丨证券研究报告丨 [Table_scodeMsg1] 公司研究丨点评报告丨五芳斋（603237.SH） [Table_Title] 五芳斋 2025 年三季报点评：中秋错期影响三季 度表现，基本盘整体稳定 报告要点 [Table_Summary] 公司 2025Q1-Q3 营业总收入 19.85 亿元（同比-3.06%，下文皆为同比）；归母净利润 1.75 亿 元（-16.89%），扣非净利润 1.66 亿元（-17%）。2025Q3 营业总收入 3.94 亿元（-15.68%）； 归母净利润-1961.96 万元（+15.01%），扣非净利润-2335.21 万元（+10.64%）。 分析师及联系人 [Table_Author] 董思远 范晨昊 SAC：S0490517070016 SAC：S0490519100003 SFC：BQK487 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 [Table_scodeMsg2] 五芳斋（603237.SH） cjzqdt11111 [Table_Title 五芳斋 20252]年三季报点评：中秋错期影响三季 度表现 ...

Core Viewpoint - Wufangzhai, a leading brand in China's zongzi industry, has shown stable revenue performance but faces challenges in net profit growth and shareholder dynamics [1][2][6]. Financial Performance - In Q3 2025, Wufangzhai reported revenue of 1.985 billion yuan, ranking 4th in the industry, below the top competitor Anjijia's 11.371 billion yuan and second-place Sanquan's 5 billion yuan [2]. - The main revenue source is the zongzi series, contributing 1.331 billion yuan, accounting for 81.88% of total revenue [2]. - Net profit for the same period was 175 million yuan, also ranking 4th, lower than Anjijia's 950 million yuan and Sanquan's 396 million yuan [2]. Profitability and Debt Ratios - Wufangzhai's debt-to-asset ratio stood at 26.45%, lower than the industry average of 36.07% [3]. - The gross profit margin was 38.36%, higher than the industry average of 21.98%, despite a decrease from the previous year's 41.16% [3]. Executive Compensation - Chairman Li Jianping's salary for 2024 is 1.3884 million yuan, a decrease of 316,400 yuan from 2023 [4]. - General Manager Ma Jianzhong's salary for 2024 is 3.6631 million yuan, down by 1.5212 million yuan from the previous year [4]. Shareholder Dynamics - As of September 30, 2025, the number of A-share shareholders decreased by 7.09% to 15,500, while the average number of shares held per shareholder increased by 73.10% to 12,600 [5]. Business Highlights - In H1 2025, total revenue was 1.592 billion yuan, a year-on-year increase of 0.66%, while net profit decreased by 16.7% to 195 million yuan [6]. - The core business of zongzi sales remained stable, with growth in the meal series and mooncake series [6]. - Cost optimization measures have shown significant results, contributing to improved efficiency [6].

证券代码：603237 证券简称：五芳斋 公告编号：2025-080 浙江五芳斋实业股份有限公司 2025年前三季度主要经营数据的公告 根据上海证券交易所《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，现将浙江五芳斋实业股份有限公司（以下简称"公司"） 2025 年前三季度主要经营数据（未经审计）公告如下： 一、2025 年前三季度主要经营数据 2025 年前三季度公司实现营业收入 198,545.11 万元，其中主营业务收入 193,538.19 万元。具体主营业务收入构成情况如下： 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。 | 区域 | 2025年前三季度 | 2024年前三季度 | 同比变动 | | --- | --- | --- | --- | | 华东地区 | 100,343.00 | 101,947.56 | -1.57% | | 华北地区 | 28,484.05 | 27,479.42 | 3.66% | | 华中地区 | 11,089.17 | 11,644.22 | -4.77% | ...

