Core Viewpoint - Yuan Zuo Co., Ltd. (元祖股份) reported a significant decline in revenue and net profit for the first half of 2025, attributed to macroeconomic pressures and intensified industry competition [2][3][10] Financial Performance - The company achieved a revenue of 829 million yuan in the first half of 2025, a year-on-year decrease of 13.71% [2][3] - Net profit was 1.23 million yuan, down 96.26% year-on-year, while the non-recurring net profit was -37.36 million yuan, a decline of 270.98% [3][4] - Sales revenue from offline channels reached 215 million yuan, a drop of 39.33% year-on-year, while online sales increased by 1.26% to 581 million yuan, accounting for 73.01% of total revenue [11][12] Product Performance - Revenue from cakes, Western and Chinese pastries, and other categories was 412 million yuan, 362 million yuan, and 21.89 million yuan, respectively, with declines of 14.58%, 13.64%, and 17.22% year-on-year [3][4] - Gross margins for cake and pastry gift boxes were 71.3% and 56.9% [3] Store Expansion Strategy - Despite the revenue decline, the number of offline stores increased to 777, up from 757 a year earlier, indicating a net addition of 20 stores [2][12][13] - The company is focusing on optimizing store operations and expanding into southern markets while closing underperforming stores in mature markets [2][10][13] Market Outlook - Yuan Zuo Co., Ltd. remains optimistic about long-term market potential and plans to enhance competitiveness through targeted marketing and product differentiation [4][10] - The Chinese baking market is projected to grow significantly, with a market size expected to reach 859.56 billion yuan by 2029 [10]

Financial Performance - The company reported a significant decline in net profit, down 96.26% year-on-year, with a total revenue of 829 million yuan, a decrease of 13.71% [1] - In Q2, total revenue was 491 million yuan, down 8.97% year-on-year, and net profit was 26.25 million yuan, a decrease of 36.6% [1] - Gross margin stood at 61.55%, a slight decrease of 0.35%, while net margin was only 0.14%, down 95.8% [1] - Total expenses (selling, administrative, and financial) amounted to 506 million yuan, accounting for 61.01% of revenue, an increase of 11.2% year-on-year [1] Cash Flow and Assets - Operating cash flow per share increased by 9.22% to 0.59 yuan, while earnings per share dropped by 92.86% to 0.01 yuan [1] - Accounts receivable decreased by 35.93% due to the recovery of receivables from the previous year and a reduction in clients for the Dragon Boat Festival [2] - Other non-current financial assets increased by 125.45% due to the appreciation of investments in funds [3] Liabilities and Equity - Deferred tax liabilities rose by 221.63% due to increased fair value changes from investments [4] - Other comprehensive income surged by 699.53% attributed to exchange rate fluctuations [5] - Undistributed profits decreased by 31.3% due to profit distribution for 2024 and a reduction in net profit [5] Revenue and Cost Analysis - Revenue decreased by 13.71% primarily due to market supply and demand dynamics [6] - Operating costs also fell by 13.22%, correlating with the decline in revenue [7] - Selling expenses decreased by 4.26%, while administrative expenses dropped by 14.18% due to lower office and personnel costs [8] Business Model and Future Outlook - The company's business model is heavily reliant on marketing strategies, necessitating further investigation into the underlying drivers [9] - Analysts project the company's performance for 2025 to be around 213 million yuan, with an average earnings per share of 0.89 yuan [10] Fund Holdings - The largest fund holding in the company is the Southern Small and Medium Growth Stock A, with 570,500 shares held, and a current scale of 277 million yuan [11] New Developments - A new subsidiary, Yuanzu High-tech Co., Ltd., commenced production in October 2024, focusing on Chinese and Western pastries, with ongoing product innovation planned [12]

