丨证券研究报告丨 [Table_scodeMsg1] 公司研究丨点评报告丨五芳斋（603237.SH） [Table_Title] 五芳斋 2025 年三季报点评：中秋错期影响三季 度表现，基本盘整体稳定 报告要点 [Table_Summary] 公司 2025Q1-Q3 营业总收入 19.85 亿元（同比-3.06%，下文皆为同比）；归母净利润 1.75 亿 元（-16.89%），扣非净利润 1.66 亿元（-17%）。2025Q3 营业总收入 3.94 亿元（-15.68%）； 归母净利润-1961.96 万元（+15.01%），扣非净利润-2335.21 万元（+10.64%）。 分析师及联系人 [Table_Author] 董思远 范晨昊 SAC：S0490517070016 SAC：S0490519100003 SFC：BQK487 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 [Table_scodeMsg2] 五芳斋（603237.SH） cjzqdt11111 [Table_Title 五芳斋 20252]年三季报点评：中秋错期影响三季 度表现 ...

Investment Rating - The report maintains a "Recommendation" rating for Guangzhou Restaurant (603043) with a target price of 22.98 CNY [1][7]. Core Views - The company reported Q3 2025 revenue of 2.293 billion CNY, a year-on-year increase of 4.7%, and a net profit attributable to shareholders of 410 million CNY, up 5.33% year-on-year. For the first nine months of 2025, revenue reached 4.285 billion CNY, growing 4.43% year-on-year, while net profit was 449 million CNY, a slight increase of 0.31% year-on-year. The performance in Q3 showed significant recovery compared to the first half of the year, driven by effective marketing activities during peak seasons [1][7]. Financial Performance Summary - Total revenue projections for 2024A, 2025E, 2026E, and 2027E are 5,124 million CNY, 5,409 million CNY, 5,978 million CNY, and 6,560 million CNY respectively, with year-on-year growth rates of 4.6%, 5.6%, 10.5%, and 9.7% [3][8]. - Net profit attributable to shareholders is forecasted to be 494 million CNY in 2024A, increasing to 537 million CNY in 2025E, 594 million CNY in 2026E, and 674 million CNY in 2027E, with corresponding growth rates of -10.3%, 8.7%, 10.7%, and 13.5% [3][8]. - The company’s earnings per share (EPS) is projected to rise from 0.87 CNY in 2024A to 1.19 CNY in 2027E [3][8]. Business Segment Performance - The company’s restaurant business generated revenue of 1.131 billion CNY in the first nine months of 2025, up 3.88% year-on-year, while the food business revenue was 3.081 billion CNY, growing 4.80% year-on-year. The sales from other products amounted to 40 million CNY [7]. - The mooncake series, frozen foods, and other products achieved revenues of 1.458 billion CNY, 786 million CNY, and 838 million CNY respectively, with other products seeing a significant increase of 15.24% due to innovative product launches [7]. Cost Management and Financial Health - The company has strengthened cost control, with a Q3 2025 gross margin of 39.79%, an increase of 0.30 percentage points year-on-year. Sales and management expenses for the first nine months of 2025 were 390 million CNY and 306 million CNY, reflecting year-on-year changes of +6.91% and -7.61% respectively [7]. - Accounts receivable increased significantly to 520 million CNY, up 341.67% from the beginning of the year [7]. Investment Recommendations - The company’s dual business model of "restaurant + food" is progressing well, with a solid foundation in the restaurant and mooncake sectors. The report suggests that the company can maintain strong operational capabilities and cost control during the industry's supply elimination phase. The forecast for net profit for 2025, 2026, and 2027 has been adjusted to 540 million CNY, 590 million CNY, and 670 million CNY respectively, with corresponding growth rates of 8.7%, 10.7%, and 13.5% [7].

