安井食品2025 年上半年实现营业总收入76.04 亿元，同比增长0.80%；实现归母净利润6.76 亿元，同比 减少15.79%；实现扣非归母净利润6.03 亿元，同比减少21.85%；2025 年第二季度实现营业总收入40.05 亿元，同比增长5.69%；实现归母净利润2.81 亿元，同比减少22.74%；实现扣非归母净利润2.60 亿元， 同比减少26.11%。 拥抱商超大B 定制化，特通、新零售及电商渠道表现较好。分产品看，2025年第二季度米面制品/ 调制 食品/ 菜肴制品收入分别同比-10.8%/-1.4%/+26.1%，锁鲜装产品保持韧性增长，公司C 端"肉多多烤肠系 列"实现品类升级和产品结构优化。分渠道看，2025 年第二季度经销商/商超/特通/新零售及电商渠道收 入同比+1.6%/+8%/+19.4%/+35.1%， 特通、新零售及电商渠道表现较好，主因公司全面拥抱大B（特 通）客户和新零售客户策略进展顺利，已与沃尔玛、麦德龙、大润发等多家传统商超及盒马鲜生等新零 售渠道在定制化产品开发等方面展开深度合作。 原材料价格上涨，盈利能力短期承压。2025 年第二季度公司毛利率18.0%，同比降 ...

证券研究报告 | 2025年08月27日 安井食品（603345.SH） 优于大市 2025 年第二季度利润承压，坚持产品创新驱动 安井食品 2025 年上半年实现营业总收入 76.04 亿元，同比增长 0.80%；实现 归母净利润 6.76 亿元，同比减少 15.79%；实现扣非归母净利润 6.03 亿元， 同比减少 21.85%；2025 年第二季度实现营业总收入 40.05 亿元，同比增长 5.69%；实现归母净利润 2.81 亿元，同比减少 22.74%；实现扣非归母净利润 2.60 亿元，同比减少 26.11%。 拥抱商超大 B 定制化，特通、新零售及电商渠道表现较好。分产品看，2025 年 第 二 季 度 米 面 制 品 / 调 制 食 品 / 菜 肴 制 品 收 入 分 别 同 比 -10.8%/-1.4%/+26.1%，锁鲜装产品保持韧性增长，公司 C 端"肉多多烤肠 系列"实现品类升级和产品结构优化。分渠道看，2025 年第二季度经销商/ 商超/特通/新零售及电商渠道收入同比+1.6%/+8%/+19.4%/+35.1%， 特通、 新零售及电商渠道表现较好，主因公司全面拥抱大 B（特通）客户 ...

投资建议：由于速冻食品下游需求较为疲软，我们下调此前的盈利预测，预计2025-2027年公司实现营 业总收入158.2/172.3/184.8亿元(前预测值为163.3/177.8/190.8亿元)，同比4.6%/8.9%/7.3%；2025-2027年 公司实现归母净利润14.0/15.6/16.7亿元(前预测值为15.9/17.1/18.4亿元)，同比-5.4%/10.9%/7.4%；实现 EPS4.21/4.67/5.02元；当前股价对应PE分别为18.3/16.5/15.4倍。维持优于大市评级。 内生产品创新驱动，外延整合有序推进。今年公司以产品创新驱动为基调，团队压力与激励并存，关注 新品类、新渠道、新区域拓展，定制化产品方向发力已经有初步成果。另外，公司2025年7月与鼎味泰 进行深度对接，财务上已实现并表，业务层面成立冷冻烘焙事业部介入管理，双方将共享渠道，保留核 心团队具有比较强的研发能力、产品创新能力及技术经验。 风险提示：行业竞争加剧，原材料成本大幅上涨，新品推广不及预期等。 拥抱商超大B定制化，特通、新零售及电商渠道表现较好。分产品看，2025年第二季度米面制品/调制食 品/菜肴制品收入 ...