Market Overview - The leisure food sector experienced a decline of 0.72% on August 27, with Maiqu'er leading the drop [1] - The Shanghai Composite Index closed at 3800.35, down 1.76%, while the Shenzhen Component Index closed at 12295.07, down 1.43% [1] Individual Stock Performance - Youyou Food (603697) saw a significant increase of 10.00%, closing at 14.52 with a trading volume of 226,300 shares [1] - Other notable performers included Wancheng Group (300972) with a 2.07% increase, closing at 167.54, and Yuanzu Co. (603886) with a 1.66% increase, closing at 13.47 [1] - Conversely, Maiqu'er (002719) declined by 4.42%, closing at 9.72 with a trading volume of 114,700 shares [2] - Ximai Food (002956) and Jinzhai Food (003000) also faced declines of 4.25% and 3.83%, respectively [2] Capital Flow Analysis - The leisure food sector experienced a net outflow of 234 million yuan from institutional investors, while retail investors saw a net inflow of 255 million yuan [2] - The capital flow for individual stocks showed that Wancheng Group had a net inflow of 55.13 million yuan from institutional investors, while Maiqu'er had a net outflow of 5.81 million yuan [3] - Youyou Food and Lihai Food (300973) also experienced net inflows of 44.80 million yuan and 15.50 million yuan, respectively [3]

Investment Rating - The report maintains a "Buy" rating for the company [6][4]. Core Views - The company experienced a significant decline in revenue and profit in the first half of 2025, with revenue down 13.71% year-on-year to 829 million RMB and net profit down 96.26% to 1 million RMB [1][4]. - The second quarter of 2025 saw a revenue drop of 8.97% year-on-year, with net profit decreasing by 36.60% [1]. - Despite the challenges, the company is expected to continue exploring online membership potential and drive single-store revenue recovery, indicating a potential operational improvement [1][4]. Summary by Sections Financial Performance - In the first half of 2025, the company achieved revenue of 829 million RMB, with a net profit of 1 million RMB and a loss of 3.7 million RMB in net profit excluding non-recurring items [1]. - The second quarter of 2025 reported revenue of 491 million RMB, with net profit at 26 million RMB and a net profit of 16 million RMB excluding non-recurring items [1]. - The gross margin remained relatively stable at 61.5%, with a slight year-on-year decrease of 0.2 percentage points [3]. Product and Channel Performance - Revenue from cakes, Western and Chinese pastries, and other businesses in the first half of 2025 was 412 million RMB, 362 million RMB, and 22 million RMB, respectively, reflecting declines of 14.58%, 13.64%, and 17.22% year-on-year [2]. - Offline store revenue fell by 39.33% to 215 million RMB, while online e-commerce revenue grew by 1.26% to 581 million RMB [2]. Cost and Profitability - The first half of 2025 saw an increase in sales expense ratio by 5.4 percentage points to 54.6%, while the management expense ratio remained stable at 5.1% [3]. - The net profit margin for the first half of 2025 was 0.1%, down 3.3 percentage points year-on-year, and for the second quarter, it was 5.3%, down 2.3 percentage points [3]. Future Outlook - The report projects earnings per share (EPS) for 2025-2027 to be 0.96 RMB, 1.13 RMB, and 1.26 RMB, respectively, with a target price of 17.28 RMB based on a price-to-earnings (PE) ratio of 18x for 2025 [4][10].

北京商报讯（记者 郭秀娟 实习记者 王悦彤） 8月26日，元祖股份发布2025年半年报，报告期内，公司 实现营业收入8.29亿元，同比减少13.71%；实现归母净利润123.45万元，同比减少96.26%。 ...

格隆汇8月26日丨元祖股份(603886.SH)发布2025年半年度报告，报告期实现营业收入8.29亿元，同比下 降13.71%；归属上市公司股东的净利润123.45万元，同比下降96.26%；扣除非经常性损益后的归属于上 市公司股东的净利润-0.37亿元，同比下降270.98%；基本每股收益0.01元。 ...

