8月27日，千禾味业发布2025年半年报。当中披露，2025年上半年，公司实现营业收入13.18亿元，同比 下降17.07%；归属净利润1.73亿元，同比减少30.81%。 公告还指出，"年产60万吨调味品智能生产线建设项目"作为公司长远发展的战略保障，报告期内已经按 计划完成项目建设并正式投产，该项目是公司技术研发成果与现代智能化工业设备在酿造工厂的全面应 用，整体自动化率突破80%。项目投产后，公司总产能将跃升至120万吨。 （企业公告） ...

8月27日，中炬高新发布2025年半年报。当中披露，2025年上半年，公司实现营业收入21.32亿元，同比 下降18.58%；归属净利润2.57亿元，同比下降26.56%。 其中，营业收入变动原因主要是本期调味品收入下降影响。调味品板块收入减少，主要是公司上半年主 动优化供货策略，针对销量领先的经销商实施去库存措施，旨在战略性重塑市场价格体系，重振经销商 信心。 针对传统渠道，公司通过"渠道下沉战略"，持续拓展经销商数量，2025年上半年净增经销商245个，经 销商数量达到2799个。新兴渠道方面，2025年上半年，线上业务核心品类增速超60%，其它品类增速亦 实现较大增长，打造十余款线上专供产品，并充分利用各类平台工具开展精准营销助推销售及用户增 长。 （企业公告） ...

证券研究报告 | 公司点评 | 化学制品 华宝国际(00336) 报告日期：2025 年 08 月 26 日 发布股权激励强化信心，期待 HNB 供应链机遇 ——华宝国际点评报告 投资要点 1）烟草：根据国家烟草总局，25H1 卷烟产量 2751 万箱（同比+0.8%）、稳中有 升。 2）食品饮料：25H1 农副食品加工业增加值同比+7.5%、食品制造业+6.3%、酒& 饮料和精致茶叶+4.7%。 ❑ 公司发布股权激励计划与 25H1 业绩 1、股权激励详情： 形式：1.48 亿份购股权（占当前总股本的 4.6%），行权价为 3.95 港元/股（与今 日收盘价一致）。 承授人：总裁夏利群 720 万股，副总裁潘昭国 600 万股，执行董事蔡文霞 600 万 股，剩余授予给 74 名雇员。 考核目标：收入增长 2026/2027/2028 年较 2025 年增长不低于 10%/20%/30% 2、25H1 业绩 25H1 实现收入 16.21 亿元（同比+2.5%，下同），毛利率 43.4%（-1.4pct），归 母净利润 1.18 亿元（+298%），经调整后期间盈利 1.92 亿元（+2.1%）。归母增 速 ...

强国必先强农，农业强国是社会主义现代化强国的根基。中共中央、国务院印发的《加快建设农业强国 规划(2024－2035年)》文件指出，要全链条推进农业产业体系升级，依托农业农村特色资源，充分开发 农业多种功能，深度挖掘乡村多元价值，加快构建产加销贯通、农文旅融合的现代乡村产业体系。这一 规划为农业发展指明了方向，也为政企合作推动农业产业升级提供了广阔空间。 在助力优质特色农产品品牌打造、促进农产品消费方面，7月7日，农业农村部、国家发展改革委等部门 联合印发《促进农产品消费实施方案》，强调开展产销区域合作，建立产销优势互补的合作机制，整合 农业展会、产销对接、营销促销、品牌推介等资源，全方位支持农业品牌培育、管理与发展。这一方案 的出台，为政企携手推动农产品消费升级注入强大动力。 作为农粮行业的"国家队"，中粮集团积极响应国家农业强国规划与促进农产品消费相关政策，积极发挥 央企品牌优势，深度对接优质农村产业资源。在近期与天津市蓟州区的合作中，中粮油脂餐饮事业部围 绕特色农产品产业链融合、餐饮产品样板示范村建设等方面先行先试，探索出一条政企携手推动农产品 消费与产业升级的创新之路，成为央企品牌促进农产品消费的典型 ...

天眼查App显示，近日，奉新县辣阿姐食品有限公司成立，法定代表人为张玲，注册资本100万人民 币，经营范围为许可项目：调味品生产，食品互联网销售，食品生产，食品销售（依法须经批准的项 目，经相关部门批准后在许可有效期内方可开展经营活动，具体经营项目和许可期限以相关部门批准文 件或许可证件为准）一般项目：食品销售（仅销售预包装食品）（除依法须经批准的项目外，凭营业执 照依法自主开展经营活动）。 ...

