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 ...

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints of the Report - International sugar market: Brazil's total sugar production may be adjusted downward due to lower yields and a historically high sugar - to - cane ratio. Asian producers, especially India, have optimistic production estimates. With potential increased sucrose use by Coca - Cola and PepsiCo and procurement demand from countries like Pakistan, the international sugar price is expected to fluctuate widely between 16 - 18 cents per pound [2][20]. - Domestic sugar market: The sales of domestic sugar are progressing ahead of schedule, imports have increased significantly, and processed sugar has been put on the market in large quantities with stable prices. The cost of some previously priced raw sugar is similar to that of domestic sugar, so the market pressure is limited. The domestic market has achieved a relay supply pattern between domestic and processed sugar. The upside of sugar prices later depends on consumption, with an expected operating range of 5700 - 6000 yuan per ton [2][20][22]. - Operation suggestion: Conduct band trading on Zhengzhou sugar futures [3][23]. 3. Summary by Relevant Catalogs 3.1 Market Review - In July, Zhengzhou sugar futures trended higher with high basis and a shift from net short to net long positions in the main contracts, supported by fast sales and capital inflows. International sugar prices oscillated at low levels, rebounding after falling below 16 cents per pound but then being pressured by India's abundant supply expectations and dropping again [4]. 3.2 International Market Analysis - **Brazil**: In the second half of June, the sugar - to - cane ratio in South Brazil reached a record high of 53.15%, with a cumulative ratio of 51.02%, up 2.3 percentage points year - on - year. However, due to weather, the cane crushing volume was low. Considering the relatively low cane yield and sugar content and limited room for further increase in the sugar - to - cane ratio, Brazil's 2025/26 sugar production may be reduced [6]. - **India**: Ample rainfall has led to high expectations for a large sugar harvest in the 2025/26 season. The USDA predicts India's sugar production will reach 35 million tons. As of mid - July 2025, India's sugar exports were 65 - 70 million tons, and the ISMA expects 80 million tons by the end of August, with 20 million tons of the quota unexported. The sugar industry requests an extension of the export license to December 31. If the harvest is good, India could export 100 - 150 million tons in the new year [9]. 3.3 Domestic Market Analysis - **Sales progress**: In June, Guangxi sold 495.3 thousand tons of sugar, an increase of 77.3 thousand tons year - on - year, with an industrial inventory of 1.3244 million tons, a decrease of 330.8 thousand tons. Yunnan sold 195.3 thousand tons, a decrease of 66 thousand tons, with an industrial inventory of 667.6 thousand tons, an increase of 68.5 thousand tons. Some sugar mills in Guangxi have cleared their inventories, and the overall sales are ahead. Yunnan's inventory reduction is slower but is expected to improve in July [11][12]. - **Imports**: In June 2025, China imported 420 thousand tons of sugar, an increase of 390 thousand tons year - on - year, the highest in the past decade. From January to June 2025, the cumulative import was 1.04 million tons, a decrease of 260 thousand tons year - on - year. In the 2024/25 season, the cumulative import was 2.51 million tons, a decrease of 600 thousand tons. Brazil accounted for 76% of raw sugar imports in the first half of 2025, and about one million tons of imported sugar are expected later. In June, the total import of syrups and sugar - containing premixes under certain tax codes was 115.7 thousand tons, a decrease of 103.2 thousand tons year - on - year. The import of 1702 - item syrups is shrinking, but Thai - flavored syrups and premixes show signs of growth [15][18].

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]

Group 1 - The company plans to import 36,000 tons of high-quality white sugar premix powder from Thailand, with an expected import trade value of 20 million USD and revenue of 160 million RMB [1] - The company has established a production capacity of 30,000 tons for premixed sugar base materials and 50,000 tons for syrup, focusing on providing affordable tropical fruit products [3] - The company aims to leverage the Belt and Road Initiative and the China-ASEAN Free Trade Area to enhance trade and cooperation between Thailand and Hunan [3] Group 2 - The establishment of the Huaihua International Land Port has facilitated the export of local agricultural products, with the first ASEAN train carrying products worth 15 million RMB to Vietnam [4] - The company has developed a standardized planting base of 150,000 acres and has a total output value expected to exceed 510 million RMB in 2024 [3] - The company is committed to deepening its market presence in ASEAN, aiming to export high-quality edible oils globally through the international land port [7] Group 3 - Local government initiatives focus on attracting investment by providing comprehensive services and simplifying approval processes for new projects [7] - The Huaihua International Land Port is seen as a significant advantage for reducing export costs and improving efficiency for local enterprises [7] - Media representatives from ASEAN countries express optimism about enhancing economic, tourism, and cultural exchanges with Hunan [7]

Core Insights - Huaihua International Land Port is becoming a key hub for trade with RCEP countries, with an average annual growth of 87.23% in import and export volume from 2022 to 2024 [1][2] - The port has established 7 international logistics corridors and 161 domestic and international transport routes, covering 158 ports and stations in 52 countries and regions [2][3] - The city aims to achieve a cargo throughput of 10 million tons and operate 1,200 trains by 2025, positioning itself as a leading international land port in Central and Western China [3][4] Trade and Economic Development - The establishment of Huaihua International Land Port has significantly increased the number of foreign trade enterprises, from 120 to 320, and the number of registered foreign trade companies has surpassed 1,000 [2][5] - The port has facilitated the export of local agricultural products, such as citrus and tea, to RCEP markets, enhancing the region's economic integration [5][6] - The city has seen a remarkable increase in trade with Africa, with a 127.8% growth in imports and exports, particularly with Nigeria, Ghana, and Kenya [8] Infrastructure and Logistics - Huaihua is enhancing its logistics capabilities by building modern warehousing and logistics centers, as well as establishing cargo distribution centers to improve efficiency [3][4] - The port's strategic location at the intersection of major railways supports its role as a logistics hub, connecting inland regions with coastal markets [1][2] - The integration of transportation and industry is emphasized, with the development of an international bag and leather goods industrial park that has attracted significant investment [5][6] Policy and Strategic Initiatives - The local government is actively promoting policies to support trade and investment, aiming to create a favorable business environment for local enterprises [7][8] - Huaihua is leveraging its geographical advantages and policy support to transform from an inland city to an open frontier, enhancing its role in international trade [7][8] - The city is focused on deepening cooperation with RCEP countries in various sectors, including agriculture and manufacturing, to expand its economic footprint [6][7]