Group 1 - The company reported a significant decline in sales across various business segments, with total sales amounting to 1,218,424,030.40 yuan, representing a year-on-year decrease of 23.93% [1][2] - The e-commerce segment saw sales of 405,393,693.59 yuan, down 27.04% year-on-year, with a gross margin of 23.70%, a decrease of 1.66 percentage points [1][2] - The franchise business generated sales of 345,713,717.45 yuan, down 31.87% year-on-year, with a gross margin of 10.78%, a decrease of 5.80 percentage points [1][2] Group 2 - The direct retail business reported sales of 347,911,521.36 yuan, a decrease of 19.65% year-on-year, with a gross margin of 24.04%, down 2.32 percentage points [1][2] - The group purchasing business achieved sales of 119,405,098.00 yuan, an increase of 12.84% year-on-year, with a gross margin of 24.04% [1][2] - The company plans to open new stores in various regions, including Guangdong, Henan, Hubei, Hunan, Shaanxi, Sichuan, and Tibet, with a total of 18 new stores expected to open in the third quarter of 2025 [1]

Core Viewpoint - The report highlights significant declines in revenue and profit for the company in the first half of 2025 compared to the same period in 2024, indicating challenges in the business environment and operational adjustments needed to improve performance [3][4][10]. Financial Performance - The company's revenue for the first half of 2025 was approximately 2.83 billion RMB, a decrease of 27.21% compared to 3.89 billion RMB in the same period last year [3]. - The total profit for the period was a loss of approximately 111 million RMB, a decline of 312.60% from a profit of 52 million RMB in the previous year [3]. - The net profit attributable to shareholders was a loss of about 93.55 million RMB, down 491.59% from a profit of 23.89 million RMB in the previous year [3]. - The net cash flow from operating activities was approximately 252.81 million RMB, an increase of 301.04% compared to 63.04 million RMB in the same period last year [3]. Business Overview - The company focuses on the research, procurement, sales, logistics, and operation of snack foods, emphasizing product innovation and channel development [10]. - The product range includes various snack categories such as meat snacks, seafood snacks, vegetarian delicacies, and beverages, with a recent addition of meal replacement products [10][12]. - The company employs a multi-channel sales strategy, integrating online and offline channels to enhance customer interaction and service delivery [7][8]. Operational Strategy - The company has implemented a "one product, one chain" strategy to optimize its supply chain and enhance product quality and efficiency [10][17]. - It has established a comprehensive product quality control system, ensuring safety and quality throughout the supply chain [6][18]. - The company is leveraging AI technology to improve operational efficiency, including self-service checkout systems and AI-assisted decision-making tools [18]. Market Position - The company has built a strong brand reputation for high-quality snacks, appealing to consumers seeking healthy and nutritious options [15]. - It has developed a robust nationwide distribution network, with over 2,000 stores across various provinces, enhancing its market penetration [16][17]. - The company is actively exploring new product categories and marketing strategies to meet evolving consumer preferences and increase market share [12][13].

| 公司代码：603719 | 公司简称：良品铺子 | | | | --- | --- | --- | --- | | 良品铺子股份有限公司 | | | | | 良品铺子股份有限公司2025 | 年半年度报告摘要 | | | | | 第一节 重要提示 | | | | 展规划，投资者应当到 | www.sse.com.cn 网站仔细阅读半年度报告全文。 | | | | 完整性，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 | | | | | 无 | | | | | 第二节 | 公司基本情况 | | | | | 公司股票简况 | | | | 股票种类 | 股票上市交易所 股票简称 | 股票代码 | 变更前股票简 | | 称 | | | | | A股 | 上海证券交易所 良品铺子 | 603719 | 不存在变更股票简称 | | 联系人和联系方式 | 董事会秘书 | 证券事务代表 | | | 姓名 徐然 | 罗丽英、孟妍 | | | | 电话 | 027-85793003 027-85793003 | | | | 办公地址 | 武汉市东西湖区航天路1号良品大厦 | | 武汉市东西湖区航天路1号 ...

