"鱼类零食第一股"劲仔食品交出一份营收、净利双降的半年成绩单。劲仔食品近日发布的财报显示，今 年上半年营收11.24亿元，同比下降0.5%；实现归母净利润1.12亿元，同比下降21.86%。分业务板块 看，以"劲仔小鱼"为代表的鱼制品业务依然为劲仔食品的主要营收来源。财报数据显示，今年上半年， 劲仔食品的鱼制品营收7.57亿元，同比增长7.61%；豆制品营收1.15亿元，同比增长3.61%。值得注意的 是，包含鹌鹑蛋、手撕肉干两大系列产品的禽类制品营收1.96亿元，同比下降24%，成为劲仔食品唯一 下滑的主营品类。 劲仔食品方面在半年报中表示，公司正加强零食专营渠道合作，丰富产品SKU（库存单位）并积极拓展 海外市场，产品已远销40多个国家和地区。在盘古智库高级研究员江瀚看来，加强零食专营渠道合作确 实有助于劲仔食品扩大销售范围、提升市场覆盖率，但需投入成本维护渠道关系，且合作效果存在不确 定性。同时，开拓海外市场可为劲仔食品带来新增长空间，但也面临文化差异、消费习惯、法规复杂等 挑战，需投入大量资源进行调研和推广，品牌建设周期较长，短期内难见显著成效。 就半年报具体细节、"三年倍增"计划相关问题，北京商报记 ...

"鱼类零食第一股"劲仔食品交出一份营收、净利下滑的半年成绩单。8月26日，劲仔食品发布2025年半年报，报告期内，公司实现营业收入11.24亿元，同比 减少0.5%；实现归母净利润1.12亿元，同比减少21.86%。分具体业务来看，以"劲仔小鱼"为代表的鱼制品业务依然是劲仔食品主要营收来源。财报数据显 示，2025年上半年，公司的鱼制品实现营收7.57亿元，同比增长7.61%；豆制品实现营收1.15亿元，同比增长3.61%。值得注意的是，包含鹌鹑蛋和手撕肉干 两大系列产品的禽类制品实现营收1.96亿元，同比减少24%，成为公司唯一下滑的主营品类。 知名战略定位专家、福建华策品牌定位咨询创始人詹军豪认为，当下鹌鹑蛋市场竞争激烈，盐津铺子、来伊份、三只松鼠等休闲零食品牌纷纷加码该类型产 品，消费者的选择也越来越多，劲仔食品的鹌鹑蛋产品在品牌知名度、产品创新、营销推广等方面稍有不足就会失去部分消费者，劲仔食品的市场份额也会 随之出现被挤压的情况。 劲仔食品主要从事中式风味休闲食品的研发、生产和销售，主要产品有鱼制品、禽类制品、豆制品等。公司于2020年10月在深交所主板上市，成为"鱼类零 食第一股"。上市之初，劲仔 ...

Market Strategy - The market is experiencing fluctuations and differentiation, with notable adjustments in high-position stocks [5][7] - The overall performance of blue-chip stocks is leading, while innovative small and medium enterprises are lagging behind [7][8] Economic Insights - From January to July, the online retail sales of agricultural products increased by 7.4% year-on-year [14][15] - The People's Bank of China conducted a 7-day reverse repurchase operation of 253 billion yuan on August 21, with a net injection of 124.3 billion yuan for the day [16][17] - A total of 20 distressed real estate companies have been approved for debt restructuring, with a total debt resolution scale exceeding 1.2 trillion yuan [18][19] Industry Dynamics - In July, China's engineering machinery import and export trade amounted to 5.504 billion USD, a year-on-year increase of 19.1% [27][28] - The total electricity consumption in July increased by 8.6% year-on-year, with residential electricity consumption growing significantly [29][30] Company Performance Tracking - Salted Fish (002847.SZ) reported a 19.58% increase in revenue and a 16.70% increase in net profit for the first half of 2025 [31][32] - TeBao Bio (688278.SH) achieved a non-net profit of 431 million yuan in the first half of 2025, a year-on-year increase of 30.68% [34] - Shangtai Technology (001301.SZ) reported a 34.37% increase in net profit for the first half of 2025 [36] - JiBit (603444.SH) achieved a net profit of 645 million yuan in the first half of 2025, a year-on-year increase of 24.50% [38] - LiYuanHeng (688499) reported a revenue of 1.529 billion yuan in the first half of 2025, turning a profit with a net profit of 33.41 million yuan [41][42] - JiuZhiTang (000989.SZ) reported a net profit of 144 million yuan in the first half of 2025, a year-on-year decrease of 29.71% [43][44]

