别增长2.1%、0.4%、131.8%。 机构：中泰证券 研究员：熊欣慰 事件：公司2025H1 实现主营收入29.27 亿元，同比持平；实现归母净利润3.10 亿元，同比增长0.4%。 第三方B 端和海外增长强劲，大单品表现良好。2025H1 第三方实现收入20.64 亿元，同比增长6.5%。 （1）分品类看：第三方火锅调料收入9.25 亿元，同比增长7.5%（量+13.3%、价-5.1%、毛利 率-2.9pct），主要受益于新的牛油火锅底料和新口味火锅蘸料推出；中式复调收入4.51 亿元，同比增长 4.8%（量+10.6%、价-5.3%、毛利率-0.1pct），主要受益于B 端客户需求增加；方便速食收入6.45 亿 元，同比增长3.5%（量+15.1%、价-10.1%、毛利率-0.9pct），主要受益于回家煮系列新品增加。（2） 从单品看：2025H1 牛油火锅底料增长20.5%至2.26 亿元，蘸料增长12.6%至1.86 亿元；鱼调料增长 15.1%至0.59 亿元，24 道菜系列增长17.5%至0.32 亿元；速食回家煮系列增加0.30 亿元至0.37 亿元。 （3）分渠道看：2025H1 第三方经 ...

证券研究报告 颐海国际 (1579 HK) 港股通 第三方经营稳健，期待海外和 B 端新 增量 2025 年 8 月 26 日│中国香港 餐饮 公司公布 1H25 业绩：收入 29.27 亿元/yoy+0.02%，录得归母净利润 3.09 亿元/yoy+0.39%，对应归母净利率 10.6%/yoy+0.04pct，收入及利润端整体 表现稳健。1H25 宣派每股股息 0.3107 港元（对应人民币 0.2836 元），分 红率 95%，股东回馈优渥。期内公司不断捕捉需求端变化，完善产品研发 机制，B 端产品定制化能力提升。渠道端践行精细化管理，强化 KA 终端管 理，驱动第三方经销商渠道收入同比增长 2.1%。立足长期，公司持续推进 供应链全球化布局和 B 端能力建设，积极推进以增量利润为关键激励指标 的内部考核体系，盈利稳定性和经营韧性有望持续验证。维持"增持"评级。 风险提示：原料成本抬升；关联方调整及渠道铺设不及预期。 | 华泰研究 | | 中报点评 | 投资评级(维持): | 增持 | | --- | --- | --- | --- | --- | | 2025 年 8 月 | 26 日│中国香港 | ...

（企业公告） 8月25日，颐海国际发布截至2025年6月30日止六个月中期业绩。当中披露，截至2025年6月30日止六个 月，收入为29.27亿元(人民币,下同)，同比维持稳定；公司拥有人应占净利润3.095亿元，上年同期则为 3.08亿元，同比维持稳定。 公告指出，集团在产品研发上，坚持以满足市场需求作为出发点，销售团队通过多维度分析区域内消费 特征及竞品市场表现，捕捉消费者对产品的需求变化，以提供符合各区域销售的产品。同时，集团注重 持续提升产品品质、优化研发效率，增强整体研发能力。在该策略下，第三方各品类中均有良好表现， 如火锅调味料中牛油火锅底料及蘸料增长较快，其中牛油火锅底料实现收入2.255亿元，同比增长 20.5%，蘸料实现收入1.86亿元，同比增长12.6%；复合调味料中的鱼调料与24道菜系列，通过细分消费 者需求和消费场景，产品迎合了更多细分消费者的偏好，其中鱼调料实现收入0.59亿元，同比增长 15.1%，24道菜系列实现收入0.32亿元，同比增长17.5%；方便速食中回家煮系列产品，销售收入由截至 2024年6月30日止六个月的790万元，增长到截至2025年6月30日止六个月的3740 ...

Summary of Key Points Core Viewpoint The report from the Jixian County Market Supervision Administration highlights the results of the fourth round of food safety inspections in 2025, indicating a high compliance rate for ordinary food products and a notable number of non-compliant agricultural products. Group 1: Inspection Results - A total of 213 batches of ordinary food were tested, with all 213 batches passing the inspection [2] - For agricultural products, 45 batches were tested, of which 42 passed and 3 were found to be non-compliant [2] Group 2: Non-compliant Products - The non-compliant agricultural products included: - Bananas from He Sheng Trading Company, with a pesticide residue of 0.086 mg/kg, exceeding the standard limit of 0.02 mg/kg [3] - Ginger from a local market, with a pesticide residue of 0.60 mg/kg, also above the acceptable limit of 0.2 mg/kg [3] - Another batch of bananas from a different vendor, showing a residue of 0.10 mg/kg, again exceeding the standard [3] Group 3: Compliance Standards - The inspections were conducted in accordance with the GB 2763-2021 national food safety standards, which set maximum residue limits for pesticides in food products [3][4] - The report emphasizes the importance of adhering to these standards to ensure food safety for consumers [2][3]

Core Insights - The company reported a net profit attributable to shareholders of approximately RMB 739 million for 2024, a decrease of 13.28% year-on-year [1] - Revenue reached approximately RMB 6.54 billion, reflecting a year-on-year increase of 6.4% [1] - Gross profit was around RMB 2.046 billion, which is a 5.4% increase compared to the previous year [1] Revenue Breakdown - The group achieved revenue of RMB 4.566 billion from third-party businesses, marking a year-on-year growth of 10.4%, driven by refined channel management and improved product development mechanisms [1] - In the hot pot base category, the beef tallow hot pot base generated RMB 584 million in revenue, up 12.1%, while the tomato hot pot base reached RMB 424.3 million, increasing by 8.6% [2] - The compound seasoning category saw the crawfish seasoning perform exceptionally well, with revenue of RMB 222.8 million, a growth of 31.5% [2] - Instant food products, particularly the spicy sour noodles, were popular among consumers, generating RMB 135.6 million in revenue, a significant increase of 56.7% [2] Channel Management - The company emphasizes refined and standardized management strategies in channel construction, adapting to market changes through in-depth market research and regional layout [3] - E-commerce channels achieved revenue of RMB 398.7 million, reflecting a year-on-year growth of 30.9% [3] - The company implements differentiated management based on channel and regional characteristics, optimizing the "partner" assessment system with an incentive mechanism focused on "incremental" growth [3]