Core Insights - Jiahe Foods reported a significant decline in net profit for the first half of 2025, continuing the downward trend from 2024 [1][3] - Despite the overall decline in performance, the compensation for the company's vice president, Liu Xinren, increased, raising concerns about management accountability [1][3] Financial Performance - In 2024, Jiahe Foods' revenue was 2.311 billion yuan, a year-on-year decrease of 18.68%, and the net profit attributable to shareholders was 83.94 million yuan, down 67.43% [3][4] - For the first half of 2025, the company achieved revenue of 1.185 billion yuan, a year-on-year increase of 10.43%, but the net profit attributable to shareholders was only 12.43 million yuan, a drastic decline of 82.10% [3][4] - The net cash flow from operating activities for the first half of 2025 was -31.02 million yuan, a significant decrease of 142.30% compared to the same period last year, indicating potential cash flow issues [3][4] Management Compensation - Liu Xinren's compensation for 2024 was 926,700 yuan, showing little change from 2023, while Chairman Liu Xinrong's salary decreased from 2.091 million yuan in 2023 to 2.038 million yuan in 2024 [4][6] - Liu Xinrong remains the highest-paid executive in the company, being the only one with a salary exceeding one million yuan [4][6] Business Segments - The core product line of powdered fats saw a revenue decline of 6.38% in the first half of 2025, generating 550 million yuan [6] - Conversely, the coffee business, identified as a second growth curve for the company, reported a revenue increase of 66.80%, reaching 190 million yuan [6]

Investment Rating - The investment rating for the company is "Accumulate" [3] Core Views - The company's revenue and net profit for H1 2025 were 1.19 billion yuan and 12.43 million yuan, respectively, showing a year-on-year increase of 10.4% in revenue but a significant decline of 82.1% in net profit [1][6] - In Q2 2025, the company experienced a quarter-on-quarter revenue growth rebound, with significant growth in coffee and plant-based products, although profit margins were pressured by rising raw material costs and increased marketing expenses [1][6] - The company is expected to continue expanding its consumer market efforts, particularly in coffee and plant-based products, which are anticipated to maintain rapid growth in H2 2025, despite ongoing profit pressures [1][6] Financial Data and Valuation - The projected total revenue for 2023 is 2.841 billion yuan, with a year-on-year growth of 17%, but a decline of 19% is expected in 2024 [2][12] - The estimated earnings per share (EPS) for 2025, 2026, and 2027 are 0.11 yuan, 0.18 yuan, and 0.23 yuan, respectively [2][12] - The company’s total assets are projected to reach 3.639 billion yuan by 2025, with a total liability of 742 million yuan [11][12] Performance Analysis - In Q2 2025, the company reported revenues of 615 million yuan, with a year-on-year increase of 15.5%, while net profit decreased by 64.1% [6][12] - The gross margin for H1 2025 was 12.4%, down 5.5 percentage points year-on-year, primarily due to rising raw material costs and changes in product structure [6][12] - The company’s major products, including powdered oils, coffee, and plant-based products, showed varied performance, with coffee and plant-based products experiencing significant growth of 72% and 65.4% year-on-year, respectively [6][12]

Core Viewpoint - Jiahe Foods' stock price has experienced a slight decline, while the company reports mixed financial results with significant growth in certain business segments but a drastic drop in net profit [1] Financial Performance - As of August 22, 2025, Jiahe Foods' stock price is 14.19 yuan, down 0.04 yuan or 0.28% from the previous trading day [1] - The company reported a revenue of 1.185 billion yuan for the first half of 2025, representing a year-on-year increase of 10.43% [1] - The net profit attributable to shareholders was 12.43 million yuan, showing a substantial decline of 82.10% compared to the previous year [1] Business Segments - The coffee business performed notably well, generating revenue of 190 million yuan, which is a year-on-year growth of 66.8% [1] - The plant-based business also showed strong performance with revenue of 60.78 million yuan, reflecting a year-on-year increase of 48.87% [1] Cash Flow and Market Activity - The net cash flow from operating activities for the first half of the year was -31.02 million yuan, indicating a shift from positive to negative compared to the same period last year [1] - On August 22, 2025, there was a net outflow of 3.345 million yuan in principal funds, with a cumulative net outflow of 10.3045 million yuan over the past five trading days [1]

Core Insights - Jiahe Foods reported a revenue of 1.19 billion yuan for the first half of 2025, representing a year-on-year growth of 10.4% [1] - The company's net profit attributable to shareholders was 12.43 million yuan, showing a significant decline of 82.1% compared to the previous year [1] Business Segments Performance - The powdered oil business generated a revenue of 550 million yuan, which is a decrease of 6.38% year-on-year [1] - The coffee business, identified as a second growth curve, achieved a revenue of 190 million yuan, marking a substantial increase of 66.8% [1] - The plant-based business reported a revenue of 60.78 million yuan, reflecting a growth of 48.87% year-on-year [1]

