Core Viewpoint - Yanjin Puzhou's performance growth is slowing down due to intensified competition in the snack industry and changes in sales channel dynamics, leading to a decline in revenue and profit growth rates [2][3][4]. Group 1: Financial Performance - In the first half of 2025, Yanjin Puzhou reported revenue of 2.941 billion yuan, a year-on-year increase of 19.58%, and a net profit of 373 million yuan, up 16.7% [3]. - The company's revenue and net profit growth rates have decreased significantly from around 30% in 2024 to below 20% in 2025 [2][3]. - The gross profit margin has declined from 43.83% in 2020 to 30.69% in 2024, further dropping to 29.66% in the first half of 2025 [6]. Group 2: Market Dynamics - The traditional supermarket channels are underperforming, while the bulk snack and membership store formats are rapidly rising [2][4]. - Yanjin Puzhou has entered high-potential channels like Sam's Club, but these channels often have strong bargaining power, which can pressure profit margins [2][4][6]. - The company’s core revenue now comes from new channels, which accounted for 78.32% of total revenue in the first half of 2025, up from 72.7% in 2022 [4]. Group 3: Competitive Landscape - The rise of bulk snack channels is attributed to their focus on "extreme cost performance," which has led to lower profit margins for companies like Yanjin Puzhou [6]. - The competition in the snack industry is intensifying, with more companies entering the bulk snack market, leading to a dilution of initial channel advantages [2][3][4]. - Yanjin Puzhou's largest customer shifted from Walmart to a bulk snack brand, indicating a significant change in customer dynamics [5].

Core Viewpoint - The company reported a strong performance in the first half of 2025, with significant revenue and profit growth despite challenges in certain sales channels [1][2]. Financial Performance - For H1 2025, the company achieved revenue of 2.941 billion yuan, a year-on-year increase of 19.58%, and a net profit attributable to shareholders of 373 million yuan, up 16.7% [1]. - In Q2 2025, revenue reached 1.403 billion yuan, reflecting a year-on-year growth of 13.54%, while net profit was 195 million yuan, an increase of 21.75% [1]. - The company's gross profit margin for Q2 2025 was 30.97%, a decrease of 1.98 percentage points year-on-year, attributed to changes in channel structure [3]. Revenue Breakdown - Revenue from direct supermarkets, distribution, and e-commerce channels for H1 2025 was 0.63 billion, 2.303 billion, and 0.574 billion yuan, showing a year-on-year change of -42%, +30.09%, and -0.97% respectively [2]. - The company’s key revenue driver was the konjac product line, which generated 791 million yuan in revenue, a remarkable increase of 155.1% year-on-year [2]. Cost and Expense Management - The company experienced a reduction in sales, management, and R&D expense ratios, with sales expense ratio down by 2.70 percentage points year-on-year [3]. - The net profit margin for Q2 2025 was 13.79%, an increase of 0.79 percentage points year-on-year, indicating improved profitability [3]. Strategic Initiatives - The company is focusing on high-growth product categories and expanding its distribution channels, including new product launches and overseas market penetration [4]. - The introduction of new flavors and products, such as the "Mowon" brand, aims to enhance market presence and drive revenue growth [4]. Investment Outlook - The company maintains strong growth potential, with adjustments in e-commerce strategies and a focus on high-margin products expected to support long-term profitability [5]. - The earnings forecast for 2025-2027 has been slightly adjusted to 800 million, 990 million, and 1.19 billion yuan, reflecting the impact of e-commerce channel adjustments [5].

2025年4月23日，盐津铺子（002847）发布了2024年年报。报告显示，公司实现营业总收入53.04亿元， 同比增长28.89%；归属净利润6.40亿元，同比增长26.53%。尽管营收和净利润均实现双位数增长，但毛 利率的下降和部分品类的表现不佳，仍引发市场关注。 核心品类表现亮眼，但毛利率承压 盐津铺子在2024年持续聚焦六大核心品类：辣卤零食、烘焙薯类、深海零食、蛋类零食、果干坚果以及 蒟蒻果冻布丁。其中，蛋类零食和魔芋零食表现尤为突出，分别实现收入5.80亿元和8.38亿元，同比增 长81.87%和76.09%。然而，尽管部分品类增长显著，公司整体毛利率却从2023年的33.54%下降至 30.69%，同比下降2.85个百分点。 毛利率的下滑主要受到原材料成本上升和生产效率提升不足的影响。尤其是辣卤零食和烘焙薯类，毛利 率分别下降4.06和2.04个百分点。尽管公司通过供应链优化和自产化率的提升，试图缓解成本压力，但 短期内毛利率的恢复仍面临挑战。 品牌运营与渠道拓展成效显著 盐津铺子在品牌运营和渠道拓展方面取得了显著成效。旗下品牌"大魔王"与中华老字号"六必居"联名推 出的麻酱味魔芋素毛肚，成为 ...