业绩简评 8 月 20 日公司发布半年报，25H1 实现营收 29.41 亿元，同比 +19.58%；实现归母净利润 3.73 亿元，同比+16.70%，扣非归母净 利润 3.34 亿元，同比+22.50%。25Q2 实现营收 14.03 亿元，同比 +13.54%，实现归母净利润 1.95 亿元，同比+21.75%，扣非归母净 利润 1.78 亿元，同比+31.78%，业绩符合预期。 经营分析 魔芋实现翻倍以上增长，品类品牌转型效果持续释放。1）分产品 看，魔芋、鹌鹑蛋、蒟蒻果冻、深海零食等健康化品类保持增长， 其他品类略有下滑主要系公司为提升盈利能力聚焦资源投放，减 少代工产品及长尾 sku。25H1 辣卤魔芋/其他辣卤/蛋类零食/果干 果冻/其他分别实现收入 7.91/5.30/3.09/4.28/0.61 亿元，同比 +155.10%/-9.93%/+29.57%/+9.01%/+42.62%。2）分渠道看，25H1 经销/电商/直营 KA 渠道销售额分别为 23.03/5.74/0.63 亿元，同 比+30.09%/-0.97%/-42.00%。经销渠道高增系大魔王品牌势能辐 射全渠道，其中零食量贩 ...

Summary of Key Points from the Conference Call Industry Overview: Baijiu Market - The baijiu market is currently in a low season, with sales accounting for less than 5% of the annual total, primarily driven by events like graduation banquets [1][3] - There is a slight increase in demand for liquor priced below 300 yuan, with expectations for improved sales in the second half of the year, particularly around the Mid-Autumn Festival and National Day [1][4] - Inventory pressure is evident, but it is expected to ease after October, reducing the risk of stockpiling or unsold goods before the 2026 Spring Festival [1][5] Company Performance: Moutai and Other Leading Brands - Moutai maintains profitability for distributors through a tiered pricing strategy, with wholesale prices for its flagship products ranging from 1,900 to 2,000 yuan, and actual prices exceeding 2,000 yuan [1][6][7] - The overall performance expectation for the baijiu market in Q2 is low, with many companies struggling to sustain growth; however, leading brands like Moutai are still expected to show growth [1][8] - Current valuations for baijiu companies are between 13 to 16 times earnings, which is considered normal; valuations could rise to 15 to 20 times if external risks are mitigated [1][9] Market Dynamics and Future Expectations - The baijiu market is expected to see improved sales in the second half of the year, with a potential recovery in gifting demand during the festive season [1][4] - The overall sentiment in the market is improving, with cash flow pressures on distributors easing, which may lead to better sales performance [1][10] Other Notable Insights - The beer sector is performing well, with Yanjing Beer and Zhujiang Beer reporting net profit growth of 25% to 35% and 15% to 25%, respectively [3][11] - The seasoning industry is stabilizing, with companies like Haitian Flavor Industry expected to achieve mid-single-digit revenue growth and double-digit profit growth [3][24] - The snack food sector is also showing strong growth, with companies like Yanjin and Weilong performing well despite some cost pressures [3][15] Conclusion - The baijiu market is currently facing challenges due to seasonal factors but is expected to recover in the latter half of the year, particularly if gifting demand returns to normal levels. Leading brands like Moutai are positioned to maintain profitability through strategic pricing and product offerings. The overall sentiment in the food and beverage industry remains cautiously optimistic, with several sectors, including beer and snacks, showing robust performance.

Summary of Key Points Core Viewpoint - Recent food safety inspections in Ankang City revealed 150 batches of food samples passed while 5 batches failed to meet national safety standards, highlighting ongoing concerns regarding food safety compliance in the region [3][4][5][6][7]. Group 1: Non-compliant Products - A batch of bananas from Deng Yihai Fruit Distribution Department was found to contain 0.325 mg/kg of imidacloprid, exceeding the safety limit of 0.05 mg/kg [3]. - Another batch of bananas from Ankang Huaron Wanyou Trading Co., Ltd. showed 0.0946 mg/kg of imidacloprid, also above the acceptable limit [4]. - A batch of chili peppers from Shiqian County Jiajiaai Trading Co., Ltd. contained 0.061 mg/kg of thiamethoxam, exceeding the limit of 0.05 mg/kg [5]. - Quail eggs from Shiqian County Jiangjia Vegetable Store had 10.3 µg/kg of furazolidone metabolites, which should not be detected [6]. - Mountain yam from Shiqian County Lianghe Town Hualai Haoyijia Business had 1.12 mg/kg of mefenoxam and manganese salt, surpassing the limit of 0.3 mg/kg [7]. Group 2: Regulatory Actions - Local market supervision departments have initiated investigations and corrective actions regarding the identified non-compliant food products [8]. - Consumers are encouraged to participate in the food safety "You Choose, I Test" initiative and can provide feedback through the "Ankang Market Supervision" WeChat public account [8].

