2025 年 8 月 27 日 公司研究 业绩基本符合预期，第三方 B 端营收表现亮眼 ——颐海国际（1579.HK）2025 年中报点评 买入（维持） 当前价：14.73 港元 作者 分析师：陈彦彤 执业证书编号：S0930518070002 021-52523689 chenyt@ebscn.com 分析师：汪航宇 执业证书编号：S0930523070002 021-52523174 wanghangyu@ebscn.com 分析师：聂博雅 执业证书编号：S0930522030003 021-52523808 nieboya@ebscn.com | 市场数据 | | | --- | --- | | 总股本(亿股) | 10.37 | | 总市值(亿港元)： | 152.71 | | 一年最低/最高(港元)： | 9.73/17.41 | | 近 3 月换手率： | 22.17 | 股价相对走势 | 收益表现 | | | | | --- | --- | --- | --- | | % | 1M | 3M | 1Y | | 相对 | 6.59 | -3.79 | -5.55 | | 绝对 | 8.09 | 8 ...

证券研究报告 | 2025年08月27日 颐海国际（01579.HK） 优于大市 第三方销量表现稳健，海外渠道进展顺利 | 盈利预测和财务指标 | | 2023 | 2024 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | --- | | 营业收入(百万元) | | 6,148 | 6,540 | 6,865 | 7,409 | 7,888 | | (+/-%) | | 0.0% | 6.4% | 5.0% | 7.9% | 6.5% | | 归母净利润(百万元) | | 853 | 739 | 773 | 859 | 935 | | (+/-%) | | 14.9% | -13.3% | 4.6% | 11.1% | 8.8% | | 每股收益（元） | | 0.82 | 0.71 | 0.75 | 0.83 | 0.90 | | EBIT | Margin | 19.4% | 16.9% | 17.8% | 18.2% | 18.4% | | 净资产收益率（ROE） | | 17.7% | 16.2% | 16.6% | 17 ...

证券研究报告 | 2025年08月27日 颐海国际（01579.HK） 优于大市 第三方销量表现稳健，海外渠道进展顺利 投资建议：由于消费环境仍然较弱，我们下调此前盈利预测，2025-2027 年 公司实现营业总收入 68.7/74.1/78.9 亿元（前预测值为 71.3/77.1/82.6 亿 元），同比 5.0%/7.9%/6.5%；2025-2027 年公司实现归母净利润 7.7/8.6/9.3 亿元（前预测值为 8.2/9.1/10.0 亿元），同比 4.6%/11.1%/8.8%；实现 EPS0.75/0.83/0.90 元；当前股价对应 PE 分别为 18.5/16.6/15.3 倍。维持 "优于大市"评级。 | 盈利预测和财务指标 | | 2023 | 2024 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | --- | | 营业收入(百万元) | | 6,148 | 6,540 | 6,865 | 7,409 | 7,888 | | (+/-%) | | 0.0% | 6.4% | 5.0% | 7.9% | 6 ...

别增长2.1%、0.4%、131.8%。 机构：中泰证券 研究员：熊欣慰 事件：公司2025H1 实现主营收入29.27 亿元，同比持平；实现归母净利润3.10 亿元，同比增长0.4%。 第三方B 端和海外增长强劲，大单品表现良好。2025H1 第三方实现收入20.64 亿元，同比增长6.5%。 （1）分品类看：第三方火锅调料收入9.25 亿元，同比增长7.5%（量+13.3%、价-5.1%、毛利 率-2.9pct），主要受益于新的牛油火锅底料和新口味火锅蘸料推出；中式复调收入4.51 亿元，同比增长 4.8%（量+10.6%、价-5.3%、毛利率-0.1pct），主要受益于B 端客户需求增加；方便速食收入6.45 亿 元，同比增长3.5%（量+15.1%、价-10.1%、毛利率-0.9pct），主要受益于回家煮系列新品增加。（2） 从单品看：2025H1 牛油火锅底料增长20.5%至2.26 亿元，蘸料增长12.6%至1.86 亿元；鱼调料增长 15.1%至0.59 亿元，24 道菜系列增长17.5%至0.32 亿元；速食回家煮系列增加0.30 亿元至0.37 亿元。 （3）分渠道看：2025H1 第三方经 ...

