Core Viewpoint - Nanchao Food (605339) reported its worst half-year results since its listing, with a revenue decline of 0.69% and a net profit drop of 72% in the first half of 2025 [1][2] Financial Performance - In the first half of 2025, Nanchao Food achieved approximately 1.555 billion yuan in revenue, down 0.69% year-on-year, and a net profit attributable to shareholders of approximately 35.96 million yuan, down 72% year-on-year [2] - The net profit excluding non-recurring gains and losses also saw a decline of 72.21%, amounting to approximately 33.65 million yuan [2] - The significant drop in net profit is attributed to the product price increase lagging behind the rise in raw material costs, leading to pressure on overall profit levels [2] Market Strategy and Operations - Nanchao Food has been focusing on expanding into lower-tier markets and refining its distributor channels, increasing the number of distributors to 471, a year-on-year increase of 42 [1][6] - The company continues to pursue a strategy of comprehensive layout in baking, catering, and retail markets, despite challenges from macroeconomic conditions and raw material price fluctuations [3] Raw Material Costs - The main raw materials include palm oil, soybean oil, coconut oil, and natural cream, with palm oil prices remaining high compared to the same period in 2024, despite a slight decrease in 2025 [2] - The company has implemented measures such as product price adjustments and structural changes to mitigate the impact of rising raw material costs [2] Subsidiary Performance - Among the major subsidiaries and associated companies, 5 reported profits while 6 incurred losses, indicating a mixed performance across the company's portfolio [5] Expansion Plans - Nanchao Food is actively expanding its overseas market presence, with its Thailand subsidiary achieving localized production of pre-made baked goods [7] - The company plans to continue expanding its overseas production and research layout, targeting Southeast Asia as a starting point for global expansion [7] - However, some expansion projects have been delayed, with the completion date for certain projects pushed to June 2026 from the original September 2025 [7][8] Investment in Technology - The total planned investment for expansion and technological improvement projects is approximately 383 million yuan, with 303 million yuan already invested as of June 30, 2025, representing a progress rate of 79.29% [8] - The necessity for these projects is to optimize product structure and adapt to industry development trends [8]

Core Viewpoint - Nanchao Food reported its worst half-year results since its listing, with a revenue decline of 0.69% and a net profit drop of 72% in the first half of 2025 [4][8]. Financial Performance - In the first half of 2025, Nanchao Food achieved approximately 1.555 billion yuan in revenue, down 0.69% year-on-year, and a net profit attributable to shareholders of approximately 35.96 million yuan, down 72% year-on-year [8]. - The net profit excluding non-recurring gains and losses also saw a decline of 72.21%, amounting to approximately 33.65 million yuan [8]. Cost and Pricing Challenges - The significant drop in net profit is attributed to the increase in raw material costs outpacing the price increase of products, leading to pressure on overall profit levels [9]. - Key raw materials include palm oil, soybean oil, coconut oil, and natural cream, with palm oil prices remaining high compared to the same period in 2024, despite a slight decrease in 2025 [10]. Market Strategy and Expansion - The company aims to continue expanding into lower-tier markets and refining its distributor channels, increasing the number of distributors to 471, a year-on-year increase of 42 [7][16]. - Nanchao Food is focusing on a comprehensive strategy to develop the baking, catering, and retail markets, while also creating new products and expanding customer channels to stabilize revenue [12]. Subsidiary Performance - Among the major subsidiaries, 5 were profitable while 6 reported losses, indicating challenges within the company's broader operational structure [14]. International Expansion - The company is actively pursuing overseas market opportunities, with its subsidiary in Thailand achieving localized production of pre-made baked goods [18]. - Nanchao Food plans to expand its overseas production and research layout, targeting Southeast Asia as a starting point for global expansion [19]. Project Delays - Some expansion and technological improvement projects are experiencing delays, with the expected completion date pushed to June 2026 from September 2025 [19][21]. - The necessity for these projects is to optimize product structure and adapt to industry trends, ensuring that new production capacities align with market demands [22].

近期南侨食品（605339）发布2025年中报，证券之星财报模型分析如下： 经营概况 南侨食品于2025年发布了中期报告。报告显示，截至本报告期末，公司营业总收入为15.55亿元，同比 下降0.69%；归母净利润为3596.08万元，同比下降72.0%；扣非净利润为3365.41万元，同比下降 72.21%。按单季度数据看，第二季度营业总收入为7.65亿元，同比下降3.24%；第二季度归母净利润为 699.76万元，同比下降86.49%；第二季度扣非净利润为583.36万元，同比下降88.07%。 主要财务指标 利润与成本 资产与负债 主营收入构成 产品构成 地区构成 经营情况评述 财务指标变动原因 毛利率：19.91%，同比减少24.06%。 净利率：2.31%，同比减少71.82%。 三费占营收比：13.25%，同比增长2.68%。 每股净资产：8.05元，同比增长0.2%。 每股经营性现金流：0.08元，同比减少84.66%。 每股收益：0.08元，同比减少73.33%。 货币资金：10.2亿元，同比减少42.16%。 应收账款：1.78亿元，同比增长7.86%。 有息负债：2.58亿元，同比增长35. ...