证券代码：603237 证券简称：五芳斋 公告编号：2025-080 浙江五芳斋实业股份有限公司 2025年前三季度主要经营数据的公告 根据上海证券交易所《上市公司行业信息披露指引第十四号——食品制造》 第十四条相关规定，现将浙江五芳斋实业股份有限公司（以下简称"公司"） 2025 年前三季度主要经营数据（未经审计）公告如下： 一、2025 年前三季度主要经营数据 2025 年前三季度公司实现营业收入 198,545.11 万元，其中主营业务收入 193,538.19 万元。具体主营业务收入构成情况如下： 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、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 | 区域 | 2025年前三季度 | 2024年前三季度 | 同比变动 | | --- | --- | --- | --- | | 华东地区 | 100,343.00 | 101,947.56 | -1.57% | | 华北地区 | 28,484.05 | 27,479.42 | 3.66% | | 华中地区 | 11,089.17 | 11,644.22 | -4.77% | ...

Core Viewpoint - Wufangzhai, known as the "first stock of zongzi," is planning to issue H-shares and list on the Hong Kong Stock Exchange to accelerate its internationalization strategy and enhance its overseas financing capabilities [1][4]. Group 1: Company Overview - Founded in 1921, Wufangzhai is one of the first "Chinese Time-honored Brands" and was listed on the Shanghai Stock Exchange in 2022 [2]. - The company operates in two main business segments: food and catering, with its product lines including zongzi, mooncakes, and other food items [2]. Group 2: Financial Performance - Wufangzhai's revenue for 2022-2024 is projected to be 24.62 billion, 26.35 billion, and 22.51 billion respectively, showing a decline of 14.87% in 2022, an increase of 7.04% in 2023, and a decline of 14.57% in 2024 [2]. - The net profit attributable to shareholders for the same period is expected to be 1.38 billion, 1.66 billion, and 1.42 billion, with a decrease of 29.01% in 2022, an increase of 19.74% in 2023, and a decrease of 14.24% in 2024 [2]. Group 3: Recent Developments - In the first half of the year, Wufangzhai reported a slight revenue increase of 0.66% to 15.92 billion, but net profit decreased by 16.70% to 1.95 billion [3]. - The company is currently in the preparatory stage for its H-share listing, which is expected to enhance its international market presence [3][4]. Group 4: International Expansion - Wufangzhai has been actively expanding its overseas market presence, establishing companies in Singapore, France, and Japan, with plans for new stores in Singapore's Changi Airport [4]. - Despite the ongoing internationalization efforts, revenue from overseas markets remains low, accounting for only 0.4% of total revenue in the first half of the year [4].

Company Overview - Wufangzhai, established on April 27, 1998, is located in Jiaxing, Zhejiang Province, and was listed on August 31, 2022. The company specializes in the research, production, and sales of glutinous rice-based food products [2] - The main revenue composition includes: Zongzi series 70.13%, Mooncake series 10.49%, Egg products, pastries, and others 10.48%, Meal series 5.98%, and Others 2.92% [2] Stock Performance - As of September 3, Wufangzhai's stock price decreased by 2.01% to 17.51 CNY per share, with a trading volume of 59.82 million CNY and a turnover rate of 1.72%, resulting in a total market capitalization of 3.452 billion CNY [1] - Year-to-date, the stock price has declined by 2.24%, with a 5-day drop of 2.18%, a 20-day decline of 0.62%, and a 60-day increase of 1.86% [2] Financial Performance - For the first half of 2025, Wufangzhai reported a revenue of 1.592 billion CNY, reflecting a year-on-year growth of 0.66%. However, the net profit attributable to shareholders decreased by 16.70% to 195 million CNY [2] - Since its A-share listing, Wufangzhai has distributed a total of 347 million CNY in dividends [3] Shareholder Information - As of June 30, 2025, the number of shareholders increased by 34.30% to 16,700, with an average of 7,295 circulating shares per shareholder, a decrease of 25.54% [2] - Among the top ten circulating shareholders, Dazhong Strategy Return Mixed A (090007) holds 1.2532 million shares, down by 969,300 shares from the previous period, while Dazhong Ruixiang Mixed A (008269) has exited the top ten list [3]