每经AI快讯，元祖股份（SH 603886，收盘价：13.25元）8月26日晚间发布公告称，公司第五届第四次 董事会会议于2025年8月26日以现场与通讯方式召开。会议审议了《关于审议公司2025年半年度报告及 摘要的议案》等文件。 截至发稿，元祖股份市值为32亿元。 每经头条（nbdtoutiao）——能给主人"打电话"的宠物智能手机也来了！宠物产业3000亿元市场大爆 发，行业上市公司"涨"声一片 （记者 王晓波） 2024年1至12月份，元祖股份的营业收入构成为：食品行业占比96.01%，其他业务占比3.99%。 ...

证券代码：603886 证券简称：元祖股份 公告编号：2025-033 上海元祖梦果子股份有限公司 一、2025年半年度主要经营数据 1、主营业务分渠道情况 2、主营业务分产品情况 单位：万元 币种：人民币 渠道 2025 年半年度 2024 年半年度 变动比例 线下销售 21,470.77 35,388.65 -39.33% 线上销售 58,076.91 57,356.99 1.26% 合计 79,547.68 92,745.64 -14.23% 单位：万元 币种：人民币 产品类别 2025 年半年度 2024 年半年度 变动比例 蛋糕 41,189.62 48,220.80 -14.58% 中西糕点 36,169.23 41,880.70 -13.64% 其他 2,188.83 2,644.14 -17.22% 合计 79,547.68 92,745.64 -14.23% 3、主营业务分地区情况 二、报告期公司经营模式 2025 年半年度经营数据公告 1、蛋糕、中西式糕点为公司报告期内的主要产品。 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 ...

一、监事会会议召开情况 上海元祖梦果子股份有限公司（以下简称"公司"）第五届监事会第四次会 议（以下简称"会议"）于2025年8月26日10:00以现场与视讯方式召开，会议通 知及相关会议文件于2025年8月15日以书面形式和电子邮件等方式送达公司监事 及列席会议人员。 本次会议由监事李德治先生主持，应出席监事3名，现场出席监事2名，通讯 出席监事1名（监事李德治以通讯方式出席本次会议）。本次监事会会议的召开 符合《公司法》和《公司章程》的有关规定。 证券代码：603886 证券简称：元祖股份 公告编号：2025-032 上海元祖梦果子股份有限公司 第五届监事会第四次会议决议公告 本公司监事会及全体监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个别及连带责任。 表决结果：3 票赞成、0 票反对、0 票弃权。 三、备查文件 1、元祖股份第五届监事会第四次会议决议； 2、元祖股份第五届监事会第四次会议记录。 特此公告。 上海元祖梦果子股份有限公司监事会 2025 年 8 月 27 日 二、监事会会议审议情况 1、审议通过了《关于审议公司 2025 年半年度报 ...

上海元祖梦果子股份有限公司 第五届董事会第四次会议决议公告 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个别及连带责任。 一、董事会会议召开情况 上海元祖梦果子股份有限公司（以下简称"公司"）第五届董事会第四次会 议（以下简称"会议"）于2025年8月26日10:00以现场与通讯方式召开，会议通 知及会议材料于2025年8月15日以书面形式和电子邮件等方式送达公司董事及列 席会议人员。 本次会议由董事长张秀琬主持，应出席董事9名，现场出席董事7名，通讯出 席董事2名（董事张秀琬、董事周喆以通讯方式出席本次会议）。本次董事会会 议的召开符合《公司法》和《公司章程》的有关规定。 二、董事会会议审议情况 1、审议通过了《关于审议公司 2025 年半年度报告及摘要的议案》 具体内容请查阅同日披露于上海证券交易所网站（www.sse.com.cn）的《元 祖股份 2025 年半年度报告》。 证券代码：603886 证券简称：元祖股份 公告编号：2025-031 公司第五届董事会审计委员会 2025 年第四次会议对该议案进行了事前审议， 经全体委 ...