首次覆盖报告：修内功扩边界，解构破局者的成长之路

2027E10,24018.71,30321.54.7843.019.38.3 买入（首次）05月22日收盘价（元）总市值（百万元）总股本（百万股）其中自由流通股（%）30日日均成交量（百万股）李梓语执业证书编号：S0680524120001邮箱：liziyu1@gszq.com王玲瑶执业证书编号：S0680524060005邮箱：wanglingyao@gszq.com2024-092025-01盐津铺子沪深300 作者分析师分析师相关研究 P.2财务报表和主要财务比率资产负债表（百万元）会计年度2023A2024A流动资产13041402现金310235应收票据及应收账款211262其他应收款1715预付账款14585存货594744其他流动资产2761非流动资产15662209长期投资00固定资产11351467无形资产198245其他非流动资产232497资产总计28703612流动负债13761512短期借款300340应付票据及应付账款320634其他流动负债756538非流动负债32326长期借款0261其他非流动负债3265负债合计14081838少数股东权益1539股本196273资本公积458389留存收益10171200归属母公司股东权益14471735负债和股东权益28703612现金流量表（百万元）会计年度2023A2024A经营活动现金流6641134净利润513640折旧摊销170198财务费用1916投资损失-22营运资金变动-70273其他经营现金流334投资活动现金流-296-755资本支出-345-769长期投资013其他投资现金流482筹资活动现金流-255-452短期借款-17140长期借款-137261普通股增加6777资本公积增加73-69其他筹资现金流-87-761现金净增加额113-73资料来源：Wind，国盛证券研究所注：股价为2025年05月22日收盘价 P.3内容目录1.盐津铺子：二十载品牌跃迁，战略革新引领发展.............................................................................................51.1发展历程：迭代革新步伐不止，深度把握渠道红利...............................................................................51.2公司治理：引进人才管理前瞻，长效激励牵引成长...............................................................................62.渠道拓展：零售变革加速演绎，效率为先拓展全渠.......................................................................................112.1行业渠道变革：零售渠道变革加速，高效演进考验内功......................................................................112.2盐津渠道结构：全渠拓展版图清晰，新兴渠道优势充分......................................................................142.2.1量贩零食店：扩店前期积极拥抱，加密阶段扩品提效...............................................................152.2.2抖音电商：抖音快速起势，性价比+大单品并行不悖................................................................162.2.3会员店：蛋皇成绩亮眼，渠道背书意义深远.............................................................................182.2.4传统渠道：定量流通加码发展，补齐全渠道布局版图...............................................................192.2.5出海：海外市场扩张进行时，供应链布局开启新征程...............................................................213.产品体系：品类叠加+品类品牌并行不悖，总成本领先夯实优势...................................................................223.1零食市场供需：产品多元快速迭代，中式零食乘风而上......................................................................223.2盐津产品体系：品类叠加扩能力边界，空间及健康多维推新...............................................................223.3品类品牌打造：品类品牌建长期心智，抢占新中式零食战略高地........................................................253.4供应链体系：实现总成本领先，支撑长期竞争优势.............................................................................264.盈利预测......................................................................................................................................................29风险提示.........................................................................................................................................................31图表目录图表1：盐津铺子发展历程..............................................................................................................................6图表2：盐津铺子股权结构..............................................................................................................................6图表3：盐津铺子高管团队介绍.......................................................................................................................7图表4：长效股权激励驱动公司业绩持续高增..................................................................................................8图表5：盐津股权激励持续性及激励力度均为零食公司前列.............................................................................8图表6：盐津铺子三次股权激励梳理................................................................................................................9图表7：渠道变革催生新的发展机遇..............................................................................................................11图表8：2023年全球各渠道中折扣店增速最高...............................................................................................12图表9：全球折扣店销售额占比仅次于大型零售渠道......................................................................................12图表10：2025年5月全国量贩零食店门店数量超4万家...............................................................................12图表11：量贩零食店门店数量正在快速扩张过程中.......................................................................................13图表12：零食有鸣、万辰集团、赵一鸣、爱零食拓展折扣超市......................................................................13图表13：山姆中国门店数量进入快速扩张阶段..............................................................................................13图表14：山姆选品流程.................................................................................................................................13图表15：永辉超市2025年第二批调改门店名单（已规划至83家）..............................................................14图表16：永辉调改后门店客流量显著增加且更有烟火气................................................................................14图表17：盐津铺子直营商超渠道营收占比持续下降.......................................................................................14图表18：盐津铺子区域分布更加均衡（亿元）..............................................................................................14图表19：盐津铺子各渠道中量贩零食店的收入占比持续提升.........................................................................15图表20：万辰集团伴随门店数量扩