良品铺子股份有限公司2025 年半年度报告 公司代码：603719 公司简称：良品铺子 良品铺子股份有限公司 2025 年半年度报告 1 / 162 良品铺子股份有限公司2025 年半年度报告 重要提示 一、 本公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的真实性、准确 性、完整性，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、 公司全体董事出席董事会会议。 三、 本半年度报告未经审计。 四、 公司负责人程虹、主管会计工作负责人徐然及会计机构负责人（会计主管人员）王薇声明： 保证半年度报告中财务报告的真实、准确、完整。 五、 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 无 六、 前瞻性陈述的风险声明 √适用 □不适用 本报告中所涉及的未来计划、发展战略等前瞻性描述不构成公司对投资者的实质承诺，敬请 投资者注意投资风险。 七、 是否存在被控股股东及其他关联方非经营性占用资金情况 否 八、 是否存在违反规定决策程序对外提供担保的情况 否 九、 是否存在半数以上董事无法保证公司所披露半年度报告的真实性、准确性和完整性 否 十、 重大风险提示 公司已在本报告中 ...

证券代码：603719 证券简称：良品铺子 公告编号：2025-037 良品铺子股份有限公司 2025 年第二季度主要经营数据公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 根据上海证券交易所《上市公司自律监管指引第 3 号行业信息披露：第四号 ——零售》相关要求，良品铺子股份有限公司（以下简称"公司"）现将 2025 年 第二季度门店变动情况及主要经营数据披露如下： 一、报告期内门店变动情况 详见附表 1。 | 地区 | 经营 | 门店 | 门店 | 直营门店 建筑面 | 预计开业 | 门店 | 门店 | 加盟门店 建筑面 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 业态 | 家数 | 来源 | 积（㎡） | 时间 | 家数 | 来源 | 积（㎡） | 预计开业 时间 | | 广东 省 | 零售 | / | / | / | / | 2 | 租赁 | 121.7 | 2025 年 第三季度 | | 河南 省 | 零售 | / ...

良品铺子股份有限公司 关于 2025 年半年度计提资产减值准备的公告 证券代码：603719 证券简称：良品铺子 公告编号：2025-038 2、长期待摊费用减值损失 公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或 者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 良品铺子股份有限公司（以下简称"公司"）根据《企业会计准则》及公司 会计政策的相关规定，对应收款项、存货、长期待摊费用等计提了资产减值准备， 现将具体情况公告如下： 一、本次计提资产减值准备情况概述 公司根据《企业会计准则》和公司会计政策相关规定，基于谨慎性原则，2025 年 1-6 月计提各类资产减值准备人民币 9,164,751.93 元，具体情况如下： | 项目（损失以"-"号填列） | 金额（元） | | --- | --- | | 信用减值损失 | 649,359.81 | | 其中：应收账款坏账转回 | 350,673.01 | | 其他应收款坏账转回 | 228,549.76 | | 长期应收款坏账转回 | 70,137.04 | | 资产减值损失 | -9,814,111.74 | | 其中：长期待摊 ...

良品铺子公告，2025年上半年营业收入28.29亿元，同比下降27.21%。净利润亏损9355.31万元，上年同 期净利润2389.06万元。 ...

Market Overview - The leisure food sector experienced a decline of 0.37% on August 26, with Yanjinpuzi leading the drop [1] - The Shanghai Composite Index closed at 3868.38, down 0.39%, while the Shenzhen Component Index closed at 12473.17, up 0.26% [1] Stock Performance - Notable gainers in the leisure food sector included: - Ziyan Food (603057) with a closing price of 25.50, up 5.72% and a trading volume of 132,000 shares [1] - Maijiaoer (002719) closed at 10.17, up 1.40% with a trading volume of 119,500 shares [1] - Yuanzhu (603886) closed at 13.25, up 1.38% with a trading volume of 71,100 shares [1] - Major decliners included: - Yanjinpuzi (002847) closed at 71.98, down 1.93% with a trading volume of 47,100 shares [2] - Huangshanghuang (002695) closed at 12.73, down 1.55% with a trading volume of 150,800 shares [2] - Ximai Food (002956) closed at 22.80, down 1.43% with a trading volume of 64,800 shares [2] Capital Flow - The leisure food sector saw a net outflow of 354 million yuan from institutional investors, while retail investors contributed a net inflow of 276 million yuan [2] - The overall capital flow indicates a mixed sentiment, with institutional investors pulling back while retail investors showed interest [2] Individual Stock Capital Flow - Key stocks with significant capital flow include: - Good Idea (002582) with a net inflow of 6.01 million yuan from institutional investors [3] - Ziyan Food (603057) had a net inflow of 4.27 million yuan from institutional investors but a net outflow of 18.35 million yuan from retail investors [3] - Yanjinpuzi (002847) experienced a net outflow of 4.37 million yuan from institutional investors [3]

