经营调整阶段，积极调整应对 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+5.7%/-22.7%，公司重 点发力商超定制化产品创新，全面拥抱大 B 特通客户和新零售客户，与沃尔玛、 麦德龙、大润发等商超开展定制化合作。展望 H2，加快新零售等新渠道导入， 预计动销较 6-7 月有所改善，利润端今年因促销加大、折旧成本增加及新车间 基础投入较高，盈利能力略有压力。我们预计 25-27 年归母净利润分别为 14.95 亿/17.05 亿/19.23 亿，25-27 年 EPS 为 4.49、5.12、5.77 元，对应 26 年 15x， 维持"增持"评级。 证券研究报告 | 公司点评报告 2025 年 08 月 26 日 安井食品（603345.SH） 当前股价：77.06 元 基础数据 % 1m 6m 12m 绝对表现 2 -0 9 相对表现 -4 -10 -24 资料来源：公司数据、招商证券 -10 0 10 20 30 40 50 Aug/24 Dec/24 Apr/25 Aug/25 (%) 安井食品 沪深300 增持（维持） 相关报告 1、《安井食品（603345）—经 ...

公 司 报 告 食品饮料 2025年08月26日 推荐 ( 维持) 股价:77.06元 行情走势图 安井食品(603345.SH) 盈利能力短期承压，静待旺季改善 证券分析师 王萌 投资咨询资格编号 S1060522030001 WANGMENG917@pingan.com.cn 事项： 公司发布2025年半年报，实现营业收入76.04亿元，同比增长0.80%；归母净 利润6.76亿元，同比下降15.79%。 平安观点： 司 半 年 报 点 评 研 究 报 告 | | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入(百万元) | 14,045 | 15,127 | 16,045 | 17,294 | 18,668 | | YOY(%) | 15.3 | 7.7 | 6.1 | 7.8 | 7.9 | | 净利润(百万元) | 1,478 | 1,485 | 1,532 | 1,644 | 1,811 | | YOY(%) | 34.2 | 0.5 | 3.2 | 7.3 | 10.1 | ...

安井食品在半年报中表示，2025年7月，公司通过收购江苏鼎味泰食品股份有限公司70%股权及鼎益丰 食品（太仓）有限公司100%股权，并于下半年将两家公司纳入合并报表范围，增加了冷冻烘焙业务板 块，预计将对未来业绩产生积极影响。此外，公司在速冻调制食品、速冻菜肴制品和速冻面米制品等多 个业务领域继续推进产品创新和市场拓展。 安井食品属于速冻食品行业，公司始终致力于速冻和冷藏面米制品、速冻和冷藏调制食品等多种食品的 研发、制造与销售。 北京商报讯（记者 郭秀娟 实习记者 王悦彤） 8月25日，安井食品发布2025年半年报，报告期内，公司 实现营业收入为76.0亿元，同比增长0.8%；实现归母净利润6.76亿元，同比下降15.8%。 ...

2025年上半年华东地区取得收入31.83亿元。 截止报告期末，公司经销商数量合计2,026家。 智通财经APP讯，安井食品(02648)发布公告，该公司2025年上半年速冻调制食品取得收入37.59亿元(人 民币，下同)。 2025年上半年取得经销商收入60.43亿元。 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因倚 賴該等內容而引致的任何損失承擔任何責任。 ANJOY FOODS GROUP CO., LTD. 安井食品集團股份有限公司 （於中華人民共和國註冊成立的股份有限公司） （股份代號：2648） 2025年半年度與行業相關的定期經營數據公告 報告期內營業收入按地區分部分 安井食品集團股份有限公司（「公司」）按照中國企業會計準則編製的2025年半年度 與行業相關的主要經營數據披露如下： 一、報告期經營情況 單位：萬元 幣種：人民幣 報告期內營業收入按產品分項分 | 產品分項 | 2025年1-6月 | 2024年1-6月 | 變動情況(%) | | --- | --- | --- | --- | | 速凍調制食品 | 375,900.84 | 383,336.71 | -1.94 | | 速凍菜餚製品 | 241,581.62 | 220,830.21 | 9.40 | | 速凍面米製品 | 124,129.05 | 129,149.16 | -3. ...

