Core Viewpoint - The stock of Jiangxi Huangshanghuang Group Food Co., Ltd. has shown significant fluctuations in price and trading volume, reflecting investor interest and market dynamics [1][2]. Stock Performance - As of August 28, the stock price increased by 2.03% to 12.58 CNY per share, with a total market capitalization of 7.038 billion CNY [1]. - Year-to-date, the stock has risen by 49.41%, but has seen a decline of 3.08% in the last five trading days and 4.55% over the past 20 days [2]. Trading Activity - The net inflow of main funds was 2.7964 million CNY, with large orders accounting for 21.01% of total buying and 13.44% of total selling [1]. - The company appeared on the "Dragon and Tiger List" once this year, with the last occurrence on August 12, where it recorded a net buy of -36.9835 million CNY [2]. Company Overview - Jiangxi Huangshanghuang Group was established on April 1, 1999, and went public on September 5, 2012. The company specializes in the development, production, and sales of marinated meat products and quick-consumption side dishes [2]. - The revenue composition includes fresh products (60.71%), rice products (31.67%), slaughter processing (4.12%), packaging products (1.97%), and other services (1.49%) [2]. Financial Performance - For the first half of 2025, the company reported a revenue of 984 million CNY, a year-on-year decrease of 7.19%, while the net profit attributable to shareholders increased by 26.90% to 76.9199 million CNY [3]. Shareholder Information - As of August 20, the number of shareholders increased by 9.95% to 36,100, with an average of 14,183 circulating shares per person, a decrease of 9.05% [3]. - Cumulatively, the company has distributed 518 million CNY in dividends since its A-share listing, with 169 million CNY in the last three years [4].

[Table_Title] Q2 经营环比改善，持续开拓海外市场 ——紫燕食品 2025 年中报点评 [Table_Summary] 报告要点： 事件 公司公告 2025 年中报。2025 年上半年，公司实现总收入 14.73 亿元（- 11.46%），归母净利 1.05 亿元（-47.20%），扣非归母净利 0.83 亿元（- 49.28%）。2025Q2，公司实现总收入 9.09 亿元（-6.16%），归母净利 0.89 亿元（-37.99%），扣非归母净利 0.78 亿元（-37.49%）。 [Table_Main] 公司研究|日常消费|食品、饮料与烟草 证券研究报告 紫燕食品(603057)公司点评报告 2025 年 08 月 27 日 Q2 收入增速有所改善，公司 H1 持续加快境外市场拓展 1）鲜货产品收入增速 Q2 环比改善，预包装产品实现较快增长。2025H1， 公司鲜货产品、预包装及其他产品、包材、"加盟费、门店管理费、信息系 统使用费"收入分别为 11.29、2.48、0.42、0.30 亿元，同比-18.52%、 +40.98%、-1.06%、-10.03%，25Q2 增速分别为-17. ...

证券代码：603057 证券简称：紫燕食品 公告编号：2025-057 3、主营业务按区域分类情况： | | 单位：元 | 币种：人民币 | | --- | --- | --- | | 分地区 | 2025 年 1-6 月 | | | | 金额 | 占比 | | 华东 | 998,954,071.17 | 68.96% | | 华中 | 166,508,156.54 | 11.49% | | 西南 | 142,540,880.93 | 9.84% | | 华北 | 55,043,560.88 | 3.80% | | 华南 | 40,716,101.82 | 2.81% | | 西北 | 20,044,365.65 | 1.38% | | 东北 | 7,575,875.37 | 0.52% | | 境外 | 6,487,324.00 | 0.45% | | 其他 | 10,738,190.35 | 0.74% | | 主营业务收入小计 | 1,448,608,526.70 | 100.00% | 紫燕食品集团股份有限公司 2025 年半年度经营数据公告 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 ...

8月22日，煌上煌盘中下跌2.00%，截至10:19，报12.72元/股，成交6433.68万元，换手率0.98%，总市值 71.16亿元。 资金流向方面，主力资金净流出1195.68万元，特大单买入0.00元，占比0.00%，卖出533.55万元，占比 8.29%；大单买入1011.82万元，占比15.73%，卖出1673.94万元，占比26.02%。 煌上煌今年以来股价涨51.07%，近5个交易日跌5.00%，近20日跌0.55%，近60日涨25.32%。 今年以来煌上煌已经1次登上龙虎榜，最近一次登上龙虎榜为8月12日，当日龙虎榜净买入-3698.35万 元；买入总计3300.14万元 ，占总成交额比7.73%；卖出总计6998.48万元 ，占总成交额比16.39%。 资料显示，江西煌上煌集团食品股份有限公司位于江西省南昌市南昌县小蓝经济开发区洪州大道66号， 成立日期1999年4月1日，上市日期2012年9月5日，公司主营业务涉及酱卤肉制品及佐餐凉菜快捷消费食 品的开发、生产和销售。主营业务收入构成为：鲜货产品60.71%，米制品业务31.67%，屠宰加工 4.12%，包装产品1.97%，其他(补充) ...

