Core Viewpoint - The financial performance of Qianwei Yangchun (001215) for the first half of 2025 shows a decline in revenue and net profit, indicating potential challenges in the company's operations and market conditions [1][4]. Financial Performance Summary - Total revenue for the first half of 2025 was 886 million yuan, a decrease of 0.72% year-on-year [1]. - Net profit attributable to shareholders was 35.79 million yuan, down 39.67% compared to the previous year [1]. - The gross profit margin decreased to 23.59%, a decline of 6.41% year-on-year [1]. - The net profit margin fell to 4.02%, down 39.04% year-on-year [1]. - Total receivables accounted for 131.77% of the latest annual net profit, indicating a significant amount of outstanding payments [3]. Business Model and Strategy - The company's performance relies heavily on capital expenditure and marketing efforts, necessitating close monitoring of capital projects and spending [3]. - Direct sales revenue increased by 5.31% year-on-year, while distribution sales decreased by 6.40% [4]. - The company is expanding its product range and enhancing online sales channels to improve revenue [5][7]. Cost and Expense Analysis - Total sales, management, and financial expenses amounted to 147 million yuan, representing 16.57% of revenue, an increase of 12.44% year-on-year [1]. - The increase in sales expenses is attributed to growth in e-commerce channels and increased personnel costs due to competition [5]. Product Performance - Revenue from frozen prepared dishes and other products grew by 67.31%, while revenue from staple foods declined by 9.10% [4]. - The company is focusing on product innovation, particularly in the baking and frozen food categories, to enhance customer experience and drive sales [8]. Market Position and Competitive Environment - The company is collaborating with major retailers like Hema and Walmart on a national procurement model, while also adapting to regional needs for other clients [6]. - The company aims to strengthen its B2B operations while gradually expanding its C-end new retail business [8].

证券研究报告 | 公司点评报告 2025 年 08 月 28 日 千味央厨（001215.SZ） Q2 经营略承压，期待餐饮及新零售渠道改善 消费品/食品饮料 公司发布 2025 年半年报，公司Q2 收入/利润分别同比-3.12%/-42.05%，Q2 受下游餐饮相对疲软、竞争加剧影响，业绩表现略有承压。公司积极发力新零 售渠道、电商渠道，展望 H2，烘焙类和菜肴类产品占比仍会上升，随着营收 增长规模效益增加，毛利率与盈利能力将有改善趋势，关注公司新渠道进展、 新品表现。考虑到今年对渠道费用投入上升，我们调整 25-27 年归母净利润预 测为 0.77 亿/0.92 亿/1.09 亿，25-27 年 EPS 为 0.80、0.95、1.12 元，对应 26 年 31x，维持"增持"评级。 财务数据与估值 | 会计年度 | 2023 | 2024 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入(百万元) | 1901 | 1868 | 1923 | 2078 | 2247 | 增持（维持） 当前股价：29.2 元 基 ...

Investment Rating - The investment rating for the company is "Outperform the Market" [5][3]. Core Views - The company reported a total revenue of 886 million yuan in the first half of 2025, a year-on-year decrease of 0.72%, and a net profit attributable to shareholders of 36 million yuan, down 39.67% year-on-year. In Q2 2025, revenue was 416 million yuan, a decrease of approximately 3.1% year-on-year, with a net profit of 14 million yuan, down about 41.9% year-on-year [8][3]. - The retail channel is contributing to revenue growth, while the competitive environment in the catering sector remains challenging. Direct sales increased by 5.3% year-on-year, while distribution channel revenue decreased by 6.4% year-on-year. The growth in direct sales is primarily driven by new retail channel clients, particularly in the bakery segment [8][2]. - The company is focusing on stabilizing its core catering partnerships and expanding into new retail channels, including collaborations with major retailers like Walmart and Hema. The strategy includes product customization and enhancing distributor capabilities to improve channel quality and profitability [10][12]. Financial Summary - The company has adjusted its revenue forecasts for 2025-2027, now expecting revenues of 1.88 billion, 1.97 billion, and 2.10 billion yuan respectively, with year-on-year growth rates of 0.5%, 4.9%, and 6.6%. The net profit forecasts have also been revised down to 80 million, 90 million, and 90 million yuan, reflecting a year-on-year decline of 5.6% in 2025 [3][14]. - The gross margin for Q2 2025 decreased by 2.3 percentage points to 22.7%, influenced by a higher sales proportion of lower-margin products. The company anticipates improved efficiency in the second half of the year [10][2]. - The current price-to-earnings (PE) ratios for 2025, 2026, and 2027 are projected at 37.3, 33.3, and 31.0 times respectively [3][16].