Core Viewpoint - Jiahe Food Industrial Co., Ltd. reported its unaudited operating data for the first half of 2025, showing a total sales revenue increase of 6.50% compared to the same period in 2024, reaching approximately 1.01 billion yuan [1][2]. Group 1: Main Business Performance - The sales revenue for powdered fats decreased by 6.38%, totaling approximately 549.78 million yuan in the first half of 2025 compared to 587.26 million yuan in the same period of 2024 [2]. - Coffee sales surged by 66.80%, with revenue reaching approximately 190.17 million yuan, up from 114.01 million yuan year-on-year [2]. - Plant-based product sales increased by 48.87%, totaling approximately 60.78 million yuan compared to 40.83 million yuan in the previous year [2]. - Syrup sales dropped by 23.91%, with revenue of approximately 113.40 million yuan compared to 149.04 million yuan in 2024 [2]. - Other products saw a significant increase of 67.99%, with sales reaching approximately 95.50 million yuan compared to 56.85 million yuan in the previous year [2]. Group 2: Sales by Channel - Sales through production enterprises decreased by 21.22%, totaling approximately 300.56 million yuan compared to 381.51 million yuan in 2024 [2]. - Chain sales increased by 9.78%, reaching approximately 419.73 million yuan, up from 382.35 million yuan year-on-year [2]. - Distribution channel sales rose by 55.53%, totaling approximately 177.76 million yuan compared to 114.30 million yuan in the previous year [2]. - Other sales channels increased by 59.80%, with revenue of approximately 111.59 million yuan compared to 69.83 million yuan in 2024 [2]. Group 3: Regional Sales Performance - Sales in the East China region increased by 14.97%, totaling approximately 403.91 million yuan compared to 351.31 million yuan in 2024 [2]. - South China region sales rose by 14.22%, reaching approximately 93.03 million yuan compared to 81.45 million yuan in the previous year [2]. - Sales in the Southwest region decreased by 4.18%, totaling approximately 74.17 million yuan compared to 77.41 million yuan in 2024 [2]. - The North China region experienced a significant decline of 73.28%, with sales dropping to approximately 22.68 million yuan from 84.88 million yuan year-on-year [2]. - E-commerce sales saw a remarkable increase of 114.81%, reaching approximately 47.67 million yuan compared to 22.19 million yuan in the previous year [2]. Group 4: Distributor Changes - The total number of distributors decreased by 82, with the current total being 536 distributors across various regions [2]. - The East China region saw a reduction of 35 distributors, while the North China region lost 4 distributors [2]. - The Northeast region experienced a decrease of 2 distributors, bringing the total to 29 [2].

Core Viewpoint - Jiahe Foods Industrial Co., Ltd. reported a significant decline in net profit and total profit for the first half of 2025, attributed to rising raw material costs and increased marketing expenses, despite a 10.43% increase in revenue compared to the same period last year [2][3][4]. Company Overview and Financial Indicators - The company achieved operating revenue of approximately 1.185 billion RMB, a 10.43% increase from 1.073 billion RMB in the same period last year [2]. - Total profit decreased by 82.58% to approximately 15.44 million RMB from 88.67 million RMB year-on-year [2]. - Net profit attributable to shareholders dropped by 82.10% to approximately 12.43 million RMB from 69.44 million RMB [2]. - The net cash flow from operating activities was negative at approximately -31.02 million RMB, a decline of 142.30% compared to the previous year [2]. - The company's net assets increased by 32.30% to approximately 2.85 billion RMB from 2.16 billion RMB at the end of the previous year [2]. Industry and Main Business Situation - The company operates in the powder oil, coffee, plant-based, syrup, and other product sectors, focusing on research, production, and sales [4]. - The plant-based market in China is expected to grow significantly, with a projected annual growth rate of over 20% in the coming years, driven by increasing health consciousness among consumers [9][10]. - The coffee market in China is experiencing rapid growth, with the market size expected to reach approximately 191.7 billion RMB in 2024, reflecting a 25% year-on-year increase [8][14]. - The syrup market is also expanding, with the global flavor syrup market projected to grow from approximately 32.44 billion RMB in 2023 to 39.38 billion RMB by 2029 [16]. Business Development and Strategy - The company is focusing on enhancing brand awareness and expanding online marketing and new retail channels, participating in various industry exhibitions to increase product exposure [19][20]. - The company is actively developing new products across coffee, plant-based, and innovative food categories to maintain competitive advantages and meet evolving consumer demands [21][22]. - The company is expanding its production capacity for coffee products to meet growing market demand, with plans to increase annual production capacity significantly [23][24].

