从品类表现看，"业绩支柱"辣卤零食上半年贡献了13.2亿元、约45%的营收，同比增长47.05%，是拉动整体营收增长的核心动力。但细分数据显示，这一增 长高度依赖其中的休闲魔芋制品——收入7.9亿元，同比大增155.1%；其他如休闲豆制品增长12.71%，而肉禽制品及其他辣卤零食均呈现双位数下滑。 去年，公司推出的麻酱素毛肚成为现象级单品，推动魔芋品类快速起量。有研报指出，盐津铺子的魔芋已接近卫龙一半体量。 左宇 摄 其他品类中，果干果冻收入4.28亿元，深海零食收入3.63亿元，蛋类零食实现营收3.09亿元，均存在不同程度的增长，但烘焙薯类出现了明显下滑，营收4.59 亿元，同比下降18.42%。 8月20日晚，盐津铺子（002847）发布2025年半年报。 报告期内，公司实现营收29.41亿元，同比增长19.58%；归母净利润为3.73亿元，同比增长16.7%。若从增长表现来看，这是其近三年营收、利润指标增速最 差的中报，2023年及2024年中期，盐津铺子营收同比增速分别为56.54%、29.84%，归母净利润增速为90.69%、30%，增长动能显露出放缓迹象。 盐津铺子聚焦辣卤零食、烘焙薯类、深海零食 ...

报告期内，公司实现营收29.41亿元，同比增长19.58%；归母净利润为3.73亿元，同比增长16.7%。若从 增长表现来看，这是其近三年营收、利润指标增速最差的中报，2023年及2024年中期，盐津铺子营收同 比增速分别为56.54%、29.84%，归母净利润增速为90.69%、30%，增长动能显露出放缓迹象。 盐津铺子聚焦辣卤零食、烘焙薯类、深海零食、蛋类零食、果干坚果以及蒟蒻果冻布丁等六大品类，目 前拥有"盐津铺子"主品牌及休闲魔芋零食"大魔王"、深海零食品牌"31°鲜"、蛋类零食"蛋皇"、蒟蒻果冻 品牌"蒟蒻满分"等品牌。 从品类表现看，"业绩支柱"辣卤零食上半年贡献了13.2亿元、约45%的营收，同比增长47.05%，是拉动 整体营收增长的核心动力。但细分数据显示，这一增长高度依赖其中的休闲魔芋制品——收入7.9亿 元，同比大增155.1%；其他如休闲豆制品增长12.71%，而肉禽制品及其他辣卤零食均呈现双位数下 滑。 去年，公司推出的麻酱素毛肚成为现象级单品，推动魔芋品类快速起量。有研报指出，盐津铺子的魔芋 已接近卫龙一半体量。 其他品类中，果干果冻收入4.28亿元，深海零食收入3.63亿元，蛋类 ...

Core Insights - The company reported a total revenue of 3.48 billion yuan for the first half of 2025, representing a year-on-year increase of 18.5% [1] - The net profit attributable to shareholders reached 740 million yuan, also reflecting a year-on-year growth of 18.5% [1] - A mid-term dividend of 0.18 yuan per share was announced, with a payout ratio of approximately 60% [1] Revenue Breakdown - Vegetable products continued to show high growth, while online channel revenue experienced a slight decline [1] - Revenue from noodle products decreased by 3.2% year-on-year, primarily due to the company's proactive SKU adjustments and intensified competition in the noodle product sector [1] - Revenue from vegetable products surged by 44.3% year-on-year, driven by enhanced market penetration, optimized terminal displays, and the introduction of new products [1] - Revenue from bean products and others plummeted by 48.1% due to the company's decision to withdraw certain products from the market [1] - Offline channel revenue increased by 21.5% year-on-year, while online channel revenue decreased by 3.8% due to adjustments in the e-commerce team's personnel and strategy [1] Gross Margin and Profitability - The gross margin for the first half of 2025 was 47.2%, a decrease of 2.6 percentage points year-on-year [2] - Gross margins for different product categories were as follows: noodle products +0.5%, vegetable products -6.0%, and bean products +5.0 percentage points [2] - The decline in vegetable product gross margin was mainly due to a significant increase in the procurement price of konjac powder, although supply chain efficiencies partially offset cost pressures [2] - Despite the pressure on gross margins, the company achieved a net profit margin of 21.1%, significantly better than previous guidance [2] Profit Forecast and Investment Recommendations - Due to accelerated new product launches in the konjac category and successful internal cost reduction measures, the company has raised its profit forecasts for 2025-2027 [3] - Projected revenues for 2025-2027 are 7.53 billion, 9.06 billion, and 10.78 billion yuan, with year-on-year growth rates of 20.1%, 20.4%, and 18.9% respectively [3] - Projected net profits for the same period are 1.47 billion, 1.80 billion, and 2.18 billion yuan, with year-on-year growth rates of 38.0%, 22.2%, and 20.9% respectively [3] - The company is expected to maintain a price-to-earnings ratio of 20, 17, and 14 times for the respective years [3] - The company has established a certain level of competitive barriers through its brand and product categories, benefiting from the current konjac market trends [3]

