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      <h1 style="display:block; position:relative; clear:both">&#33394;&#33394;&#33258;&#25293;&#35270;&#39057;财说|同为烘焙巨头，，，，，为何立高食物与海融科技业绩冰火两重天？？</h1>
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<p cms-style="font-L "></p><p cms-style="font-L"><font cms-style="font-L">界面新闻记者 | </font><font cms-style="font-L">袁颖琪</font></p><p cms-style="font-L">同为烘焙质料头部玩家，，，，，产品线高度重叠，，，，，面临的是同样波动的原质料市场与苏醒中的消耗情形，，，，，为何两家企业的半年报体现会天差地别？？</p><p cms-style="font-L">业绩分解，，，，，冰火两重天</p><p cms-style="font-L strong-Bold">从“优等生”立高食物的体现来看，，，，，其上半年业绩堪称亮眼。。财报显示，，，，，公司上半年实现营收 20.7 亿元，，，，，同比增添 16.2%；；；归母净利润 1.71 亿元，，，，，同比增幅达 26.24%，，，，，盈利增速显著跑赢营收。。</p><p cms-style="font-L"><font cms-style="font-L"><font cms-style="font-L">更值得关注的是季度端的加速趋势：第二季度单季营收10.24亿元，，，，，同比上升18.4%；；；单季归母净利润8239.44万元，，，，，同比增幅高达 40.84%，，，，，较一季度增添节奏显着加速，，，，，增添动能一连释放。。</font></font><font cms-style="font-L"><font cms-style="font-L">?</font></font></p><p cms-style="font-L">细分品类数据进一步展现立高食物的增添逻辑。。其中，，，，，烘焙食物（含冷冻蛋糕、冷冻面包等半制品及制品）实现营收11.25亿元，，，，，同比增添 6.08%，，，，，坚持稳健态势；；；而烘焙食物原质料（涵盖奶油、酱料、水果制品、巧克力等）体现更为突出，，，，，实现收入 9.45 亿元，，，，，同比大增 31.82%，，，，，其中奶油、酱料两大焦点品类增速均超 30%，，，，，成为拉动整体增添的要害引擎。。</p><p cms-style="font-L"><font cms-style="font-L"><font cms-style="font-L">对此，，，，，立高食物治理层诠释称：“山姆、盒马等商超调改门店放量，，，，，对奶源和酱料增添孝顺显著；；；未来公司还将增强餐饮、茶饮及新零售等新兴渠道结构，，，，，以应对烘焙消耗渠道多元化趋势。。”</font></font><font cms-style="font-L"><font cms-style="font-L">?</font></font></p><p cms-style="font-L"><font cms-style="font-L"><font cms-style="font-L">本钱控制的效果，，，，，也为立高食物的业绩增色不少。。最新财务数据显示，，，，，上半年公司销售用度占营业收入比重为10.61%，，，，，同比下降1.45个百分点；；；治理用度占比同步降至5.57%，，，，，同比镌汰1.44个百分点；；；研发用度占比3.01%，，，，，同比下降0.84 个百分点。。只管财务用度占比同比微增0.44个百分点至0.65%，，，，，但销售、治理、研发三项用度的降幅已完全笼罩这一增添，，，，，有用释放了盈利空间。。</font></font><font cms-style="font-L"><font cms-style="font-L">?</font></font></p><p cms-style="font-L"><font cms-style="font-L"><font cms-style="font-L">相比之下，，，，，海融科技的半年报则尽显颓势。。公司上半年营业收入仅 5.12 亿元，，，，，同比微降 1.33%；；；归母净利润更是暴跌 95.42%，，，，，仅为 317.23 万元。。更严肃的是，，，，，第二季度单季归母净利润已泛起 406 万元亏损，，，，，盈利能力泛起一连恶化趋势。。</font></font><font cms-style="font-L"><font cms-style="font-L">?</font></font></p><p cms-style="font-L">品类结构简单的问题在海融科技半年报中尤为突出。。数据显示，，，，，植物奶油孝顺了公司 90% 以上的收入，，，，，上半年该品类营收4.76亿元，，，，，同比微降0.29%；；；此前坚持两位数增添的巧克力营业转为下滑，，，，，而去年已大幅下滑的果酱营业，，，，，今年上半年降幅进一步扩大至 20.94%，，，，，多元营业支持缺乏的短板彻底袒露。。