珠海市市场监督管理局2025年中秋节令食品专项抽检信息通告（第9期） 中秋佳节将至，为防范食品安全风险，市市场监管局在全市范围内开展覆盖生产、流通、餐饮环节的节令食品专项监督抽检，共抽检糕点、餐饮食品、调味 品、食用农产品、粮食加工品、饼干、水果制品、淀粉及淀粉制品等14类样品，共187批次，其中，合格样品185批次，不合格样品2批次（详见附件）。市 市场监管部门已调查处理不合格食品及其生产经营者，督促企业履行法定义务，责令查清产品流向，召回、下架、销毁不合格产品，分析原因并进行整改； 将相关情况记入食品生产经营者安全信用档案。 市市场监管局提醒您：购买食品时，应当选择正规渠道并保存相应购物凭证，要查看产品生产日期、保质期、生产者名称和地址、成分或配料表、食品生产 许可证编号等是否齐全；不要购买无厂名、厂址、生产日期或保质期的产品，不要购买超过保质期的产品。 外出就餐时，应选择环境整洁、证照齐全、餐饮服务食品安全监督量化等级高和实施"明厨亮灶"的餐饮单位。用餐时，提倡使用公勺公筷，注意检查食品是 否变质、是否有异物，不吃感官异常和未烧熟煮透的餐食，就餐后索取发票等凭证。慎食生海产品、冷荤凉菜等高风险食品，不购 ...

Investment Rating - The report assigns an "Accumulate" rating to the company, indicating a projected increase of 5% to 15% relative to the CSI 300 index over the next six months [11]. Core Insights - The company reported a revenue of 2.07 billion yuan for the first half of 2025, representing a year-on-year growth of 16.2%. The net profit attributable to the parent company, excluding non-recurring items, was 167 million yuan, reflecting a year-on-year increase of 33.28% [3]. - The frozen baked goods segment achieved a revenue of 1.125 billion yuan, growing by 6.08% year-on-year, while the baking raw materials segment saw revenue of 933 million yuan, with a growth rate exceeding 30% [5]. - Direct sales channels recorded a revenue of 999 million yuan, up 25.5% year-on-year, indicating a strengthening relationship with major clients [5]. - The overall gross margin for the period was 30.29%, down 2.23 percentage points from the previous year, primarily due to rising costs of key ingredients like cream and sauces [6]. Summary by Sections Financial Performance - The company achieved a net profit margin of 8.05% and a return on equity of 6.42%, both showing improvements compared to the previous year [8]. - The company maintained strict cost control, resulting in a decrease in expense ratios by 3.28 percentage points to 19.84% [8]. Revenue and Growth Projections - Revenue projections for the company are as follows: 4.449 billion yuan for 2025, 4.983 billion yuan for 2026, and 5.531 billion yuan for 2027, with growth rates of 16%, 12%, and 11% respectively [9]. - The earnings per share (EPS) are forecasted to be 2.01 yuan for 2025, 2.36 yuan for 2026, and 2.94 yuan for 2027, with corresponding price-to-earnings ratios of 21.5, 18.32, and 14.69 [8][9].

Core Viewpoint - The company reported a revenue of 2.07 billion yuan for the first half of 2025, representing a year-on-year increase of 16.2%, and a net profit attributable to shareholders of 171 million yuan, up 26.2% year-on-year [1]. Revenue Performance - In Q2 2025, the company achieved a revenue of 1.024 billion yuan, reflecting an 18.4% year-on-year growth, with a net profit of 82 million yuan, marking a significant increase of 40.8% year-on-year [2]. Product Segment Analysis - The company experienced structural growth across its product lines: - Frozen baked goods generated 1.125 billion yuan in revenue, with a stable growth of 6.1% year-on-year [3]. - Cream products saw revenue of 558 million yuan, up 28.7% year-on-year, driven by strong performance in UHT cream products and new product testing [3]. - Sauces generated 142 million yuan, reflecting a 36.5% year-on-year increase due to higher orders from core restaurant clients [3]. - Other baking ingredients achieved 151 million yuan in revenue, with a remarkable growth of 63.8% year-on-year [3]. - Fruit products contributed 83 million yuan, up 7.7% year-on-year [3]. Channel Performance - The company optimized its channel structure, with revenue from different channels as follows: - Distribution channel revenue was 1.053 billion yuan, up 8.8% year-on-year [4]. - Direct sales revenue reached 999 million yuan, increasing by 25.5% year-on-year [4]. - Retail revenue was 70,000 yuan, showing a significant growth of 104.6% year-on-year [4]. - Other channels generated 80,000 yuan, down 20% year-on-year [4]. - The circulation channel accounted for nearly 50% of total revenue, remaining stable year-on-year, while the supermarket channel represented about 30% with close to 30% growth due to successful new product launches [4]. - Innovative channels, including dining and new retail, accounted for slightly over 20% of total revenue, with a combined growth rate of approximately 40% [4]. Profitability Analysis - The company maintained effective cost control, with gross margin and net margin at 30.4% and 8.1%, respectively, showing a year-on-year decrease of 2.25 percentage points and an increase of 0.55 percentage points [5]. - In Q2 2025, gross margin and net margin were 30.7% and 7.9%, respectively, with year-on-year changes of -1.89 percentage points and +1.25 percentage points [5]. - The company effectively managed sales, administrative, and R&D expense ratios, which decreased year-on-year [5]. Investment Outlook - The company anticipates a seasonal increase in baking demand in the second half of the year, supported by new product launches and growth in tea beverage channels, with revenue growth expected to continue [6]. - Long-term growth drivers include domestic cream product substitution, expansion in dining and new retail channels, and deep processing of dairy products [6]. - The company projects net profits attributable to shareholders for 2025-2027 to be 320 million, 360 million, and 400 million yuan, respectively, with growth rates of 20%, 12%, and 10% [6].

