证券研究报告 赵昊 SAC：S1350524110004 zhaohao@huayuanstock.com 王宇璇 SAC：S1350525050003 wangyuxuan@huayuanstock.com 市场表现： | 收盘价（元） | | | | 23.30 | | | | --- | --- | --- | --- | --- | --- | --- | | 年 内 最 | | | | | | | | （元） | | | | | | | | 总市值（百万元） | | | | 2,407.04 | | | | 流通市值（百万元） | | | | 2,180.89 | | | | 总股本（百万股） | | | | 103.31 | | | | 资产负债率（%） | | | | 22.79 | | | | 每股净资产（元/股） | | | | 5.50 | | | | 一 | | | | | | | | 资料来源：聚源数据 | | | | | | | | 低 | | | | | | | | 高 / 最 | | | | | | | | 基本数据 | 2025 | 年 | 08 | 日 | 25 | 月 | ...

烹饪过程严格控制食用油的用量。健康成年人每人每天烹调用油量不超过25-30克，将其合理分配 在一日三餐。日常生活中，建议把全家每天应食用的烹调油倒入带有刻度的控油壶，炒菜用油均从控油 壶中取用，做好总量控制。 油不仅是人体需要的营养素，也是缔造美食的灵魂所在。但油脂摄入过量却可能成为健康的"隐形 刺客"——一勺油可能藏着200大卡热量。但别慌，控油≠告别美味，今天，北京市疾控中心营养与食品 卫生所的专家就来跟大家分享几个餐桌控油的必杀技。 控制烹调油摄入量 学会阅读营养成分表，同类食品中尽可能选择含脂肪含量低且不含反式脂肪酸的食物。 饮食中的反式脂肪酸大部分来源于人造奶油、起酥油、人造黄油等，藏身于我们日常中的西式糕点 如奶油蛋糕、面包，烘烤食品如饼干、薄脆饼，油炸食品如炸薯条、炸鸡块，以及巧克力糖果、冰淇淋 等加工食品中。建议每日反式脂肪酸摄入量不超过2克，所以上述食品要少吃。 减油烹饪小技巧 少油烹调方法需掌握 烹调食物时尽可能选择不用或少量用油的方法，如蒸、煮、炖、焖、水滑、熘、凉拌、急火快炒 等；少用煎炸的方法来烹饪食物，或用煎的方法代替炸，也可减少烹调油的摄入。使用不粘锅、烤箱、 电饼铛、空气炸锅等 ...

值得一提的是，青岛食品市值最高时出现在2024年1月9日，总市值达到38.76亿元。而当前市值为28.00 亿元，若要达到历史最高市值，股价需上涨38.42%。不过，公司在盈利质量方面的持续改善为未来发 展奠定了基础。 在2025年上半年，青岛食品的经营业绩保持稳健增长态势，实现营业收入2.77亿元，同比增长5.46%； 实现归母净利润0.65亿元，同比增长7.81%。 8月23日，青岛食品发布2025年中报，青岛食品是食品饮料行业中的代表性企业，其主营业务包含饼干 与花生酱等休闲食品的研发、生产及销售。截至8月22日，青岛食品股价报收于14.36元，总市值达到 28.00亿元。 在经营稳健性方面，青岛食品面临存货管理压力，存货周转天数为32.97天，较2024年上半年增长了 1.5%，表明公司存货管理效率略有下降。经营活动产生的现金流净额为0.54亿元，相比2024年同期的 0.34亿元，同比增长了0.2%。此外，2025年上半年的资产负债率为11.16%，同比增长了4.37个百分点。 从机构持股情况来看，截至2025年上半年，持有青岛食品股票的机构家数达到4家，相比2024年同期的 30家减少了26家，表 ...