证券代码：603237 证券简称：五芳斋 公告编号：2025-056 浙江五芳斋实业股份有限公司 2025年半年度主要经营数据的公告 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、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 根据上海证券交易所《上市公司行业信息披露指引第十四号——食品制造》 第十四条相关规定，现将浙江五芳斋实业股份有限公司（以下简称"公司"） 2025 年半年度主要经营数据（未经审计）公告如下： 一、2025 年半年度主要经营数据 2025 年半年度公司实现营业收入 159,168.05 万元，其中主营业务收入 155,597.56 万元。具体主营业务收入构成情况如下： 1、按产品类别分类 2、按销售渠道分类 单位：万元 币种：人民币 产品类别 2025年半年度 2024年半年度 同比变动 粽子系列 133,087.44 132,589.27 0.38% 月饼系列 70.89 38.20 85.58% 餐食系列 7,084.89 6,648.24 6.57% 蛋制品、糕点及其他 15,354.34 15,828.72 -3.00% 合计 155,597 ...

Core Viewpoint - The article emphasizes the recruitment opportunities in the baking industry, highlighting the need for skilled professionals in various roles within leading companies like Xinmai Foods and DEMO. Company Overview - Xinmai Foods, established in 1997, is a leading enterprise in the baking industry with nearly 28 years of experience, focusing on OEM in Shanghai [5] - DEMO, founded in 2012, is a modern baking company located in Nanning, Guangxi, integrating product development, production, cold chain distribution, and physical stores [22] Company Strength and Scale - Xinmai Foods operates a 17,000 square meter modern factory with 10 production lines and 47 fully automated machines, achieving a daily production capacity of 6,000 tons and offering over 200,000 product combinations [6] - DEMO has 15 offline stores and a 3,000 square meter self-owned factory with a 100,000-level purification production workshop, ensuring superior production conditions [22] Research and Innovation - Xinmai has established global R&D centers in Shanghai and Tokyo to stay ahead of international baking trends, winning industry awards for products like the butterfly pastry and mooncakes [7] - DEMO focuses on promoting healthy baking concepts and uses high-quality ingredients, maintaining a commitment to fresh, handmade products [22] Recruitment Opportunities - Xinmai is forming a new core R&D team in Dongguan, seeking passionate individuals in baking to join their innovative platform [8] - Positions available at Xinmai include Baking R&D Engineer, responsible for product development and market adaptation [9][10][11][12][13] - DEMO is hiring for various roles, including Cake R&D Engineer, Cake Process Supervisor, Senior Cake Decorator, and Baker, with competitive salaries ranging from 4,000 to 15,000 [23][24][25][26] Employee Benefits - DEMO offers a reasonable promotion mechanism, training opportunities, holiday benefits, paid annual leave, and team-building activities [27]

Core Viewpoint - The article highlights the recruitment opportunities in the baking industry, specifically focusing on companies like Shanghai Xinmai Food and DEMO Daimu, which are seeking skilled professionals to enhance their product development and production capabilities [5][22]. Company Overview - Shanghai Xinmai Food has been a leading player in the baking industry since 1997, specializing in OEM services and offering a wide range of products [5]. - DEMO Damu, established in 2012, is a modern baking enterprise located in Nanning, Guangxi, focusing on product development, production, and healthy baking concepts [22]. Company Strength and Scale - Xinmai Food operates a 17,000 square meter modern factory with 10 production lines and 47 automated machines, achieving a daily production capacity of 6,000 tons and offering over 200,000 product combinations [6]. - DEMO Damu has 15 offline stores and a 3,000 square meter self-owned factory with a 100,000-level clean production workshop [22]. Research and Innovation - Xinmai Food has established global R&D centers in Shanghai and Tokyo to stay ahead of international baking trends, winning industry awards for its products [7]. - DEMO Damu emphasizes the use of high-quality ingredients and fresh baking, maintaining a commitment to using animal cream in its products [22]. Recruitment Opportunities - Xinmai Food is forming a new core R&D team in Dongguan, looking for baking R&D specialists with 3-5 years of experience, particularly in laminated and Danish pastry products [9][14]. - DEMO Damu is hiring for various positions, including cake R&D specialists, cake process supervisors, senior decorators, and bakers, with salaries ranging from 4,000 to 15,000 yuan [23][24][25][26]. Employee Benefits - DEMO Damu offers a reasonable promotion mechanism, training opportunities, holiday benefits, paid annual leave, and team-building activities [27].

