2025 年 08 月 28 日 2025Q2 速冻调制食品营收为 17.50 亿元（同减 1%），锁鲜装 延续增势，高端品牌形象打造成效释放，毛利率保持坚挺。 2025Q2 速冻菜肴制品营收 15.80 亿元（同增 26%），速冻面 米制品营收 5.83 亿元（同减 11%），面米制品促销力度较 大，公司导入商超定制化产品，烧麦业务延续小幅增长。 2025H1 公司正式推出面向 C 端的肉多多烤肠系列，针对 B 端 火山石烤肠做系列化延伸，后续在 B 端烤肠放量的同时，高 毛利 C 端烤肠推广有望持续释放盈利能力。 ▌经销渠道表现稳健，商超定制化放量 成本端拖累盈利，强化新品研发效率 —安井食品（603345.SH）公司事件点评报告 买入(维持) 事件 2025Q2 经销渠道营收为 31.34 亿元（同增 2%），头部经销商 客户延续增长。2025Q2 特通直营营收 3.28 亿元（同增 19%），主要系张亮麻辣烫贡献增量，同时小龙虾业务恢复增 长。2025Q2 商超渠道营收 1.52 亿元（同增 8%），主要系沃 尔玛客户体量提升，目前胖东来也在强化定制合作，后续公 司延续发力大型商超的定制合作和产品创新 ...

在这个"蓝海"与"红海"特质兼具的速冻行业里，安井食品(02648)港股上市后的第一份半年报正在向外界 展露公司新成长逻辑。 8月25日，安井食品发布2025年半年报，这是公司成为国内速冻食品行业唯一实现"A+H"上市的企业后 发布的首份中报。上半年，安井食品实现营收76.04亿元，同比增长0.80%，归母净利润6.76亿元，同比 下滑15.79%。 透过财报来看，安井食品利润下滑主要是"外因"和"内因"所致，如下： 一方面，部分原材料价格涨价对公司成本端造成压力。期内，公司销售成本同比增加5.8%，主要由于 销售增加及小龙虾、鱼糜等原材料采购价格增加所致，而销售成本增加无疑对公司毛利率造成一定影 响，期内公司毛利率同比减少3.5个百分点至19.9%。 另一方面，战略调整期的阶段性投入亦会使公司利润承压。上半年，安井在产品端加速产品迭代和品类 升级、在渠道端深挖渠道潜力等战略布局均需持续资金支持，而通过收购鼎味泰切入冷冻烘焙赛道亦会 产生一次性费用。 从上述核心财务指标表现来看，不难发现，安井食品此次半年报虽不算是一份亮眼的"成绩单"，但却是 一份饱含成长新意的高质量"答卷"。 目前速冻行业虽然发展空间巨大， ...

Core Viewpoint - The company is set to hold its 2024 Annual General Meeting on May 21, 2025, to discuss various proposals including the annual report, board work report, and profit distribution plan [1][2][4]. Group 1: Meeting Procedures - The meeting will be supervised by two shareholder representatives, one supervisor representative, and a lawyer from Shanghai Fangda Law Firm [2]. - Attendees must maintain order and respect the rights of all shareholders during the meeting [1][2]. - The agenda includes reporting on the attendance of shareholders, reviewing the independent director's work report, and conducting voting on various proposals [2][4]. Group 2: Company Performance - In 2024, the company achieved a revenue of 1,512,665.17 million RMB, representing a year-on-year growth of 7.70% [6][23]. - The net profit attributable to shareholders was 148,483.12 million RMB, with a slight increase of 0.46% compared to the previous year [6][23]. - The company’s net profit, excluding non-recurring gains and losses, decreased by 0.37% to 135,954.92 million RMB [6][23]. Group 3: Industry Analysis - The frozen food industry is experiencing a shift towards standardization, driven by the increasing demand from chain restaurants for consistent quality [6][9]. - The aging population and fast-paced lifestyles are boosting the demand for convenient and healthy frozen food options [6][9]. - The government is supporting the industry through policies aimed at enhancing cold chain logistics and infrastructure, which is expected to facilitate high-quality development in the frozen food sector [9][10]. Group 4: Financial Overview - The company reported total assets of 1,737,509.84 million RMB at the end of 2024, a slight increase of 0.43% from the previous year [23]. - The company’s cash flow from operating activities was 210,384.47 million RMB, reflecting a growth of 7.58% [24]. - The company plans to distribute a cash dividend of 1.015 RMB per share, amounting to approximately 296,515,331.98 RMB, which is 19.97% of the net profit [25][26].

