Core Viewpoint - Salted Fish has experienced a stock price increase of 24.81% this year, with a recent decline of 2.00% on November 12, 2023, indicating potential volatility in the market [1][2]. Financial Performance - For the period from January to September 2025, Salted Fish achieved a revenue of 4.427 billion yuan, representing a year-on-year growth of 14.67%, and a net profit attributable to shareholders of 605 million yuan, up 22.63% year-on-year [2]. - Cumulative cash dividends since the company's A-share listing amount to 1.318 billion yuan, with 923 million yuan distributed over the past three years [3]. Stock Market Activity - As of November 12, 2023, the stock price was 76.88 yuan per share, with a market capitalization of 20.971 billion yuan and a trading volume of 146 million yuan [1]. - The stock has seen a net outflow of 4.3246 million yuan in principal funds, with significant buying and selling activity from large orders [1]. Shareholder Structure - As of September 30, 2025, the number of shareholders increased by 65.13% to 18,000, while the average circulating shares per person decreased by 39.44% to 13,663 shares [2]. - The top ten circulating shareholders include significant institutional investors, with changes in holdings noted for several funds [3].

Core Points - Salted Fish Company saw a stock increase of 5.22%, reaching 75.20 CNY per share, with a trading volume of 196 million CNY and a turnover rate of 1.09%, resulting in a total market capitalization of 20.513 billion CNY [1] - The company, established on August 4, 2005, and listed on February 8, 2017, is based in Changsha, Hunan Province, and specializes in the research, production, and sales of snack foods and deep processing of agricultural products [1] - The main revenue composition of the company includes: spicy marinated snacks 44.91%, baked potato products 15.61%, dried fruits and jellies 14.56%, deep-sea snacks 12.33%, egg snacks 10.52%, and others 2.06% [1] Fund Holdings - According to data, one fund under Jiashi Fund holds a significant position in Salted Fish Company, specifically Jiashi Stable Fortune Mixed A (009387), which held 30,000 shares in the third quarter, accounting for 0.21% of the fund's net value, ranking as the fourth largest holding [2] - The Jiashi Stable Fortune Mixed A fund was established on May 9, 2020, with a current scale of 425 million CNY, yielding 5.07% this year, ranking 6872 out of 8219 in its category; over the past year, it achieved a return of 6.35%, ranking 6096 out of 8125 [2] - The fund managers include Li Yuang, Li Zhuokai, and Wang Zhe, with varying tenures and performance records [2]

Core Insights - The two major snack companies, Three Squirrels and Yanjinpuzi, released their Q3 reports, with Three Squirrels showing revenue growth but profit decline, while Yanjinpuzi experienced growth in both revenue and net profit, albeit at a slower pace [1] Three Squirrels - For the first three quarters, Three Squirrels reported a revenue increase of 8.22% to 7.759 billion yuan, but net profit fell by 52.91% to 161 million yuan [3] - In Q3 alone, revenue rose by 8.91% to 2.281 billion yuan, while net profit saw a significant decline of 56.79% to 22.27 million yuan [3] - The company focuses on a wide range of snack products, including nuts and baked goods, with online sales accounting for approximately 78.42% of total revenue in the first half of the year [5] - The decline in net profit has not been clearly explained by the company as of the latest updates [6] Yanjinpuzi - Yanjinpuzi's revenue for the first three quarters grew by 14.67% to 4.427 billion yuan, and net profit increased by 22.63% to 605 million yuan, although both growth rates have slowed compared to the previous year [8] - In Q3, revenue increased by 6.05% to 1.486 billion yuan, and net profit rose by 33.55% to 232 million yuan [8] - The company offers a variety of snacks, with about 95% of products being self-produced, and its main revenue source comes from distribution channels, which accounted for approximately 78.32% of revenue in the first half of the year [8] - Yanjinpuzi attributes its revenue growth to focusing on six core product categories and expanding across multiple channels [8] Profitability and Cost Structure - Both companies experienced a decline in gross profit margins, with Three Squirrels' margin decreasing by 0.70 percentage points to 25.27%, while Yanjinpuzi's margin fell by 4.76 percentage points to 30.32% [10] - Three Squirrels has a significantly lower net profit margin of 1.97% compared to Yanjinpuzi's 13.58% [10] - The sales expenses for Three Squirrels were 1.605 billion yuan, up 24.06%, while Yanjinpuzi's sales expenses were 439 million yuan, down 11.64%, indicating a substantial difference in spending [10] - The difference in sales expenses exceeds 1.1 billion yuan, highlighting Three Squirrels' higher marketing costs [10][11]

