上 市 公 司 公 食品饮料 2025 年 08 月 27 日 劲仔食品 (003000) ——25H1 点评：禽类制品业务拖累业绩表现 关注下半 年新品表现 报告原因：有业绩公布需要点评 增持（下调） | 市场数据： | 2025 年 08 月 27 日 | | --- | --- | | 收盘价（元） | 12.81 | | 一年内最高/最低（元） | 16.15/10.16 | | 市净率 | 4.1 | | 股息率%（分红/股价） | 3.12 | | 流通 A 股市值（百万元） | 3,848 | | 上证指数/深证成指 | 3,800.35/12,295.07 | | 注："股息率"以最近一年已公布分红计算 | | | 基础数据: | 2025 年 06 月 30 日 | | --- | --- | | 每股净资产（元） | 3.13 | | 资产负债率% | 33.73 | | 总股本/流通 A 股（百万） | 451/300 | | 流通 B 股/H 股（百万） | -/- | 一年内股价与大盘对比走势： 08-27 09-27 10-27 11-27 12-27 01-27 02-27 03 ...

8月26日晚，"鱼类零食第一股"劲仔食品（003000）发布半年报。 报告期内，公司实现营业收入11.24亿元，同比下降0.5%；归母净利润1.12亿元，同比下降21.86%；扣除非经常性损益的归 母净利润为0.87亿元，同比下降28.94%。 这是劲仔食品自上市以来首次出现中期营收、利润双降的情况。 从业务构成看，公司主要布局鱼制品、禽类制品、豆制品、蔬菜制品四大品类，主要品牌为"劲仔""七个博士""周鲜鲜"等。 其中鱼制品为第一大业务，上半年实现营收7.57亿元，同比增长7.61%，占总收入的比重为67.32%，成为支撑营收的核心； 豆制品收入1.15亿元，同比增长3.61%。不过，禽类制品营收同比下滑24%至1.96亿元，蔬菜制品营收同比下滑10.69%至0.34 亿元。两类下滑业务与增长业务形成对冲，最终使得公司整体营收基本持平。 利润端的大幅下滑，与成本和费用的双重压力密切相关。 本次质押完成后，周劲松、李冰玉夫妇累计质押股份数量达到10484.92万股，占二人所持公司股份总数的50.28%，占公司 总股本的23.25%，质押比例超过所持股份的五成。 | | | | | | | 巨 | 已质押股份情 ...

公司点评 · 食品饮料行业 业务阶段性承压，期待调整成效释放 —— 2025 年中报业绩点评 2025 年 8 月 27 日 核心观点 主要财务指标预测 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业收入(百万元) | 2411.94 | 2513.95 | 2864.36 | 3251.97 | | 收入增长率% | 16.79 | 4.23 | 13.94 | 13.53 | | 归母净利润（百万元） | 291.33 | 273.47 | 328.97 | 390.84 | | 利润增速% | 39.01 | -6.13 | 20.30 | 18.81 | | 毛利率% | 30.47 | 30.56 | 31.06 | 31.45 | | 摊薄 EPS(元) | 0.65 | 0.61 | 0.73 | 0.87 | | PE | 19.83 | 21.12 | 17.56 | 14.78 | | PB | 4.06 | 3.49 | 2.99 | 2.56 | 资料来源：公司公告，中国银河证券研究院 劲 ...

证券代码：603697 证券简称：有友食品 公告编号：2025-056 有友食品股份有限公司 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个别及连带责任。 一、2025 年半年度主要经营数据 单位：万元 项目 金额 占比 金额 占比 肉制品 71,274.97 93.42% 47,354.30 90.28% 其中：禽类制品 65,926.05 86.41% 42,529.66 81.08% 畜类制品 5,348.92 7.01% 4,824.64 9.20% 蔬菜制品及其他 5,016.57 6.58% 5,099.84 9.72% 合 计 76,291.54 100.00% 52,454.14 100.00% 注：本公告表格中如存在合计数与各分项数值之和尾数不符的情况，均为四舍五入原因形成。 单位：万元 项目 | | | 金额 | 占比 | 金额 | | 占比 | | --- | --- | --- | --- | --- | --- | --- | | 东南区域 | | 44,864.87 | | 58.81% 16,704.22 ...