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法律责任。 证券代码：603345 证券简称：安井食品 公告编号：临 2025-054 安井食品集团股份有限公司 2025年半年度与行业相关的定期经营数据公告 二、报告期经销商变动情况 截止报告期末，公司经销商数量合计 2,026 家。各区域经销商数量变动情况 如下： 根据《<上海证券交易所上市公司自律监管指引第 3 号——行业信息披露> 第十四号—食品制造》的相关要求，现将安井食品集团股份有限公司（以下简称 "公司"）2025 年半年度与行业相关的主要经营数据披露如下： 一、报告期经营情况 单位：万元 币种：人民币 | | 报告期内营业收入按产品分项分 | | | | | --- | --- | --- | --- | --- | | 产品分项 | 年 月 2025 1-6 | 年 2024 | 月 1-6 | 变动情况（%） | | 速冻调制食品 | 375,900.84 | | 383,336.71 | -1.94 | | 速冻菜肴制品 | 241,581.62 | | 220,830 ...

Core Viewpoint - The frozen food industry is facing significant challenges in 2024, with Sanquan Foods experiencing a decline in both revenue and net profit for the second consecutive year, marking a notable downturn since its IPO in 2008 [1] Group 1: Financial Performance - In 2024, Sanquan Foods' revenue decreased by 6% to 6.632 billion yuan, while net profit fell by 27.64% to 542 million yuan [1] - The company reported its worst first-quarter performance since 2021, continuing the trend of declining earnings [1] - The revenue from frozen staple foods, which has historically contributed over 80% to the company's income, has shown significant volatility from 2020 to 2024 [2][4] Group 2: Market Dynamics - The decline in revenue for frozen staple foods is attributed to weak consumer demand, a decline in supermarket channels, and intensified industry competition [1] - The sales volume of frozen staple foods saw a slight increase, but revenue fell nearly 4% year-on-year, indicating a strategy of price reduction to maintain market share [1] - The core products "tangyuan, dumplings, and zongzi" experienced revenue fluctuations, with declines of -8.07%, 3.92%, -15.74%, and -5.84% from 2021 to 2024 [4] Group 3: Product and Channel Strategy - Despite a 2.04% increase in sales volume for frozen staple foods, revenue decreased by 3.95%, highlighting a "volume increase but weak profit" scenario [5] - The company is attempting to diversify its product offerings and has launched new series of dumplings and tangyuan in 2024 [9] - Sanquan Foods is also focusing on e-commerce, which saw a revenue increase of 58.5% in 2024, although it still represents less than 6% of total revenue [5][9] Group 4: International Expansion - In response to domestic market pressures, Sanquan Foods plans to invest in a production base in Australia and expand into markets in Australia, New Zealand, and Southeast Asia [11] - The planned investment for the overseas production base is approximately 2.8 billion Australian dollars (about 1.32 billion yuan), which poses challenges related to consumer preferences, supply chain integration, and regulatory compliance [11]

Core Viewpoint - Sanquan Foods, as a leading enterprise in the domestic frozen food industry, has significant growth potential due to its strong historical foundation, robust R&D capabilities, and diversified channel layout [1] Group 1: Industry Overview - The frozen food market in China reached a scale of 168.9 billion yuan in 2022 and is expected to grow to 198.6 billion yuan by 2024 [1] - The market for frozen rice and noodle products, the largest category in the industry, is projected to be approximately 81.6 billion yuan in 2023, with Sanquan Foods, Si Nian, and Wan Zai Ma Tou forming a competitive triad [1] - The pre-prepared dish market is experiencing explosive growth, driven by the pandemic and the standardization of the restaurant industry, becoming a new growth driver for the sector [1] Group 2: Company Strategy - Sanquan Foods employs a dual-brand strategy with "Sanquan" and "Longfeng," focusing on the traditional frozen rice and noodle business while accelerating the layout of frozen cooked meat products as a second growth curve [2] - The company is enhancing its product matrix to meet diverse consumer needs through a strategy of large single products and scenario-based extensions in its traditional frozen rice and noodle business [2] - The company is also expanding its product offerings in frozen prepared foods, aligning with trends in the restaurant industry towards standardization and convenience [2] Group 3: Operational Excellence - Sanquan Foods operates a refined full-chain strategy for both B2B and B2C segments, combining distributor and direct sales models in retail, and offering customized services to bind large clients in the restaurant channel [3] - The company is actively expanding into e-commerce and new retail channels, enhancing market penetration and brand influence through collaborations with leading influencers and community group buying [3] - Continuous investment in R&D has led to the successful development of microwave and air fryer product lines, catering to consumer demands for convenience and health [3] Group 4: Financial Performance and Forecast - The company maintains a stable revenue structure with collaborative growth in frozen rice and noodle products and frozen prepared foods, despite intense market competition [3] - Revenue projections for Sanquan Foods are estimated at 6.874 billion yuan, 7.204 billion yuan, and 7.625 billion yuan for the years 2025-2027, with net profits of 558 million yuan, 601 million yuan, and 649 million yuan respectively [4] - The company’s price-to-earnings ratios are forecasted to be 17.88, 16.59, and 15.38 for the same period, indicating a valuation below the average of comparable companies [4]