</p><p cms-style="font-L"><font cms-style="font-L"><font cms-style="font-L">海融科技治理层虽体现：“稀奶油、淡奶油等中高端产品需求及收入占比提升，，，，，工业、茶饮和 KA 客户定制化产品收入一连增添，，，，，整体营业坚持稳健”，，，，，但业绩数据并未给予有力支持。。</font></font><font cms-style="font-L"><font cms-style="font-L">?</font></font></p><p cms-style="font-L">盈利能力下滑与用度管控不力叠加，，，，，进一步加剧了海融科技的压力。。上半年公司毛利率同比大幅下降 11.67 个百分点至 26.04%；；；与之形成反差的是，，，，，销售用度、治理用度、研发用度均泛起差别水平增添，，，，，用度端压力与盈利端下滑形成“双向挤压”。。值得一提的是，，，，，只管立高食物上半年毛利率也同比下滑 2.25 个百分点至 30.35%，，，，，但降幅远低于海融科技，，，，，且通过用度管控实现了盈利增添，，，，，两者谋划韧性差别显著。。</p><p cms-style="font-L">产品结构：多元化VS简单化</p><p cms-style="font-L strong-Bold">产品结构的差别是导致两家企业业绩分解的主要因素。。</p><p cms-style="font-L">立高食物营业泛起“双轮驱动”——冷冻烘焙食物（占比约60%）和烘焙质料（奶油、酱料等，，，，，占比约40%）。。而海融科技的收入结构泛起显著的“简单依赖症”——约90%以上的收入来自植脂奶油营业。。也正是这种简单品类的收入结构让海融科技在市场需求转变与竞争加剧的双重压力下深陷亏损泥潭。。</p><p cms-style="font-L">从详细财务数据来看，，，，，海融科技的产品简单危害已直接反应在业绩上。。2025 年上半年，，，，，公司焦点产品植脂奶油实现营收 4.76 亿元，，，，，同比微降 0.29%，，，，，但其在总营收中的占比仍高达 93.08%，，，，，营业结构高度集中的问题凸显。。更严肃的是，，，，，该产品毛利率泛起大幅下滑，，，，，较上年同期镌汰12.23个百分点 ，，，，，降至 26.01%，，，，，焦点盈利支柱的盈利能力显著弱化。。</p><p cms-style="font-L">与之形成比照的是立高食物的体现。。半年报显示，，，，，立高食物的营业结构更为平衡：其中烘焙食物孝顺营收占比达 54.35%，，，，，该板块毛利率稳固在 32.26%，，，，，同比仅微降 0.04 个百分点，，，，，险些坚持持平。。</p><p cms-style="font-L">即便受本钱压力影响较深的烘焙食物质料板块（主要包括奶油、酱料等），，，，，其毛利率虽同比下滑4.9个百分点至28.08%，，，，，但由于烘焙食物营业的稳固支持，，，，，立高食物整体毛利率下滑幅度被有用控制，，，，，未泛起大幅波动。。</p><p cms-style="font-L">关于海融科技植脂奶油营业的盈利承压，，，，，海融科技的一位经销商向界面新闻诠释道：“植脂奶油是海融科技的焦点收入泉源，，，，，但目今该产品面临显着的价钱传导受阻问题。。终端市场竞争强烈，，，，，产品售价难以同步上调。。在本钱涨、售价稳的双重挤压下，，，，，企业利润空间被直接吞噬，，，，，这也是简单产品依赖型企业在本钱周期波动中最易袒露的危害。。”</p><p cms-style="font-L">另外，，，，，海融科技也在中报中印证了这一说法：“要害原质料棕榈仁油价钱受国际油脂行情波动影响大幅上涨，，，，，本钱端压力激增。。”</p><p cms-style="font-L">海融科技在上市之初也曾试图举行产品多元化，，，，，但直到现在仍未落地。。</p><p cms-style="font-L">回溯至2020年上市时，，，，，海融科技曾在募资妄想中妄想三大扩产能项目——纸质奶油、果酱、巧克力及冷冻甜点项目，，，，，彼时的结构偏向显着向产品线更富厚的立高食物靠拢，，，，，试图借此翻开多元化增添空间。。</p><p cms-style="font-L">然而，，，，，这一多元化实验从2022年首先次泛起转向。。昔时，，，，，海融科技宣布调解募资项目资金用途，，，，，理由是“原设计产能无法匹配公司在高端奶油、冷冻烘焙领域的扩张妄想”。。随之而来的是项目整体升级：原妄想更名为“未来食物智能工厂及研发中心建设项目”，，，，，投资总额从最初的 3.8 亿元大幅增至 8.78 亿元。。</p><p cms-style="font-L">详细调解中，，，，，焦点行动是新增稀奶油、植物卵白奶油等高端产线；；；但与此同时，，，，，原妄想中的巧克力扩产项目被直接砍掉，，，，，仅保存果酱、冷冻甜点相关结构。。</p><p cms-style="font-L">一位恒久跟踪海融科技的行业剖析师告诉界面新闻：“从效果来看，，，，，此次调解虽聚焦了高端奶油赛道，，，，，却也让海融科技错失了通过巧克力营业增补产品矩阵的时机，，，，，首次多元化实验未能完全落地。。”