南侨食品集团（上海）股份有限公司2025 年半年度报告 公司代码：605339 公司简称：南侨食品 南侨食品集团（上海）股份有限公司 南侨食品集团（上海）股份有限公司2025 年半年度报告 重要提示 一、本公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的真实性、准确性、完 整性，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、公司全体董事出席董事会会议。 三、本半年度报告未经审计。 四、公司负责人陈正文、主管会计工作负责人古锦宜及会计机构负责人（会计主管人员）陈怡君声明： 保证半年度报告中财务报告的真实、准确、完整。 五、董事会决议通过的本报告期利润分配预案或公积金转增股本预案 不适用 六、前瞻性陈述的风险声明 √适用 □不适用 本公司2025年半年度报告涉及的公司未来计划、发展战略等前瞻性描述不构成公司对投资者的实质 承诺，敬请投资者注意投资风险。 七、是否存在被控股股东及其他关联方非经营性占用资金情况 否 八、是否存在违反规定决策程序对外提供担保的情况 否 九、是否存在半数以上董事无法保证公司所披露半年度报告的真实性、准确性和完整性 否 十、重大风险提示 公司已在本 ...

证券代码：605339 证券简称：南侨食品 编号：临2025-053 南侨食品集团（上海）股份有限公司 2025年第二季度经营数据的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、 误导性陈述或重大遗漏。 一、 报告期主营业务相关经营情况 单位：元 币种：人民币 1、 产品类别 单位：元 币种：人民币 | 区域 | 本期营业收入 | | --- | --- | | 华东 | 167,411,676.45 | | 华中 | 154,383,432.88 | | 华南 | 234,074,239.31 | | 华北 | 64,268,267.95 | | 西南 | 65,423,929.62 | | 东北 | 44,496,198.58 | | 西北 | 27,434,391.30 | | 境外 | 6,539,855.92 | | 总计 | 764,031,992.01 | | 产品类别 | 本期营业收入 | | --- | --- | | 烘焙应用油脂 | 336,906,600.65 | | 淡奶油 | 142,698,287.31 | | 乳制品 | 162,554,184. ...

Company Overview - Nanchao Food Group has been a leader in the baking oil market for nearly 30 years, offering over 200 product varieties to meet diverse customer needs across various sectors [2] - The company's baking oil revenue reached 1.542 billion yuan in 2024, accounting for 48.8% of total revenue, making it highly sensitive to raw material price fluctuations [2] - Nanchao Food has expanded its business into other areas such as cream, dairy products, and pre-prepared baked goods, with the share of pre-prepared baked goods increasing from 2.13% in 2015 to 13.53% in Q1 2025 [2] Financial Performance - For the first half of the year, Nanchao Food expects a net profit attributable to shareholders of between 32.36 million yuan and 38.84 million yuan, with a non-recurring net profit of between 30.29 million yuan and 36.35 million yuan [1] - The company faces pressure on overall profit levels due to the lagging price increase of its products compared to the rising costs of raw materials, including palm oil, soybean oil, coconut oil, and natural cream [1] Industry Insights - The retail market size of China's baking food industry is projected to reach 285.3 billion yuan in 2024, with an expected growth to 302.6 billion yuan by 2029 [3] - The continuous growth of the baking market reflects the industry's vitality and broad prospects, driven by consumers' increasing pursuit of quality of life and emotional value associated with baked products [3] - There remains room for brand enhancement within the baking industry, indicating that leading companies can further expand their market share, potentially increasing industry concentration [3]