Group 1: Guizhou Moutai - Guizhou Moutai announced that Zhang Yixing has become the brand ambassador for its cultural tourism [1] Group 2: Qingdao Beer - Qingdao Beer plans to acquire 100% equity of Shandong Jimo Yellow Wine Factory for a total consideration of RMB 66.5 million [2] - The acquisition aims to enhance industry synergy and competitiveness, expanding the company's non-beer business and product line [2] - The integration of Jimo Yellow Wine is expected to create complementary sales effects between seasonal products, enhancing market competitiveness [2] Group 3: Jin Zai Food - Jin Zai Food has launched its soft-boiled quail eggs in select stores of Pang Dong Lai, with no current plans to invest in snack chain stores [3] Group 4: Jiahe Food - Jiahe Food's coffee business focuses more on online branding, with significant investment in brand promotion [4] - The company plans to control overall expense ratios to mitigate impacts on profits while expanding its C-end business through online platforms [4] Group 5: Uni-President China - Uni-President China reported an unaudited net profit of RMB 602 million for the first quarter ending March 31, 2025 [5] Group 6: Anjiexin Food - Anjiexin Food is adjusting its 2025 new product strategy, differentiating between B-end and C-end approaches [6] - The company will focus on product innovation and competitive pricing, with plans to launch various new products in the frozen food category [6] Group 7: Market Regulation - The State Administration for Market Regulation has initiated a special action to address the production and sale of counterfeit and substandard meat products from April to December 2025 [7][8] Group 8: Food Additives - The State Council's Food Safety Office and other departments have launched a comprehensive governance plan to address the abuse of food additives, focusing on illegal practices and enhancing regulatory measures [9] Group 9: Naixue Tea - Naixue Tea has rebranded with a new logo "Naisnow" and is set to open its first store in the U.S. in Flushing, New York [10] Group 10: Cha Baidao - Cha Baidao's flagship store in Chengdu has begun trial operations, featuring a menu that includes ice cream and special tea cocktails with premium spirits [11] Group 11: Xiaobuxiang - Xiaobuxiang reported an 18.85% increase in revenue during the May Day holiday, with plans to open 80 new stores this year [12] Group 12: Estee Lauder - Estee Lauder reported a 9.8% decline in sales to $3.55 billion for Q3, with organic sales in China showing double-digit growth for specific brands [14][15] Group 13: Pang Dong Lai - Pang Dong Lai has implemented a return policy for jade and jadeite purchases, allowing customers to return items without incurring fees [16] Group 14: ST Renle - ST Renle received a notice from the Shenzhen Stock Exchange regarding the potential termination of its stock listing [17] Group 15: Yonghui Supermarket - Yonghui Supermarket issued a public letter supporting ethical business practices and committed to upholding integrity in the retail industry [18]

Group 1 - The company is making significant adjustments to its new product strategy for 2025, differentiating between B-end and C-end strategies, with B-end focusing on "timely follow-up" and C-end shifting to "upgrade and replace" [1] - In the frozen fish paste and meat products segment, the company plans to launch a new 6.0 strip product that is smaller in weight, catering to single-person and small family consumption [1] - The company aims to enhance its competitive advantage in frozen dishes, with plans to introduce a 250g pack of volcanic stone grilled sausages for C-end, emphasizing flavor and packaging [1] Group 2 - The company acknowledges the competitive landscape in the frozen prepared foods and frozen noodle products sectors, focusing on leveraging its market share and channel advantages [2] - The acquisition of Dingwei Thai is based on three main strategies: product complementarity, channel complementarity, and the potential for premium pricing in the domestic frozen baking sector [2] - The company plans to enhance its product structure and optimize its market position by focusing on core products and developing new varieties in the frozen noodle category [2]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a total revenue of 15.127 billion yuan in 2024, with a year-on-year growth of 7.7%. The net profit attributable to the parent company was 1.485 billion yuan, reflecting a slight increase of 0.46% year-on-year. However, the first quarter of 2025 saw a decline in revenue to 3.6 billion yuan, down 4.1% year-on-year, and a net profit of 395 million yuan, down 10% year-on-year. The report anticipates a stable profit outlook, although the performance was below expectations [7][5]. - The report emphasizes the company's balanced development strategy, focusing on both "BC" channels and core business strengths. The introduction of new products and the expansion into niche markets are expected to drive growth, positioning the company as a more comprehensive food enterprise [7][5]. - The company maintains a focus on large product lines, with significant revenue contributions from frozen prepared foods, frozen dishes, and frozen noodle products. In 2024, these categories generated revenues of 7.839 billion yuan, 4.349 billion yuan, and 2.465 billion yuan, respectively [7][5]. Financial Data and Profit Forecast - The projected total revenue for 2025 is 15.866 billion yuan, with a year-on-year growth rate of 4.9%. The net profit for 2025 is estimated at 1.524 billion yuan, reflecting a growth of 2.7% [5][8]. - The gross profit margin for 2024 was 23.3%, with a slight increase from the previous year. However, the first quarter of 2025 saw a decrease in gross margin to 23.32% due to rising costs and increased promotional discounts [7][5]. - The company plans to continue its strategy of focusing on 3-5 strategic big products each year, with 39 products generating over 100 million yuan in revenue in 2024 [7][5].