机构：华泰证券 研究员：樊俊豪/曾珺 公司公布1H25 业绩：收入29.27 亿元/yoy+0.02%，录得归母净利润3.09亿元/yoy+0.39%，对应归母净利 率10.6%/yoy+0.04pct，收入及利润端整体表现稳健。1H25 宣派每股股息0.3107 港元（对应人民币 0.2836 元），分红率95%，股东回馈优渥。期内公司不断捕捉需求端变化，完善产品研发机制，B 端产 品定制化能力提升。渠道端践行精细化管理，强化KA 终端管理，驱动第三方经销商渠道收入同比增长 2.1%。立足长期，公司持续推进供应链全球化布局和B 端能力建设，积极推进以增量利润为关键激励指 标的内部考核体系，盈利稳定性和经营韧性有望持续验证。维持"增持"评级。 3.7%/+8.2%/+1.2% ， 单公斤平均售价分别同比-1.9%/-8.2%/-6.5%，销量分别同 比-1.7%/+17.6%/+8.1%，火锅调味料销量受关联方采购量减少影响，B 端客户对复合调味料采购量增加 弥补其单价下滑影响。1H25 公司火锅调味料/复合调味料/方便速食毛利率分别达31.2%/33.6%/24.0%， 同比分别-0.1pct/-1.1pc ...

海外+第三方 B 端高增，关联方表现承压 调味发酵品Ⅱ 执业证书编号：S0740519080002 Email：xiongxw@zts.com.cn | 基本状况 | | | --- | --- | | 总股本(百万股) | 1,036.70 | | 流通股本(百万股) | 1,036.70 | | 市价(港元) | 14.78 | | 市值(百万港元) | 15,322.43 | | 流通市值(百万港 | 15,322.43 | | 元) | | 1、《第三方增长势能强劲，关联方期 待改善》2025-03-26 2、《颐海国际（1579.HK）_点评报告： 盈利》2024-08-28 颐海国际（01579.HK） 证券研究报告/公司点评报告 2025 年 08 月 26 日 公司点评报告 | 盈利预测表 | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 资产负债表 | | | | 单位:百万元 | 利润表 | | | | 单位:百万元 | | 会计年度 | 2024A | 2025E | 2 ...

8 月 25 日公司发布半年报业绩，25H1 实现营收 29.27 亿元，同比 增长 0.02%；实现归母净利润 3.09 亿元，同比增长 0.39%，业绩 符合预期。 第三方边际改善，关联方高基数下承压，其他餐饮客户翻倍增长。 25H1 关联方/第三方/其他餐饮客户收入分别为 8.64/19.03/1.55 亿元，同比-12.68%/+1.95%/+131.75%。分产品来看，中式复调、 方便速食受益于新客户拓展，及新品或大单品渗透率提升，实现稳 步增长。火锅调料主要系关联方拖累下滑，25H1 火锅底料/中式复 调/方便速食销售额分别为 16.83/4.92/7.09 亿元，分别同比- 3.70%/+8.22%/+1.22%。从量价角度看，针对关联方上半年持续调 价，叠加其他 B 端客户拓展，价的维度均有承压，火锅底料/中式 复调/方便速食 25H1 单价分别同比-1.94%/-8.19%/-6.51%。 关联方调价仍有压力，内部结构变化积极对冲。25H1 年公司毛利 率/净利率分别为 29.55%/10.57%，同比-0.43pct/+0.04pct，整体 毛利率下滑系关联方客户降本增效传导压力，25H1 ...