Investment Rating - The investment rating for the company is "Add" [4] Core Views - The company has shown strong performance in its core products, with significant revenue growth in the first half of 2025, achieving a revenue of 2.07 billion yuan, a year-on-year increase of 16.20%, and a net profit of 171 million yuan, up 26.24% year-on-year [1] - The company is successfully implementing a high-end strategy, with cream revenue growth exceeding 28% in the first half of 2025, and a notable increase in revenue from baking food raw materials by 32.12% [2] - The company is adapting to market trends by diversifying its distribution channels, with innovative channels such as catering and new retail showing a growth rate of approximately 40% [3] Summary by Sections Financial Performance - In the first half of 2025, the company reported a revenue of 2.07 billion yuan, with a net profit of 171 million yuan, and a non-recurring net profit of 167 million yuan, reflecting year-on-year growth rates of 16.20%, 26.24%, and 33.28% respectively [1] - The second quarter of 2025 saw a revenue of 1.02 billion yuan, with net profit and non-recurring net profit reaching 82 million yuan and 80 million yuan, marking year-on-year increases of 40.84% and 40.36% respectively [1] Product Performance - The revenue from frozen baked goods was 1.125 billion yuan, a year-on-year increase of 6.08%, accounting for 54.35% of total revenue, while revenue from baking food raw materials reached 933 million yuan, up 32.12%, making up 45.09% of total revenue [2] - The revenue breakdown for key products includes cream at 558 million yuan (up 28.70%), fruit products at 83 million yuan (up 7.70%), sauces at 142 million yuan (up 36.45%), and other baking raw materials at 151 million yuan (up 63.84%) [2] Channel Development - The distribution channel for the company is diversified, with nearly 50% of revenue coming from circulation channels, and approximately 30% from supermarkets, which saw a growth of nearly 30% year-on-year [3] - Innovative channels, including catering and new retail, accounted for slightly over 20% of total revenue, with a combined growth rate of about 40% [3] Profitability and Cost Management - The company's gross margin decreased by 2.25 percentage points to 30.35% in the first half of 2025, influenced by changes in channel and product structure as well as rising raw material costs [3] - The net profit margin increased by 0.56 percentage points to 8.05% due to effective cost control, with significant reductions in sales and management expense ratios [9] Future Outlook - The company is expected to maintain growth, with projected net profits of 321 million yuan, 390 million yuan, and 454 million yuan for 2025, 2026, and 2027 respectively, reflecting year-on-year growth rates of 19.70%, 21.45%, and 16.56% [10]

Core Viewpoint - Lihigh Food, a leading player in the frozen baking industry, has shown significant performance growth despite a general downturn in the baking sector, with major shareholders recently completing a share reduction plan after a substantial increase in stock price [1][4]. Group 1: Company Performance - In the first half of 2025, Lihigh Food achieved a revenue of 2.07 billion yuan, representing a year-on-year growth of 16.20%, and a net profit of 171 million yuan, up 26.24% [4]. - The company’s core profit, excluding non-recurring items, reached 167 million yuan, marking a 33.28% increase compared to the previous year [4]. - Lihigh Food's stock price increased significantly, with a maximum rise of 163% from its lowest point in 2024 [5]. Group 2: Strategic Initiatives - The company has implemented a strategy focused on "precise operations and efficiency enhancement," leading to improved operational quality and core indicators [4]. - Key initiatives include enhancing production line management, improving R&D efficiency, and optimizing cost control mechanisms, resulting in a decrease of approximately 1.5% in both sales and management expense ratios [5]. Group 3: Shareholder Actions - Major shareholders began reducing their stakes in June 2025, with significant transactions reported, including a total cash-out of approximately 119 million yuan by shareholder Bai Baokun and 11.52 million yuan by shareholder Chen Hejun [8][10]. - Employee shareholding platforms also participated in the reduction, with plans to continue selling shares, indicating ongoing liquidity needs among shareholders [10][11].