Core Viewpoint - Wufangzhai, known as the "first stock of zongzi," is planning to issue H-shares and list on the Hong Kong Stock Exchange to accelerate its internationalization strategy and enhance its overseas financing capabilities [1][4]. Group 1: Company Overview - Founded in 1921, Wufangzhai is one of the first "Chinese Time-honored Brands" and was listed on the Shanghai Stock Exchange in 2022 [2]. - The company operates in two main business segments: food and catering, with its product lines including zongzi, mooncakes, and other food items [2]. Group 2: Financial Performance - Wufangzhai's revenue for 2022-2024 is projected to be 24.62 billion, 26.35 billion, and 22.51 billion respectively, showing a decline of 14.87% in 2022, an increase of 7.04% in 2023, and a decline of 14.57% in 2024 [2]. - The net profit attributable to shareholders for the same period is expected to be 1.38 billion, 1.66 billion, and 1.42 billion, with a decrease of 29.01% in 2022, an increase of 19.74% in 2023, and a decrease of 14.24% in 2024 [2]. Group 3: Recent Developments - In the first half of the year, Wufangzhai reported a slight revenue increase of 0.66% to 15.92 billion, but net profit decreased by 16.70% to 1.95 billion [3]. - The company is currently in the preparatory stage for its H-share listing, which is expected to enhance its international market presence [3][4]. Group 4: International Expansion - Wufangzhai has been actively expanding its overseas market presence, establishing companies in Singapore, France, and Japan, with plans for new stores in Singapore's Changi Airport [4]. - Despite the ongoing internationalization efforts, revenue from overseas markets remains low, accounting for only 0.4% of total revenue in the first half of the year [4].

Core Insights - Wufangzhai's stock price increased by 2.10% on September 26, reaching 17.97 CNY per share, with a total market capitalization of 3.542 billion CNY [1] - The company has seen a year-to-date stock price increase of 0.32%, with a recent decline of 1.86% over the last five trading days [2] Financial Performance - For the first half of 2025, Wufangzhai reported a revenue of 1.592 billion CNY, reflecting a year-on-year growth of 0.66%, while the net profit attributable to shareholders decreased by 16.70% to 195 million CNY [2] - Cumulative cash dividends since the company's A-share listing amount to 347 million CNY [3] Shareholder Information - As of June 30, 2025, the number of shareholders increased by 34.30% to 16,700, with an average of 7,295 circulating shares per shareholder, a decrease of 25.54% [2] - The top ten circulating shareholders include Dazhong Strategy Return Mixed A, which holds 1.2532 million shares, down by 969,300 shares from the previous period [3] Business Overview - Wufangzhai, established on April 27, 1998, specializes in the research, production, and sales of glutinous rice-based food products, with its main revenue sources being zongzi (81.88%), egg products, pastries, and others (11.56%), and meal series (4.36%) [2] - The company operates within the food and beverage industry, specifically in the food processing sector, and is associated with concepts such as prepared dishes, high dividends, e-commerce, and small-cap stocks [2]

Company Overview - Wufangzhai, established on April 27, 1998, is located in Jiaxing, Zhejiang Province, and specializes in the research, production, and sales of glutinous rice-based food products [1] - The company was listed on August 31, 2022, and has a total market capitalization of 3.684 billion yuan [1] Financial Performance - For the first half of 2025, Wufangzhai achieved a revenue of 1.592 billion yuan, representing a year-on-year growth of 0.66%, while the net profit attributable to shareholders decreased by 16.70% to 195 million yuan [2] - Since its A-share listing, Wufangzhai has distributed a total of 347 million yuan in dividends [3] Stock Performance - As of September 12, Wufangzhai's stock price was 18.69 yuan per share, with a year-to-date increase of 4.34% [1] - The stock experienced a decline of 2.04% during intraday trading on September 12, with a trading volume of 76.7973 million yuan and a turnover rate of 2.08% [1] - The stock has shown various performance metrics over different time frames: a 1.08% increase over the last 5 trading days, a 6.44% increase over the last 20 days, and a 14.38% increase over the last 60 days [1] Shareholder Information - As of June 30, 2025, Wufangzhai had 16,700 shareholders, an increase of 34.30% from the previous period, with an average of 7,295 circulating shares per shareholder, a decrease of 25.54% [2] - Among the top ten circulating shareholders, Dazhong Strategy Return Mixed A (090007) held 1.2532 million shares, a decrease of 969,300 shares compared to the previous period [3]

