Core Viewpoint - Jiahe Foods (605300.SZ), known as the "first stock of powdered oil," reported a mixed performance in its 2025 semi-annual report, with revenue of 1.185 billion yuan, a year-on-year increase of 10.43%, while net profit attributable to shareholders plummeted by 82.1% to 12.43 million yuan due to rising raw material costs and increased sales expenses related to coffee business expansion and C-end channel development [2]. Group 1: Financial Performance - The company experienced a significant decline in net profit, with the core subsidiary Nantong Jiazhiwei's net profit dropping approximately 75.4% to 7.8995 million yuan, attributed to rising costs of core raw materials like palm kernel oil and coconut oil [5]. - Operating cash flow turned negative, with a net cash flow from operating activities dropping 142.3% to -31.02 million yuan, and prepayments surged 88.58% to 82.8488 million yuan [6]. Group 2: Market Trends and Challenges - The demand for powdered oil is declining as consumer health awareness increases, leading some new tea brands to stop using powdered oil, which directly impacts Jiahe Foods' sales [3]. - Despite the growth in orders from tea drink customers during the recent delivery wars, the company noted that these customers primarily ordered lower-priced products, resulting in increased revenue without corresponding profit [4]. Group 3: Coffee Business Development - Jiahe Foods is actively expanding its coffee business, achieving revenue of 278 million yuan in 2024, a year-on-year increase of 6.58%, with a significant growth of 66.8% to 190 million yuan in the first half of the year [7]. - The company is focusing on both B-end and C-end channels, with e-commerce revenue reaching 47.6657 million yuan, up 114.81% year-on-year [7][8]. Group 4: Cost and Profitability Issues - The company's marketing expenses increased significantly, with sales expenses for 2024 and the first half of the year rising 75.14% and 28.16% respectively, driven by higher costs associated with online platform services [8]. - The overall gross margin decreased by 5.46 percentage points to 12.39% in the first half of 2025, influenced by a higher proportion of low-margin products in the product mix [9].

Core Insights - The company achieved a revenue of 1.185 billion yuan in the first half of the year, representing a year-on-year growth of 10.43%, while the net profit attributable to shareholders decreased by 82.1% to 12.4328 million yuan [1] - The decline in profit is attributed to rising costs of core raw materials such as palm kernel oil and coconut oil, alongside increased sales expenses due to investments in coffee business expansion and C-end channel development [1] Group 1: Business Performance - The coffee business saw a significant increase in orders from May to June, with a year-on-year growth of over 50% in order volume from tea and coffee clients, aligning with the company's growth expectations for the year [2] - The tea beverage segment experienced an increase in order clients due to the external competition, although the overall trend showed increased revenue without corresponding profit growth [2] Group 2: Industry Dynamics - The coffee supply chain is facing challenges, with small manufacturers shutting down due to rising raw material prices and insufficient supply capacity, leading larger clients to seek partnerships with the company [2] - The competitive landscape in the coffee industry is characterized by a "stronger getting stronger" trend, where leading brands are expanding their presence while smaller brands are either retracting or closing down [2]

Core Viewpoint - Recent reports indicate that several mainstream tea beverage brands, including Heytea and Nayuki, have been found to contain trans fatty acids in their products, raising concerns among consumers about the safety of these beverages [1][2] Group 1: Source of Trans Fatty Acids - Trans fatty acids can originate from natural sources such as dairy products and certain meats, with natural foods containing about 2%-5% trans fatty acids in total fat [2] - The presence of trans fatty acids in tea beverages may be misleading, as brands like Heytea claim to use high-quality ingredients that meet safety standards, asserting that their products contain "0 trans fatty acids" [2][3] Group 2: Regulatory Standards - The detected levels of trans fatty acids in various tea beverages, such as Heytea's Black Sugar Boba Milk Tea (0.113g/100g) and Nayuki's Golden Mountain Pearl Milk Tea (0.0144g/100g), comply with national food safety standards, which allow for levels below 0.3g/100g [4] - Processed foods contribute significantly to trans fatty acid intake, with 71.2% of total intake coming from such foods, primarily from hydrogenated oils [4] Group 3: Consumer Perception and Misunderstanding - There is a prevalent misunderstanding among consumers that equates the use of plant-based creamers (植脂末) with the presence of trans fatty acids, despite advancements in technology allowing for "0 trans fatty acids" formulations [7][10] - A report from the China Chain Store & Franchise Association highlights that high sugar content and the use of plant-based creamers are common misconceptions that contribute to consumer resistance against new tea beverages [9] Group 4: Industry Developments - Companies like Jiahe Foods have initiated plans to eliminate artificial trans fats from their products, indicating a shift towards healthier formulations in the industry [10] - The beverage industry is currently revising standards for plant-based creamers to address concerns regarding trans fatty acid content and improve overall product safety [11]