Core Viewpoint - The company reported a revenue of 15.127 billion yuan for 2024, representing a year-on-year growth of 7.70%, with a net profit of 1.485 billion yuan, a slight increase of 0.46% [1] Group 1: Financial Performance - In Q1 2025, the company achieved a revenue of 3.6 billion yuan, a decrease of 4.13% year-on-year, and a net profit of 395 million yuan, down 10.01% [1] - The company’s revenue from frozen prepared foods, frozen dishes, frozen noodles, and agricultural products was 7.839 billion, 4.349 billion, 2.465 billion, and 449 million yuan respectively, with year-on-year growth rates of 11.41%, 10.76%, -3.14%, and -11.74% [1] Group 2: Sales Channels - Revenue from distributors, supermarkets, direct sales, e-commerce, and new retail reached 12.382 billion, 827 million, 1.023 billion, 313 million, and 582 million yuan respectively, with year-on-year growth rates of 8.91%, -2.35%, -4.54%, -2.29%, and 32.97% [2] - The number of distributors increased to 2,017 by year-end, a net increase of 53 [2] - Revenue from various regions showed growth, with East China being the core market, and significant growth in Southwest, Northwest, and overseas regions [2] Group 3: Profitability Metrics - The company achieved a gross margin of 23.30% and a net margin of 9.82% in 2024, with a slight increase in gross margin but a decrease in net margin by 0.71 percentage points [3] - The expense ratio was 10.03%, an increase of 0.67 percentage points year-on-year, with specific changes in sales, management, R&D, and financial expense ratios [3] Group 4: Strategic Outlook - The company is implementing a "three-pronged" strategy to enhance its product matrix and optimize its product structure, focusing on both B2B and B2C channels [4] - The company signed a share acquisition agreement with Dingwei Thai, marking a transition from a frozen food leader to a comprehensive dining solution provider [4] - Revenue projections for 2025-2027 are 16.068 billion, 17.498 billion, and 19.677 billion yuan, with net profits of 1.618 billion, 1.778 billion, and 2.038 billion yuan respectively [4] Group 5: Valuation Metrics - The company’s price-to-earnings ratios are projected at 13.96, 12.70, and 11.08 for the years 2025, 2026, and 2027 [5]

事项： 公司发布2024 年报，全年实现营业收入151.27 亿元，同比增长7.70%；归母净利润14.85 亿元，同比增 长0.46%；实现扣非归母净利13.60 亿元，同比下降0.45%。拟向全体股东每股派发现金红利1.015 元 （含税）。公司同时披露2025 年一季报，25Q1 实现营业收入36.00 亿元，同比减少4.13%%；实现归母 净利润3.95 亿元，同比减少10.01%。 风险提示：1）新品推广不达预期。若公司新品接受程度低，新品推广或不达预期，将影响公司业绩增 长。2）渠道开拓不达预期。若公司经销商开拓及培育不及预期，或竞争对手加大渠道开拓投入，公司 渠道开拓或不达预期。3）预制菜业务发展不达预期。若公司优势不能很好地迁移至预制菜领域，或市 场竞争格局恶化，公司预制菜发展或不达预期。4）原材料成本波动。 公司原材料占成本比重较高，若上游原材料价格波动，或对公司盈利造成一定影响。5）食品安全风 险。速冻食品安全问题为重中之重，若行业或公司生产、储存中出现食品安全问题，会对公司发展造成 负面影响。 华东主导地位稳固，境外业务增速突出。分地区来看，2024 全年公司华东地区实现收入64.80 ...

以下文章来源于天天IPO ，作者吴琼 天天IPO . 投资界（PEdaily.cn）旗下，专注IPO动态 剑指出海。 作者 I 吴琼 餐桌上的火锅丸子要IPO了。 投资界-天天IPO获悉，近日安井食品集团股份有限公司（简称"安井食品"）正式向港交 所递交上市申请，计划"A+H"双重上市。 时间回到20 01年，河南老乡刘鸣鸣下海创业，在厦门成立安井食品。二十多年间，安井 食品成长为全国速冻食品巨头，其生产的牛肉丸、鱼丸、小酥肉等食品，更是遍布全国 各大商超，成为一代人的餐桌记忆。 20 17年，安井食品成功在上交所上市，最新市值超20 0亿。这一次，刘鸣鸣再次叩响港 交所大门。 河南老师转行卖鱼丸 又要敲钟了 安井食品的故事，要从一位河南老乡说起。 出生于河南郑州，刘鸣鸣后来考上同济大学，毕业后被分配到郑州工业大学当老师。彼 时正值下海潮，于是做了两年教师后，他决定放弃安稳的生活，投身商界。 其中一段在外企的工作经历，让他看到国外的超市和大卖场中，速冻食品已如家常便 饭，但在国内却还并不多见。察觉到其中的商机，刘鸣鸣决心创业。 报道 I 投资界-天天IPO 20 01年，刘鸣鸣在福建厦门创办了华顺民生（即安井 ...