Summary of Company and Industry Insights from Conference Call Company Overview - **Company**: Anjijia Food - **Industry**: Frozen Food Industry Key Financial Performance - **2024 Revenue**: 101.04 billion CNY, up 7.85% YoY, with major contributions from: - **Prepared Foods**: 78.39 billion CNY, growth of 15.4 billion CNY, driven by rapid growth in fresh-keeping products, revenue share increased to 10.5%, expected price close to 11.5 CNY/kg [2][3] - **Frozen Dishes**: 43.5 billion CNY, growth of 4.7%, notable increases in small crispy meat and shrimp slides, but shrimp tails declined due to price fluctuations [2][3] - **Frozen Noodles and Rice**: Close to 25 billion CNY, down 3.14% YoY, impacted by industry competition and price declines [2][3] - **Gross Margin**: 23.3% for 2024, up 0.09 percentage points, with improvements in frozen prepared foods and stable margins in fresh-keeping products [2][7] - **Net Profit**: Slight increase of 0.47%, affected by increased stock incentive costs and higher investments in roasted chicken and chicken sausages [2][7] Strategic Initiatives - **Big Product Strategy**: 39 products with over 100 million CNY in revenue, accounting for 70% of total sales, with stable growth in frozen fish products [2][5] - **Dividend Policy**: Increased payout ratio from 30% to 40%, with a cash dividend ratio of 65% for 2024, leading to a total payout ratio of 70% [4][12] - **New Product Strategy for 2025**: Focus on cost-effectiveness for B-end products and upgrading C-end products, with expected growth of 15%-20% for fresh-keeping products [4][16] Market Dynamics - **Channel Performance**: - **Distributor Channel**: 9% growth, reaching 123 billion CNY - **Direct Sales**: Down 4% due to decreased sales in chain stores - **E-commerce**: Slight decline of 2%, totaling 3.12 billion CNY, mainly due to the shutdown of the Qingliu 5 e-commerce platform [6] - **Competition**: Price competition in frozen noodles has intensified since 2023, with promotional efforts increasing to capture market share, leading to profit pressure [21][22] Future Outlook - **2025 Q1 Performance**: Revenue of 36 billion CNY, down approximately 4% YoY; net profit of 3.95 billion CNY, down 10% YoY, affected by consumer environment and seasonal factors [8][9] - **Government Subsidies**: Increased by approximately 30 million CNY in Q1 due to the return of previously owed funds, positively impacting financial status [10] - **Cost Control**: Anticipated increase in costs due to raw material prices, but efforts in bulk procurement and centralized production are expected to mitigate impacts [36] Industry Trends - **Frozen Hot Pot and Noodle Market**: Expected growth despite price competition, with signs of recovery noted in April [18][19] - **Small Enterprises**: Many small businesses are at breakeven points, reflecting intense competition and survival pressures [27][28] - **Market Share**: The company maintains a leading market share across various segments, with ongoing efforts to innovate and respond to market demands [28] Conclusion - The company is positioned for moderate growth in 2024 and 2025, with strategic initiatives focused on product innovation, cost control, and market expansion. The competitive landscape remains challenging, but the company’s strong market position and proactive strategies are expected to sustain its growth trajectory.

Summary of the Conference Call for Anjuke Foods Company Overview - **Company**: Anjuke Foods - **Industry**: Frozen Food and Prepared Dishes Key Financial Performance - **2024 Revenue**: 15.1 billion yuan, a year-on-year increase of 7.7% [3] - **Net Profit**: 1.485 billion yuan, a year-on-year increase of 0.46% [3] - **Cash Flow from Operations**: 2.104 billion yuan, a year-on-year increase of 7.85% [3] - **Gross Margin**: 23.3%, an increase of 0.09 percentage points year-on-year [17] Segment Performance Frozen Prepared Products - **Revenue**: 7.839 billion yuan, a year-on-year increase of 11.4% [2] - **Lock Fresh Products**: Revenue reached 1.5 billion yuan, with a growth rate of nearly 19% [2] - **Average Price**: Stable at 40-41.5 yuan per kilogram [5] Frozen Dishes - **Revenue**: 4.35 billion yuan, a year-on-year increase of 10.7% [7] - **Key Products**: - Small Crispy Meat: 50% growth - Shrimp Sliders: Significant growth - Shrimp Tails: Decreased due to price impact [7] Frozen Noodles and Agricultural Products - **Frozen Noodles**: Revenue decreased by 3.14%, approximately 2.5 billion yuan [8] - **Agricultural Products**: Revenue decreased by 11.74%, impacted by imported feed prices [8] Strategic Initiatives - **Big Product Strategy**: 39 products with over 100 million yuan in sales, accounting for about 70% of total sales [9] - **Product Development**: Focus on B-end and C-end product upgrades, including new series for dumplings and grilled products [4][32] - **Cost Control**: Expectation to lower expense ratios in 2025 through strict cost management [4] Market Trends and Challenges - **Prepared Dishes Market**: Total production reached 35,000 to 40,000 tons, with revenue share increasing to around 10% [6] - **Sales Channels**: - Distributor channel grew by 9% to 12.3 billion yuan - Direct sales decreased by 4% due to client store performance [15] - E-commerce channel slightly declined by 2% [15] Future Outlook - **2025 Revenue Target**: Aim for at least the previous year's level with a push for double-digit growth, dependent on consumer recovery [43] - **Cost and Margin Expectations**: Anticipate a slight decline in gross margin due to promotional activities, but will adjust product structure to stabilize margins [42] - **New Product Launches**: Focus on smaller packaging and regional specialties to cater to market demands [36][38] Additional Insights - **Impact of E-commerce Shutdown**: The shutdown of the new 05 e-commerce business led to a 2% decline in overall group consolidated reports [16] - **Dividend Policy**: Increased from 65% to 70%, reflecting a commitment to stable operations and positive signals to investors [28] - **International Trade Impact**: Limited effect from overseas tariff wars, as only slightly over 7% of raw materials are sourced internationally [29] Conclusion Anjuke Foods is navigating a competitive landscape with strategic initiatives focused on product innovation, cost control, and market expansion. The company aims to maintain growth while adapting to market conditions and consumer preferences.