证券代码：605300 证券简称：佳禾食品 公告编号：2025-074 佳禾食品工业股份有限公司 关于 2025 年半年度经营数据公告 3、按区域类别分类情况 单位：元 币种：人民币 单位：元 币种：人民币 产品分类 2025 年 1-6 月销售收入 2024 年 1-6 月销售收入 增减变动幅度 粉末油脂 549,777,936.40 587,256,344.74 -6.38% 咖啡 190,168,256.78 114,011,197.36 66.80% 植物基 60,784,794.43 40,831,657.64 48.87% 糖浆 113,404,858.60 149,036,254.07 -23.91% 其他产品 95,502,955.78 56,850,411.10 67.99% 合计 1,009,638,801.99 947,985,864.91 6.50% 单位：元 币种：人民币 渠道类型 2025 年 1-6 月销售收入 2024 年 1-6 月销售收入 增减变动幅度 生产企业 300,561,509.99 381,510,734.27 -21.22% 连锁 419,730,120.60 ...

Group 1: Company Overview - Jiahe Foods specializes in the research, production, and sales of powdered oils, coffee, plant-based products, and others, with powdered oils being its core product [2][3] - The revenue from powdered oils accounted for over 70% from 2020 to 2022, although it dropped below 70% in 2023, generating a historical high of 1.926 billion yuan [2] Group 2: Market Dynamics - The new tea beverage industry has shifted towards stock competition, requiring brands to innovate raw materials for differentiation, while consumer preferences have evolved towards higher quality [3] - The market share of powdered oils is being pressured as tea brands prefer to eliminate powdered oils as a marketing strategy due to health concerns [3] Group 3: Financial Performance - In 2024, Jiahe Foods experienced a significant decline in powdered oil revenue, dropping by 39.82% to 1.159 billion yuan, with overall revenue decreasing by 18.68% to 2.31 billion yuan and net profit halving by 67.43% to 83.9372 million yuan [1][3] - The first quarter of 2024 saw a dramatic net profit drop of 91.46% to 3.9064 million yuan, attributed to rising costs and declining sales [1] Group 4: Product Performance - Powdered oil production and sales volumes fell by 36.73% and 36.99% respectively in 2024, with inventory levels decreasing by 7.07% [4] - The coffee business is expected to become a second growth driver, with plans to invest 750 million yuan in expansion, aiming for significant production capacity in various coffee products [8] Group 5: Cost and Profitability - The gross margin for the coffee business improved to 16.26% in 2024, but remains lower than the 20.51% margin for powdered oils [9] - Sales expenses surged by 75.14% to 156 million yuan in 2024, significantly impacting profitability, with management indicating a need to control overall expense ratios [10]

Core Insights - The company is focusing on both online and offline channels for its coffee business, with a greater emphasis on brand investment online while utilizing distributors for offline sales [1] - The company identifies several growth strategies for profitability, including expanding into Southeast Asia, addressing the decline in powdered oil revenue, diversifying product offerings, and improving marketing efficiency for consumer products [1] - The increase in sales expenses for 2024 and Q1 2025 is attributed to enhanced C-end promotion efforts, particularly through social media and traditional e-commerce platforms [2] Group 1 - The coffee business encompasses both online and offline channels, with a stronger focus on brand development online and leveraging distributors for offline sales [1] - The company is actively pursuing growth in the Southeast Asian market, particularly in powdered oils, coffee, and plant-based products [1] - The company has established a diversified product structure that includes coffee, plant-based products, syrups, and innovative foods, contributing significantly to revenue [1] Group 2 - The increase in sales expenses is primarily due to intensified C-end marketing efforts, especially through platforms like Douyin and Kuaishou [2] - The company aims to control overall expense ratios to mitigate the impact on profits while continuing to invest in C-end business expansion [2]

证券代码：605300 证券简称：佳禾食品 公告编号：2025-041 单位：元 币种：人民币 单位：元 币种：人民币 产品分类 2025 年 1-3 月销售收入 2024 年 1-3 月销售收入 增减变动幅度 粉末油脂 292,892,177.19 312,656,927.95 -6.32% 咖啡 70,659,801.04 44,542,891.40 58.63% 植物基 30,385,429.47 22,456,644.93 35.31% 糖浆 59,226,759.31 72,252,355.37 -18.03% 其他产品 41,151,015.83 25,206,625.85 63.25% 合计 494,315,182.84 477,115,445.50 3.60% 佳禾食品工业股份有限公司 关于 2025 年第一季度经营数据公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 根据《上市公司行业信息披露指引第十四号——食品制造》第十四条相关规 定，现将佳禾食品工业股份有限公司（以下简称"公司"）2025 年第一季度 ...