营收持续下滑，门店净减少762家，煌上煌“千城万店”战略遇阻

Core Insights - The company reported a revenue of 984 million yuan for the first half of 2025, a year-on-year decrease of 7.2%, while net profit attributable to shareholders increased by 26.9% to 76.92 million yuan [1][3] Financial Performance - The decline in revenue is attributed to changes in consumer behavior, with a continuous decrease in single-store revenue and a failure to meet store expansion expectations, resulting in a negative growth in the number of stores [3][4] - The average procurement prices for key raw materials such as duck necks, chicken wings, and duck wings decreased by 38.70%, 32.17%, and 21.35% respectively, contributing to a reduction in production costs [3] - The overall gross profit margin improved by 2.23 percentage points to 38.61% due to the decline in production costs and a significant reduction in sales expenses, which fell by 27.38% year-on-year [3] Business Segments - The main business segments, including processed meat products and rice products, both experienced revenue declines, with processed meat products generating 617 million yuan (down 11.65%) and rice products 312 million yuan (down 1.36%) [4] - The company operates three major brands: "Huang Shang Huang," "Zhen Zhen Lao Lao," and "Du Jiao Xi" [4] Store Expansion and Strategy - As of June 30, 2025, the number of dedicated stores decreased to 2,898 from 3,660 at the end of 2024, with a net reduction of 762 stores [4][5] - The company had previously set a target to open over 10,000 chain stores in more than 1,000 cities by 2026, but is now falling short of this goal, having closed 1,729 stores since the target was announced [5] - The closure of stores primarily affected franchise locations, which are more vulnerable to market changes [6] Market Trends - Changes in consumer behavior, including the rise of online shopping and increased health awareness, have led to a decrease in foot traffic and consumption frequency, negatively impacting overall performance [4][6] - The company is shifting focus from rapid store expansion to refined store operations to cope with market pressures [6]