核心财务表现 - 25H1收入5.2亿元同比-2.5% 归母净利润1.0亿元同比+0.3% 扣非归母净利润1.0亿元同比+0.6% [1] - 25Q2收入2.5亿元同比-6.2% 归母净利润0.5亿元同比+5.6% 扣非归母净利润0.5亿元同比+6.5% [1] - 25H1归母净利率同比+0.5pcts 扣非归母净利率同比+0.6pcts 25Q2归母净利率同比+2.3pcts 扣非归母净利率同比+2.4pcts [4] 业务板块表现 - 调味配料业务25H1收入2.1亿元同比-1.3% 销量同比+4.5% 售价同比-5.5% 吨成本同比-14.3% [2] - 调味食品业务25H1收入3.1亿元同比-2.3% 销量同比-3.4% 售价同比+1.2% [2] - 调味食品分单品：香菇酱收入增长 上海葱油受竞争冲击收入下滑 贵州辣子鸡和劲道牛肉酱位居京东同品类热卖榜前二 [2] 渠道表现 - 电商渠道25H1收入1.1亿元同比-10.7% 线下渠道调味收入2.0亿元同比+2.7% 占调味食品收入比重升至66% [2] - 深化与家家悦/永辉/胖东来等连锁商超直营合作 拓展定制业务促进销售增长 [2] 成本与毛利率 - 25H1毛利率45.0%同比+1.3pcts 25Q2毛利率44.1%同比+1.1pcts [3] - 调味食品毛利率41.7%同比-1.5pcts 调味配料毛利率49.2%同比+5.2pcts [3] - 白芷采购均价同比-67% 辣椒油树脂-37% 孜然-35% 带动调味配料吨毛利同比+5.6% [3] 费用控制 - 25H1销售费用率同比-0.8pcts 市场推广费同比-34.5% 主因减少电商低效投入 [4] - 管理/研发/财务/税金及附加费用率分别同比+0.2pcts/+0.7pcts/+0.7pcts/+0.3pcts [4] - 25Q2销售费用率同比-3.8pcts 改善幅度显著 [4] 盈利预测 - 预计25-27年营收10.8/11.4/11.9亿元 同比-1.2%/+4.7%/+5.0% [4] - 预计25-27年归母净利润1.9/1.9/2.0亿元 同比+5.2%/+3.1%/+4.3% [4]