证券研究报告 | 半年报点评 gszqdatemark 2025 08 27 年 月 日 Q2 阶段性承压，长期战略坚定 事件：劲仔食品 25H1 实现营收 11.2 亿元，同比-0.5%，归母净利润 1.1 亿元，同比-21.9%，扣非归母净利润 0.9 亿元，同比-28.9%。其中 25Q2 营收 5.3 亿元，同比-10.4%，归母净利润 0.4 亿元，同比-36.3%，扣非归 母净利润 0.3 亿元，同比-47.5%。拟中期分红 4472.9 万元，分红率 39.9%。 鹌鹑蛋缩量影响短期成长性，扩品拓渠坚定长期发展方向。25H1 劲仔食 品营收同比-0.5%至 11.2 亿元。产品维度看，25H1 鱼制品营收同比+7.6% 至 7.6 亿元，公司加强深海鳀鱼产品宣传及品牌传播，赋能终端网点拓展 覆盖，牵引鱼制品营收持续扩容；禽类制品营收同比-24.0%至 2.0 亿元， 预计与鹌鹑蛋行业竞争加剧相关，但劲仔首创"溏心鹌鹑蛋"拓展品类边 界；豆制品营收同比+3.6%至 1.1 亿元，预计与公司加大周鲜鲜等新品推 广及铺市相关；蔬菜制品营收同比-10.7%至 3404.7 万元，预计与成本压 力及魔芋品 ...

基础数据 | 总股本（百万股） | 451 | | --- | --- | | 已上市流通股（百万股） | 300 | | 总市值（十亿元） | 6.0 | | 流通市值（十亿元） | 4.0 | | 每股净资产（MRQ） | 3.1 | | ROE（TTM） | 18.4 | | 资产负债率 | 33.7% | | 主要股东 | 周劲松 | | 主要股东持股比例 | 38.22% | 证券研究报告 | 公司点评报告 2025 年 08 月 26 日 劲仔食品（003000.SZ） 经营表现承压，期待 H2 改善 消费品/食品饮料 公司发布 2025 年半年报，公司Q2 收入/利润分别同比-10.4%/-36.3%，Q2 受 需求偏弱、竞争加剧影响，加上公司产品调整，经营表现承压。25H1 线上/ 线下渠道分别同比-6.8%/+0.9%。展望 H2，公司继续发力鱼干、豆制品等新 品创新，加快推进蛋类品牌"七个博士"品牌线下推广，鱼干类加快鳀鱼产品 推广与多渠道覆盖，成本端目前原材料价格相对谨慎，期待 H2 营收与利润率 端环比改善。我们预计 25-27 年归母净利润分别为 2.6 亿/3.0 亿/3.5 亿， ...

Investment Rating - The investment rating for the company is "Buy" [2] Core Insights - The company reported a revenue of 3.48 billion with a year-on-year growth of 18.5% and a net profit of 736 million, also reflecting an 18.5% increase year-on-year [1][2] - The growth in the main product categories, namely noodle products and vegetable products, was 21% year-on-year in the first half of 2025, with core products exceeding a 20% growth rate [2] - The company is actively adjusting its product offerings and channel strategies to adapt to market changes, with emerging channels showing rapid growth [2] Financial Performance Summary - For the first half of 2025, the company achieved a net profit margin of 21.1%, maintaining stability despite high raw material costs [2] - The gross profit margin was 47.2%, a decrease of 2.6 percentage points year-on-year, with noodle products and vegetable products showing gross margins of 48.4% and 46.6% respectively [2] - The company forecasts revenue growth of 7.52 billion, 9.05 billion, and 10.62 billion for 2025, 2026, and 2027 respectively, with net profits expected to be 1.45 billion, 1.80 billion, and 2.15 billion for the same years [3][5] Future Outlook - The company is expected to stabilize its noodle product business in the second half of 2025, with new product launches anticipated to drive growth in vegetable products [2] - The long-term outlook remains positive due to strong product innovation capabilities and a robust channel network, with expectations for new major products to be launched [2] - The company maintains a healthy cash position and a dividend payout ratio of 60% for 2025, indicating a solid consumer goods profile [2][3]

