透视半年报｜煌上煌利润靠“省”、收入靠“熬”，门店数跌跌不休

Core Viewpoint - The company, Huang Shang Huang, reported a decline in revenue while achieving profit growth, indicating a challenging operational environment with potential sustainability issues in profitability [1][4][26]. Financial Performance - For the first half of 2025, Huang Shang Huang achieved approximately 984 million yuan in revenue, a year-on-year decrease of 7.19%, while net profit attributable to shareholders was about 76.92 million yuan, reflecting a year-on-year increase of 26.90% [1][4]. - The increase in net profit was primarily driven by lower raw material prices and a significant reduction in sales expenses, which decreased by 27.38% year-on-year [4][11]. - The gross margin for the meat product segment improved by 2.23 percentage points due to a decline in production costs [4]. Operational Challenges - The company has faced continuous revenue decline since 2021, compounded by a negative growth in store numbers, leading to concerns about the sustainability of its operational scale [1][5]. - The sales volume and production of both the meat and rice product industries have seen significant year-on-year declines, indicating pressure on sales performance [12][13]. - The company has reported a total of 2,898 specialty stores as of June 30, 2025, down from 4,497 stores at the end of 2023, highlighting a failure to meet store expansion expectations [19][20]. Industry Context - The Chinese marinated food industry is entering a "stock competition" phase, characterized by slow overall growth, excess store numbers, and intensified price wars [22][25]. - The market for marinated products is projected to grow slightly, with an estimated market size of 1,620 billion yuan in 2025, despite a slowdown in growth rates [25]. - Leading companies in the industry are shifting from rapid expansion to refined operations to cope with market pressures, focusing on optimizing store models and enhancing single-store revenue [26].