Core Insights - The concept of "Tenbagger" stocks, which can appreciate tenfold, is primarily discussed in Western markets, but there are significant opportunities globally [1] - Dede Eyesan's research identified over 900 stocks worldwide that have the potential to become Tenbaggers, emphasizing profit growth and strong business fundamentals as key characteristics [1][2] - Many high-performing companies are not necessarily long-term compound growth firms but can also be turnaround stories [4] Characteristics of Global Tenbagger Companies - Key traits of Tenbagger companies include profit growth, strong business models, and often a founder-led mentality, although not exclusively [1][3] - Successful companies tend to focus on a simple business model and excel in providing excellent products or services [1][3] - Profit margin expansion is a significant driver for many high-performing companies, influenced by both internal and external factors [4][5] Industry Characteristics of Tenbagger Stocks - Industries with limited supply and growing demand, such as the salmon industry, present good investment opportunities [5][6] - Companies that can effectively manage costs and have room for growth are more likely to succeed [5][6] - Understanding the operational aspects of a business is crucial for assessing its potential for profit margin improvement [6][7] Investment Strategies and Insights - Investors should focus on companies with a clear understanding of their business operations and sustainable pricing power [6][7] - The research highlights the importance of understanding local cultures and business practices when investing in foreign markets [10][11] - A significant portion of Tenbagger stocks comes from India, indicating the need for investors to broaden their geographical focus [10] Future Industry Trends and Themes - Certain industries, such as utilities and insurance, face challenges in achieving high growth rates, making them less likely to produce Tenbagger stocks [27][28] - The technology and healthcare materials sectors have shown strong potential for growth, with many companies achieving significant returns [28][29] - The semiconductor industry has seen a surge in Tenbagger stocks, but investors must remain cautious of cyclical fluctuations [28][29] Qualitative Analysis in Investment Processes - Incorporating qualitative factors into investment decisions can enhance risk assessment and potential returns [42][43] - Understanding the competitive landscape and the unique advantages of companies is essential for determining investment size and strategy [43][44] - Investors should focus on companies with a proven track record of profitability and growth, avoiding those with stagnant earnings [46][47]

北京商报讯（记者 郭秀娟 实习记者 王悦彤） 8月22日，青岛食品发布2025年半年报，报告期内，公司 实现营业收入2.77亿元，同比增长5.5%；实现归母净利润6473万元，同比增长7.8%。 青岛食品主要从事饼干与花生酱等休闲食品的研发、生产及销售。产品方面，青岛食品在报告期内继续 优化核心业务结构，饼干业务仍为营收主力，并推出针对不同人群需求的功能性产品。同时，花生酱品 类也进行了升级，推出"青食"品牌花生酱以满足不同层级消费者的需求，并通过OEM代工模式承接国 际订单，提升产能利用率。 ...

Group 1 - The core issue in the US-EU trade negotiations is the disagreement over the wording related to "non-tariff barriers," particularly concerning the EU's Digital Services Act, which the US views as a significant obstacle [1][3][4] - The EU is awaiting a reduction in US auto tariffs from 27.5% to 15%, but this action is contingent upon the agreement of a joint statement [3][4] - The complexity of the EU's internal decision-making process, influenced by the differing opinions of its 27 member states, is prolonging the timeline for reaching a joint statement with the US [4] Group 2 - The Digital Services Act imposes stricter regulations on large tech companies, which the current US administration considers a "non-tariff barrier" [3] - The US is keen to address digital trade barriers in discussions with trade partners, and the EU had initially agreed to tackle these issues during preliminary negotiations [3][4] - The failure to reach a joint statement could lead to ongoing disputes in sensitive areas, jeopardizing the implementation of the US-EU trade agreement [4]

Core Insights - The article focuses on the analysis of home dining behavior, particularly in the context of snack and beverage consumption during different time periods, revealing key growth pathways for brands [1][10]. Group 1: Snack Consumption - Snacks fulfill the needs for both satiation and enjoyment, with biscuits dominating daytime consumption, while nuts and seeds are preferred in the evening. Puffed snacks maintain a steady second position across time periods [4]. - Sweet snacks provide emotional value, while puffed snacks and nuts enhance enjoyment. Biscuits are more associated with satiety, indicating a need for brands to understand their competitive positioning and emotional connections with consumers [4]. - Brands should explore which biscuit segments can resonate emotionally with consumers to expand growth opportunities [4]. Group 2: Beverage Consumption - Common beverage habits include drinking water upon waking, coffee for breakfast, and carbonated drinks during lunch and dinner, highlighting the challenges of breaking down consumption barriers across different meal occasions [7]. - Leading brands in carbonated beverages dominate lunch and dinner, capturing 70% of the market, but their share during breakfast and post-dinner is less than 60%. This indicates a higher demand for "energizing," "fun to drink," and "refreshing" beverages during these times [7]. - There remains growth potential for top brands in understanding consumer preferences and segmented needs across different drinking occasions [7]. Group 3: Consumer Behavior Insights - The competition for home dining is intense, with consumer needs varying significantly across different time periods and product categories. Brands must adopt a consumer-centric strategy to uncover growth pathways by understanding these nuanced demands [9]. - A comprehensive study involving 18,506 consumers under 65 years old was conducted to analyze home dining behaviors, ensuring a representative sample across various demographics and regions in China [10].

