增长势头强劲。 (二) 公司的主营业务和产品 公司主营业务为食品调味料的研发、生产和技术服务，持续以贴近市场的强大研发能力为驱 动，致力于为餐饮企业、食品工业企业与家庭消费者提供高品质全方位的风味及产品解决方案， 主要产品包括复合调味料、轻烹解决方案和饮品甜点配料等。 公司在复合调味料领域深耕多年，在行业内具有很高的知名度，不断将国际经典风味引入中 国市场，持续不断地向市场推出新产品。除复合调味料外，公司产品应用和类别逐步扩展，推出 各式风味的轻烹料理酱包、轻烹料理汤包等轻烹解决方案以及果酱、爆珠、晶球和粉圆等多款饮 品甜点配料。目前公司研发和生产的产品覆盖了裹粉、面包糠、腌料、撒粉、调味酱、沙拉酱、 果酱、调理包、果蔬罐头、烘焙预拌粉、即食饮料、烘焙类产品等十余个细分品类，每年向客户 提供数以千计的单品。公司始终秉承顾客第一，品质至上的理念不断开拓创新，已通过 ISO9001 质量管理体系、FSSC22000 食品安全体系、HACCP 体系等认证，达到国际化安全和品质标准。 公司与国内外知名餐饮连锁和大型食品工业企业建立了长期稳定合作关系，获得了广泛认可和好 评。 此外，公司把握餐饮市场趋势，积极与创新型供 ...

证券代码：603170 证券简称：宝立食品 公告编号：2025-025 上海宝立食品科技股份有限公司 2025 年第二季度主要经营数据公告 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。 根据上海证券交易所《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》的要求，上海宝立食品科技股份有限公司（以 下简称"公司"）现将 2025 年第二季度主要经营数据披露如下： 一、公司 2025 年第二季度主要经营情况 （一）主营业务按产品类别分类情况： | 金额单位：人民币万元 | | --- | | 产品类别 | 2025 年第二季度 | | 2024 年第二季度 | | | --- | --- | --- | --- | --- | | | 金额 | 占比 | 金额 | 占比 | | 复合调味料 | 32,834.26 | 47.15% | 30,063.43 | 47.58% | | 轻烹解决方案 | 33,457.20 | 48.05% | 29,098.64 | 46.06% | | 饮品甜点配料 ...

Core Insights - The company reported a total revenue of 2.651 billion yuan in 2024, reflecting a year-on-year increase of 11.91%, while the net profit attributable to shareholders decreased by 22.52% to 233 million yuan [1] - The company experienced a robust growth in its compound seasoning and light cooking solutions, with significant contributions from both direct and online sales channels [2] Financial Performance - In 2024, the total revenue was 2.651 billion yuan, with a net profit of 233 million yuan and a non-recurring net profit of 215 million yuan [1] - The fourth quarter of 2024 saw a revenue of 721 million yuan, with a slight decline in net profit to 59.75 million yuan [1] - For Q1 2025, the revenue was 669 million yuan, with a net profit of 58.25 million yuan, indicating a year-on-year decrease [1] Product and Sales Analysis - The revenue breakdown for 2024 shows that compound seasonings generated 1.296 billion yuan (+13.21%), light cooking solutions 1.130 billion yuan (+10.41%), and beverage and dessert ingredients 147 million yuan (+3.00%) [2] - Direct sales accounted for 2.138 billion yuan (+12.35%), while non-direct sales reached 435 million yuan (+6.63%) [2] - Online sales were 808 million yuan (+2.19%), and offline sales were 1.765 billion yuan (+16.10%) [2] Competitive Positioning - The company maintained a strong competitive advantage in the B2B sector, with revenue from the top five clients reaching 791 million yuan (+7.45%) [3] - The first major client, Yum China, reported a revenue of 376 million yuan (-4.57%), while the second to fourth clients collectively generated 415 million yuan (+21.28%) [3] - In the C2C sector, the company’s online platform achieved a revenue of 918 million yuan (+5.99%) in 2024, recovering from a decline in 2023 [3] Profitability Metrics - The net profit margin for 2024 decreased by 3.91 percentage points to 8.8%, while the gross margin slightly declined by 0.33 percentage points to 32.81% [4] - The gross margin for compound seasonings increased by 2.85 percentage points, while light cooking solutions saw a decrease of 4.23 percentage points [4] - In Q1 2025, the net profit margin further declined to 8.71%, despite a slight increase in gross margin to 32.61% [4] Future Outlook - The company forecasts net profits for 2025-2027 to be 274 million, 315 million, and 358 million yuan respectively, with corresponding EPS of 0.69, 0.79, and 0.90 yuan [4] - The current price-to-earnings ratio is projected to be 20, 17, and 15 times for the respective years [4]

