证券研究报告 | 2025年08月27日 安井食品（603345.SH） 优于大市 2025 年第二季度利润承压，坚持产品创新驱动 安井食品 2025 年上半年实现营业总收入 76.04 亿元，同比增长 0.80%；实现 归母净利润 6.76 亿元，同比减少 15.79%；实现扣非归母净利润 6.03 亿元， 同比减少 21.85%；2025 年第二季度实现营业总收入 40.05 亿元，同比增长 5.69%；实现归母净利润 2.81 亿元，同比减少 22.74%；实现扣非归母净利润 2.60 亿元，同比减少 26.11%。 拥抱商超大 B 定制化，特通、新零售及电商渠道表现较好。分产品看，2025 年 第 二 季 度 米 面 制 品 / 调 制 食 品 / 菜 肴 制 品 收 入 分 别 同 比 -10.8%/-1.4%/+26.1%，锁鲜装产品保持韧性增长，公司 C 端"肉多多烤肠 系列"实现品类升级和产品结构优化。分渠道看，2025 年第二季度经销商/ 商超/特通/新零售及电商渠道收入同比+1.6%/+8%/+19.4%/+35.1%， 特通、 新零售及电商渠道表现较好，主因公司全面拥抱大 B（特通）客户 ...

Core Viewpoint - The second "Facilitating Mainland Quality Agricultural Products to Explore International Market Exchange and Cooperation Conference" was held in Hong Kong, aiming to enhance the connection between mainland agricultural products and the global market [1] Group 1: Event Overview - The event was co-hosted by the Central Government's Liaison Office in Hong Kong, the Ministry of Agriculture and Rural Affairs, and the Hong Kong Trade Development Council, with approximately 100 attendees [1] - The conference provided direct display opportunities and precise matching services to facilitate the effective connection of mainland agricultural products with the global market [1] Group 2: Government Statements - The Deputy Minister of the Economic Department of the Liaison Office, Zhou Qiang, emphasized that the supply of agricultural products from the mainland to Hong Kong is not only a commercial act but also a political task with a glorious historical legacy [1] - Zhou Qiang highlighted the increasing demand for collaborative development in the industrial and supply chains of quality agricultural products between the mainland and Hong Kong, suggesting the exploration of complementary cooperation models [1] Group 3: Future Plans - The Director of the Agricultural Trade Promotion Center, Peng Tingjun, stated that efforts will continue to leverage Hong Kong's unique advantages to create a "China Quality" brand [1] - There are plans to establish a high-level national agricultural exhibition group to showcase the green, safe, and high-quality characteristics of mainland agricultural products through Hong Kong as an international window [1] Group 4: Market Response - The Secretary for Environment and Ecology of the Hong Kong SAR Government, Tse Chin-wan, expressed hopes for the local industry to seize opportunities and deepen food trade cooperation with the mainland, enhancing the economic role of the Guangdong-Hong Kong-Macao Greater Bay Area [2] - The event saw active participation from Hong Kong buyers and channel merchants, with procurement intentions exceeding 700 million HKD, covering various high-quality agricultural products [2] - Three supply and sales agreements were signed during the event, involving products such as wine and rice noodles [2]

Group 1 - Anjiu Foods has successfully listed on the Hong Kong Stock Exchange, becoming the first "A+H" listed company in the frozen food industry, marking a significant milestone for the industry [1][4] - The company is known for its high-quality frozen products, including fish paste, meat products, and rice and flour products, catering to diverse consumer needs [4] - The listing will provide Anjiu Foods with broader financing channels, helping to expand production scale and enhance brand influence, while attracting more international investors [4][7] Group 2 - The listing also imposes higher market demands and stricter regulations on Anjiu Foods, prompting the company to improve management and operational efficiency [4][7] - Anjiu Foods plans to increase investment in research and development to launch new products that meet consumer demands for health and convenience, such as low-fat and high-protein frozen foods [7] - The successful listing serves as a model for other companies in the frozen food industry, encouraging them to strengthen their capabilities and seek support from capital markets [7]

Core Viewpoint - The recent incident of suspected borax being applied to pork has sparked significant public concern and discussion, leading to reports being made to market regulatory authorities for inspection [1][2]. Group 1: Health Risks - Borax is a toxic substance that is explicitly prohibited from being added to food in China, and its presence in food products can lead to serious health issues, including digestive problems, appetite loss, and acute poisoning symptoms [2][6]. - Long-term consumption of food containing borax can be life-threatening, with a lethal dose for adults being 15 grams and only 2-3 grams for infants [6]. Group 2: Detection Methods - Consumers can identify borax in pork by its slippery texture, darker color compared to fresh pork, and the presence of white powder or a faint alkaline smell [6][12]. - For other products like tofu, glutinous rice dumplings, and rice noodles, signs of borax include unusual texture, excessive toughness, and a slippery feel when wet [8][12].

Investment Rating - The report maintains a "Buy" rating for the company, with expected revenue growth of 7.04% to 8.97% from 2025 to 2027, and corresponding EPS growth of 9.25% to 10.28% during the same period [8][10]. Core Insights - The company is shifting its strategic focus from "channel-driven" to "new product-driven," emphasizing C-end product innovation as the core of growth. This includes optimizing incentive mechanisms and establishing a differentiated assessment system [5]. - The company is enhancing its B-end customized offerings by deepening collaborations with major clients like Sam's Club and Yum China, which will help expand its customer base [6]. - The digital upgrade of the distribution system is being implemented, supporting existing distributors to extend into new retail and e-commerce channels [6]. - The company plans to launch several new high-end products targeting both B-end and C-end markets, with a focus on quality and price differentiation [7]. Financial Projections - The projected revenue for 2025, 2026, and 2027 is 161.92 billion, 175.60 billion, and 191.35 billion yuan respectively, with year-on-year growth rates of 7.04%, 8.45%, and 8.97% [10][11]. - The forecasted net profit attributable to the parent company for the same years is 16.22 billion, 17.69 billion, and 19.51 billion yuan, reflecting growth rates of 9.25%, 9.05%, and 10.28% [8][10]. - The company's PE ratios for 2025, 2026, and 2027 are projected to be 15, 14, and 13 respectively, indicating a favorable valuation trend [8][10].