民生证券研报指出，安井食品2025H1净利润6.76亿元，同比-15.8%，其中2025Q2归母净利润2.81亿元，同比-22.7%。子公司中，新宏业2025H1净利润1254万元，同比+25.2%；新柳伍2025H1实现净利润-644万元，同比转亏。公司继续坚持“研发一代、生产一代、储备一代”的新品规划思路，优化“B端及时跟进、C端升级换代”的新产品研发策略及“竞品导向、渠道导向、专柜导向”竞争策略，在拳头产品锁鲜装系列上继续打造迷你化、条状化，向高端化。公司在今年旺季前明确全面拥抱商超定制化，由商超根据客户需求选品，通过规模化销量突破形成成本优势，策略推进初期已与沃尔玛、麦德龙、大润发等多家传统商超及盒马鲜生等新零售渠道在定制化产品开发等方面展开深度合作。外部需求相对疲软下公司积极调整应对、顺应行业发展变化，多品类多渠道布局，属地化转型持续推进，看好公司在品类及渠道开拓下的持续增长能力。维持“推荐”评级。
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