9月30日，盐津铺子盘中上涨2.02%，截至11:00，报70.25元/股，成交8209.06万元，换手率0.48%，总市 值191.63亿元。 资金流向方面，主力资金净流入66.27万元，特大单买入1491.64万元，占比18.17%，卖出849.99万元， 占比10.35%；大单买入687.71万元，占比8.38%，卖出1263.10万元，占比15.39%。 盐津铺子今年以来股价涨14.04%，近5个交易日涨5.40%，近20日跌6.74%，近60日跌9.00%。 今年以来盐津铺子已经1次登上龙虎榜，最近一次登上龙虎榜为4月8日。 盐津铺子所属申万行业为：食品饮料-休闲食品-零食。所属概念板块包括：休闲食品、电子商务、价值 成长、高派息、融资融券等。 截至6月30日，盐津铺子股东户数1.09万，较上期增加21.92%；人均流通股22561股，较上期减少 17.65%。2025年1月-6月，盐津铺子实现营业收入29.41亿元，同比增长19.58%；归母净利润3.73亿元， 同比增长16.70%。 分红方面，盐津铺子A股上市后累计派现13.18亿元。近三年，累计派现9.23亿元。 机构持仓方面，截止2025年 ...

9月22日，盐津铺子盘中下跌2.04%，截至10:23，报69.21元/股，成交5107.10万元，换手率0.30%，总市 值188.79亿元。 资金流向方面，主力资金净流出443.66万元，特大单买入0.00元，占比0.00%，卖出141.09万元，占比 2.76%；大单买入329.98万元，占比6.46%，卖出632.55万元，占比12.39%。 盐津铺子所属申万行业为：食品饮料-休闲食品-零食。所属概念板块包括：休闲食品、高派息、融资融 券、电子商务、中盘等。 截至6月30日，盐津铺子股东户数1.09万，较上期增加21.92%；人均流通股22561股，较上期减少 17.65%。2025年1月-6月，盐津铺子实现营业收入29.41亿元，同比增长19.58%；归母净利润3.73亿元， 同比增长16.70%。 分红方面，盐津铺子A股上市后累计派现13.18亿元。近三年，累计派现9.23亿元。 机构持仓方面，截止2025年6月30日，盐津铺子十大流通股东中，香港中央结算有限公司位居第三大流 通股东，持股905.28万股，相比上期增加107.93万股。富国消费主题混合A（519915）位居第六大流通 股东，持股2 ...

Group 1 - The stock price of Yanjinpuzi fell by 2.01% on September 18, reaching 70.23 CNY per share, with a total market capitalization of 19.157 billion CNY [1] - The company has seen a year-to-date stock price increase of 14.01%, but a decline of 2.90% over the past 20 days and 11.39% over the past 60 days [1] - Yanjinpuzi's main business includes research, production, and sales of leisure food and deep processing of agricultural products, with revenue composition as follows: spicy snacks 44.91%, baked potato products 15.61%, dried fruits and jellies 14.56%, deep-sea snacks 12.33%, egg snacks 10.52%, and others 2.06% [1] Group 2 - As of June 30, the number of shareholders for Yanjinpuzi increased by 21.92% to 10,900, while the average circulating shares per person decreased by 17.65% to 22,561 shares [2] - For the first half of 2025, Yanjinpuzi reported a revenue of 2.941 billion CNY, a year-on-year increase of 19.58%, and a net profit attributable to shareholders of 373 million CNY, up 16.70% year-on-year [2] Group 3 - Since its A-share listing, Yanjinpuzi has distributed a total of 1.318 billion CNY in dividends, with 923 million CNY distributed over the past three years [3] - As of June 30, 2025, the top ten circulating shareholders include Hong Kong Central Clearing Limited as the third-largest shareholder, increasing its holdings by 1.0793 million shares, while several new shareholders entered the top ten list [3]

