研报掘金丨开源证券：煌上煌经营相对稳健，维持“增持”评级

Core Viewpoint - The report from Kaiyuan Securities indicates that Huangshanghuang's revenue has slightly declined, but the company is expected to see a bottom reversal as it is a leading brand in the marinated food industry. With the recovery of external demand, store expansion is anticipated, and the company's operations remain relatively stable, maintaining a "buy" rating [1] Group 1 - In the first half of 2025, the company achieved revenue of 980 million, a year-on-year decline of 7.2%, while the net profit attributable to shareholders reached 77 million, a year-on-year increase of 26.9% [1] - As of the end of Q2 2025, the company had 2,898 fresh goods stores, with a net closure of 762 stores in the first half of the year, indicating ongoing impacts from the external consumption environment [1] Group 2 - By region, in the first half of 2025, the company generated revenue of 440 million, 85 million, and 320 million in Jiangxi, Guangdong, and Zhejiang respectively, with year-on-year declines of 7.1%, 27.0%, and 2.6%. The Guangdong region experienced the most significant impact [1]