Core Insights - The report from Ping An Securities indicates that Qianwei Yangchu's net profit attributable to shareholders for H1 2025 is 36 million yuan, representing a year-on-year decline of 39.67% [1] - The gross margin has decreased year-on-year, while the expense ratio has increased, negatively impacting the net profit margin [1] - The main food and snack categories have seen a decline, whereas the dish and baking categories have performed well [1] Financial Performance - The gross margins for direct sales and distribution channels are 20.76% and 25.59% respectively, with year-on-year declines of 0.79 percentage points and 2.40 percentage points, indicating a more significant drop in the distribution channel [1] - The company is providing customized prepared dishes for key clients and offering products suitable for group meals and banquets to distributors [1] Strategic Outlook - The company's ability to expand and serve major clients is being continuously validated, suggesting strong long-term operational resilience [1] - The recommendation rating for the company remains "recommended" despite the current challenges [1]

Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of RMB 34.00 [1][2]. Core Views - The report indicates that demand remains weak, but there is an expectation for improvement in the future. The company is currently facing operational pressures due to a challenging external consumption environment and intense competition in the market [6][9]. Financial Performance Summary - For the first half of 2025, the company's revenue was RMB 889 million, with a net profit attributable to the parent company of RMB 40 million, reflecting a year-on-year decline of 0.7% in revenue and 39.7% in net profit [6][9]. - In Q2 2025, revenue was RMB 420 million, with a net profit of RMB 10 million, showing a year-on-year decrease of 3.1% in revenue and 42.0% in net profit [6][9]. - The company’s revenue from large B (direct sales) channels increased by 5.3%, while revenue from small B (distribution) channels decreased by 6.4% in the first half of 2025 [6][7]. Revenue and Profitability Forecast - Revenue forecasts for 2025 to 2027 are adjusted to RMB 1,900 million, RMB 2,018 million, and RMB 2,126 million respectively, with corresponding growth rates of 1.72%, 6.17%, and 5.37% [5][9]. - The net profit attributable to the parent company is forecasted to be RMB 61.27 million in 2025, RMB 82.60 million in 2026, and RMB 95.44 million in 2027, with year-on-year changes of -26.79%, +34.81%, and +15.56% respectively [5][9]. Margin and Cost Analysis - The gross margin for the first half of 2025 decreased by 1.6 percentage points to 23.6%, with a net profit margin of 4.0%, down 2.6 percentage points year-on-year [8][9]. - The report highlights an increase in sales expense ratio to 6.9% in the first half of 2025, reflecting the competitive pressure in the industry [8][9]. Market Position and Competitive Landscape - The company is experiencing intense competition in the small B channel, leading to increased promotional discounts to maintain market share [6][7]. - The report notes that the company is gradually establishing competitive advantages in niche markets, particularly with the growth of its pre-prepared food sales [7][9].

Core Viewpoint - The company reported a decline in revenue and net profit for the first half of 2025, with a notable performance in frozen prepared dishes, indicating a mixed financial outlook and product performance [1][3]. Financial Performance - In H1 2025, the company achieved revenue of 886 million yuan, a year-on-year decrease of 0.72%, and a net profit attributable to shareholders of 36 million yuan, down 39.67% [1]. - For Q2 2025, revenue was 415 million yuan, a decline of 3.12%, with a net profit of 14 million yuan, down 42.05% [1]. - The gross profit margin for H1 2025 was 23.59%, a decrease of 1.62 percentage points year-on-year, while the net profit margin was 4.04%, down 2.61 percentage points [3]. Product Performance - Revenue from main food, snacks, baked goods, and frozen prepared dishes in H1 2025 was 413 million, 197 million, 205 million, and 65 million yuan, respectively, with growth in frozen prepared dishes at 67.31% year-on-year [1]. - The decline in main food and snack categories was attributed to market competition and product lifecycle issues, while the growth in baked goods was due to product adjustments for key clients [1]. Sales and Channel Strategy - The company optimized its channel structure, with direct sales and distribution generating revenues of 434 million and 445 million yuan, respectively, showing a year-on-year increase of 5.31% and a decrease of 6.40% [2]. - Online sales performed exceptionally well, achieving 45 million yuan in revenue, a year-on-year increase of 44.87%, accounting for 5.05% of total revenue [2]. - The company has been actively collaborating with major retail chains and enhancing its product offerings in the ready-to-eat segment [2]. Investment Outlook - The company is expected to achieve revenues of 1.952 billion, 2.086 billion, and 2.295 billion yuan for the years 2025 to 2027, with net profits of 88 million, 98 million, and 114 million yuan, respectively [3]. - The projected price-to-earnings ratios for these years are 32.64, 29.47, and 25.25 times [3].