</p><p cms-style="font-L"><font cms-style="font-L"><font cms-style="font-L">进入2024年，，，，，海融科技的募资项目再度迎来“瘦身+延期”的双重调解。。公司诠释称，，，，，受宏观需求低于预期、土建及智能化装备价钱上涨、自身现金流承压等多重因素影响，，，，，将“未来食物智能工厂及研发中心建设项目”的投资总额从8.78亿元调减至6.53亿元，，，，，同时将所有在建子项目的预定可使用状态时间，，，，，从原妄想的2024年12月31日统一顺延至2025年6月30日。。</font></font><font cms-style="font-L"><font cms-style="font-L">?</font></font></p><p cms-style="font-L">项目推进的滞后并未就此阻止。。凭证2025年半年报披露，，，，，上述扩产项目的预定可使用状态时间被再度顺延，，，，，最终调解至2026年6月30日。。</p><p cms-style="font-L">直销VS经销本钱差别大</p><p cms-style="font-L strong-Bold">在产品结构差别之外，，，，，海融科技与立高食物的渠道结构分解，，，，，正进一步拉大两家企业的“用度—价钱—利润”曲线差别。。</p><p cms-style="font-L">界面新闻梳理两家公司2025年半年报及果真数据发明，，，，，海融科技仍高度依赖经销渠道，，，，，而立高食物通过将山姆、盒马等大型商超划入直销系统，，，，，已构建起更高效的渠道模式，，，，，这种差别直接反应在销售效率与本钱控制上。。</p><p cms-style="font-L">从渠道占比来看，，，，，今年上半年，，，，，海融科技经销渠道收入占比为77%，，，，，而立高食物这一比例已降至51%。。财务数据显示，，，，，今年上半年海融科技经销渠道收入为3.9亿元，，，，，同比下降10.9%；；；只管直销渠道收入同比增添51.9%至1.2亿元，，，，，但基数较低，，，，，尚未能扭转渠道结构失衡的现状。。</p><p cms-style="font-L">详细到客户类型，，，，，凭证Wind，，，，，海融科技的焦点客群集中在B端餐饮领域，，，，，以连锁餐饮品牌为主，，，，，近年虽拓展了喜茶、蜜雪冰城等茶饮连锁渠道，，，，，但整体仍未脱离对经销系统的依赖。。</p><p cms-style="font-L">而立高食物的渠道战略更偏向“直连焦点终端”。。公司将山姆、盒马等流量型大型商超直接纳入直销系统，，，，，2024 年数据显示，，，，，其不但拥有凌驾1800家经销商，，，，，还积累了600家直销客户，，，，，通过直接对接终端商超，，，，，镌汰中心环节的同时，，，，，也增强了对终端价钱与库存的把控力。。</p><p cms-style="font-L"></p><p cms-style="font-L">渠道模式的差别，，，，，还体现在经销商与销售职员的设置效率上。。财报显示，，，，，海融科技的经销商数目呈缩减趋势，，，，，2024年为931家，，，，，今年上半年已减至855家（三分之一为境外经销商）；；；同期公司销售职员约430 人，，，，，经销商与销售职员配比为1.99。。反观立高食物，，，，，2024年经销商数目超1800家，，，，，叠加600家直销客户，，，，，销售职员为709人，，，，，经销商与销售职员配比达2.53，，，，，意味着其单个销售职员能笼罩更多渠道资源。。</p><p cms-style="font-L">更要害的是职员本钱效率。。Wind数据显示，，，，，2024年海融科技销售职员人均薪酬为19.89万元，，，，，高于立高食物的16.61万元，，，，，但投入产出比却泛起反向趋势。。“海融科技的销售职员需频仍对接疏散的B端餐饮客户，，，，，尤其是境外经销商，，，，，差旅本钱与相同本钱更高；；；而立高食物直销对接的大型商超客户集中度高，，，，，单个客户孝顺收入稳固，，，，，销售职员的效劳效率自然更高。。”一位恒久跟踪食物行业的剖析师向界面新闻诠释道。。</p><p cms-style="font-L"><font cms-style="font-L"><font cms-style="font-L">这种效率差别也直接转化为销售用度率的分解。。今年上半年，，，，，海融科技销售用度率攀升至15.1%，，，，，同比再增1.2个百分点，，，，，其中60%的销售用度集中在职员薪酬与差旅津贴上；；；而立高食物的销售用度率已一连两年下降，，，，，今年上半年降至 10.61%，，，，，同比再降1.35个百分点。。</font></font><font cms-style="font-L"><font cms-style="font-L">?</font></font></p>
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<div id="NjbIKxE" id="GvLxE" id="hhqpdhzqnrx" style="display:none;">app下载v6.7.9版</div>
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