Core Viewpoint - Salted Fish has shown a mixed performance in stock price and trading volume, with a year-to-date increase of 16.62% but a recent decline in the last five days [1] Group 1: Stock Performance - As of September 16, Salted Fish's stock price increased by 2.00% to 71.84 CNY per share, with a trading volume of 1.60 billion CNY and a turnover rate of 0.91%, resulting in a total market capitalization of 19.596 billion CNY [1] - Year-to-date, Salted Fish's stock has risen by 16.62%, but it has experienced a decline of 0.64% over the last five trading days and a drop of 10.33% over the last 60 days [1] Group 2: Financial Performance - For the first half of 2025, Salted Fish achieved a revenue of 2.941 billion CNY, representing a year-on-year growth of 19.58%, and a net profit attributable to shareholders of 373 million CNY, up 16.70% year-on-year [2] Group 3: Shareholder Information - As of June 30, 2025, the number of shareholders for Salted Fish increased by 21.92% to 10,900, while the average number of circulating shares per person decreased by 17.65% to 22,561 shares [2] - The company has distributed a total of 1.318 billion CNY in dividends since its A-share listing, with 923 million CNY distributed over the last three years [3] - Notable changes in institutional holdings include Hong Kong Central Clearing Limited becoming the third-largest shareholder with 9.0528 million shares, an increase of 1.0793 million shares, while several new funds entered the top ten shareholders [3]

Core Viewpoint - Salted Fish's stock price has experienced fluctuations, with a recent decline of 2.02% and a year-to-date increase of 12.47%, indicating volatility in the market [1] Financial Performance - For the first half of 2025, Salted Fish achieved a revenue of 2.941 billion yuan, representing a year-on-year growth of 19.58%, and a net profit attributable to shareholders of 373 million yuan, up 16.70% year-on-year [2] - Cumulative cash dividends since the company's A-share listing amount to 1.318 billion yuan, with 923 million yuan distributed over the past three years [3] Shareholder Structure - As of June 30, 2025, the number of shareholders increased by 21.92% to 10,900, while the average circulating shares per person decreased by 17.65% to 22,561 shares [2] - The top ten circulating shareholders include Hong Kong Central Clearing Limited as the third-largest shareholder, increasing its holdings by 1.0793 million shares [3]

Core Insights - Salted Fish Shop (002847) reported its 2025 semi-annual results, showing revenue of 2.941 billion yuan, a year-on-year increase of 19.58%, and a net profit attributable to shareholders of 373 million yuan, up 16.7% [1] - This performance marks the slowest growth in revenue and profit for the company in the past three years, with previous year-on-year growth rates of 56.54% and 90.69% respectively in 2023 and 2024 [1] Revenue Breakdown - The main revenue driver, spicy marinated snacks, contributed 1.32 billion yuan, approximately 45% of total revenue, with a year-on-year growth of 47.05% [1] - The growth in spicy marinated snacks heavily relied on the success of the leisure konjac products, which generated 790 million yuan, a significant increase of 155.1% [1] - Other categories such as dried fruits and jellies generated 428 million yuan, deep-sea snacks 363 million yuan, and egg snacks 309 million yuan, all showing varying degrees of growth, while baked potato products saw a decline of 18.42% to 459 million yuan [3] Channel Performance - The company's strategic focus on channels includes direct KA supermarkets, distribution and emerging channels, and e-commerce, with significant growth disparities [4] - Direct KA supermarket channel revenue fell sharply by 42% to 63 million yuan, accounting for only 2.14% of total revenue [4] - E-commerce contributed 19.54% of revenue with 574 million yuan, a slight decrease of 1%, while distribution and other new channels performed well, generating 2.303 billion yuan, a growth of 30%, making up 78.32% of total revenue [4] International Expansion - The company’s international strategy is beginning to show results, with plans to invest 30 million USD in a new konjac production base in Thailand by 2025, focusing on local flavors and expanding into Southeast Asia, Japan, South Korea, and Europe [4] - Revenue from overseas markets reached 96.35 million yuan, a significant increase from 141,700 yuan in the previous period [4] Profitability and Cost Pressure - Despite a revenue increase of 19.58%, the company's operating costs rose by 24.67% to 2.068 billion yuan, primarily due to a more than 30% increase in the average purchase price of key raw materials [5] - The gross profit margin decreased from 32.53% to 29.66%, marking a continuous decline over five years, reflecting challenges in cost control and pricing strategies [5] - The company managed to reduce selling and administrative expenses by 4.74% and 5.94% respectively, leading to a slight decrease in net profit margin from 13.03% to 12.57% [5] Market Reaction - Following the earnings announcement on August 21, the company's stock opened high but subsequently declined, closing at 72.33 yuan, down 2.2%, with a total market capitalization of 19.7 billion yuan [6]