Core Viewpoint - Local state-owned enterprises (SOEs) have significantly increased their participation in A-share mergers and acquisitions (M&A) in 2023, with a notable shift towards lower-tier cities and strategic industries like semiconductors [6][28]. Group 1: M&A Activity Overview - As of August 2023, local SOEs participated in 28 control acquisitions of listed companies, representing a more than fourfold increase in both quantity and value compared to the same period in 2024 [6][8]. - The total transaction value of these 28 deals reached 311.95 billion RMB, a year-on-year increase of 410.38% from 61.12 billion RMB in 2024 [9][10]. - Among these transactions, three exceeded 2 billion RMB, and eight were over 1 billion RMB, with the largest being Zhejiang Economic Construction Investment Co. acquiring Jianghai Co. for 3.23 billion RMB [10][11]. Group 2: Industry Focus - The M&A activities are heavily concentrated in strategic emerging industries, particularly in the electronic information sector, which accounted for 25% of the total transactions [12]. - The semiconductor industry alone represented 28.4% of the total M&A value, with six transactions totaling 88.66 billion RMB [12]. Group 3: Regional Dynamics - The most active regions in M&A activities include Anhui, Jiangsu, Zhejiang, Guangdong, and Hubei, with Anhui and Jiangsu each participating in six transactions [15][16]. - In terms of transaction value, Jiangsu led with 60.44 billion RMB, followed closely by Anhui at 54.68 billion RMB [16]. Group 4: Emerging Trends - There is a noticeable trend of lower-tier cities entering the M&A market, with cities like Qujing, Huangshan, and Quzhou making significant acquisitions despite their lower GDPs [24][25]. - County-level SOEs are also beginning to acquire listed companies, exemplified by Cangnan County's acquisition of a controlling stake in Sichuan Medical Technology [26][27]. Group 5: Future Outlook - The ongoing support from local governments and the central financial authorities is expected to sustain the momentum of local SOEs in M&A activities, with policies encouraging further participation and expansion into new regions [28].

Market Overview - The leisure food sector experienced a decline of 0.46% on August 22, with Nanqiao Food leading the drop [1] - The Shanghai Composite Index closed at 3825.76, up 1.45%, while the Shenzhen Component Index closed at 12166.06, up 2.07% [1] Individual Stock Performance - Juewei Food (603517) saw a closing price of 16.74, with an increase of 4.36% and a trading volume of 313,300 shares, amounting to a transaction value of 518 million yuan [1] - Guifaxiang (002820) closed at 13.29, up 0.53%, with a trading volume of 330,700 shares [1] - Three Squirrels (300783) closed at 26.59, with a slight increase of 0.08% and a trading volume of 133,900 shares [1] - Other notable stocks include: - Taoli Bread (603866) at 5.66, unchanged [1] - Ganyuan Food (002991) at 58.74, down 0.03% [1] - Laiyifen (603777) at 13.79, down 0.14% [1] Capital Flow Analysis - The leisure food sector saw a net outflow of 237 million yuan from institutional investors, while retail investors contributed a net inflow of 245 million yuan [2] - The overall capital flow indicates a mixed sentiment, with institutional investors withdrawing funds while retail investors increased their positions [2] Detailed Capital Flow for Selected Stocks - Juewei Food had a net inflow of 46.59 million yuan from institutional investors, but a net outflow of 23.01 million yuan from speculative funds [3] - Qingdao Food (001219) experienced a net inflow of 0.53 million yuan from institutional investors, while speculative funds saw a net inflow of 1.39 million yuan [3] - Other stocks like Good Idea (002582) and Yanjinpuzi (002847) also showed varied capital flows, indicating differing investor sentiments across the sector [3]