Group 1 - The core point of the news is that Yanjinpuzi's stock price has dropped by 5.03% to 70.28 CNY per share, with a trading volume of 220 million CNY and a turnover rate of 1.25%, resulting in a total market capitalization of 19.171 billion CNY [1] - Yanjinpuzi Food Co., Ltd. is located in Changsha, Hunan Province, and was established on August 4, 2005, with its listing date on February 8, 2017. The company specializes in the research, production, and sales of snack foods and deep processing of agricultural products [1] - The main revenue composition of Yanjinpuzi includes: spicy snacks 44.91%, baked potato products 15.61%, dried fruits and jellies 14.56%, deep-sea snacks 12.33%, egg snacks 10.52%, and others 2.06% [1] Group 2 - From the perspective of major fund holdings, one fund under Guolian Fund has a significant position in Yanjinpuzi. Guolian Brand Preferred Mixed A (008424) reduced its holdings by 4,100 shares in the second quarter, holding a total of 45,500 shares, which accounts for 5.75% of the fund's net value, ranking as the sixth-largest holding [2] - The current estimated floating loss for Guolian Brand Preferred Mixed A (008424) is approximately 169,300 CNY [2] - Guolian Brand Preferred Mixed A (008424) was established on May 14, 2020, with a latest scale of 54.6683 million CNY. Year-to-date return is 6.88%, ranking 6214 out of 8234 in its category; the one-year return is 9.4%, ranking 5991 out of 8095; and since inception, it has a loss of 26.21% [2]

Core Insights - Salt Lake Puzhou's stock price increased by 2.00% on October 14, reaching 69.87 yuan per share, with a total market capitalization of 19.059 billion yuan [1] - The company has seen a year-to-date stock price increase of 13.43%, with a recent 5-day increase of 1.47%, but a decline of 4.72% over the past 20 days and 6.64% over the past 60 days [1] - For the first half of 2025, the company reported a revenue of 2.941 billion yuan, a year-on-year growth of 19.58%, and a net profit of 373 million yuan, up 16.70% year-on-year [2] Financial Performance - The company has distributed a total of 1.318 billion yuan in dividends since its A-share listing, with 923 million yuan distributed over the past three years [3] - As of June 30, 2025, the number of shareholders increased by 21.92% to 10,900, while the average number of tradable shares per person decreased by 17.65% to 22,561 shares [2] Shareholder Structure - The top ten circulating shareholders include Hong Kong Central Clearing Limited as the third-largest shareholder, increasing its holdings by 1.0793 million shares to 9.0528 million shares [3] - New entrants among the top ten shareholders include Fu Guo Consumption Theme Mixed A and Fu Guo Value Creation Mixed A, holding 2.3015 million shares and 2.0451 million shares respectively [3] - Some funds, such as Jia Shi Agricultural Industry Stock A and Jiao Yin Alpha Core Mixed A, have exited the top ten circulating shareholders list [3]