Key Insights - The report highlights the growth potential of the Chinese casual dining sector, with a market size projected to reach approximately 3.9 trillion yuan by 2025, growing at a CAGR of 8.9% from 2023 to 2028 [9] - The company "小菜园" (Little Garden) is identified as a leading player in the casual dining space, with a focus on cost-effectiveness and a successful expansion strategy across China [8][11] - In 2024, Little Garden achieved revenue of 5.21 billion yuan, representing a year-on-year increase of 14.5%, and a net profit of 580 million yuan, up 9.1% [8] - The company plans to continue its expansion, with projections to increase its store count significantly from 667 in 2024 to 1,809 by 2030 [10] Company Overview - Little Garden operates a direct sales model and emphasizes value for money, with an average dining price of 59.2 yuan in 2024 [8] - The company has a strong presence in the East China region, with over 80% of its stores located there, and aims to penetrate deeper into this market while exploring new regions [10] - The report anticipates that the company's net profit will grow to 770 million yuan, 940 million yuan, and 1.12 billion yuan in 2025, 2026, and 2027 respectively, reflecting growth rates of 32%, 22%, and 19% [11] Industry Analysis - The casual dining market is characterized by a fragmented landscape, with the top five companies holding less than 1% market share, indicating significant opportunities for brands that can capture the lower-tier markets and enhance online presence [9] - The report draws parallels with Japan's dining sector, noting that leading companies can thrive even during economic downturns, suggesting a resilient growth trajectory for Little Garden [9] - The report emphasizes the importance of supply chain efficiency and operational improvements as key drivers for profitability in the casual dining sector [10] Investment Recommendations - The report suggests a target stock price range for Little Garden of 13.4 to 14.3 HKD, indicating a potential upside of 32.3% from the current price [11] - The company is rated "outperform" based on its strong market position, effective expansion strategy, and improving operational efficiency [11]

证券研究报告 | 2025年08月18日 卫龙美味（09985.HK） 优于大市 蔬菜制品延续高增速，费率下降有效对冲成本压力 卫龙美味公布 2025 年半年度业绩：1H25 实现营业总收入 34.8 亿元，同比 +18.5%；实现归母净利润 7.4 亿元，同比+18.5%。公司同时宣布拟派发中期 股息每股 0.18 元，分红比率约 60%。 收入端：蔬菜制品延续高增速，线上渠道收入略有下滑。1H25 收入同比+18.5%。 分品类看，面制品收入同比-3.2%，收入下滑主要系受到公司主动调整 sku、 面制品行业竞争加剧的影响；蔬菜制品收入同比+44.3%，延续高增速的主要 原因为年初以来公司加强蔬菜制品的铺市、优化终端陈列、推出麻酱素毛肚 新品，同时也受益于魔芋细分品类扩容红利。豆制品及其他产品收入同比 -48.1%，主因公司主动退市卤蛋等产品。分渠道看，线下渠道同比+21.5%； 线上渠道同比-3.8%，主要系电商渠道团队人员和策略调整。 毛利率：魔芋精粉价格同比涨幅明显，供应链提效部分对冲成本压力。1H25 毛 利率 47.2%，同比-2.6pt。分品类看，面制品/蔬菜制品/豆制品及其他毛利 率分别同比 ...

