LYFEN(SH:603777) Xin Lang Zheng Quan·2025-07-14 09:26Core Viewpoint - The company is experiencing a phase of strategic adjustment marked by expected losses in the first half of 2025, reflecting challenges in adapting traditional models to new consumer demands [1] Group 1: Financial Performance - The company anticipates a net profit attributable to shareholders of between -47 million to -70 million yuan for the first half of 2025, indicating a loss compared to the same period last year [1] - The expected net profit after deducting non-recurring gains and losses is projected to be between -51 million to -76 million yuan [1] Group 2: Channel Optimization Challenges - The company is undergoing a period of refining its offline channels after rapid expansion, facing pressure to enhance store efficiency due to high operational costs and fluctuating customer traffic [2] - There is a need for stronger local integration in regional markets, as brand characteristics and local consumer preferences are still being explored [2] - The franchise system requires enhanced collaborative effects, with franchisees seeking more flexible operational support in inventory management [2] Group 3: Product Value System Challenges - The company faces dual challenges in product innovation, needing to strengthen differentiation in a competitive landscape where health-oriented and regionally distinctive products are emerging [3] - Supply chain efficiency must be improved, as the transition from product development to market launch is currently lengthy, affecting the release of new products [3] - Consistency in customer experience across all channels is essential, as discrepancies between e-commerce promotions and physical store pricing can lead to consumer confusion [3] Group 4: Transformation Strategies - The company's current performance fluctuations reflect common challenges in industry transformation, yet its established supply chain and consumer trust remain valuable assets [4] - The refinement of offline channels is being piloted in key cities, with initiatives to enhance customer engagement through community service stations and new product offerings [4] - The company is focusing on a three-dimensional transformation strategy that includes optimizing core regions, reshaping high-repeat purchase product matrices, and integrating service channels [4]