Group 1 - A new condiment store named "Yidixiang" has been established in Zaoqiang County, with a registered capital of 20,000 RMB [1] - The legal representative of the store is Hu Wenxia, indicating a small business structure typical for local food enterprises [1] - The business scope includes food workshop operations, which require approval from relevant authorities before commencing activities, and the sale of pre-packaged food [1]

Group 1 - A new company, Xingtai Weiling Food Co., Ltd., has been established with a registered capital of 30,000 RMB [1] - The legal representative of the company is Zou Wanhua [1] - The business scope includes food workshop operations, food production, food sales, and seasoning production, which require approval from relevant authorities [1] Group 2 - The company also engages in general projects such as agricultural product sales, primary agricultural product acquisition, and internet sales (excluding goods that require permits) [1] - Additional services offered by the company include technical services, development, consulting, exchange, transfer, and promotion, which can be conducted independently with a business license [1]

Investment Rating - The industry is rated as outperforming the market, with an expected relative increase of over 10% in the next six months compared to the market index [49]. Core Insights - In July 2025, the total retail sales of consumer goods in China reached 38,780 billion yuan, showing a year-on-year growth of 3.7%, which is an increase of 1.0 percentage points compared to the same month last year, although it represents a decline of 1.1 percentage points from June [2][13]. - The growth rate of commodity retail continues to decline, while the growth rate of catering revenue has slightly rebounded compared to the previous month [17]. - The performance of various consumer goods categories shows that home appliances and audio-visual equipment, as well as furniture, have seen significant growth, both exceeding 20% [3][21]. Summary by Sections Overall Performance - The total retail sales of consumer goods in July 2025 increased by 3.7% year-on-year, with a total of 38,780 billion yuan. The growth rate improved by 1.0 percentage points year-on-year but decreased by 1.1 percentage points month-on-month [2][13]. - The Consumer Price Index (CPI) rose by 0.5% year-on-year in July, up from 0.1% in June [14]. Segment Analysis - Among 16 categories of goods, three categories (oil and petroleum products, automobiles, and building and decoration materials) experienced negative growth, while the remaining categories showed positive growth. Notably, home appliances and audio-visual equipment, as well as furniture, demonstrated remarkable growth, both exceeding 20% [3][21]. - Essential goods such as grain and oil (+8.6%), daily necessities (+8.2%), and traditional Chinese and Western medicines (+0.1%) showed varying growth rates, with grain and oil experiencing a slight decline [21][23]. Online Retail Performance - From January to July 2025, the cumulative online retail sales reached 86,835 billion yuan, reflecting a year-on-year growth of 9.2%, accounting for 30.55% of total retail sales of consumer goods [40][42]. - The online retail sales of physical goods amounted to 70,790 billion yuan, with year-on-year growth of 6.3%, and specific categories such as food, clothing, and daily necessities saw growth rates of 14.7%, 1.7%, and 5.8%, respectively [40][44]. Investment Recommendations - The report suggests focusing on sectors such as food and beverages, social services, and retail, highlighting opportunities in the liquor industry, baby-related products, and domestic cosmetics brands due to favorable policies and market conditions [46][47]. - In the retail sector, the attractiveness of gold as a safe-haven asset is expected to increase, and domestic beauty brands are gaining market share, making them potential investment targets [47].

香精及食品配料业务承压明显 香精及食品配料业务在报告期内面临较大挑战，销售收入同比下滑8.6%至约5.96亿元，营运盈利更是大 幅减少86.4%至约1876.6万元。营运盈利率从去年同期的21.1%下滑至3.2%，降幅达17.9个百分点。这一 显著下滑主要源于产品销售结构变化以及终止股权激励计划确认的约7005.6万元费用。 在细分领域中，烟用香精受到主要客户需求变化、采购政策调整和自主调香等因素影响，销售出现下 滑。为应对这一挑战，集团积极开拓东南亚和中东市场的烟用香精需求，并搭建相应的渠道和产品库。 食品用香精方面，集团强化了微波干燥、萃取、包埋技术和香基模块建设方面的技术能力，以提升产品 和服务的竞争力。 日化香精业务则通过对全球市场趋势的研究，强化了在口腔护理、空间香氛等细分市场的产品和服务能 力。随着可持续发展因素在日化用产品中的重要性日益凸显，集团投入资金寻找独特、安全、环保的天 然香原料，并与国内外大学合作开展香精的气味、情绪价值、调香技术方面的研究。 烟用原料业务实现强劲增长 烟用原料业务在报告期内表现突出，销售收入约2.38亿元，同比增长45.3%，占集团总收入约14.7%。板 块营运盈利约 ...

天眼查App显示，近日，宁夏圣久厨食品有限责任公司成立，法定代表人为喜保福，注册资本10万人民 币，经营范围为许可项目：食品销售；食品生产；调味品生产；食品互联网销售。（依法须经批准的项 目，经相关部门批准后方可开展经营活动，具体经营项目以相关部门批准文件或许可证件为准）一般项 目：食用农产品零售；食用农产品批发。（除依法须经批准的项目外，凭营业执照依法自主开展经营活 动）。 ...