[Table_Main] 公司研究|日常消费|食品、饮料与烟草 证券研究报告 味知香(605089)公司点评报告 2025 年 08 月 29 日 [Table_Title] 商超渠道表现靓丽，原材料涨价扰动业绩 ——味知香 2025 年中报点评 [Table_Summary] 报告要点： 事件 公司公告 2025 年中报。2025 年上半年，公司实现总营收 3.43 亿元，同比 +4.70%，归母净利 0.32 亿元，同比-24.46%，扣非归母净利 0.25 亿元，同 比-38.74%。25Q2，公司实现总营收 1.70 亿元，同比+5.17%，归母净利 0.12 亿元，同比-46.79%，扣非归母净利 0.10 亿元，同比-56.81%。 商超渠道表现靓丽，新兴市场贡献主要收入增量 1）肉禽、水产类产品增长稳健。2025H1，公司肉禽类、水产类、其他类产 品收入分别为 2.28、0.95、0.15 亿元，同比+7.35%、+6.76%、-31.50%， 25Q2 肉禽类、水产类、其他类产品收入分别同比+4.13%、+10.25%、- 22.90%。 2）华东大本营市场表现稳健，新兴市场贡献主要收入增量。 ...

Financial Performance - The company reported a total revenue of 17.407 billion yuan for the first half of 2025, representing a year-on-year increase of 16.27% [1] - The net profit attributable to shareholders reached 233 million yuan, a significant increase of 784.44% compared to the previous year [1] - In Q2 2025, the total revenue was 9.699 billion yuan, up 25.17% year-on-year, while the net profit for the quarter was 115 million yuan, an increase of 68.23% [1] - The gross margin improved to 6.38%, reflecting a year-on-year increase of 20.48%, and the net margin reached 1.38%, up 366.71% [1] Cost and Expenses - Total selling, administrative, and financial expenses amounted to 844 million yuan, accounting for 4.85% of revenue, which is a decrease of 4.78% year-on-year [1] - The company experienced a 14.94% increase in operating costs, attributed to higher sales volumes of feed, poultry, and pigs [3] - Financial expenses rose by 20.89% due to increased interest expenses from the acquisition of a poultry business [4] Balance Sheet Changes - Significant changes in financial items were noted, including a 441.96% increase in derivative financial assets due to increased hedging profits [3] - Accounts receivable increased by 42.75% due to the acquisition of a poultry business, while inventory rose by 57.14% for the same reason [3] - The company’s interest-bearing debt increased by 44.22% to 6.067 billion yuan, indicating a rise in leverage [1] Cash Flow Analysis - The operating cash flow per share was reported at -0.56 yuan, a drastic decrease of 1000.32% year-on-year, indicating cash flow challenges [1] - The net cash flow from investing activities decreased by 153.17%, attributed to increased cash payments for investments [4] - The net cash flow from financing activities surged by 665.7%, primarily due to increased bank loans [4] Business Model and Market Position - The company’s return on invested capital (ROIC) was reported at 4%, with a historical median ROIC of 11.36%, indicating average investment returns [4] - The company relies heavily on marketing-driven performance, necessitating a deeper analysis of the underlying drivers [4] - The company has experienced cyclical performance, with a notable loss in 2023, raising questions about the sustainability of its business model [4]

Group 1 - The company forecasts a net profit of between 190 million yuan and 260 million yuan for the first half of 2025, indicating a turnaround from a loss in the previous year [1][2] - The expected net profit attributable to the parent company, excluding non-recurring gains and losses, is projected to be between 115 million yuan and 185 million yuan [1][2] - In the same period last year, the company reported a net loss of 34.05 million yuan and a net loss of 32.33 million yuan after excluding non-recurring gains and losses [1][2] Group 2 - The main reasons for the turnaround include increased sales in feed, poultry, and hogs, along with lower prices for key feed raw materials such as soybean meal and corn, and a decrease in breeding costs for hogs and poultry [2]

禾丰股份（603609）公告，预计2025年半年度实现归属于母公司所有者的净利润为1.9亿元到2.6亿元， 与上年同期相比，将实现扭亏为盈。预计2025年半年度实现归属于母公司所有者的扣除非经常性损益的 净利润为1.15亿元到1.85亿元。报告期内，公司饲料、肉禽、生猪销量均实现同比增长，豆粕、玉米等 主要饲料原料价格低位运行，生猪和肉禽养殖成本同比下降，公司整体经营效益得到显著提升。 ...

