煌上煌门店一年半净减1599家 营收连降四年半40亿目标难期

Core Viewpoint - The company "Huang Shang Huang" (002695.SZ), known as the "first stock of duck neck," has faced continuous revenue decline, making its ambitious targets of 4 billion yuan in revenue and 10,000 stores unattainable [1][10]. Financial Performance - In the first half of 2025, the company reported revenue of 984 million yuan, a year-on-year decrease of 7.19%, while net profit reached 76.92 million yuan, an increase of 26.90% [3][4]. - The revenue has declined for four consecutive years, with the first half of 2025 achieving only 46.86% of the annual target of 2.1 billion yuan [1][8]. - The company experienced a significant reduction in sales expenses, which decreased by 27.38% year-on-year, contributing to the net profit growth [2][4]. Store Expansion and Strategy - The company aimed to implement a "thousand cities, ten thousand stores" strategy, planning to open over 2,000 stores annually to reach a total of 10,000 stores within three to four years [1][9]. - However, the number of specialized stores has decreased by approximately 36% over the past year and a half, with a net reduction of 1,599 stores [1][9]. - As of June 30, 2025, the company had 2,898 specialized stores, down from 3,660 at the end of 2024 [9]. Market Conditions and Challenges - The company attributed its revenue decline to changes in consumer behavior and a decrease in single-store revenue for traditional stores [3][6]. - The prices of key raw materials, such as duck wings and duck necks, remained low, allowing the company to lower its average material costs [3][6]. - The ambitious revenue target of 4 billion yuan by 2026 now appears increasingly difficult to achieve given the current performance [8][10].