Core Viewpoint - The company reported a decline in revenue and net profit for the first half of 2025, indicating challenges in the competitive market and economic environment [1][2]. Revenue Summary - In H1 2025, the company achieved total revenue of 886 million yuan, a year-on-year decrease of 0.72% [1]. - The revenue breakdown shows that the sales of baked goods and prepared dishes remained stable, while the main food and snack categories faced declines of 9.10% and 6.57%, respectively [1]. - The revenue from frozen prepared dishes increased significantly by 67.31% to 65 million yuan, driven by new retail expansion [1]. - Direct sales revenue grew by 5.31% to 434 million yuan, while distribution revenue fell by 6.40% to 445 million yuan [1]. Profit Summary - The company's gross margin decreased by 1.62 percentage points to 23.59% in H1 2025, with net profit margin declining to 4.04% [2]. - In Q2 2025, the gross margin further declined to 22.66%, and the net profit margin dropped to 3.45% [2]. - Increased competition and changes in the restaurant market structure have put short-term pressure on profitability [2]. Future Outlook - The company aims to innovate and adapt to channel changes for long-term growth, focusing on customized products for different restaurant scenarios [2]. - The company is expanding its B2B market through direct sales and partnerships with leading restaurant enterprises, while also growing its C2C market via e-commerce and convenience stores [3]. - Future revenue projections for 2025-2027 are 1.977 billion, 2.126 billion, and 2.301 billion yuan, with expected growth rates of 6%, 8%, and 8% respectively [3].

Investment Rating - The report maintains a "Recommended" rating for Qianwei Yangchu (001215.SZ) with a current stock price of 29.66 yuan [1]. Core Views - The company reported a decline in revenue and net profit for the first half of 2025, with revenue at 886 million yuan, down 0.72% year-on-year, and net profit at 36 million yuan, down 39.67% year-on-year [5]. - The report highlights the need to focus on new channel and product category expansions due to short-term operational pressures [1][6]. Financial Performance Summary - **Revenue and Profit Forecasts**: The company is projected to achieve revenues of 1.9 billion yuan in 2025, with a slight increase of 1.7% year-on-year, and net profit is expected to be 85 million yuan, a 2.1% increase [7][9]. - **Gross Margin and Expenses**: The gross margin for H1 2025 was reported at 23.59%, a decrease of 1.62 percentage points year-on-year. The increase in expense ratios, particularly in sales and management, has negatively impacted the net profit margin, which fell to 4.02% [8][9]. - **Product Performance**: The main food and snack categories saw revenue declines of 9.10% and 6.57%, respectively, while the baking and frozen dish categories experienced growth of 11.02% and 67.31% [8][9]. - **Channel Performance**: Direct sales revenue grew by 5.31% to 434 million yuan, while the distribution channel revenue declined by 6.40% to 445 million yuan [8][9]. Financial Ratios and Valuation - **Key Financial Ratios**: The report provides various financial ratios, including a projected P/E ratio of 33.7 for 2025 and a P/B ratio of 1.5 [11]. - **Earnings Per Share (EPS)**: The EPS is expected to be 0.88 yuan in 2025, with a gradual increase projected for the following years [11][12]. Cash Flow Analysis - **Operating Cash Flow**: The operating cash flow for 2025 is projected to be 352 million yuan, reflecting a significant increase compared to previous years [12].

Financial Performance - In the first half of 2025, the company's operating revenue was 88,583.78 million yuan, a year-on-year decrease of 0.72% [1] - The net profit attributable to shareholders was 3,578.99 million yuan, down 39.67% year-on-year [1] - The net profit after deducting non-recurring gains and losses was 3,409.28 million yuan, a decline of 41.94% year-on-year [1] Sales Channel Analysis - Direct sales revenue reached 43,437.17 million yuan, with a year-on-year increase of 5.31% [1] - Distribution model sales revenue was 44,521.97 million yuan, showing a year-on-year decrease of 6.40% [1] - Revenue from frozen prepared dishes and other products was 6,521.77 million yuan, up 67.31% year-on-year [1] - Revenue from baked goods was 20,509.34 million yuan, an increase of 11.02% year-on-year [1] - Snack revenue was 19,670.39 million yuan, down 6.57% year-on-year [1] - Staple food revenue was 41,257.64 million yuan, a decrease of 9.10% year-on-year [2] Direct Sales Growth Factors - The increase in direct sales revenue is attributed to expanding product categories for major clients and a rapid rise in online direct sales [3] - New product developments, such as various "oil stick +" products, have enhanced customer experience and contributed to revenue growth [3] Sales Expense Growth - The rise in sales expenses is primarily due to increased performance in e-commerce channels and higher costs associated with live streaming promotions [4] - Additional sales personnel for new retail and online sales channels have led to increased employee compensation [4] New Retail Strategy - The procurement model for new retail clients varies, with national-level partnerships with major retailers like Hema and Walmart, while some clients have regionally tailored contracts [5] Online Sales Channel Focus - The online sales strategy targets two main scenarios: healthy breakfast products and seasonal sales during the New Year [6] - Future product development will focus on family-oriented applications, such as products suitable for air fryers [6] Competitive Response - The company is investing in R&D and production resources for baked goods and frozen prepared dishes to enrich its product line and expand sales channels [8] - There is a continued focus on enhancing B2B operations while gradually expanding into C-end new retail business [8] - Management efforts are directed towards improving operational efficiency across all business segments, including strict cost control in procurement, production, and logistics [8]

北京商报讯（记者 郭秀娟 实习记者 王悦彤） 8月27日，千味央厨发布2025年半年报，报告期内，公司 实现营业收入8.86亿元，同比减少0.72%；实现归母净利润3578.99万元，同比减少39.67%。 ...