Group 1 - The China-Chile Entrepreneur Committee held its 20th annual meeting in Beijing, focusing on new opportunities for economic cooperation between China and Chile [1] - The meeting was supported by the Chinese Ministry of Commerce and both Chinese and Chilean embassies, aiming to promote high-quality development under the Belt and Road Initiative [1] - The COO of Benlai Life shared insights on global supply chain construction and practical cases of agricultural trade cooperation between China and Chile [1] Group 2 - Over the past decade, the Chinese consumer market has transitioned from "scale expansion" to "value upgrading," with a growing demand for high-quality and safe imported fresh products [1] - Benlai Life has been collaborating with Chilean suppliers since 2012, becoming one of the first e-commerce platforms to sell Chilean cherries in China [1] - The company has reached over 30 million consumers and 100,000 enterprise clients with Chilean products such as cherries, plums, wine, and salmon [1] Group 3 - In April, Benlai Life successfully hosted the "Earth's Reply: Global Star" health flavor product tasting event, featuring 17 Chilean companies promoting high-quality products [2] - The COO emphasized that China's opening up and the upgrading of the food consumption market present opportunities for businesses [2] - Benlai Life aims to continue exploring high-quality products from global origins and enhance the connection between Chinese consumer power and global resources [2]

Investment Rating - The report maintains an "Outperform" rating for the agricultural sector [5] Core Views - The agricultural sector is expected to perform better than the market, with specific focus on corn, soybeans, wheat, sugar, cotton, and livestock [5] Corn - The USDA March report indicates a slight increase in global corn production and usage, with the ending stocks-to-use ratio adjusted down by 0.13% to 23.32% [16][17] - China's corn import target for the 2024/25 season has been revised down by 2 million tons to 8 million tons, leading to a reduction in the ending stocks-to-use ratio to 64.27% [17][18] - Domestic corn prices are expected to maintain a recovery trend supported by state reserves and a historical price bottom [19][20] Soybeans - The USDA report maintains global soybean production estimates while increasing the crushing volume by 0.84% to 295 million tons, with ending stocks reduced to 121.41 million tons [25][26] - The soybean market is expected to experience price fluctuations in the first half of 2025, with long-term trends indicating a tightening supply [28][29] - The U.S. soybean planting area is projected to decrease by 3.6%, which may lead to a tighter supply in the upcoming season [31] Wheat - The USDA report shows an increase in global wheat production and consumption, with the ending stocks-to-use ratio rising to 32.24% [35][36] - China's wheat import target for the 2024/25 season has been reduced by 1.5 million tons to 6.5 million tons, indicating a relatively loose supply situation [36][37] Sugar - The report indicates a continuation of a loose supply-demand balance for sugar, with domestic production expected to increase by 1.04 million tons [4] - Short-term sugar prices are anticipated to remain weak due to high inventory levels and seasonal consumption patterns [4] Cotton - Global cotton demand is projected to increase, with the ending stocks-to-use ratio adjusted down to 67.21% [4] - Domestic cotton prices are at historical lows, and a recovery in demand could lead to a rebound [4] Livestock - U.S. pork prices are expected to see a slight increase, while domestic pig prices may decline, but low-cost producers are likely to maintain profitability [7] - The poultry market is affected by avian influenza, with expectations for a gradual recovery in supply [7] - Egg supply in China is currently abundant, with pressure on prices expected to persist throughout the year [7]