Core Insights - The leading brand in the bulk snack industry, "好想来," has successfully entered the Taobao Flash Purchase platform, significantly increasing its market reach and sales volume [1][4] - The brand has experienced over 200% growth in order volume for three consecutive months since joining the platform, with online new customer acquisition exceeding 90% [1][4] Group 1: Market Expansion - "好想来" has integrated nearly 5,000 stores into Taobao Flash Purchase by the end of July, effectively tapping into a new market within a 3-5 kilometer radius [1][3] - The platform has allowed "好想来" to reach new users beyond the traditional 1-2 kilometer range, enhancing customer base expansion and channel upgrades [3][4] Group 2: Product Strategy - The company has optimized its product structure and warehousing strategy to align with instant retail consumption patterns, offering an average of 1,500-2,000 SKUs per store [3][4] - Seasonal and scenario-based product offerings have been introduced, such as summer ice cream combinations and autumn snack gift boxes, which have boosted conversion rates and brand recognition [3][4] Group 3: Sales Performance - Since the launch of Taobao Flash Purchase, there has been a three-digit growth in orders for various snack categories, including processed foods, snacks, and desserts [4] - The platform has enabled 395 non-food brands to achieve monthly sales exceeding one million, with 66 brands surpassing ten million, indicating a robust growth environment for snack brands [4]

Core Viewpoint - The company is accelerating its product structure transformation by focusing on the "three meals and one table" concept, enhancing its growth engine through various strategies including professional operations, full industry chain integration, and deep channel cultivation [1][2]. Group 1: Product Transformation - The company has introduced new dish and preparation products that have become popular among families, catering to the trend of consumption upgrading and industrialization in the food sector [1]. - The focus on "one bowl of rice, one meal, one table of dishes" aims to make high-quality products more accessible to households [2]. Group 2: Strategic Development - In January 2021, the company established a catering division to integrate food ingredient research, production, sales, and store operations, covering multiple fields including meat, eggs, dairy, vegetables, and grains [2]. - The construction of a third industrial park was initiated in 2022 to further expand the catering business, focusing on developing home-style and table-ready Chinese dishes [2]. Group 3: Industry Chain Collaboration - The company leverages its extensive resources, including the largest pork and product industry chain in the country, to support its catering business with a stable supply chain [3]. - A strong research and development capability, supported by national-level technology centers and a dedicated team, ensures product innovation and quality [3]. Group 4: Channel Development - The company has built an "online + offline" channel matrix, enhancing cooperation with major restaurant chains and supermarkets to increase product penetration [4]. - Community deli stores are being revamped to improve consumer experience, with plans to open 100 new community stores by 2025 [5]. Group 5: Market Positioning - The company is transitioning from traditional meat processing to deepening its presence in the catering sector, meeting core consumer needs for daily meals and injecting new momentum into industry development [5].

Core Insights - The company is accelerating its product structure transformation by enhancing its catering business layout to meet the growing consumer demand for high-quality and convenient dining options [1][2] Group 1: Business Strategy - The establishment of the catering division in January 2021 is a strategic move to integrate resources across the entire supply chain, focusing on food ingredient research, production, sales, and service [1][2] - The company aims to create a leading catering ingredient supply chain platform by enhancing store construction and service to restaurant terminals [1][2] Group 2: Product Development - The company has launched a new industrial park and developed a range of Chinese dishes aimed at home dining, integrating various food resources to create new business models [1][2] - The catering division has formed five product categories: pre-cut, semi-finished, ready-to-eat dishes, convenient meals, and marinated foods, continuously developing new products to cater to diverse regional consumer needs [2] Group 3: Market Expansion - The company is building a comprehensive "online + offline" channel network, focusing on B-end business growth through strategic partnerships with major restaurant chains and supermarkets [3] - Plans are in place to open 100 new community delicatessen stores within a year, enhancing market coverage and improving brand image through upgraded store designs [4]