MQR(SZ:002719) Guan Cha Zhe Wang·2025-07-17 12:58Core Viewpoint - The company, Maiqiuer, has reported a turnaround in its net profit for the first half of the year, projecting a profit of 1.4 million to 2 million yuan, despite still facing losses when excluding non-recurring items [1][2]. Group 1: Financial Performance - The company expects a net profit of 1.4 million to 2 million yuan for the first half of the year, marking a return to profitability compared to the previous year [1]. - However, the company anticipates a loss of 5 million to 5.7 million yuan when excluding non-recurring items, indicating ongoing challenges in core operations [2][3]. - The non-recurring gains contributed significantly to the net profit, estimated between 6.4 million to 7.7 million yuan, highlighting the reliance on these items for financial improvement [2]. Group 2: Business Segments - The bakery chain business has shown revenue growth, becoming the main performance driver for the company, surpassing the dairy segment for the first time in 2023 [1][2]. - In 2024, the bakery business achieved a revenue of 635 million yuan, reflecting a slight increase of 2.08% year-on-year, although the gross margin decreased by 2.13% to 22.60%, suggesting a potential trade-off between price and volume [1][2]. - The company operates 218 bakery chain stores, with a significant concentration in Zhejiang (189 stores) and Xinjiang (29 stores) [1]. Group 3: Challenges and Future Outlook - The decline in the dairy segment's performance is notable, with revenues dropping from 549 million yuan in 2022 to 211 million yuan in 2024, representing a year-on-year decrease of 25.03%, 50.51%, and 22.38% respectively [2]. - The company has faced a brand trust crisis due to a previous incident involving the contamination of its milk products, which has adversely affected its dairy sales [2][3]. - Moving forward, the company plans to establish a wholly-owned bakery subsidiary in 2025 to enhance regional supply chain collaboration and accelerate store expansion through a mixed model of direct sales, franchising, and partnerships [1].