Core Points - The article presents the results of the first batch of food safety inspections for edible agricultural products in Honghuagang District, Zunyi City, revealing various non-compliance issues with specific products [3][4][5] Group 1: Inspection Results - A total of 239 batches of edible agricultural products were inspected, with several batches found to contain pesticide residues exceeding the standard limits [3] - Specific products such as "折耳根" (a type of herb) and "桑葚" (mulberry) were reported to have pesticide residues like "乐果" and "甲拌磷" that exceeded permissible levels [4][5] - The inspection results indicate a need for stricter monitoring and compliance measures in the agricultural sector to ensure food safety [3][4] Group 2: Non-compliance Details - Non-compliance items included pesticide residues such as "氧乐果" and "氟虫腈," which were detected in various products, raising concerns about consumer safety [4][5] - The report highlights specific instances where the detected pesticide levels were significantly above the standard values, necessitating immediate action from regulatory authorities [3][4] - The findings emphasize the importance of regular inspections and the need for producers to adhere to safety standards to protect public health [3][5]

Core Viewpoint - The report from Guojin Securities highlights a persistent trend of differentiation in the consumer sector, with mass consumption and government-business consumption showing varied performance. Companies that embrace new consumer trends, demographics, and channels are emerging, while traditional food and beverage leaders are solidifying their foundations and actively seeking change [1]. Group 1: Industry Trends - The consumer habits are evolving, leading to the emergence of diverse channels that align with these changes. Characteristics such as value-for-money, health consciousness, and emotional consumption are becoming synonymous with high growth [2]. - New channels like online media e-commerce, home delivery, membership supermarkets, and bulk snacks are rising, providing efficient supply chain solutions and targeted selling points that disrupt traditional channels [2]. - The report emphasizes the growth potential of the konjac category, recommending companies like Yanjin Beer and Weilong Delicious. Additionally, it highlights soft drink brands such as Dongpeng Beverage, Nongfu Spring, and Bairun Co., which are expected to see significant growth as they expand nationally [2]. Group 2: Alcohol and Dining Chain Sectors - In the liquor sector, external risk events are expected to have a diminishing impact on the fundamentals, with policies aimed at stabilizing growth likely to continue. The industry is in a bottoming phase, and attention should be paid to seasonal sales to gauge changes in market sentiment [2]. - The report suggests focusing on high-end liquor with stable prices and strong competitive advantages, such as Kweichow Moutai, and regional leaders benefiting from robust demand and upgrades in rural consumption [2]. - For the dining chain sector, the report indicates that external uncertainties necessitate a push for domestic demand. With policies gradually taking effect, consumer confidence is expected to improve, leading to enhanced demand in the second half of the year [3]. - The report identifies undervalued stocks in the beer, frozen food, and seasoning sectors, such as Yanjin Beer, Angel Yeast, and Yihai International, as potential investment opportunities [3].

Group 1: Market Performance - The liquor stocks have seen significant increases, with Huangtai Liquor reaching the daily limit, Jinzhongzi Liquor and Yingjia Gongjiu rising over 5%, and the liquor ETF increasing by over 2.3% [1] - The liquor ETF has attracted a net inflow of 20.83 billion yuan, despite the overall decline of over 5% in liquor and food ETFs this month [2][3] Group 2: Industry Outlook - Current demand for liquor is at a historical low, with limited downside risk; supportive policies are expected to aid in the gradual recovery of liquor demand [5] - The liquor industry is anticipated to show a rebound in demand, particularly in the high-end segment, supported by low base effects in Q3 and Q4 [5] - The food and beverage sector is expected to see structural growth, with opportunities in high-end liquor, mid-range liquor, and real estate liquor products [5][6] Group 3: Consumer Trends - New consumption trends are emerging, with a focus on health and emotional value, leading to the rise of new consumer categories [5] - The snack sector is experiencing high growth, driven by strong categories and new channels, with products like konjac gaining popularity [6][7] - The restaurant supply chain is expected to benefit from policy stimuli, with significant growth potential in the industry [7]

Group 1 - The A-share market showed mixed results, with the leading consumption ETF (159928) rising by 0.25% and achieving a trading volume of over 220 million CNY, with a total scale exceeding 12.3 billion CNY [1] - The top ten constituent stocks of the consumption ETF experienced varied performance, with Dongpeng Beverage rising over 3% and Shanxi Fenjiu increasing over 1%, while Muyuan Foods and Yili fell by over 1% [1] - The "618" shopping festival has significantly boosted consumer spending, with platforms like JD and Tmall reporting over 200% growth in transaction volume and order numbers [2] Group 2 - The white liquor sector is facing challenges due to the implementation of "prohibition orders," leading to a decline in demand and price fluctuations, but it is suggested that the sector may present investment opportunities as valuations are at a low point [2][3] - The white liquor industry is undergoing a transformation, with a shift from inventory reduction to capacity reduction, influenced by external policies and market conditions [3] - The beer sector is expected to recover as the peak consumption season approaches, supported by improved sales data and promotional activities during the "618" festival [4] Group 3 - The snack sector is experiencing high growth, driven by strong product categories and new distribution channels, with specific products like konjac and quail eggs showing promising sales performance [6] - The restaurant supply chain is anticipated to benefit from policy stimuli, with a long-term growth outlook due to increasing demand for cost control among restaurant businesses [6] - The dairy sector is seeing improvements in the raw milk supply-demand balance, with expectations for a cyclical turnaround [6] Group 4 - The consumption ETF (159928) includes essential consumer sectors, demonstrating resilience across economic cycles, with over 67% of the top ten constituent stocks being key players in the white liquor and pork industries [6][7] - The ETF's major holdings include leading companies such as Yili (10.11%), Kweichow Moutai (9.96%), and Wuliangye (9.77%), indicating a strong focus on the food and beverage sector [7]