Core Insights - The article emphasizes the importance of scale, standardization, professionalism, and market responsiveness for brands seeking reliable holiday food manufacturing partners. Fujian Qipihongma Food Group positions itself as a leading OEM in China's festive food sector, offering comprehensive and high-value solutions to help brands seize market opportunities [1]. Group 1: Foundational Strengths - Scale of production and standardized management ensure delivery and quality, with industry-leading capacity [2]. - Management is enhanced by hiring experienced professionals from major companies, implementing a three-pronged management model of refined processes, standardized operations, and standardized outputs [4]. - The company has established a fully digitalized management system, ensuring efficient and reliable operations through strategic partnerships with logistics providers [4][6]. Group 2: Vertical Integration and Smart Manufacturing - The company controls costs and quality through a vertically integrated supply chain, with 100% self-researched core fillings, reducing costs by 15%-20% [7]. - Automation in the production process has reduced manual intervention by 60%, enhancing efficiency and minimizing pollution risks [12]. - The company has developed innovative health-focused products, such as low-sugar mooncakes, aligning with market trends towards healthier options [10][13]. Group 3: Research and Market Innovation - The company focuses on health and innovation in product development, with significant reductions in sugar and fat content in traditional mooncake recipes [10]. - It has successfully launched several best-selling products, including various types of mooncakes that have achieved significant sales milestones [15]. - Continuous innovation is planned for future product lines, including new types of mooncakes and health-oriented series [17]. Group 4: Comprehensive Service Offering - The company provides end-to-end services from market analysis to product development, ensuring tailored solutions for clients [19]. - It offers creative packaging design and brand strategy services to enhance product visibility and market positioning [19]. - Fujian Qipihongma Food Group positions itself not just as a manufacturer but as a strategic partner for brands, aiming to navigate complex supply chain challenges while enabling market success [21].

Investment Rating - The investment rating for the company is "Buy" with a target price not specified [6][3]. Core Views - The company is expected to enter an accelerated development phase in 2025, driven by internal expansion, the acquisition of Qinglu, and the growth of the group meal business [3][2]. - The first quarter of 2025 showed a revenue of 370 million yuan, a year-on-year increase of 4.45%, while the net profit attributable to the parent company was 37 million yuan, a decrease of 6.13% [1][2]. Revenue Summary - The company plans to add 1,000 new stores by 2025, reaching a total of 6,000 stores, with a narrowing gap in single-store performance expected to be more evident in Q2 and Q3 [2][3]. - The group meal business is actively collaborating with clients like Yonghui, which is expected to gradually increase volume [2][3]. Profitability Summary - The gross profit margin stabilized, while the expense ratio decreased, with interest income impacting the non-recurring profit [2]. - The non-recurring net profit margin decreased by 0.1 percentage points year-on-year to 10.5%, and the net profit margin decreased by 1.3 percentage points [2]. Financial Forecast - Revenue growth rates are projected at 10% for 2025, 9% for 2026, and 8% for 2027, with total revenues expected to be 1.85 billion yuan, 2.01 billion yuan, and 2.17 billion yuan respectively [3][5]. - The net profit attributable to the parent company is forecasted to be 270 million yuan in 2025, with growth rates of -3.9%, +10.3%, and +11.3% for the following years [3][5]. Financial Data and Valuation - The company’s total revenue for 2023 is projected at 1.63 billion yuan, with a growth rate of 6.89% [5]. - The price-to-earnings ratio (P/E) is expected to be 18X for 2025, 16X for 2026, and 14X for 2027 [3][5].

2、 地区分布 证券代码：605339 证券简称：南侨食品 编号：临2025-032 南侨食品集团（上海）股份有限公司 2025年第一季度经营数据的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、 误导性陈述或重大遗漏。 一、 报告期主营业务相关经营情况 1、 产品类别 单位：元 币种：人民币 | 产品类别 | 本期营业收入 | | --- | --- | | 烘焙应用油脂 | 363,899,146.14 | | 淡奶油 | 128,427,130.94 | | 乳制品 | 183,877,638.75 | | 预制烘焙品 | 106,807,600.76 | | 馅料 | 5,041,935.36 | | 其他 | 125,253.72 | | 总计 | 788,178,705.67 | 2025年 4 月 29 日 | | 单位：元 币种：人民币 | | --- | --- | | 区域 | 本期营业收入 | | 华东 | 165,678,848.66 | | 华中 | 165,556,658.33 | | 华南 | 231,738,543.60 | | 华北 | 73,2 ...

证券代码：605339 证券简称：南侨食品 编号：临2025-022 南侨食品集团（上海）股份有限公司 2024年第四季度经营数据的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记 载、误导性陈述或重大遗漏。 一、 报告期主营业务相关经营情况 1、 产品类别 单位：元 币种：人民币 | | 渠道类别 | 本期营业收入 | | --- | --- | --- | | 经销商 | | 484,139,334.72 | | 直营 | | 368,941,680.64 | | 其他 | | 93,591.34 | | | 总计 | 853,174,606.70 | 二、 报告期经销商情况 单位：个 | 区域 | 报告期末经销商数量 | 较上年同期变化情况 | | --- | --- | --- | | 华东 | 80 | 12 | | 华中 | 111 | 21 | | 华南 | 114 | 9 | | 华北 | 53 | 9 | | 西南 | 57 | -3 | | 东北 | 29 | 6 | | 西北 | 33 | 0 | | 境外 | 4 | 0 | | 总计 | 481 | 54 | ...