利润率基本持稳，毛销差小幅下行。上半年公司毛利率同比-0.5ppt，主要由于关联方毛利率同 比-0.9ppt，及B 端占比提升，以及上半年公司战略性布局牛油产品扩充牛油产品矩阵。1H25 销售费用 率同比+0.6ppt，其中物流费用有所提升，主因海外物流成本提升及公司加大重点客户的直配比例；管 理费用率同比+0.5ppt，主要由于工厂员工人数增多等，整体看1H25 毛销差略有下行。但考虑政府补助 及汇兑收益较1H24 有所改善，上半年净利率基本稳定，净利润同比+0.4%，表现稳健。 机构：中金公司 研究员：陈文博/王文丹/方云朋 1H25 业绩符合我们预期 公司公布1H25 业绩：公司收入29.27 亿元/同比+0.02%，归母净利润3.09亿元/同比+0.4%，1H25 派息率 89%。中期业绩符合我们和市场预期。 发展趋势 关联方表现拖累上半年业绩，B 端进展良好。1H25 关联方收入同比-12.7%，除受海底捞餐厅需求疲弱 影响外，价格下调、产品结构变化亦有小幅影响，拖累上半年收入表现。第三方收入平稳，同比 +6.5%，其中火锅底料/复调/速食收入同比+7.5%/+4.7%/+3.5%，主要受益于公司1 ...

天眼查App显示，近日，四川辣蜀满堂火锅底料有限责任公司成立，法定代表人为赵岗，注册资本8.8万 人民币，经营范围为一般项目：食品销售（仅销售预包装食品）；食品互联网销售（仅销售预包装食 品）；广告设计、代理；广告制作；广告发布；互联网销售（除销售需要许可的商品）；技术服务、技 术开发、技术咨询、技术交流、技术转让、技术推广；信息咨询服务（不含许可类信息咨询服务）；企 业管理咨询；企业管理；餐饮管理；信息技术咨询服务；业务培训（不含教育培训、职业技能培训等需 取得许可的培训）；普通货物仓储服务（不含危险化学品等需许可审批的项目）；单位后勤管理服务； 食品添加剂销售。（除依法须经批准的项目外，凭营业执照依法自主开展经营活动）。 ...

8 月 25 日公司发布半年报业绩，25H1 实现营收 29.27 亿元，同比 增长 0.02%；实现归母净利润 3.09 亿元，同比增长 0.39%，业绩 符合预期。 第三方边际改善，关联方高基数下承压，其他餐饮客户翻倍增长。 25H1 关联方/第三方/其他餐饮客户收入分别为 8.64/19.03/1.55 亿元，同比-12.68%/+1.95%/+131.75%。分产品来看，中式复调、 方便速食受益于新客户拓展，及新品或大单品渗透率提升，实现稳 步增长。火锅调料主要系关联方拖累下滑，25H1 火锅底料/中式复 调/方便速食销售额分别为 16.83/4.92/7.09 亿元，分别同比- 3.70%/+8.22%/+1.22%。从量价角度看，针对关联方上半年持续调 价，叠加其他 B 端客户拓展，价的维度均有承压，火锅底料/中式 复调/方便速食 25H1 单价分别同比-1.94%/-8.19%/-6.51%。 关联方调价仍有压力，内部结构变化积极对冲。25H1 年公司毛利 率/净利率分别为 29.55%/10.57%，同比-0.43pct/+0.04pct，整体 毛利率下滑系关联方客户降本增效传导压力，25H1 ...

Core Viewpoint - Tianwei Food (603317.SH) is advancing its internationalization strategy and overseas business layout by preparing for the issuance and listing of H-shares to enhance brand recognition and influence in international markets [1] Company Overview - Tianwei Food specializes in the research, production, and sales of compound seasonings, with five major brands: "Hao Ren Jia," "Da Hong Pao," "Tian Che," "Tian Wei Can Tiao Gao Dendai," and "Shi Cui Fang" [1] - The company's product range includes hot pot base materials and recipe-style seasonings [1] - Tianwei Food was listed on the Shanghai Stock Exchange on April 16, 2019, and as of August 20, its market capitalization was approximately 13.099 billion RMB [1]