Company Overview - Wufangzhai, established on April 27, 1998, is located in Jiaxing, Zhejiang Province, and was listed on August 31, 2022. The company specializes in the research, production, and sales of glutinous rice-based food products [2] - The main revenue composition includes: Zongzi series 70.13%, Mooncake series 10.49%, Egg products, pastries, and others 10.48%, Meal series 5.98%, and Others 2.92% [2] Stock Performance - As of September 3, Wufangzhai's stock price decreased by 2.01% to 17.51 CNY per share, with a trading volume of 59.82 million CNY and a turnover rate of 1.72%, resulting in a total market capitalization of 3.452 billion CNY [1] - Year-to-date, the stock price has declined by 2.24%, with a 5-day drop of 2.18%, a 20-day decline of 0.62%, and a 60-day increase of 1.86% [2] Financial Performance - For the first half of 2025, Wufangzhai reported a revenue of 1.592 billion CNY, reflecting a year-on-year growth of 0.66%. However, the net profit attributable to shareholders decreased by 16.70% to 195 million CNY [2] - Since its A-share listing, Wufangzhai has distributed a total of 347 million CNY in dividends [3] Shareholder Information - As of June 30, 2025, the number of shareholders increased by 34.30% to 16,700, with an average of 7,295 circulating shares per shareholder, a decrease of 25.54% [2] - Among the top ten circulating shareholders, Dazhong Strategy Return Mixed A (090007) holds 1.2532 million shares, down by 969,300 shares from the previous period, while Dazhong Ruixiang Mixed A (008269) has exited the top ten list [3]

证券代码：603237 证券简称：五芳斋 公告编号：2025-056 浙江五芳斋实业股份有限公司 2025年半年度主要经营数据的公告 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。 根据上海证券交易所《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，现将浙江五芳斋实业股份有限公司（以下简称"公司"） 2025 年半年度主要经营数据（未经审计）公告如下： 一、2025 年半年度主要经营数据 2025 年半年度公司实现营业收入 159,168.05 万元，其中主营业务收入 155,597.56 万元。具体主营业务收入构成情况如下： 1、按产品类别分类 2、按销售渠道分类 单位：万元 币种：人民币 产品类别 2025年半年度 2024年半年度 同比变动 粽子系列 133,087.44 132,589.27 0.38% 月饼系列 70.89 38.20 85.58% 餐食系列 7,084.89 6,648.24 6.57% 蛋制品、糕点及其他 15,354.34 15,828.72 -3.00% 合计 155,597 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - In Q1 2025, the company reported total revenue of 243 million yuan, representing a year-on-year increase of 17.24%. The net profit attributable to the parent company was -45.23 million yuan, indicating a reduction in losses, while the non-recurring net profit was -48.74 million yuan, also showing a reduction in losses [2][4]. - The company is expected to benefit from the upcoming Dragon Boat Festival sales peak, with significant growth anticipated in its main products, particularly the rice dumpling series, which saw a revenue increase of 37.27% to 124 million yuan [10]. - The company has optimized its cost structure, achieving an increase in net profit margin by 15.05 percentage points to -18.63% and a gross profit margin increase of 1.12 percentage points to 35.4% [10]. Summary by Sections Financial Performance - Q1 2025 total revenue was 243 million yuan, with a year-on-year growth of 17.24%. The company reduced its net losses, with a net profit of -45.23 million yuan and a non-recurring net profit of -48.74 million yuan [2][4]. - The company’s gross profit margin improved to 35.4%, and the net profit margin increased to -18.63% due to cost optimization [10]. Product and Channel Performance - The rice dumpling series generated 124 million yuan in revenue, up 37.27%, while the mooncake series saw a remarkable increase of 723.39% to 485,800 yuan [10]. - Revenue from e-commerce channels grew by 26.39% to 35 million yuan, while revenue from distributors increased by 50.52% to 83 million yuan [10]. Regional Performance - Revenue from East China reached 157 million yuan, up 16.09%, while North China saw a significant increase of 65.03% to 12 million yuan [10]. Future Outlook - The company forecasts net profits attributable to the parent company for 2025-2027 to be 191 million, 209 million, and 229 million yuan, respectively, with corresponding EPS of 0.96, 1.05, and 1.15 yuan [10].

证券代码：603237 证券简称：五芳斋 公告编号：2025-035 浙江五芳斋实业股份有限公司 2025年第一季度主要经营数据的公告 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。 根据上海证券交易所《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，现将浙江五芳斋实业股份有限公司（以下简称"公司"） 2025 年第一季度主要经营数据（未经审计）公告如下： 一、2025 年第一季度主要经营数据 2025 年第一季度公司实现营业收入 24,284.42 万元，其中主营业务收入 22,625.92 万元。具体主营业务收入构成情况如下： 1、按产品类别分类 2、按销售渠道分类 单位：万元 币种：人民币 | 销售渠道 | 2025年第一季度 | 2024年第一季度 | 同比变动 | | --- | --- | --- | --- | | 连锁门店 | 7,238.63 | 7,479.26 | -3.22% | | 电子商务 | 3,476.26 | 2,750.42 | 26.39% | | 商超 | 1,952. ...