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company reported a slight decline in revenue, waiting for a bottom reversal, maintaining the "Accumulate" rating. In the first half of 2025, the company achieved revenue of 980 million yuan, a year-on-year decrease of 7.2%, while net profit attributable to the parent company was 77 million yuan, a year-on-year increase of 26.9% [5] - The company is a leading brand in the marinated food industry, and with the recovery of external demand, store expansion is expected to resume [5] Financial Performance Summary - In Q2 2025, the company achieved revenue of 540 million yuan, a year-on-year decrease of 10.7%, and a net profit of 33 million yuan, a year-on-year increase of 16.1% [5] - The company’s revenue from various product lines in the first half of 2025 was as follows: fresh products 600 million yuan (-10.9%), packaged products 19 million yuan (-29.2%), slaughter processing 41 million yuan (+54.2%), rice products 31 million yuan (-1.4%), testing and other businesses 0.15 million yuan (-23.0%) [6] - As of the end of Q2 2025, the company had 2,898 fresh product stores, with a net closure of 762 stores in the first half of the year [6] Cost Control and Profit Growth - The gross margin for Q2 2025 was 29.3%, a year-on-year decrease of 0.8 percentage points, attributed to a decline in sales volume and increased depreciation [7] - The sales expense ratio for Q2 2025 was 11.0%, a year-on-year decrease of 2.8 percentage points, due to controlled promotional expenses and reduced labor costs [7] - The net profit for Q2 2025 benefited from controlled promotional expenses, increasing by 16.1% [7] Financial Forecasts - The company is expected to achieve net profits of 80 million yuan, 110 million yuan, and 120 million yuan for the years 2025, 2026, and 2027, representing year-on-year growth of 90.5%, 36.7%, and 10.4% respectively [5] - The current stock price corresponds to P/E ratios of 116.1, 84.9, and 76.9 for the years 2025, 2026, and 2027 respectively [5]

Revenue and Profit - The total revenue for the company in the first half of 2025 was 984 million yuan, a year-on-year decrease of 7.19%. However, the net profit attributable to shareholders reached 76.92 million yuan, an increase of 26.90% year-on-year, indicating effective cost control and improved profitability [1] - In the second quarter, total revenue was 538 million yuan, down 10.72% year-on-year, while the net profit attributable to shareholders was 32.55 million yuan, up 16.08% year-on-year, demonstrating strong profit growth despite revenue pressure [2] Financial Indicators - The gross profit margin was 31.96%, a decrease of 1.44 percentage points year-on-year. The net profit margin was 7.79%, an increase of 36.56% year-on-year. The ratio of operating expenses to revenue was 18.76%, down 13.84 percentage points year-on-year. Earnings per share increased by 26.61% to 0.14 yuan [7] Accounts Receivable and Cash Flow - The company had a significant amount of accounts receivable, which accounted for 301.14% of the latest annual net profit. Accounts receivable amounted to 121 million yuan, a decrease of 31.69% from the previous year. Despite the reduction, the absolute value remains high, potentially impacting cash flow [4] - The net cash flow from operating activities increased by 21.69% year-on-year, primarily due to reduced spending on raw materials and operating expenses [4] Main Revenue Composition - Revenue from fresh products was 597 million yuan, accounting for 60.71% of total revenue. Revenue from rice products was 312 million yuan, making up 31.67% of total revenue, with a gross margin of 21.92%. Other revenue sources included slaughter processing at 40.54 million yuan (4.12%), packaging products at 19.35 million yuan (1.97%), and other business income at 14.63 million yuan (1.49%), with a gross margin of 11.86% [5] Development Review and Outlook - The company focuses on the research, production, and sales of marinated meat products and quick-service cold dishes, operating in the agricultural and sideline food processing industry. To adapt to changing consumer scenarios and underwhelming store expansion, the company is enhancing brand influence and product competitiveness through brand rejuvenation and terminal empowerment [6] - Despite a decline in revenue in the first half of 2025, net profit grew due to lower raw material costs and reduced sales expenses. However, high accounts receivable remains a concern that the company needs to address to ensure stable cash flow [6]

8月7日晚间，"江西卤味巨头"煌上煌（002695）发布2025年半年"成绩单"，公司实现营业收入9.84亿元，同比减少7.19%；归母净利润为7691.99万元，同 比增加26.90%；扣非净利润为6810万元，同比增加40.27%。 具体来看，煌上煌的主要产品营收近乎全线下滑，鲜货产品、包装产品、米制品业务分别同比减少10.94%、29.20%、1.36%，仅屠宰加工产品营收上升 54.21%。 | | 本报告期 | | 上年同期 | | 同比增减 | | --- | --- | --- | --- | --- | --- | | | 金额 | 占营业收入比重 | 金额 | 占营业收入比重 | | | 营业收入合计 | 984, 138, 093. 18 | 100% | 1,060, 361, 733. 11 | 100% | -7.19% | | 分行业 | | | | | | | 食品加工 | 969, 504, 147. 64 | 98.51% | 1.041.347.723.92 | 98. 21% | -6. 90% | | 其他业务 | 14.633.945.54 | 1. 49% | 19 ...