州）有限公司、保荐机构东吴证券股份有限公司与中国银行股份有限公司苏州长 三角一体化示范区分行签署了《募集资金专户存储四方监管协议》。该协议内容 与上海证券交易所制订的《募集资金专户存储三方监管协议（范本）》不存在重 大 差 异 。 具 体 情 况 详 见 2022 年 5 月 20 日 披 露 于 上 海 证 券 交 易 所 网 站 （www.sse.com.cn）的《佳禾食品工业股份有限公司关于子公司开立募集资金专 户并签订四方监管协议的公告》（公告编号：2022-022）。 证券代码：605300 证券简称：佳禾食品 公告编号：2025-069 佳禾食品工业股份有限公司 关于 2025 年半年度募集资金存放与实际使用情况 的专项报告 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。 根据中国证券监督管理委员会《上市公司募集资金监管规则》和《上海证券 交易所上市公司自律监管指引第 1 号——规范运作》《上海证券交易所股票上市 规则》等有关规定，佳禾食品工业股份有限公司（以下简称"公司"）编制了《关 于 2025 年半年度募集资 ...

Overview - The demand for powdered fats, specifically plant-based creamers, is rapidly increasing in China due to the growth of downstream markets such as milk tea, coffee, and baked goods [1][11] - However, there is a notable decline in demand projected for 2024, with consumption expected to drop to 705,300 tons and market size to 7.406 billion yuan, driven by rising health consciousness among consumers [1][11] - High-end categories such as cold-soluble creamers, zero trans-fat products, and functional creamers are anticipated to become the main growth engines in the industry [1][11] Market Policy - The plant-based creamer industry is classified under the manufacturing sector, specifically in food manufacturing, and is subject to strict regulations to ensure food safety and quality [4][6] - Recent policies have focused on enhancing food safety supervision and promoting high-quality development within the industry [4][6] Industry Chain - The upstream of the plant-based creamer industry includes suppliers of raw materials like edible vegetable oils, glucose syrup, and milk powder, as well as suppliers of emulsifiers and stabilizers [7] - The midstream involves the production and manufacturing of creamers, while the downstream encompasses application markets including milk tea, coffee, and baked goods [7] Market Demand - Milk tea is the largest consumer market for plant-based creamers in China, accounting for over 50% of the market share [9] - The rapid growth of the ready-to-drink milk tea market has led to increased demand for creamers, which provide a smooth texture and rich flavor [9] - As health awareness rises, there is a shift towards low-sugar and low-fat options, prompting manufacturers to innovate and develop healthier products [9][11] Competitive Landscape - The market concentration has increased, with leading companies like Jiahe Food, Nestlé, and Super Group dominating the market [13][15] - Jiahe Food holds the largest market share, with its Jinghua brand being a well-known name in the plant-based creamer sector [13][16] - Nestlé leverages its international brand influence and extensive distribution channels to maintain a significant presence in the market [13][15] Development Trends - Future demand for low-sugar and low-fat plant-based creamers is expected to rise, leading companies to innovate and introduce products that meet these health requirements [20] - The integration of "Internet + plant-based creamers" is becoming a trend, with companies focusing on digital marketing and channel development to enhance consumer interaction [20] - The use of big data and artificial intelligence is anticipated to optimize production processes, improving efficiency and product quality [20]

出品：新浪财经上市公司研究院 作者：浪头饮食/ 郝显 7月16日，佳禾食品发布了参与投资私募投资基金的公告，宣布全资子公司蔻歌食品拟参与投资共青城 金螭基金，以自有资金认缴出资700万元，占认缴出资总额的12.94%。 共青城金螭基金成立于2025年5月30日，初始募集规模为5410万元，主要对大消费领域的标的公司进行 投资。 在披露参与投资的公告发布之前，佳禾发布了2025年半年度业绩预告，上半年实现归母净利润1055.53 万元到1582.97万元，同比下降 77.21%到 84.80%。扣非净利润236.82万元到355.15万元，同比下降 94.24%到 96.16%。继2024年业绩大幅下滑之后，佳禾食品依然没有止跌。 "0植脂末"运动重挫佳禾食品 其次，茶饮行业从价格战正在转向产品本身，产品结构的改变也导致植脂末需求减少。最后，一些头部 品牌在自建产能，导致外部需求减少。据媒体报道，下游大客户蜜雪冰城正在自建10万吨植脂末生产 线，这同样会减少对佳禾食品的采购。 咖啡能否成第二增长曲线？ 近几年佳禾食品一直在扩产能，2021年上市时，佳禾食品募资4.5亿元，主要投向年产十二万吨植脂末 生产基地建设 ...