Core Viewpoint - The company reported its 2024 annual results and Q1 2025 results, showing a revenue increase but a decline in net profit, indicating a mixed performance in financial health and growth potential [1][2]. Financial Performance - In 2024, the company achieved a revenue of 2.651 billion, a year-on-year increase of 11.91%, while the net profit attributable to shareholders was 233 million, a decrease of 22.52%. The non-recurring net profit was 247 million, an increase of 8.99% [1]. - For Q1 2025, the company reported a revenue of 669 million, a year-on-year increase of 7.18%, with a net profit of 58 million, down 4.19%. The non-recurring net profit was also 58 million, up 9.89% [1]. Product Matrix and Market Expansion - The company continues to enrich its product matrix and expand consumption scenarios, with compound seasonings, light cooking solutions, and beverage dessert ingredients generating revenues of 1.296 billion, 1.130 billion, and 147 million respectively in 2024, showing year-on-year growth of 13.21%, 10.41%, and 3% [2]. - In Q1 2025, the revenues for these segments were 301 million, 302 million, and 47 million, with respective year-on-year changes of -1.03%, +12.81%, and +34.5% [2]. Channel and Customer Strategy - The company’s direct sales and non-direct sales achieved revenues of 2.138 billion and 435 million in 2024, reflecting year-on-year growth of 12.35% and 6.63% respectively. In Q1 2025, direct sales and non-direct sales revenues were 548 million and 102 million, with year-on-year increases of 7.96% and 2.71% [3]. Cost Structure and R&D Investment - The company reported a gross margin of 32.81% and a net margin of 8.8% for 2024, with a slight decrease in both margins compared to the previous year. The expense ratio was 19.32%, showing a minor increase [4]. - In Q1 2025, the gross margin was 32.61% and the net margin was 8.71%, with a decrease in net margin year-on-year. The expense ratio was 18.33%, indicating a reduction [4]. Innovation and Growth Strategy - The company focuses on R&D innovation to drive product iteration and market responsiveness, aiming to capture growth opportunities through a well-defined product matrix and channel strategy [5]. - The company anticipates revenue growth from 3 billion in 2025 to nearly 4 billion by 2027, with corresponding net profit growth, indicating a positive outlook for future performance [5].

Core Viewpoint - The annual report of Shanghai Baoli Food Technology Co., Ltd. for 2024 highlights the company's financial performance, including a net profit of RMB 233.24 million, and outlines its profit distribution plan, which proposes a cash dividend of RMB 2.50 per 10 shares [4][21]. Company Overview - Shanghai Baoli Food operates in the manufacturing sector, specifically in the food manufacturing industry, focusing on the production of condiments and fermented products [6]. - The company specializes in the research, development, production, and technical services of food seasonings, offering high-quality solutions to restaurants, food industry enterprises, and home consumers [12][13]. Industry Situation - The condiment industry plays a crucial role in the food sector, with a market size of RMB 479.3 billion in 2023, growing at a CAGR of 5.3% from 2018 to 2023 [8]. - The compound seasoning market in China has seen significant growth, with its size increasing from RMB 74.2 billion in 2018 to RMB 117.4 billion in 2023, reflecting a CAGR of 9.6% [9]. Financial Performance - For the reporting period, the company achieved operating revenue of RMB 2.65 billion, an increase of 11.91% year-on-year, while net profit decreased by 14.10% to RMB 267.36 million [21]. - The total assets of the company reached RMB 2.14 billion, marking a growth of 12.65% compared to the beginning of the year [21]. Profit Distribution Plan - The company plans to distribute a total cash dividend of RMB 100 million to shareholders, which represents 68.60% of the net profit attributable to shareholders for the year [4][33].

由餐饮供应链公司向食品供应链公司拓展，发力商超及便利店渠道，有望成为新的成长曲线。国内商超 逐渐连锁化，同时区域连锁超市也从传统模式向选品模式转型，强调以消费者需求为导向，严格把控商 品质量。选品式经营对于供应商的产品创新能力、定制化以及快速反应能力提出了更高的要求。在此背 景下，公司依托品牌背书和供应链优势，凭借优秀的产品研发创新能力以及多年服务大B 客户的经验， 有望在这一轮商超渠道演变进化过程中在食品和食材方向成为最大的受益者之一。目前已逐步与部分头 部大型商超建立合作关系，未来随着消费场景的拓宽，有望成为公司另一增长曲线。 盈利预测：我们预计24-26 年实现营收26.01/29.71/34.25 亿元，归母净利润2.37/2.82/3.45 亿元，PE 分别 为24.39/20.49/16.74x,. 我们选取日辰股份、千味央厨、天味食品作为可比公司进行估值比较，公司估值 低于可比公司均值，维持"强烈推荐"评级。 风险提示：宏观经济增长不及预期风险；行业竞争加剧风险；食品安全风险。 宝立食品以战略转型与研发驱动构筑竞争壁垒，实现从单一代工到 BC 双轮驱动的行业领军地位。公司 自2001 年创立以来 ...