Core Insights - The brand "Lao Gan Ma" is experiencing a significant trust crisis, attributed to changes in product quality and brand strategy since the founder's retirement in 2014 [2][3][4] - The introduction of new products and a shift in pricing strategy have led to a decline in sales of classic products, causing confusion among long-time customers [3][4] - The brand's image has suffered due to controversial marketing decisions and quality complaints, leading to a significant drop in consumer preference among younger demographics [5][6] Product Quality and Changes - The replacement of traditional chili peppers with cheaper alternatives has resulted in a loss of the original flavor, with over 83% of participants in a taste test able to distinguish between older and newer products [2] - The cost-cutting measures have saved the company nearly 400 million yuan annually but compromised the core taste that consumers associate with the brand [2][3] Brand Strategy and Market Position - The expansion into over twenty new product lines has led to a decline in the sales rate of classic products by 30%, creating pressure on inventory management [3] - The price increase from 7-10 yuan to 15-20 yuan for certain products has alienated consumers, with social media discussions highlighting the perception of "unaffordable" products [3][4] Marketing and Consumer Perception - The brand's shift from a no-advertising policy to spending millions on celebrity endorsements has not resonated with consumers, who continue to demand classic products [4] - Complaints regarding product quality have surged by 470% over five years, indicating a significant decline in consumer trust [4] Consumer Trends and Competitive Landscape - The preference for "Lao Gan Ma" among the 18-35 age group has plummeted from 67% in 2016 to 29% in 2022, reflecting a broader trend of younger consumers gravitating towards new brands [5] - Competitors like Hai Tian and Li Zi Qi are reshaping the market, emphasizing the need for "Lao Gan Ma" to reassess its value proposition and adapt to changing consumer needs [5][6]

Group 1 - The latest stock price of Tianwei Foods is 11.93 yuan, an increase of 0.11 yuan from the previous trading day, with a trading range of 4.48% [1] - The stock reached a maximum of 12.09 yuan and a minimum of 11.56 yuan during the trading session, with a trading volume of 198,200 hands and a transaction amount of 234 million yuan [1] - On August 15, the stock experienced a rapid rebound around 11:15 AM, with a rise of over 2% within 5 minutes and a transaction amount of 107 million yuan at that time [1] Group 2 - Tianwei Foods operates in the food and beverage industry, focusing on the research, production, and sales of Sichuan-style compound seasonings [1] - The company's product offerings include hot pot base, Chinese dish seasonings, and sausage and cured meat seasonings [1] - As of the market close, the net inflow of main funds was 4.82 million yuan, with a cumulative net inflow of 31.32 million yuan over the past five trading days [1]

Core Viewpoint - The company, Yao Mazi Food Co., Ltd., is attempting to relaunch its IPO journey on the Beijing Stock Exchange after previously withdrawing its application for the Shenzhen Stock Exchange, despite showing strong revenue growth in its core product, pepper oil [1][3]. Company Overview - Yao Mazi was established in 2008 and focuses on the research, production, and sales of pepper oil, compound seasonings, and local specialty foods [1]. - The company has a significant market share in the pepper oil sector, holding approximately 27% in 2022 [1]. Financial Performance - Yao Mazi has shown consistent revenue growth from 2022 to 2024, with revenues of 450 million, 545 million, and 625 million yuan respectively, and net profits of approximately 81.16 million, 98.78 million, and 157 million yuan [4][5]. - The gross profit margins have also improved, standing at 32.34%, 33.3%, and 38.83% over the same period [4]. Product Dependency - The company heavily relies on its core product, pepper oil, which accounts for over 80% of its main business revenue [5][6]. - Despite attempts to diversify its product offerings, including developing new seasoning products, these efforts have not yet significantly impacted overall performance [5]. Ownership Structure - Yao Mazi is predominantly a family-owned business, with over 68% of shares held by a family of four, which may pose governance risks despite potential decision-making efficiencies [6][7]. - The company has faced scrutiny for inadequate disclosure of related party transactions, leading to regulatory penalties [7]. Competitive Landscape - The entry of major players like Haitian Flavoring and Jinlongyu into the pepper oil market has intensified competition, challenging Yao Mazi's market position [8]. - The company acknowledges the need for continuous innovation and brand marketing to maintain its market share amid rising competition [8].