Core Insights - The company reported revenue of 2.941 billion yuan, a year-on-year increase of 19.58%, and a net profit attributable to shareholders of 373 million yuan, up 16.7% [1] - This represents the slowest growth in revenue and profit metrics for the company in the past three years, indicating a potential slowdown in growth momentum [1] - The company focuses on six major product categories, including spicy snacks, baked potato products, deep-sea snacks, egg snacks, dried fruits and nuts, and konjac jelly pudding [1] Revenue Performance - The main revenue driver, spicy snacks, contributed 1.32 billion yuan, approximately 45% of total revenue, with a year-on-year growth of 47.05% [1] - The growth in spicy snacks heavily relied on konjac products, which generated 790 million yuan, a significant increase of 155.1% [1] - Other categories such as dried fruit jelly, deep-sea snacks, and egg snacks also saw revenue growth, while baked potato products experienced a notable decline, with revenue of 459 million yuan, down 18.42% [2] Channel Strategy - The company's strategic focus is on distribution channels, which include direct sales to key account supermarkets, distribution and emerging channels, and e-commerce [2] - Direct sales to key account supermarkets saw a significant decline, with revenue of 63 million yuan, down 42% year-on-year, accounting for only 2.14% of total revenue [2] - E-commerce contributed 19.54% of revenue, with a slight decrease of 1%, while distribution and other new channels performed well, generating 2.303 billion yuan, a year-on-year increase of 30%, making up 78.32% of total revenue [2] International Expansion - The company's international strategy is beginning to show results, with plans to invest 30 million USD to establish a konjac production base in Thailand by 2025 [2] - The company aims to launch localized konjac products under the Mowon brand, focusing on Southeast Asia and expanding into Japan, South Korea, and Europe and the United States [2] - Revenue from overseas markets reached 96.35 million yuan, a significant increase from 141,700 yuan in the previous period [2] Profitability and Cost Management - The company's operating costs rose by 24.67% to 2.068 billion yuan, driven by a more than 30% increase in the average procurement price of key raw materials [3] - The gross profit margin decreased to 29.66%, down 2.87 percentage points, marking the fifth consecutive year of mid-year decline [5] - Despite rising costs, the company managed to reduce selling and administrative expenses, leading to a slight decrease in net profit margin from 13.03% to 12.57% [5] Market Reaction - Following the earnings announcement, the company's stock opened higher but later declined, closing at 72.33 yuan, down 2.2%, with a total market capitalization of 19.7 billion yuan [5]

Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of RMB 88.50 [1][4][7] Core Views - The company reported a strong performance in H1 2025, with revenue, net profit attributable to the parent, and net profit excluding non-recurring items reaching RMB 2.94 billion, RMB 370 million, and RMB 330 million, respectively, representing year-on-year growth of 19.6%, 16.7%, and 22.5% [1][2] - The second quarter of 2025 saw revenue of RMB 1.4 billion, net profit attributable to the parent of RMB 190 million, and net profit excluding non-recurring items of RMB 180 million, with year-on-year growth of 13.5%, 21.7%, and 31.8% [1][2] - The company is expected to benefit from category and channel dividends, with continued growth in quantitative circulation, snack wholesale, and membership supermarkets [1][3] Summary by Sections Financial Performance - In H1 2025, the company's gross profit margin was 29.7%, down 2.9 percentage points year-on-year, while the net profit margin attributable to the parent was 12.7%, a decrease of 0.3 percentage points [3] - The company’s sales and management expense ratios decreased to 10.6% and 3.5%, respectively, due to channel structure optimization and reduced incentive expenses [3] Revenue and Profit Forecast - The company’s revenue is projected to grow from RMB 5.30 billion in 2024 to RMB 8.51 billion in 2027, with year-on-year growth rates of 28.89%, 18.02%, 18.15%, and 15.04% [10] - Net profit attributable to the parent is expected to increase from RMB 639.95 million in 2024 to RMB 1.14 billion in 2027, with growth rates of 26.53%, 25.62%, 20.12%, and 17.70% [10] Valuation - The company is assigned a PE ratio of 30x for 2025, with a target price of RMB 88.50, reflecting a downward adjustment from the previous target price of RMB 99.84 [4][10]