路斯股份 20250827 摘要 露思股份采取境内外双轮驱动模式，境外市场是其利润基石，境内市场 投入刚开始。公司通过柬埔寨建厂规避关税，但初期运营亏损影响上半 年利润。 公司产品包括主粮、肉干、罐头等，肉干占比最大，主粮比例因产能扩 大而增加。2025 年上半年肉粉产品下滑 10%，影响境内业务。 2025 年上半年，境外业务同比增长 19%，但柬埔寨工厂亏损约 700 万 元。公司计划通过提高柬埔寨工厂产能利用率来改善利润率。 国内宠物行业规模持续增长，2024 年突破 3,000 亿元，2018-2024 年复合增长率接近 10%，猫经济增速显著高于犬经济。 宠物食品仍是最大支出项，占比超 50%。2024 年单只犬消费同比增长 3%，单只猫同比增长 8%，表明消费能力强劲。 中国宠物食品市场集中度较低，多品牌运营成为趋势。线上渠道发展迅 速，国产品牌反应迅速，占据优势。 露思股份通过性价比路线和品牌细分市场，推出新品牌妙冠。公司与主 要客户关系紧密，资源壁垒强，并运营原创 IP"大路与思思"进行品牌 宣传。 Q&A 露思股份的发展历程和品牌运营情况如何？ 露思股份是一家在宠物食品行业深耕了 20 年的 ...

路斯股份（832419） 证券研究报告·北交所公司点评报告·饲料 证券分析师 薛路熹 执业证书：S0600525070008 xuelx@dwzq.com.cn 2025 中报点评：受肉粉影响国内增速略有放 缓，海外市场逐步放量 增持（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 696.31 | 777.64 | 887.43 | 1,030.48 | 1,177.26 | | 同比 | 26.82 | 11.68 | 14.12 | 16.12 | 14.24 | | 归母净利润（百万元） | 68.40 | 78.36 | 79.73 | 95.40 | 114.92 | | 同比 | 58.58 | 14.57 | 1.75 | 19.65 | 20.46 | | EPS-最新摊薄（元/股） | 0.66 | 0.76 | 0.77 | 0.92 | 1.11 | | P/E（现价&最新摊薄） | 35.19 ...

证券研究报告 赵昊 SAC：S1350524110004 zhaohao@huayuanstock.com 王宇璇 SAC：S1350525050003 wangyuxuan@huayuanstock.com 市场表现： | 收盘价（元） | | | | 23.30 | | | | --- | --- | --- | --- | --- | --- | --- | | 年 内 最 | | | | | | | | （元） | | | | | | | | 总市值（百万元） | | | | 2,407.04 | | | | 流通市值（百万元） | | | | 2,180.89 | | | | 总股本（百万股） | | | | 103.31 | | | | 资产负债率（%） | | | | 22.79 | | | | 每股净资产（元/股） | | | | 5.50 | | | | 一 | | | | | | | | 资料来源：聚源数据 | | | | | | | | 低 | | | | | | | | 高 / 最 | | | | | | | | 基本数据 | 2025 | 年 | 08 | 日 | 25 | 月 | ...

Core Viewpoint - The recent initiative by the Alxa League Market Supervision Administration aims to enhance the measurement management of quantitatively packaged goods, protect consumer rights, and regulate the measurement market order through a special supervision inspection in 2025 [1]. Group 1: Supervision Inspection Details - The supervision inspection utilized a random sampling method, focusing on products such as jerky, seeds, daily necessities, and cooking oil, with a total of 33 batches from 10 companies being sampled [3]. - The inspection evaluated two main indicators: compliance of net content labeling with regulations and whether the actual net content met the required standards [3]. - Additionally, checks were conducted on whether businesses were equipped with appropriate measuring instruments, whether these instruments were legally verified, and if measurement records and systems were established [3]. Group 2: Impact and Future Actions - The quantitative packaging inspection has strengthened the measurement and integrity awareness among producers and sellers, thereby better protecting consumer rights [5]. - Moving forward, the Alxa League Market Supervision Administration plans to continue enhancing the measurement regulation of net content in packaged goods, urging companies to improve their measurement management systems and increase legal awareness and management levels [5].

Core Viewpoint - Baima Tea is preparing for an IPO on the Hong Kong Stock Exchange, marking a significant step after multiple unsuccessful attempts to list in A-shares. The company aims to capitalize on the growing trend of new tea beverages among younger consumers [1][15][17]. Company Background - Baima Tea originates from a century-old tea family in Anxi, Fujian, and has expanded to over 3,500 stores, primarily through a franchise model [1][9]. - The company was founded by three brothers, who initially struggled to attract customers until they introduced individually packaged tea bags for convenience [3][5]. Business Model and Revenue - Baima Tea's product offerings include a wide range of tea types, tea utensils, and tea-related snacks, with a significant portion of revenue generated from offline stores, accounting for over 60% of sales [9][10]. - As of September 30, 2024, Baima Tea had opened 3,498 stores, with over 90% being franchise locations [9][10]. Financial Performance - The company reported revenues of RMB 1.818 billion, RMB 2.122 billion, and RMB 1.647 billion for the years 2022, 2023, and the first nine months of 2024, respectively. Net profits for the same periods were RMB 166 million, RMB 206 million, and RMB 208 million, indicating a net profit margin increase from 9.1% to 12.6% [11][12]. - Marketing expenses have raised concerns, as they accounted for approximately 33.9% of revenue in 2022, with total advertising costs exceeding RMB 600 million [12]. Market Context - The tea industry in China is characterized by a predominance of small enterprises, with a lack of standardized quality and branding, which poses challenges for larger companies like Baima Tea [18]. - The recent surge in IPOs for new tea beverage companies highlights a shift in consumer preferences, prompting traditional tea companies to seek listings in Hong Kong as an alternative to A-shares [19][20].