Core Viewpoint - The company Huang Shang Huang announced its plan to acquire a 51% stake in freeze-dried food company Fujian Lixing Food Co., Ltd. for 495 million yuan, aiming to diversify its product offerings and expand into new markets amid declining revenues in its core business [1][11]. Group 1: Acquisition Details - The acquisition of Lixing Food, established in 2006, is part of Huang Shang Huang's strategy to enter the freeze-dried food sector, which includes a wide range of products such as fruits, vegetables, and ready-to-eat meals [2][11]. - Lixing Food has 37 freeze-drying production lines and an annual production capacity of nearly 6,000 tons of various freeze-dried products, making it a leading manufacturer in China [8][9]. - The estimated valuation of Lixing Food is 978 million yuan, with projected revenues of 415 million yuan and 251 million yuan for 2024 and the first half of 2025, respectively [9][11]. Group 2: Financial Performance - Huang Shang Huang's revenue has been declining since 2021, with a 7.19% drop in revenue to 984 million yuan in the first half of 2025, although net profit increased by 26.90% to 77 million yuan during the same period [14]. - The company has seen a net reduction of 762 stores in the first half of 2025, continuing a trend of store closures that has resulted in a total decrease of 1,599 stores since 2021 [14][12]. Group 3: Market Context - The acquisition comes as other major players in the marinated food sector, such as Zhou Hei Ya and Jue Wei Food, are also facing revenue declines and are exploring diversification strategies [15][17]. - The freeze-dried food market is seen as a growth opportunity, aligning with consumer trends towards health and convenience, but challenges remain in expanding retail channels and brand recognition [17].

Summary of Key Points Overall Situation - A total of 231 batches of food were tested in the recent food safety supervision sampling, with 225 batches passing and 6 batches failing the quality standards [4]. Breakdown of Tested Items - The tested items included: - Biscuits: 2 batches - Catering food: 101 batches - Starch and starch products: 4 batches - Condiments: 11 batches - Bean products: 3 batches - Pastries: 5 batches - Alcohol: 6 batches - Frozen drinks: 5 batches - Grain processing products: 21 batches - Meat products: 17 batches - Dairy products: 4 batches - Edible agricultural products: 37 batches - Edible oils and fats: 7 batches - Vegetable products: 3 batches - Frozen foods: 3 batches - Beverages: 2 batches [4]. Specific Cases of Non-compliance - The announcement includes an attachment detailing the specific cases of non-compliance, which provides insights into the types of food products that failed the safety tests [4].

Group 1 - The article emphasizes the importance of border cities in China's modernization strategy, highlighting the need for economic development and population retention in these areas [1][4][16] - Black River City, a century-old border city, has seen a significant population decline from 1.674 million in 2010 to 1.286 million in 2020, indicating a loss of nearly 400,000 residents over ten years [1][4] - The article discusses the innovative border trade model in Black River, which aims to enhance the income of border residents through mutual market trade [4][6] Group 2 - The mutual market trade allows border residents to engage in trade within a 20-kilometer zone, with specific tax exemptions for transactions under certain limits, promoting local economic activity [4][6][18] - Black River has developed a dual-track model for mutual market trade, combining "on-site processing" and "intra-zone trading," which enhances the value chain and supports local businesses [6][18] - The establishment of professional cooperatives has helped border residents collaborate and strengthen their market presence, addressing previous challenges of fragmented participation [6][7][18] Group 3 - The article highlights the construction of the world's first cross-border cableway, which is expected to improve logistics and trade efficiency between China and Russia [9][10] - The Black River Highway Bridge facilitates year-round trade, significantly increasing the volume of goods transported across the border [11][12] - The mutual market trade has generated a trade volume of 146 million yuan since the implementation of the processing policy in 2020, with participation from nearly 20,000 border residents [8][12] Group 4 - The article points out the need for improved policies and infrastructure to support the growth of mutual market trade, including a comprehensive digital platform for trade processes [13][17] - Challenges such as limited product variety and regulatory restrictions hinder the expansion of mutual market trade, necessitating a more robust management framework [17][18] - The development of processing facilities and the attraction of quality enterprises are crucial for creating a sustainable and competitive mutual market trade environment [18]