to be 212 million, 266 million, and 321 million yuan respectively, with corresponding EPS of 0.51, 0.64, and 0.78 yuan [10]. Revenue Breakdown - In Q2 2025, revenue from various product categories showed mixed results: "夫妻肺片" down 15.90%, "整禽类" down 19.59%, "香辣休闲类" up 9.84%, "其他鲜货" down 24.40%, and "预包装产品" up 87.84% [10]. - Revenue from different channels in Q2 2025: distribution down 12.03%, direct sales up 71.98%, and other channels up 22.48% [10]. - The overseas revenue for the first half of 2025 reached 6.4873 million yuan, a significant increase of 403.29% [10]. Market Strategy - The company has successfully penetrated the North American market by partnering with Chinese supermarkets and opening direct stores in New York [10]. - A new high-tech slaughterhouse and water buffalo breeding center is being established in Nepal, which is expected to significantly reduce beef import costs [10].

证券代码：603057 证券简称：紫燕食品 公告编号：2025-057 3、主营业务按区域分类情况： | | 单位：元 | 币种：人民币 | | --- | --- | --- | | 分地区 | 2025 年 1-6 月 | | | | 金额 | 占比 | | 华东 | 998,954,071.17 | 68.96% | | 华中 | 166,508,156.54 | 11.49% | | 西南 | 142,540,880.93 | 9.84% | | 华北 | 55,043,560.88 | 3.80% | | 华南 | 40,716,101.82 | 2.81% | | 西北 | 20,044,365.65 | 1.38% | | 东北 | 7,575,875.37 | 0.52% | | 境外 | 6,487,324.00 | 0.45% | | 其他 | 10,738,190.35 | 0.74% | | 主营业务收入小计 | 1,448,608,526.70 | 100.00% | 紫燕食品集团股份有限公司 2025 年半年度经营数据公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The company's total revenue for 2024 is projected at 3.363 billion yuan, a year-on-year decrease of 5.28%. The net profit attributable to shareholders is expected to be 346 million yuan, an increase of 4.5%, while the net profit excluding non-recurring items is estimated at 281 million yuan, up 1.28% [2][4]. - In Q4 2024, the total revenue is expected to be 676 million yuan, down 7.88%, with a net profit of -2.489 million yuan, indicating a reduction in losses, and a net profit excluding non-recurring items of -20.282 million yuan, showing an increase in losses [2][4]. - For Q1 2025, the total revenue is projected at 564 million yuan, a decline of 18.86%, with a net profit of 15.218 million yuan, down 71.8%, and a net profit excluding non-recurring items of 5.003 million yuan, down 87.09% [2][4]. Summary by Sections Financial Performance - The company’s revenue and profit are under pressure, with a significant decline in Q1 2025 compared to the previous year. The revenue for 2025 is expected to continue facing challenges due to store closures and external factors affecting consumer behavior [10]. - The company plans to establish a processing base in Nepal to mitigate cost fluctuations, investing up to 500 million yuan in its subsidiary [10]. - The company aims to maintain a high dividend policy, proposing a cash dividend of 5.2 yuan per 10 shares, with a total cash dividend of 340 million yuan for 2024, resulting in a payout ratio of 98.04% [10]. Earnings Forecast - The forecast for net profit attributable to shareholders for 2025, 2026, and 2027 is 271 million yuan, 312 million yuan, and 364 million yuan respectively, with corresponding EPS of 0.65 yuan, 0.75 yuan, and 0.88 yuan. The price-to-earnings ratio is projected to be 35, 30, and 26 times respectively [10].

点击注册小程序 查看完整报告 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 报告摘要 事件： 紫燕食品公布2024年年报和2025年一季报，2024年全年实现营业收入33.63亿元，同比-5.28%；归母净利 润3.46亿元，同比+4.50%；扣非归母净利润2.81亿元，同比+1.28%。其中，24Q4单季度实现营业收入6.76 亿元，同比-7.88%；归母净亏损249万元，上年同期为亏损992万元；扣非归母净亏损2028万元，上年同期 为亏损1524万元。25Q1单季度实现营业收入5.64亿元，同比-18.86%；归母净利润1522万元，同 比-71.80%；扣非归母净利润500万元，同比-87.09%。 各品类不同程度承压，外埠市场有所收缩 受终端消费需求及其他业态冲击影响，公司门店端业务阶段性承压，鲜货类 ...

Core Viewpoint - The company, Ziyan Food, reported a decline in revenue for 2024, with a total revenue of 3.363 billion yuan, down 5.28% year-on-year, while net profit increased by 4.50% to 346 million yuan [3] Group 1: Financial Performance - In Q4 2024, the company achieved a revenue of 676 million yuan, a decrease of 7.88% year-on-year, with a net loss of 2.49 million yuan compared to a loss of 9.92 million yuan in the same period last year [3] - For Q1 2025, the revenue was 564 million yuan, down 18.86% year-on-year, with a net profit of 15.22 million yuan, a significant drop of 71.80% [3] - The company's gross profit margin for 2024 was 22.93%, with a decline in Q1 2025 to 18.16%, attributed to rising import beef prices [5] Group 2: Product Category Performance - The fresh goods category saw a revenue of 2.804 billion yuan in 2024, down 6.65% year-on-year, with specific products like "Husband and Wife Lung Slices" and "Whole Chicken" experiencing declines of 9.84% and 8.95% respectively [4] - In Q4 2024 and Q1 2025, the fresh goods category generated revenues of 544 million yuan and 446 million yuan, reflecting year-on-year declines of 10.50% and 20.60% respectively [4] - The revenue from the core region, East China, decreased by 5.97% in 2024, while other regions like North China and South China saw declines of 18.20% and 16.41% respectively [4] Group 3: Cost and Expense Analysis - The sales expense ratio for 2024 was 5.24%, increasing to 6.21% in Q1 2025, indicating a rise in costs due to declining revenue [5] - The management expense ratio also increased from 5.24% in 2024 to 8.43% in Q1 2025, reflecting the impact of reduced scale effects [5] - The net profit margin for 2024 was 10.30%, which dropped to 2.70% in Q1 2025, showing significant pressure on profitability [5]