Investment Rating - The report maintains a "Buy" rating for the company [12] Core Views - The company is expected to sustain its growth momentum due to its competitive supply chain advantages and a multi-channel, multi-category strategy, which is likely to enhance profitability [2][12] - The company has achieved significant sales milestones with its differentiated konjac product, indicating strong market potential [12] - The company is expanding its overseas market presence with localized products under its own brand, "Mowon," which is expected to contribute to revenue growth [12] Financial Summary - Total revenue is projected to grow from 4,115 million RMB in 2023 to 9,694 million RMB in 2027, reflecting a compound annual growth rate (CAGR) of 26.3% [4] - Net profit attributable to the parent company is expected to increase from 506 million RMB in 2023 to 1,264 million RMB in 2027, with a CAGR of 24.3% [4] - Earnings per share (EPS) is forecasted to rise from 1.85 RMB in 2023 to 4.63 RMB in 2027 [4] Market Position and Strategy - The company has established a comprehensive multi-channel matrix in the domestic market, enhancing brand strength for its "Big Demon King" konjac products [12] - The company is focusing on optimizing its product mix and channel structure, which is anticipated to improve profitability [12] - The company is leveraging its efficient organizational management and supply chain capabilities to capture market trends effectively [12]

Core Viewpoint - The rising popularity of konjac snacks, particularly "konjac shuang," has significantly impacted the stock prices of several listed companies, driven by consumer demand for low-calorie food options [1][8]. Group 1: Market Dynamics - The price of konjac has surged dramatically, with raw material prices increasing more than gold, leading to a supply-demand imbalance [1][7]. - The price of white konjac rose from 6000 yuan/ton to 9500 yuan/ton, a 58% increase, indicating a strong demand in the market [3][7]. - The overall retail sales of konjac snacks in China exceeded 12 billion yuan in 2024, marking a growth of over 20% [21]. Group 2: Company Performance - Weitong's stock price increased from 7 HKD/share in January 2025 to 17 HKD/share by May, a rise of 142% [1]. - Yanjinpuzi's stock price rose from 64 yuan/share to 89 yuan/share, reflecting a 39% increase [1]. - Yizhi Konjac, a konjac processing company, saw its stock price soar from 7 yuan/share to 59 yuan/share, a staggering 742% increase [1]. Group 3: Consumer Trends - The demand for konjac snacks has been fueled by health-conscious consumers seeking low-calorie alternatives, with brands like Weitong successfully marketing "konjac shuang" [8][10]. - Other snack brands, such as Yanjinpuzi and Liangpinpuzi, have also capitalized on the konjac trend, with significant revenue growth attributed to konjac products [10][14]. - The tea beverage industry has adopted konjac as an ingredient, further driving its popularity [14]. Group 4: Industry Challenges - The konjac planting area has shrunk by 23% over the past three years, compounded by a 15% reduction in yield due to drought, leading to raw material shortages [7][22]. - The industry faces challenges related to quality control and consumer perception, as some products may not meet the expected taste and quality standards due to cost-cutting measures [22][24]. - There is a concern about the "bad money driving out good," where lower-quality products could harm the overall market perception of konjac snacks [22][24].

