12月18日，五芳斋盘中上涨2.10%，截至10:14，报16.98元/股，成交1979.92万元，换手率0.60%，总市 值33.46亿元。 资金流向方面，主力资金净流出37.93万元，大单买入212.15万元，占比10.72%，卖出250.08万元，占比 12.63%。 五芳斋今年以来股价跌5.20%，近5个交易日涨3.54%，近20日跌2.69%，近60日跌7.06%。 资料显示，浙江五芳斋实业股份有限公司位于浙江省嘉兴市秀洲区新城街道木桥港路677号兴耀商务广 场1幢，成立日期1998年4月27日，上市日期2022年8月31日，公司主营业务涉及以糯米食品为主导的食 品研发、生产和销售。主营业务收入构成为：粽子系列81.88%，蛋制品、糕点及其他11.56%，餐食系 列4.36%，其他(补充)2.20%。 责任编辑：小浪快报 五芳斋所属申万行业为：食品饮料-食品加工-预加工食品。所属概念板块包括：预制菜、电子商务、微 盘股、小盘、虚拟数字人等。 截至9月30日，五芳斋股东户数1.55万，较上期减少7.09%；人均流通股12628股，较上期增加73.10%。 2025年1月-9月，五芳斋实现营业收入19. ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The company's total revenue for Q1-Q3 2025 is 1.985 billion yuan, a year-on-year decrease of 3.06%. The net profit attributable to the parent company is 175 million yuan, down 16.89%, while the net profit excluding non-recurring items is 166 million yuan, down 17% [2][4]. - In Q3 2025, the total revenue is 394 million yuan, a decrease of 15.68%. The net profit attributable to the parent company is -19.62 million yuan, an increase of 15.01%, and the net profit excluding non-recurring items is -23.35 million yuan, an increase of 10.64% [2][4]. - The company’s core stable revenue source, the rice dumpling series, generated 1.514 billion yuan, a slight decrease of 0.06%. The mooncake series saw a significant decline of 34.34% to 124.25 million yuan due to the later Mid-Autumn Festival in 2025. The meal series revenue increased by 10.48% to 110.76 million yuan [10]. Financial Performance - The gross profit margin for Q1-Q3 2025 is 38.36%, down 2.81 percentage points year-on-year, while the net profit margin is 8.81%, down 1.46 percentage points year-on-year. The expense ratio is 26.07%, down 1.40 percentage points year-on-year [10]. - For Q3 2025, the gross profit margin is 27.58%, down 1.21 percentage points year-on-year, and the net profit margin is -4.98%, down 0.04 percentage points year-on-year [10]. Earnings Forecast - The forecast for net profit attributable to the parent company for 2025-2027 is 120 million, 128 million, and 133 million yuan respectively. The corresponding EPS is projected to be 0.61, 0.65, and 0.68 yuan, with PE ratios of 29, 27, and 26 times based on the current stock price [10].

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].