Core Viewpoint - The company reported strong revenue and profit growth in the first half of 2025, driven by the performance of its cream products and expansion in new retail channels [1][2]. Financial Performance - Total revenue for H1 2025 reached 2.07 billion yuan, a year-on-year increase of 16.2%, with net profit attributable to shareholders at 171 million yuan, up 26.24% [1]. - In Q2 2025, revenue was 1.024 billion yuan, reflecting an 18.4% year-on-year growth, while net profit was 82 million yuan, a 40.84% increase [1]. - The company’s revenue from frozen baking, cream, fruit products, sauces, and other baking materials for H1 2025 was 1.125 billion, 558 million, 83 million, 142 million, and 151 million yuan respectively, with significant growth in cream and sauces [2]. Product and Channel Performance - The cream segment maintained high growth, with cream products showing a notable increase in revenue, particularly driven by the performance of whipped cream [2]. - The company’s revenue from the retail channel grew by approximately 40% in H1 2025, indicating successful adaptation to market trends [2]. - Traditional channels showed stagnant growth, while supermarket channels experienced nearly 30% growth, highlighting the effectiveness of new product introductions [2]. Cost Management and Profitability - The gross margin for Q2 2025 was 30.72%, showing a year-on-year decrease of 1.89 percentage points but an increase of 0.73 percentage points from the previous quarter [3]. - The company implemented cost control measures, resulting in a net profit margin of 7.9% for Q2 2025, an increase of 1.25 percentage points year-on-year [3]. - Selling, administrative, and R&D expense ratios were optimized, reflecting effective cost management strategies [3]. Profit Forecast and Valuation - The company raised its net profit forecasts for 2025-2027 to 352 million, 419 million, and 494 million yuan, representing increases of 6.0%, 8.7%, and 11.7% respectively [4]. - The projected earnings per share (EPS) for the same period are 2.08, 2.48, and 2.92 yuan, with current price-to-earnings ratios of 23, 19, and 17 times [4].

Core Viewpoint - The company reported strong financial performance for the first half of 2025, with revenue and net profit showing significant year-on-year growth, driven by the success of cream products and the restaurant channel [1][4]. Financial Performance - In H1 2025, the company achieved revenue of 2.07 billion yuan, up 16.2% year-on-year, and a net profit of 171 million yuan, up 26.24% year-on-year [1]. - For Q2 2025, revenue reached 1.02 billion yuan, reflecting an 18.4% year-on-year increase, while net profit was 82 million yuan, marking a 40.84% year-on-year growth [1][2]. Product Performance - In H1 2025, frozen baked goods generated revenue of 1.13 billion yuan, a 6.08% increase year-on-year, while baking ingredients saw revenue growth of over 30% [1]. - The cream and sauce product lines experienced nearly 40% growth in Q2 2025, driven by the UHT cream series [2]. Channel Performance - In H1 2025, revenue distribution by channel was approximately 50% from bakery, 30% from supermarkets, and 20% from restaurants, with restaurant revenue growing by about 40% year-on-year [2]. - The restaurant channel showed a significant acceleration in growth, nearly 70% year-on-year in Q2 2025, due to increased orders from core clients and new customer acquisitions [2]. Profitability and Cost Management - The company's gross margin for H1 2025 was 30.4%, with a slight decline due to changes in channel and product mix, as well as rising raw material costs [3]. - The net profit margin improved to 8.0% in Q2 2025, reflecting effective cost management and a shift towards lower-cost direct sales channels [3]. Future Outlook - The company anticipates continued revenue growth in the second half of 2025, particularly in the bakery channel, supported by new product launches and seasonal demand [4]. - The company has locked in most raw material prices to manage cost pressures, while ongoing efficiency improvements are expected to enhance profitability [4]. Investment Recommendation - Projected revenues for 2025-2027 are 4.42 billion, 5.06 billion, and 5.73 billion yuan, with corresponding net profits of 350 million, 430 million, and 510 million yuan, indicating strong growth potential [4].