Core Viewpoint - The company, Jiahe Foods, is experiencing a significant decline in its financial performance for the first half of 2025, with net profit expected to drop by 77.21% to 84.80% compared to the same period last year, raising concerns about the transformation pains of the leading plant-based cream industry player [1] Group 1: Financial Performance - The projected net profit for the first half of 2025 is between 10.55 million to 15.83 million yuan, a substantial decrease from the previous year [1] - The net profit after excluding non-recurring gains and losses is expected to be as low as 2.37 million to 3.55 million yuan, reflecting a year-on-year decline of 94.24% to 96.16% [1] Group 2: Reasons for Decline - The decline in performance is attributed to a dual pressure from rising costs and strategic investments [1] - Increased product costs due to a rise in raw material prices and higher marketing expenses from expanding into coffee and C-end sales channels are key factors [1] Group 3: Business Strategy and Market Trends - Jiahe Foods' core product, plant-based cream, has seen a significant drop in sales due to the trend of "de-plant-based cream" in the new tea beverage industry [1] - The company is shifting focus towards the coffee industry, having announced plans to raise 725 million yuan for coffee production expansion and working capital [1] - In June, the company enhanced brand recognition by gifting coffee products to shareholders [1] Group 4: Sales and Marketing Expenses - Sales expenses surged by 75.14% year-on-year in 2024, primarily due to increased promotional costs for the coffee business and e-commerce platform expenses [2] - In the first half of 2025, the trend of rising marketing expenses continued, significantly impacting profit margins despite efforts to penetrate the market through free product giveaways and strengthening C-end channel construction [2] - The wholly-owned subsidiary, Jinmao Coffee, reported revenue of 292 million yuan in 2024, but its net profit was only 7.67 million yuan, with profit margins below the industry average [2]

Core Viewpoint - The company Jiahe Foods is engaging in shareholder rewards by distributing coffee products, reflecting its ongoing development in the coffee business amidst declining sales in its primary product line, powdered fats [1][2]. Group 1: Company Overview - Jiahe Foods is a leading player in the powdered fat industry in China, focusing on the research, production, and sales of powdered oils, coffee, plant-based products, and others [2]. - Major clients include well-known food companies such as Unification, Xiangpiaopiao, and Wahaha, as well as new tea beverage brands like Mixue Ice City and Hushang Ayi [2]. Group 2: Financial Performance - In 2024, Jiahe Foods reported revenue of 2.311 billion yuan, a year-on-year decline of 18.68%, with a net profit of 84 million yuan, down 67.43% [2]. - The powdered fat segment generated 1.159 billion yuan in revenue, a significant drop of 39.82%, while coffee products achieved revenue of 278 million yuan, growing by 6.58% with a gross margin of 16.26% [2]. Group 3: Market Position and Strategy - Despite partnerships with leading brands in the coffee sector, Jiahe Foods' brand presence in the consumer market remains relatively weak, with the coffee business having a 12% share in the consumer market and 88% in the business market [2]. - As of June 24, the stock price of Jiahe Foods was 13.71 yuan per share, with a total market capitalization of 6.2 billion yuan, reflecting a modest increase of 2.45% year-to-date [3].

中国经济网北京6月9日讯 佳禾食品(605300.SH)2024年年度报告显示，报告期内，公司营业收入 23.11亿元，同比下降18.68%；归属于上市公司股东的净利润8393.72万元，同比下降67.43%；归属于上 市公司股东的扣除非经常性损益的净利润7052.87万元，同比下降68.49%；经营活动产生的现金流量净 额2.96亿元，同比增长0.45%。 | | | | | 单位:元 币种:人民币 | | --- | --- | --- | --- | --- | | 主要会计数据 | 2024年 | 2023年 | 本期比上年 同期增减 | 2022年 | | | | | (%) | | | 营业收入 | 2,310,607,331.52 | 2,841,274,608.99 | -18.68 | 2,427,640,219.75 | | 归属于上市公司股东的 净利润 | 83,937,228.10 | 257,750,734.63 | -67.43 | 115,379,314.07 | | 归属于上市公司股东的 扣除非经常性损益的净 | 70,528,694.56 | 223,826,212.24 | ...

Group 1: Company Overview - Jiahe Foods specializes in the research, production, and sales of powdered oils, coffee, plant-based products, and others, with powdered oils being its core product [2][3] - The revenue from powdered oils accounted for over 70% from 2020 to 2022, although it dropped below 70% in 2023, generating a historical high of 1.926 billion yuan [2] Group 2: Market Dynamics - The new tea beverage industry has shifted towards stock competition, requiring brands to innovate raw materials for differentiation, while consumer preferences have evolved towards higher quality [3] - The market share of powdered oils is being pressured as tea brands prefer to eliminate powdered oils as a marketing strategy due to health concerns [3] Group 3: Financial Performance - In 2024, Jiahe Foods experienced a significant decline in powdered oil revenue, dropping by 39.82% to 1.159 billion yuan, with overall revenue decreasing by 18.68% to 2.31 billion yuan and net profit halving by 67.43% to 83.9372 million yuan [1][3] - The first quarter of 2024 saw a dramatic net profit drop of 91.46% to 3.9064 million yuan, attributed to rising costs and declining sales [1] Group 4: Product Performance - Powdered oil production and sales volumes fell by 36.73% and 36.99% respectively in 2024, with inventory levels decreasing by 7.07% [4] - The coffee business is expected to become a second growth driver, with plans to invest 750 million yuan in expansion, aiming for significant production capacity in various coffee products [8] Group 5: Cost and Profitability - The gross margin for the coffee business improved to 16.26% in 2024, but remains lower than the 20.51% margin for powdered oils [9] - Sales expenses surged by 75.14% to 156 million yuan in 2024, significantly impacting profitability, with management indicating a need to control overall expense ratios [10]