颐海国际 20250912 摘要 颐海国际牛油产品实现约 20%增长，主要得益于低价位产品策略和下沉 市场开拓，同时与 KA 渠道的定制化合作也推动了鱼调料和 24 道菜等产 品双位数增长。 速食产品方面，高价位产品如小火锅因价格敏感性表现较弱，而 7-8 元 价格区间的低价位速食如回家煮系列受欢迎，有效避免了与外卖的直接 竞争。 公司正积极拓展小 B 客户业务，通过组建专门团队直接对接终端市场， 以标品为主，根据区域口味变化进行产品组合，有望实现超越大 B 客户 的增长。 调味品市场呈现区域性口味特征，全国性大单品较少，公司通过小 B 端 的配锅方式，生产符合当地偏好的产品，在多样性、价格竞争力和品质 保证方面占据优势。 颐海国际以销售为主导进行产品研发，销售人员及时反馈市场口味变化 及友商产品信息，研发团队据此调整产品策略，打破小组界限，提高新 产品成功率。 Q&A 颐海国际在 2025 年上半年取得了哪些显著的业绩增长？未来的增长驱动因素 有哪些？ 颐海国际在 2025 年上半年实现了翻倍的增长，主要得益于多个方面。首先， 在地理扩展方面，我们在其他地区的开拓带动了整体业务增长。例如，牛油产 品实现了约 ...

Core Viewpoint - The company's 1H25 performance aligns with expectations, showing stable revenue and profit growth despite challenges in certain segments [1][2]. Financial Performance - The company reported revenue of 2.927 billion yuan, a year-on-year increase of 0.02%, and a net profit of 309 million yuan, up 0.4% year-on-year, with a payout ratio of 89% [1]. - The gross profit margin decreased by 0.5 percentage points year-on-year, primarily due to a decline in the gross margin from related parties and an increase in the B-end business proportion [2]. Business Segments - Revenue from related parties fell by 12.7% year-on-year, impacted by weak demand from Haidilao restaurants, price reductions, and changes in product structure [1]. - Third-party revenue remained stable, increasing by 6.5% year-on-year, with specific product categories like hot pot base, compound seasonings, and instant food showing growth rates of 7.5%, 4.7%, and 3.5% respectively [1]. - The B-end business saw significant growth, with revenue increasing by 131.7% year-on-year, supported by the establishment of a dedicated sales team for B-end products [1][2]. Market Outlook - The company expects double-digit growth in third-party revenue for the full year, driven by continued strong performance in the B-end and overseas markets [2]. - The overseas business grew by 34% year-on-year, with expectations for third-party overseas business to increase by over 50% [1]. Profitability and Cost Management - Selling expenses increased by 0.6 percentage points year-on-year, mainly due to higher logistics costs and an increased direct delivery ratio to key customers [2]. - Management expenses rose by 0.5 percentage points year-on-year, attributed to an increase in factory staff [2]. Earnings Forecast and Valuation - The earnings forecast for 2025 has been raised by 3% to 820 million yuan, while the 2026 forecast remains unchanged [3]. - The target price has been increased by 20% to 18 HKD, reflecting a valuation of 21/19 times the P/E for 2025/2026, indicating a 22% upside potential [3].