佳禾食品上半年净利下滑超七成，咖啡业务扩张致短期承压

Core Viewpoint - The company, Jiahe Foods, is experiencing a significant decline in its financial performance for the first half of 2025, with net profit expected to drop by 77.21% to 84.80% compared to the same period last year, raising concerns about the transformation pains of the leading plant-based cream industry player [1] Group 1: Financial Performance - The projected net profit for the first half of 2025 is between 10.55 million to 15.83 million yuan, a substantial decrease from the previous year [1] - The net profit after excluding non-recurring gains and losses is expected to be as low as 2.37 million to 3.55 million yuan, reflecting a year-on-year decline of 94.24% to 96.16% [1] Group 2: Reasons for Decline - The decline in performance is attributed to a dual pressure from rising costs and strategic investments [1] - Increased product costs due to a rise in raw material prices and higher marketing expenses from expanding into coffee and C-end sales channels are key factors [1] Group 3: Business Strategy and Market Trends - Jiahe Foods' core product, plant-based cream, has seen a significant drop in sales due to the trend of "de-plant-based cream" in the new tea beverage industry [1] - The company is shifting focus towards the coffee industry, having announced plans to raise 725 million yuan for coffee production expansion and working capital [1] - In June, the company enhanced brand recognition by gifting coffee products to shareholders [1] Group 4: Sales and Marketing Expenses - Sales expenses surged by 75.14% year-on-year in 2024, primarily due to increased promotional costs for the coffee business and e-commerce platform expenses [2] - In the first half of 2025, the trend of rising marketing expenses continued, significantly impacting profit margins despite efforts to penetrate the market through free product giveaways and strengthening C-end channel construction [2] - The wholly-owned subsidiary, Jinmao Coffee, reported revenue of 292 million yuan in 2024, but its net profit was only 7.67 million yuan, with profit margins below the industry average [2]