Core Viewpoint - The article highlights the recruitment opportunities in the baking industry, specifically focusing on companies like Shanghai Xinmai Food and DEMO Daimu, which are seeking skilled professionals to enhance their product development and production capabilities [5][22]. Company Overview - Shanghai Xinmai Food has been a leading player in the baking industry since 1997, specializing in OEM services and offering a wide range of products [5]. - DEMO Damu, established in 2012, is a modern baking enterprise located in Nanning, Guangxi, focusing on product development, production, and healthy baking concepts [22]. Company Strength and Scale - Xinmai Food operates a 17,000 square meter modern factory with 10 production lines and 47 automated machines, achieving a daily production capacity of 6,000 tons and offering over 200,000 product combinations [6]. - DEMO Damu has 15 offline stores and a 3,000 square meter self-owned factory with a 100,000-level purification production workshop [22]. Research and Innovation - Xinmai Food has established global R&D centers in Shanghai and Tokyo to stay ahead of international baking trends, winning industry awards for its products [7]. - DEMO Damu emphasizes the use of high-quality ingredients and fresh baking, maintaining a commitment to using animal cream in its products [22]. Recruitment Opportunities - Xinmai Food is looking for a baking R&D specialist in Dongguan, focusing on the development of puff pastry and Danish products, with responsibilities including product innovation and technical guidance [9][10][11]. - DEMO Damu is hiring for various positions, including cake R&D specialists, cake process supervisors, senior decorators, and bakers, offering competitive salaries and benefits [23][24][25][26]. Employee Benefits - DEMO Damu provides a reasonable promotion mechanism, training opportunities, holiday benefits, paid annual leave, and team-building activities [27].

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - In Q1 2025, the company reported total revenue of 243 million yuan, representing a year-on-year increase of 17.24%. The net profit attributable to the parent company was -45.23 million yuan, indicating a reduction in losses, while the non-recurring net profit was -48.74 million yuan, also showing a reduction in losses [2][4]. - The company is expected to benefit from the upcoming Dragon Boat Festival sales peak, with significant growth anticipated in its main products, particularly the rice dumpling series, which saw a revenue increase of 37.27% to 124 million yuan [10]. - The company has optimized its cost structure, achieving an increase in net profit margin by 15.05 percentage points to -18.63% and a gross profit margin increase of 1.12 percentage points to 35.4% [10]. Summary by Sections Financial Performance - Q1 2025 total revenue was 243 million yuan, with a year-on-year growth of 17.24%. The company reduced its net losses, with a net profit of -45.23 million yuan and a non-recurring net profit of -48.74 million yuan [2][4]. - The company’s gross profit margin improved to 35.4%, and the net profit margin increased to -18.63% due to cost optimization [10]. Product and Channel Performance - The rice dumpling series generated 124 million yuan in revenue, up 37.27%, while the mooncake series saw a remarkable increase of 723.39% to 485,800 yuan [10]. - Revenue from e-commerce channels grew by 26.39% to 35 million yuan, while revenue from distributors increased by 50.52% to 83 million yuan [10]. Regional Performance - Revenue from East China reached 157 million yuan, up 16.09%, while North China saw a significant increase of 65.03% to 12 million yuan [10]. Future Outlook - The company forecasts net profits attributable to the parent company for 2025-2027 to be 191 million, 209 million, and 229 million yuan, respectively, with corresponding EPS of 0.96, 1.05, and 1.15 yuan [10].