Core Viewpoint - Anjiu Foods has listed on the Hong Kong Stock Exchange, becoming the first A+H dual capital platform enterprise in the frozen food industry, raising approximately HKD 2.302 billion, but faced a decline in share price on the first day of trading [1][3] Group 1: Company Overview - Anjiu Foods primarily engages in the production and sale of frozen food, including frozen prepared foods, frozen dishes, and frozen noodle products [3] - As of 2024, Anjiu Foods holds a market share of 6.6%, making it the largest frozen food company in China by revenue [3] Group 2: Financial Performance - Anjiu Foods' revenue from 2022 to 2024 was CNY 12.183 billion, CNY 14.045 billion, and CNY 15.127 billion, with growth rates of 31.39%, 15.29%, and 7.7% respectively, indicating a slowdown in growth [5] - Net profit for the same period was CNY 1.101 billion, CNY 1.478 billion, and CNY 1.485 billion, with growth rates of 61.37%, 34.24%, and 0.46% respectively [5] - In Q1 2025, revenue decreased by 4.13% year-on-year to CNY 3.6 billion, and net profit fell by 10.01% to CNY 395 million [5] Group 3: International Expansion Strategy - Anjiu Foods plans to allocate 70% of the net proceeds from its Hong Kong listing to global network and supply chain development to enhance international market presence [1][6] - Despite the focus on international expansion, overseas revenue has remained low, accounting for only 1% of total revenue from 2022 to 2024 [6][7] - The company aims to expand into Southeast Asia through local partnerships, equity investments, or acquisitions, although it currently lacks a physical presence in the region [7] Group 4: Market Challenges - The frozen food industry in China is facing challenges such as market saturation and changing consumer preferences, which have contributed to the slowdown in Anjiu Foods' growth [4][5] - Cultural differences, varying consumer habits, high market entry barriers, and complex regulations pose additional challenges for Anjiu Foods in international markets [7]

Core Viewpoint - Anjiu Food, a leading frozen food company, has listed on the Hong Kong Stock Exchange, becoming the first company in the industry to have both A-share and H-share listings. However, its stock price fell on the first trading day, reflecting challenges in the current consumption environment and growth slowdown in 2024 [1][2]. Group 1: Company Overview - Anjiu Food is the largest frozen food company in China by revenue, holding a market share of 6.6% as of 2024 [4]. - The company has a leading position in the frozen prepared food market with a market share of 13.8%, which is five times that of the second-largest competitor [4]. - Anjiu Food's revenue for 2024 is reported at 151.27 billion yuan, with a year-on-year growth of 7.7%, while net profit increased by only 0.46% to 14.85 billion yuan [4]. Group 2: Market Position and Strategy - The company has adjusted its channel strategy since 2020 to focus on both B2B and B2C markets, which has contributed to its revenue growth [3]. - In 2022, Anjiu Food established the "Anjiu Kitchen" division to focus on B2B prepared dishes, and it has made acquisitions to enhance its upstream supply chain [3]. - The revenue from prepared dishes surpassed that from meat products in 2022, indicating a shift in the company's revenue sources [3]. Group 3: Financial Performance and Challenges - Anjiu Food's stock price fell by approximately 5% on its first trading day, reflecting investor concerns about its growth prospects [1]. - The company faced a decline in overseas market revenue, which has remained around 1% of total revenue over the past three years [1]. - In Q1 2025, Anjiu Food reported a revenue decline of 4.13% year-on-year, with net profit decreasing by 10.01%, indicating ongoing challenges in the market [4].