Core Insights - The company reported a revenue of 5.304 billion yuan for 2024, a year-on-year increase of 28.89%, and a net profit of 640 million yuan, up 26.53% year-on-year [1] - In Q1 2025, the company achieved a revenue of 1.537 billion yuan, reflecting a year-on-year growth of 25.69%, with a net profit of 178 million yuan, an increase of 11.64% year-on-year [1] Group 1: Product Performance - The company experienced rapid growth in konjac products, with significant revenue contributions from various snack categories in 2024, including spicy snacks (1.962 billion yuan, +32.36%), baked potato snacks (1.158 billion yuan, +17.31%), and egg snacks (580 million yuan, +81.87%) [1] - The company launched a brand strategy in 2024, promoting "Big Demon King" and "Egg Emperor," which quickly gained popularity, with a specific product breaking the record for the fastest snack to reach 100 million yuan in sales [1] Group 2: Channel Performance - Direct sales in supermarkets saw a decline of 43.72% to 188 million yuan, while distribution and e-commerce channels grew by 34.01% and 39.95%, respectively, indicating a shift in the company's channel strategy [2] - The company is expanding its presence in Southeast Asia with its konjac products under the brand "Mowon," achieving breakthroughs in the Thai market and planning to extend globally [2] Group 3: Financial Metrics - The company's gross margin for 2024 was 30.69%, a decrease of 2.85 percentage points year-on-year, attributed to changes in channel structure with increased sales through e-commerce and bulk snack channels [3] - The company maintained good expense control, with selling and administrative expense ratios of 12.5% and 4.13% for 2024, and 11.24% and 3.44% for Q1 2025, respectively [3] Group 4: Investment Outlook - The company anticipates continued high growth in its core categories, including konjac and quail eggs, and is adjusting profit forecasts for 2025-2027, expecting net profits of 847 million, 1.046 billion, and 1.271 billion yuan, respectively [4] - The projected earnings per share (EPS) for 2025-2027 are 3.1, 3.83, and 4.66 yuan, corresponding to price-to-earnings (PE) ratios of 28, 23, and 19 times, respectively, maintaining a "buy" rating [4]

加速冲向东南亚的盐津铺子再次展示了出海野心——在近期公布的投资者关系活动记录中，盐津铺子表 示其海外市场的战略定为"3-5年再造一个盐津"，目前计划夯实基础。 这也是这家公司对其海外市场战略的最新表态。按照其2024年53.04亿元的营收来看，"再造一个盐 津"的计划，意味着这家公司海外营收要在3-5年达到这一数值，整体营收则要跨过百亿元大关。 "盐津铺子2024年海外销售额超过6000万元，这无疑给了盐津铺子十足的信心，说明出海的第一步走得 又稳又快，但是三到五年希望达到国内的水平，相对来说是有难度的。"凌雁管理咨询首席咨询师、餐 饮及食品行业分析师林岳对智通财经表示，在他看来，尽管海外市场具备增长潜力，但市场也受经济环 境、政策、消费习惯等因素所左右。 智通财经记者 | 马越 智通财经编辑 | 牙韩翔 2024年年报显示，盐津铺子的休闲魔芋制品在2024年实现营收8.38亿元，同比2023年大增76.09%。这一 品类贡献总营收的比例也达到了15.81%，仅次于占据总营收21.83%的烘焙薯类。 另一个被寄予厚望的鹌鹑蛋，其快速增长的业绩也在2024年年报中得到验证。2024年蛋类零食实现营收 5.80亿 ...

Core Insights - The snack industry has seen significant revenue growth, driven by new product launches and channel restructuring, including social e-commerce and discount stores [1][2] - Despite revenue growth, snack companies are facing challenges in maintaining profitability, with fluctuating sales expenses and gross margins [1][8] Revenue Growth Drivers - Major snack companies reported substantial revenue figures for 2024, with Three Squirrels leading at 10.622 billion, followed by other companies like Liangpinpuzi and Qiaqia Foods [2] - New product development has been highlighted as a key contributor to revenue, with Three Squirrels launching over 20 new products that achieved significant sales [3][4] Channel Expansion - The restructuring of sales channels has provided new opportunities for snack companies, with a focus on e-commerce and discount stores [5][6] - Three Squirrels reported an 81.73% increase in revenue from Douyin, indicating the effectiveness of digital marketing strategies [4] International Market Growth - Companies are increasingly targeting international markets, particularly Southeast Asia, to expand their growth potential [6][7] - Qiaqia Foods and other companies have reported significant growth in overseas sales, with Qiaqia's overseas revenue increasing by approximately 90% [6] Profitability Challenges - Many snack companies have experienced rising sales expenses, with increases ranging from 15.55% to 50.92%, primarily due to higher advertising costs [8][9] - Gross margins have shown volatility, with some companies reporting declines due to rising raw material costs and competitive pricing strategies [10] Dividend Distribution - Several companies have announced substantial cash dividends, reflecting confidence in their operational performance and future growth [11][12] - The total cash dividends and share buybacks for some companies represent a significant portion of their net profits, indicating a strong commitment to returning value to shareholders [11]