Macro Insights - The US retail sales growth slowed down in July, decreasing from 0.9% in June to 0.5%, with core retail sales showing even weaker performance at 0.3%, significantly below the previous value of 0.8, indicating a continued downward trend in the US economy [1] - Infrastructure investment is expected to rebound after the high-temperature weather ends and funding is gradually allocated to projects, while the "double interest subsidy" policy will support consumption [2] Market Strategy - The domestic policy is actively promoting, with medium to long-term funds and individual investors flowing into the equity market, which supports a strong performance in the A-share market [3] - The focus on mid-year performance reports is increasing, with sectors such as steel, building materials, telecommunications, electronics, and light manufacturing expected to show improved performance [3] Bond Market - The credit bond issuance decreased by 23.5% week-on-week, with a total issuance of 335 billion yuan, and the total transaction volume fell by 12.25% [5] - The REITs market showed a downward trend in prices, with a weighted REITs index returning -1.44% [7] Industry Research - The wind power equipment sector remains strong, with a significant order backlog reported by Dongfang Cable, indicating high industry prosperity [12] - The prices of electric carbon and rhodium have been rising, with lithium prices expected to increase due to supply disruptions [13][16] - The performance of major international oil companies declined in H1 2025, with IEA revising down the global oil demand forecast [14] Company Research - Jiangyin Bank reported a revenue of 2.4 billion yuan in H1 2025, a year-on-year increase of 10.5%, with net profit rising by 16.6% [21] - Huafeng Chemical's profitability is under pressure due to the downturn in spandex and adipic acid markets, leading to a downward revision of profit forecasts for 2025-2027 [22] - Geely Auto's H1 2025 performance was strong, driven by four major brands, with a projected net profit of 16.16 billion yuan for 2025 [23] - Crystal Morning's Q2 revenue reached a historical high, driven by the launch of new Wi-Fi products [24]

Investment Rating - The report assigns a rating of "Outperform" for WEILONG Delicious Global Holdings, indicating an expected total return over the next 12-18 months that exceeds the relevant market benchmark [20]. Core Insights - WEILONG Delicious reported a revenue of RMB 3.48 billion for the first half of 2025, reflecting an 18.5% year-on-year increase, with a net profit of RMB 0.74 billion, also up 18.5% year-on-year, maintaining a net profit margin of 21.1% [1][7]. - The vegetable products segment showed remarkable growth, with a 44% year-on-year increase in revenue, driven by innovative product offerings and a strong focus on consumer demand [2][9]. - The offline channel structure has been optimized, with a 66% year-on-year increase in the number of stores, and East China remains a key revenue-generating region [3][10]. Revenue Breakdown - Revenue from seasoned flour products, vegetable products, and bean-based products was RMB 1.31 billion, RMB 2.11 billion, and RMB 0.06 billion respectively, with year-on-year changes of -3.2%, +44.3%, and -48.1% [2][8]. - The contribution of vegetable products to total revenue increased to 60.5%, while seasoned flour products accounted for 37.6% [2][8]. Profitability Analysis - The gross profit reached RMB 1.64 billion, a 12.3% increase year-on-year, but the gross profit margin decreased to 47.2%, down 2.6 percentage points due to rising raw material costs [4][11]. - Despite the decline in gross profit margin, the company managed to stabilize its net profit margin at 21.1% through effective cost management, with administrative expenses decreasing by 17.0% [4][12]. Dividend Policy - The company declared an interim dividend of RMB 0.18 per share, maintaining a high dividend payout ratio of 60% [5][13].

Investment Rating - The report maintains a "Buy" investment rating for the company [1][10]. Core Insights - The company demonstrated strong earnings performance with a total revenue of 3.483 billion yuan in H1 2025, representing a 19% year-on-year increase, and a net profit of 733 million yuan, up 18% year-on-year [5][10]. - The growth in performance is attributed to the company's continuous enhancement of its omnichannel strategy and brand building, along with optimization of its channel structure [5][10]. - The report highlights the company's focus on cost control, which has helped mitigate cost pressures, resulting in a stable net profit margin of 21.05% despite a slight decrease in gross margin [6][10]. Summary by Sections Financial Performance - In H1 2025, the company's gross margin decreased by 3 percentage points to 47.16% due to rising prices of konjac powder affecting the profitability of konjac products [6]. - The sales and management expense ratios decreased by 1 percentage point and 2 percentage points to 15.14% and 5.77%, respectively [6]. Product and Channel Strategy - The revenue from seasoning noodle products declined by 3% to 1.31 billion yuan, while vegetable products saw a 44% increase to 2.109 billion yuan [7]. - The company is focusing on optimizing its product offerings and enhancing channel display quality, with expectations for sales stabilization in the second half of the year [7]. - The offline channel revenue increased by 22% to 3.147 billion yuan, benefiting from the company's omnichannel strategy, while online channel revenue decreased by 4% to 336 million yuan [8]. Earnings Forecast - The report adjusts the earnings per share (EPS) forecasts for 2025-2027 to 0.57, 0.68, and 0.78 yuan, respectively, with corresponding price-to-earnings (PE) ratios of 22, 18, and 16 times [10][12]. - The company is expected to continue benefiting from the high demand in the konjac market, with projections for steady growth in the second half of the year [10].