Core Insights - Salted Fish's stock price increased by 2.02% on September 30, reaching 70.25 CNY per share, with a market capitalization of 19.163 billion CNY [1] - The company has seen a year-to-date stock price increase of 14.04%, with a recent 5-day increase of 5.40%, but a decline of 6.74% over the past 20 days and 9.00% over the past 60 days [1] - As of June 30, 2025, the company reported a revenue of 2.941 billion CNY, a year-on-year growth of 19.58%, and a net profit of 373 million CNY, up 16.70% year-on-year [2] Financial Performance - The company has distributed a total of 1.318 billion CNY in dividends since its A-share listing, with 923 million CNY distributed in the last three years [3] - As of June 30, 2025, the number of shareholders increased by 21.92% to 10,900, while the average number of tradable shares per person decreased by 17.65% to 22,561 shares [2] Shareholder Composition - The top ten circulating shareholders include Hong Kong Central Clearing Limited as the third-largest shareholder, increasing its holdings by 1.0793 million shares to 9.0528 million shares [3] - New entrants among the top ten shareholders include Fu Guo Consumption Theme Mixed A and Fu Guo Value Creation Mixed A, holding 2.3015 million shares and 2.0451 million shares, respectively [3]

Core Viewpoint - Salted Fish's stock price has experienced fluctuations, with a recent decline of 2.04% and a year-to-date increase of 12.35%, indicating volatility in the market [1]. Financial Performance - As of June 30, 2025, Salted Fish achieved a revenue of 2.941 billion yuan, representing a year-on-year growth of 19.58%, and a net profit attributable to shareholders of 373 million yuan, up 16.70% year-on-year [2]. - Cumulative cash dividends since the company's A-share listing amount to 1.318 billion yuan, with 923 million yuan distributed over the past three years [3]. Shareholder Information - The number of shareholders increased by 21.92% to 10,900 as of June 30, 2025, while the average circulating shares per person decreased by 17.65% to 22,561 shares [2]. - Notable changes in institutional holdings include Hong Kong Central Clearing Limited becoming the third-largest shareholder with 9.0528 million shares, an increase of 1.0793 million shares, and several new entrants among the top ten shareholders [3]. Market Activity - The stock's trading activity shows a net outflow of 4.4366 million yuan from main funds, with significant selling pressure observed in large orders [1]. - The stock has appeared on the "Dragon and Tiger List" once this year, with the last occurrence on April 8 [1]. Business Overview - Salted Fish, established on August 4, 2005, and listed on February 8, 2017, specializes in the research, production, and sales of leisure foods and deep processing of agricultural products [1]. - The company's revenue composition includes 44.91% from spicy snacks, 15.61% from baked potato products, and 14.56% from dried fruits and jellies, among others [1]. Industry Classification - Salted Fish is classified under the food and beverage sector, specifically in the leisure food and snack category, and is associated with concepts such as high dividend yield and e-commerce [1].

Investment Rating - The report assigns a "Buy-A" investment rating to the company with a target price of 86.09 CNY over the next six months, corresponding to a valuation of 28.62x for the year 2025 [4][5]. Core Insights - The company reported a revenue of 2.941 billion CNY for the first half of 2025, marking a year-on-year increase of 19.58%. The net profit attributable to shareholders was 373 million CNY, up 16.70% year-on-year, while the net profit excluding non-recurring items reached 334 million CNY, reflecting a growth of 22.50% [1]. - The strong growth in konjac products and effective cost management have driven significant profit increases. The gross margin for Q2 2025 was 30.97%, slightly down by 1.98 percentage points year-on-year, while the net profit margin improved by 0.93 percentage points to 13.86% [3]. Revenue Breakdown - In terms of product categories, the revenue for the first half of 2025 was as follows: spicy snacks (1.32 billion CNY, +47.1%), baked potato products (460 million CNY, -18.4%), dried fruits and jellies (430 million CNY, +9.0%), deep-sea snacks (360 million CNY, +11.9%), egg snacks (310 million CNY, +29.6%), and other products (60 million CNY, +42.6%). The spicy snacks category, particularly the konjac products, showed the highest growth [2]. - Regionally, the revenue distribution was as follows: Central China (920 million CNY, +7.9%), East China (550 million CNY, +76.1%), Southwest and Northwest (430 million CNY, +32.5%), South China (280 million CNY, -17.2%), North China and Northeast (90 million CNY, +68.5%), overseas (10 million CNY, +67873.1%), and online e-commerce (570 million CNY, -1.0%) [2]. - By sales channels, the revenue from distributors was 2.30 billion CNY (+30.1%), direct sales in supermarkets was 60 million CNY (-42.0%), and e-commerce sales were 570 million CNY (-1.0%). The number of distributors increased to 3,713, while the number of large chain supermarket stores rose to 13 [2]. Profitability and Cost Management - The company has effectively managed costs, with a reduction in sales and management expense ratios by 3.70 percentage points and 1.12 percentage points year-on-year, respectively. The decrease in share-based payment expenses contributed to a significant reduction of 31.04 million CNY compared to the same period last year [3]. - The focus on core products has enhanced profitability, with a net profit growth forecast of 28.2%, 23.6%, and 19.2% for the years 2025 to 2027 [4].

