佳禾食品（605300.SH） Q2 利润侧承压，咖啡、植物基增长提速 消费品/食品饮料 公司发布 25 年半年报，25H1 公司分别实现收入/归母净利润/扣非归母净利润 11.9 亿元/1,243 万元/240 万元，同比+10.4%/-82.1%/-96.1%。25Q2 公司营收 增速环比回暖，粉末油脂降幅维稳，咖啡、植物基单季度增长提速，短期原材 料价格上涨与营销费用增长压制利润率释放。展望 25H2，随着公司继续加大 C 端市场开拓力度，咖啡、植物基等产品有望继续保持快速增长，但预计利润侧 仍有压力。 ❑ 风险提示：需求不及预期，品类推广不及预期，行业竞争加剧等。 财务数据与估值 | 会计年度 | 2023 | 2024 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入(百万元) | 2841 | 2311 | 2532 | 2814 | 3081 | | 同比增长 | 17% | -19% | 10% | 11% | 9% | | 营业利润(百万元) | 340 | 111 | 63 | 107 | 132 ...

截至2025年8月22日收盘，佳禾食品股价报14.19元，较前一交易日下跌0.04元，跌幅0.28%。当日成交 量为36660手，成交金额达0.52亿元。 风险提示：投资有风险，入市需谨慎。本文所载信息仅供参考，不构成任何投资建议。 从资金流向来看，8月22日主力资金净流出334.50万元，近五个交易日累计净流出1030.45万元。公司上 半年经营活动产生的现金流量净额为-3102.07万元，较上年同期由正转负。 佳禾食品主营业务涵盖粉末油脂、咖啡、植物基及糖浆等产品的研发、生产和销售。公司2025年半年报 显示，报告期内实现营业收入11.85亿元，同比增长10.43%；但归母净利润仅为1243.28万元，同比大幅 下降82.10%。其中，咖啡业务表现亮眼，实现营收1.9亿元，同比增长66.8%；植物基业务营收6078万 元，同比增长48.87%。 ...

佳禾食品专注于粉末油脂、咖啡、植物基及糖浆等业务的研发、生产和销售。报告期内，粉末油脂业务 实现营收5.5亿元，同比下降6.38%；第二增长曲线咖啡业务实现营收1.9亿元，同比增长66.8%；植物基 业务实现营收6078万元，同比增长48.87%。 北京商报讯（记者 郭秀娟 实习记者 王悦彤） 8月22日，佳禾食品发布2025年半年报，报告期内，公司 实现营收11.9亿元，同比增长10.4%；归母净利润1243万元，同比下降82.1%。 ...

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 | 产品分类 | | 2025 1-6 年 | 月销售收入 | 2024 1-6 年 | 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 ...

佳禾食品工业股份有限公司2025 年半年度报告 公司代码：605300 公司简称：佳禾食品 佳禾食品工业股份有限公司 佳禾食品工业股份有限公司2025 年半年度报告 重要提示 一、 本公司董事会及董事、高级管理人员保证半年度报告内容的真实性、准确性、完整性，不 存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、 公司全体董事出席董事会会议。 三、 本半年度报告未经审计。 四、 公司负责人柳新荣、主管会计工作负责人沈学良及会计机构负责人（会计主管人员）沈学 良声明：保证半年度报告中财务报告的真实、准确、完整。 五、 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 否 六、 前瞻性陈述的风险声明 √适用 □不适用 本公司2025年半年度报告涉及的公司未来计划、发展战略等前瞻性陈述不构成公司对投资者 的实质承诺，敬请投资者注意投资风险。 七、 是否存在被控股股东及其他关联方非经营性占用资金情况 否 八、 是否存在违反规定决策程序对外提供担保的情况 否 九、 是否存在半数以上董事无法保证公司所披露半年度报告的真实性、准确性和完整性 否 十、 重大风险提示 报告期内，不存在对公司生产经营产 ...

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 ...