Yankershop Food (002847)

Equity Research 20 August 2026 | 8:51PM HKT

Yankershop Food (002847.SZ) Earnings review: soft 2Q26 followed by more normalized growth from 4Q26; FY26 ESOP NP target reiterated; Buy

002847.SZ 12m Price Target: Rmb56.00 Price: Rmb45.19 Upside: 23.9% BUY Valerie Zhou Yankershop announced 2Q26 results on 19 Aug with an NP miss, on | Goldman Sachs (Asia) L.L.C. higher selling & admin expense ratios, partially offset by stronger Leaf Liu sales. 2Q26 NP/recurring NP came in at Rmb195mn/Rmb186mn, | Goldman Sachs (Asia) L.L.C. flat/+4.7% yoy and 9.8% below/5.8% below GSe. Besides, we note that OCF has increased from Rmb216mn in 2Q25 to Rmb251mn in Christina Liu | Goldman Sachs (Asia) L.L.C. 2Q26.

GS View: We view the sales softness in mom-and-pop/CVS channels Key Data _____________________________________ and konjac as a major surprise, prompting us to lower our 2H26 Market cap: Rmb12.3bn / $1.8bn Enterprise value: Rmb12.5bn / $1.9bn sales growth outlook to 7% from 19% accordingly. But we remain 3m ADTV: Rmb209.4mn / $30.9mn China constructive on: 1) the company’s strategic SKU expansion to China Cosmetics, Pet & Food build up its SKU portfolio in preparation for broader channel M&A Rank: 3 Leases incl. in net debt & EV?: No development. Specifically, seafood snacks/egg grew at 56%/51% GS Forecast __________________________________ yoy in 1H26. Together with Konjac, these three core categories grew 12/25 12/26E 12/27E 12/28E

by 31% yoy in 1H26, accounting for 60% of the company sales; 2) Revenue (Rmb mn) New Revenue (Rmb mn) Old 5,762.2 5,762.2 6,076.0 6,402.5 6,756.8 7,194.6 7,593.2 8,179.7 GPM resilience despite rising cost in 2Q26, and the company’s EBITDA (Rmb mn) 1,058.8 1,096.7 1,249.0 1,435.3 EPS (Rmb) New yoy/QoQ procurement management for konjac and other core EPS (Rmb) Old commodity lock-in to buffer against cost volatility; 3) Structural P/E (X) P/B (X) 9.2 4.8 4.1 3.4 growth potential remains intact across diversified value retailers, Dividend yield (%) 2.0 3.5 4.0 4.7

CVS and traditional mom-and-pop stores. We find a positive CROCI (%)

read-across to Weilong given easing competition in the konjac 3/26 6/26 9/26E 12/26E

segment and the company’s advantages in broader channel EPS (Rmb)

development through established one-stop product offering for GS Factor Profile ______________________________ Growth distributors, though we acknowledge industry-wise distributor-side challenges, particularly during 2Q-3Q26 as value retailers Financial Returns

aggressively expand their store footprints. Nonetheless, we believe Multiple

product innovation and health-focused offerings remain the Integrated dominant industry trends in snack, and we expect Yanker’s growth to normalize starting in 4Q26, supported by recent new product Percentile 20th 40th 60th 80th 100th

launches, organizational reforms and early Chinese New Year 002847.SZ relative to Asia ex. Japan Coverage shipment tailwinds. 002847.SZ relative to China Cosmetics, Pet & Food

Source: Company data, Goldman Sachs Research estimates. See disclosures for details.

Goldman Sachs does and seeks to do business with companies covered in its research reports. As a result, investors should be aware that the firm may have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as only a single factor in making their investment decision. For Reg AC certification and other important disclosures, see the Disclosure Appendix, or go to Analysts employed by non-US affiliates are not registered/qualified as research analysts with FINRA in the U.S.

Goldman Sachs Yankershop Food (002847.SZ)

Yankershop Food (002847.SZ) Income Statement (Rmb mn) ________________________________ BUY Rating since Sep 10, 2024 12/25 12/26E 12/27E 12/28E Total revenue 5,762.2 6,076.0 6,756.8 7,593.2 Cost of goods sold (3,987.7) (4,114.4) (4,535.2) (5,063.4) SG&A (920.9) (1,047.4) (1,161.1) (1,289.2) Ratios & Valuation __________________________________________ R&D -- -- -- -- 12/25 12/26E 12/27E 12/28E Other operating inc./(exp.) (2.4) (2.0) (2.0) (2.0) P/E (X) EBITDA 1,058.8 1,096.7 1,249.0 1,435.3 P/B (X) 9.2 4.8 4.1 3.4 Depreciation & amortization ( ) FCF yield (%) 0.0 5.4…