西麦食品于近日接受了华鑫证券等54家机构的调研，通过线上交流会的形式，就公司战略规划、业绩表 现、产品结构、渠道拓展等多个方面进行了深入交流。以下为本次调研的详细情况。 调研基本信息投资者活动关系类别：其他（线上交流会）时间：2025年8月26日10：00 - 11：00；2025 年8月27日10：00 - 11：00地点：线上会议参与单位名称：华鑫证券、鹏华基金、博道基金等54家机构 及投资者上市公司接待人员姓名：投资总监李骥、证券事务代表何剑萍 点击查看公告原文>> 责任编辑：小浪快报 调研精彩要点管理层变动与战略规划：原总经理孟总因个人身体健康原因卸任，由原营销负责人孙总接 任。孙总在公司内部培养，工作经验丰富，此次变更预计不会对公司未来战略规划执行产生重大影响。 并购公司业绩：德赛康谷今年上半年营收3000多万，同比增长约10%，二季度开始盈利，整体趋势向 好。产品增长与毛利率：复合燕麦是主要增长引擎，今年新推药食同源系列粉、七白八珍麦片等新品销 售良好。产品结构变化及原材料成本下降，推动公司毛利率提升。其中牛奶燕麦片、五黑为复合燕麦大 单品，新品尚需时间发展。渠道拓展：公司积极拥抱新渠道，一款燕麦 ...

A3：复合燕麦是公司近几年来的主要增长引擎，公司持续推出复合新品，今 年新推出药食同源系列粉、七白八珍麦片等，符合消费者中式养生需求，销售 情况良好，后续公司还会陆续推出同系列新品。 公司的产品结构在复合燕麦的高速增长推动下产生了一些变化，复合燕麦的加 工工艺较复杂，附加值较高，相应的毛利率也较高，带动公司整体毛利率也有 了提升。另外，原材料的成本下降也对毛利率产生一定的作用。 Q4：公司复合燕麦的大单品是哪些？ A4：目前复合品类下牛奶燕麦片、五黑销量最高，新品还需要时间来爬坡， 短时间内还无法挑战原有大单品的地位。 证券代码：002956 证券简称：西麦食品 桂林西麦食品股份有限公司投资者关系活动记录表 | | □特定对象调研 □分析师会议 | | --- | --- | | 投资者关系 | □媒体采访 □业绩说明会 | | 活动类别 | □新闻发布会 □路演活动 | | | □现场参观 其他（线上交流会） ☑ | | | 华鑫证券、鹏华基金、博道基金、方正证券、鹏扬基金、光大证券、广发证券、 | | | 华源证券、招商证券、中信证券、国海证券、沣京资本、中信建投、国信证券、 | | | 弈宸基金、浙商证 ...

基孔肯雅热患者进入康复期后，虽然发热、急性疼痛等症状逐渐缓解，但身体可能仍存在乏力、关 节不适、消化功能尚未完全恢复等情况。此阶段的营养补充需兼顾恢复功能、增强体力以及提高免疫 力，同时避免给身体带来额外负担，帮助身体更快找回"元气"。 一、修复身体机能的核心营养素 避免只吃精米白面，搭配全谷物和杂豆，如糙米饭、燕麦粥、玉米、红豆饭等，既能提供持续能 量，又富含膳食纤维，帮助调节肠道功能。每天主食量约250-300克(生重)，其中全谷物占1/3-1/2。 (二)辅食：多样搭配，均衡营养 蔬菜富含抗氧化物质和维生素，每天吃300-500克，以深色蔬菜(菠菜、西兰花、胡萝卜)为主，可清 炒、焯水后凉拌或煮汤(避免过度烹饪流失营养)。水果选择苹果、梨、蓝莓、猕猴桃等低GI(血糖生成 指数)水果，每天200-350克，补充维生素C和膳食纤维，帮助促进食欲。汤类如山药排骨汤(去浮油)、冬 瓜豆腐汤、菌菇汤等，适当喝些清淡的汤品，既能补充水分，又能增加营养摄入，容易消化。 (一)优质蛋白——修复组织的"建筑材料"更加重要 康复期身体需要更多蛋白质来修复受损的细胞和组织，尤其是关节、肌肉等部位。选择易消化且富 含必需氨基酸 ...

Group 1: Product Potential and Innovation - The company is focusing on the development of oatmeal and composite products, which have shown high growth and consumer acceptance [1] - The company plans to continue launching new health-oriented products, including traditional Chinese medicine and wellness items [1] - There is an emphasis on enhancing the leisure attributes of oatmeal products to expand into more casual consumption channels [1] Group 2: Competitive Advantages - The company is recognized as the leading oatmeal brand in China, with a strong brand influence and consumer trust [2] - A diversified product matrix is being developed, including innovations in oatmeal milk, protein powder, and oatmeal porridge [2] - The company maintains a comprehensive online and offline sales network, with a strong presence in e-commerce, holding the top position in the oatmeal category [2] Group 3: Financial Performance and Market Outlook - The company expects a 15% year-on-year revenue growth in 2025, supported by a favorable market outlook for the oatmeal industry [2] - The company is actively managing raw material costs and optimizing supply chain efficiency to mitigate cost pressures [3] - The gross profit margin for Q1 2025 is expected to remain stable compared to the previous year [3] Group 4: Market Position and Industry Trends - The company holds the number one position in the Chinese oatmeal market, with both online and offline sales leading the industry [5] - The breakfast food market in China is valued at approximately 100 billion, with oatmeal showing faster growth [5] - The market share of the top three companies in the oatmeal industry in China is around 51%, indicating room for increased concentration compared to Japan (82%) and the USA (66%) [5]

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 22.13 yuan over the next six months [5]. Core Insights - The company reported a revenue of 1.896 billion yuan for 2024, representing a year-on-year growth of 20.16%. The net profit attributable to the parent company was 133 million yuan, up 15.36% year-on-year [1]. - The growth in revenue is driven by the rapid increase in sales of composite and cold oat products, with online sales channels growing over 17% and offline sales increasing by 14% [1][3]. - The company is expected to benefit from cost advantages as the price of Australian oats declines, enhancing profit margins [3]. Financial Performance Summary - In 2024, the company achieved a gross margin of 41.33%, a decrease of 3.22 percentage points year-on-year, primarily due to rising oat prices and lower margins in online and new retail channels [2]. - The net profit margin for 2024 was 7.02%, down 0.30 percentage points year-on-year. However, in Q1 2025, the net profit margin improved to 8.28%, reflecting a positive trend [2]. - The company forecasts earnings per share (EPS) of 0.88, 1.21, and 1.52 yuan for 2025, 2026, and 2027, respectively, with corresponding price-to-earnings (PE) ratios of 21x, 15x, and 12x [3]. Revenue and Profit Growth Projections - The company anticipates a revenue growth rate of 18.14% for 2025, with net profit expected to increase by 47.82% [4]. - The projected revenue for 2025 is 2.24 billion yuan, with net profit reaching 197 million yuan [4]. Market Position and Competitive Advantage - The company has established itself as a leader in the oat industry, with strong performance in both traditional and new retail channels [1][3]. - The successful launch of new products, such as oatmeal porridge in Sam's Club, indicates a robust sales strategy and market penetration [3].