Group 1 - The stock price of Yanjinpuzi fell by 2.01% on September 18, reaching 70.23 CNY per share, with a total market capitalization of 19.157 billion CNY [1] - The company has seen a year-to-date stock price increase of 14.01%, but a decline of 2.90% over the past 20 days and 11.39% over the past 60 days [1] - Yanjinpuzi's main business includes research, production, and sales of leisure food and deep processing of agricultural products, with revenue composition as follows: spicy snacks 44.91%, baked potato products 15.61%, dried fruits and jellies 14.56%, deep-sea snacks 12.33%, egg snacks 10.52%, and others 2.06% [1] Group 2 - As of June 30, the number of shareholders for Yanjinpuzi increased by 21.92% to 10,900, while the average circulating shares per person decreased by 17.65% to 22,561 shares [2] - For the first half of 2025, Yanjinpuzi reported a revenue of 2.941 billion CNY, a year-on-year increase of 19.58%, and a net profit attributable to shareholders of 373 million CNY, up 16.70% year-on-year [2] Group 3 - Since its A-share listing, Yanjinpuzi has distributed a total of 1.318 billion CNY in dividends, with 923 million CNY distributed over the past three years [3] - As of June 30, 2025, the top ten circulating shareholders include Hong Kong Central Clearing Limited as the third-largest shareholder, increasing its holdings by 1.0793 million shares, while several new shareholders entered the top ten list [3]

Core Viewpoint - Salted Fish has shown a mixed performance in stock price and trading volume, with a year-to-date increase of 16.62% but a recent decline in the last five days [1] Group 1: Stock Performance - As of September 16, Salted Fish's stock price increased by 2.00% to 71.84 CNY per share, with a trading volume of 1.60 billion CNY and a turnover rate of 0.91%, resulting in a total market capitalization of 19.596 billion CNY [1] - Year-to-date, Salted Fish's stock has risen by 16.62%, but it has experienced a decline of 0.64% over the last five trading days and a drop of 10.33% over the last 60 days [1] Group 2: Financial Performance - For the first half of 2025, Salted Fish achieved a revenue of 2.941 billion CNY, representing a year-on-year growth of 19.58%, and a net profit attributable to shareholders of 373 million CNY, up 16.70% year-on-year [2] Group 3: Shareholder Information - As of June 30, 2025, the number of shareholders for Salted Fish increased by 21.92% to 10,900, while the average number of circulating shares per person decreased by 17.65% to 22,561 shares [2] - The company has distributed a total of 1.318 billion CNY in dividends since its A-share listing, with 923 million CNY distributed over the last three years [3] - Notable changes in institutional holdings include Hong Kong Central Clearing Limited becoming the third-largest shareholder with 9.0528 million shares, an increase of 1.0793 million shares, while several new funds entered the top ten shareholders [3]