Core Viewpoint - The recent special inspection by the State Administration for Market Regulation (SAMR) on popular internet celebrity restaurants across 24 major cities in China indicates a stable overall food safety status, but highlights specific issues that require attention [1][2]. Group 1: Inspection Overview - The inspection covered over 200 popular restaurants, including various cuisines such as Chinese, Western, hot pot, and barbecue, with a total of 500 batches sampled [1]. - Key focus areas included pesticide residues in vegetables and meat, food additives in pickled vegetables and noodles, and quality indicators like peroxide values in oils and seasonings [1]. Group 2: Inspection Results - The overall food safety status of internet celebrity restaurants is stable, with no violations found in hot pot base materials, chili powder, or duck blood, and no pathogenic bacteria detected in self-made dishes [2]. - However, issues were found, including pesticide residues exceeding limits in ginger, scallions, and bean sprouts, with a banned pesticide detected in scallions from a restaurant in Hubei [2]. - Residues of veterinary drugs were found in freshwater fish, pig throat, and bullfrogs, with a banned drug detected in live fish from a restaurant in Guangdong [2]. Group 3: Compliance and Enforcement - Some restaurants were found to have mixed food and non-food items, staff not wearing masks or hats, and improper temperature control for refrigerated and frozen ingredients [2]. - A few restaurants had disinfected utensils with excessive levels of coliform bacteria and anionic synthetic detergents, likely due to insufficient disinfection temperature or time [2]. - The SAMR has urged local market regulation departments to investigate and address the non-compliant samples, emphasizing the importance of food safety responsibility for businesses [2].

Core Viewpoint - The company "幺麻子" is re-entering the capital market by initiating the listing process on the Beijing Stock Exchange after withdrawing its previous IPO application on the Shenzhen Stock Exchange, despite facing challenges such as reliance on a single product category and strong competition from industry giants like Jinlongyu [1][2][4]. Group 1: Company Overview - "幺麻子" is a food company founded in 2008, headquartered in Sichuan, with its core product, pepper oil, accounting for over 80% of its revenue and holding a leading market share [5][6]. - The company has shown steady revenue growth, with revenues of 5.45 billion yuan in 2023 and projected revenues of 6.25 billion yuan in 2024, representing year-on-year growth rates of 21.06% and 14.69% respectively [5][6]. - The net profit for 2023 and 2024 is expected to be 99 million yuan and 157 million yuan, with significant year-on-year growth of 21.70% and 58.95% [5][6]. Group 2: Listing Process - "幺麻子" signed a counseling agreement with China International Capital Corporation on July 30 and submitted its listing application to the Sichuan Securities Regulatory Bureau on August 4, 2023 [2][3]. - The company plans to advance its listing in three phases: preliminary planning, key implementation, and acceptance testing, with the goal of meeting the financial conditions set by the Beijing Stock Exchange [2][3]. Group 3: Market Competition - The pepper oil market in China is projected to grow from approximately 1.67 billion yuan in 2022 to 3.56 billion yuan by 2027, with an annual compound growth rate of about 15%-20% [7]. - Increased competition is evident as major players like Jinlongyu and other brands are entering the pepper oil market, intensifying the competitive landscape [7]. - The company emphasizes the need to enhance its core competencies in research and development, smart manufacturing, and brand marketing to maintain its market position [7].

Core Insights - Sichuan is highlighted as a dream destination for travelers due to its stunning natural scenery, rich cultural history, and delicious cuisine [1] Itinerary Summary - Day 1: Arrival in Chengdu, exploring Kuanzhai Alley, and enjoying local cuisine at "Long Chao Shou" [3][4] - Day 2: Visit to Chengdu Research Base of Giant Panda Breeding and Dujiangyan Irrigation System, experiencing ancient engineering wisdom [4][5] - Day 3: Trip to Leshan to see the 71-meter tall Leshan Giant Buddha, followed by a visit to the nearby Oriental Buddha Park [5][7] - Day 4: Journey to Emei Mountain, visiting the Golden Summit and experiencing the serene atmosphere of a Buddhist holy site [7][8] - Day 5: Exploration of the Bamboo Sea in Yibin, enjoying bamboo-themed cuisine and learning about bamboo culture [9][10] - Day 6: Cultural immersion in Chengdu, visiting Jinsha Site Museum and Du Fu's Thatched Cottage, concluding with leisure activities [10][12] Cost and Value - The average cost per person for the trip is around 900 yuan, indicating high value for the experiences offered [12]