Core Viewpoint - Ligao Foods Co., Ltd. reported a significant increase in revenue and net profit for the first half of 2025, reflecting strong growth in the frozen baking food sector and raw materials for baking [5][7]. Financial Performance - The company's operating income for the first half of 2025 was approximately 2.07 billion yuan, representing a 16.20% increase compared to 1.78 billion yuan in the same period of 2024 [7]. - The net profit attributable to shareholders was approximately 166.51 million yuan, up 33.28% from 124.93 million yuan year-on-year [7]. - Basic earnings per share increased by 27.64% to 1.0239 yuan from 0.8022 yuan in the previous year [7]. Industry Overview - The baking industry in China has seen rapid growth since the 1980s, with the retail market for baked goods exceeding 550 billion yuan in 2023, showing a nearly 10% year-on-year growth [8][9]. - The frozen baking food segment is emerging as a fast-growing sub-sector, driven by advancements in cold chain technology and the demand for cost-effective solutions in non-professional baking environments [9][10]. Company Positioning - Ligao Foods specializes in the research, production, and sales of frozen baked goods and baking raw materials, holding a leading position in the industry with over 600 product specifications [12][13]. - The company has established large production bases in Guangdong, Zhejiang, and Henan, enhancing its operational efficiency and customer service capabilities [11][13]. Product Offerings - The product range includes frozen baked goods such as mochi, tart shells, donuts, and frozen cakes, as well as raw materials like creams, fruit products, sauces, oils, and meat floss [12][15]. - The company has developed a diverse array of cream products, including high-end UHT cream launched in 2023, which has received positive market feedback [16]. Marketing and Sales Strategy - Ligao Foods has built a comprehensive marketing network across all provinces in China, collaborating with nearly 1,400 distributors and over 500 direct customers [12]. - The company employs a mixed sales model combining distribution and direct sales, allowing for efficient market coverage and responsiveness to customer needs [26].

Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative increase of over 20% in stock price compared to the market benchmark index within the next six months [5][15]. Core Views - The company reported a robust revenue growth of 16.20% year-on-year for H1 2025, reaching 2.07 billion yuan, with a net profit increase of 26.24% to 171 million yuan [2][3]. - The growth in revenue is primarily driven by the high demand for baking raw materials and innovative channels, with significant contributions from frozen baking products and sauces [3][4]. - The company has successfully optimized its cost structure, leading to an improvement in net profit margins, with a net profit margin of 8.25% for H1 2025, up by 0.66 percentage points year-on-year [4]. Financial Performance Summary - For H1 2025, the company achieved revenues of 2.07 billion yuan, with a breakdown of product revenues showing significant growth in various segments: frozen baking (1.13 billion yuan, +6.08%), cream (558 million yuan, +28.70%), and sauces (142 million yuan, +36.45%) [3]. - The company’s gross margin for H1 2025 was 30.35%, showing a slight decline from the previous year, but a recovery trend was noted in Q2 with a gross margin of 30.72% [4]. - The report projects net profits for 2025 to reach 356 million yuan, reflecting a year-on-year growth of 33% [5][6]. Strategic Execution - The company has effectively executed its strategy focusing on multi-channel and multi-category development, enhancing its competitive advantage through a broad marketing network and diverse product offerings [4]. - The strategic partnerships with key clients and tailored service approaches have contributed to the company's operational efficiency and revenue growth from new products, which accounted for over 10% of total revenue in H1 2025 [4].

Investment Rating - The report maintains a "Strong Buy" rating for the company with a target price of 62.4 yuan [1]. Core Views - The company is experiencing sustained operational prosperity and improved efficiency, with clear growth drivers for the future. The second quarter of 2025 showed resilience in earnings despite cost fluctuations, and the long-term profit margin is expected to continue to improve [5][6]. Financial Performance Summary - **Revenue Forecasts**: - Total revenue is projected to grow from 3,835 million yuan in 2024 to 5,534 million yuan in 2027, with year-on-year growth rates of 9.6%, 15.1%, 12.4%, and 11.5% respectively [1]. - **Net Profit Forecasts**: - Net profit attributable to shareholders is expected to increase from 268 million yuan in 2024 to 526 million yuan in 2027, with significant growth rates of 266.9%, 31.2%, 23.0%, and 21.6% respectively [1]. - **Earnings Per Share (EPS)**: - EPS is forecasted to rise from 1.58 yuan in 2024 to 3.10 yuan in 2027, reflecting the company's improving profitability [1]. - **Valuation Ratios**: - The price-to-earnings (P/E) ratio is projected to decrease from 31 times in 2024 to 16 times in 2027, indicating a more attractive valuation as earnings grow [1]. Operational Insights - **Revenue Growth Drivers**: - The company benefited from high growth in products such as cream and sauces, with Q2 2025 revenue increasing by 18.4% year-on-year. The revenue from various product segments showed diverse growth rates, with sauces growing by 36.5% and other baking ingredients by 63.8% [5]. - **Cost Management**: - Despite a decline in gross margin due to rising raw material costs, the company has optimized its cost structure, leading to improved profitability in Q2 2025. The gross margin was reported at 30.7%, with a slight recovery from Q1 [5][6]. - **Efficiency Improvements**: - The company has focused on enhancing production line management and R&D efficiency, which has contributed to a significant portion of revenue from new products. The management's efforts in cost control have also been evident, with reductions in various expense ratios [5][6].