半年净亏近2000万！零食巨头“好想你”仍未扭亏

Core Viewpoint - After consecutive losses, "Hao Xiang Ni" is seeing a reduction in its loss margin, but a profitability turning point has not yet emerged [1] Financial Performance - In the first half of 2025, the company achieved operating revenue of 689 million yuan, a year-on-year decrease of 15.6% [2] - The net profit attributable to shareholders was a loss of 19.84 million yuan, an improvement of 45.25% compared to a loss of 36.23 million yuan in the same period last year [2] - Basic earnings per share were -0.044 yuan, showing a 52.99% improvement from -0.0936 yuan [2] - The net cash flow from operating activities was 113.91 million yuan, a significant increase of 272.82% from 30.55 million yuan [10] Revenue Composition - The revenue structure remains centered on red dates, which generated 500 million yuan, accounting for over 70% of total revenue, despite a year-on-year decline of 16.38% [4] - Revenue from health preservation products was 26 million yuan, down 26.13%, making up less than 4% of total revenue [4] - Other businesses generated 163 million yuan, collectively accounting for about one-quarter of total revenue [4] Cost Management - Operating costs were 511 million yuan, a decrease of 21.3%, leading to an improvement in gross margin [9] - Selling expenses were 147 million yuan, down 17%, but still accounted for over 21% of revenue [9] - Management expenses were 47 million yuan, showing a limited decrease of nearly 5% [9] - Research and development expenses remained stable, indicating ongoing commitment to product innovation [9] Investment Performance - Investment income recorded a loss of 49.12 million yuan, compared to positive returns in the same period last year [6] - Fair value changes resulted in a gain of 41.57 million yuan, partially offsetting losses [6] - The company indicated that major subsidiaries had a net profit impact exceeding 10% on the overall net profit [9] Cash Flow and Financial Position - The net cash flow from operating activities improved significantly due to better management of inventory and accounts payable, as well as improved sales collections [10] - However, financing activities resulted in a net cash outflow of 38.67 million yuan, primarily due to large dividends and debt repayments [11] - As of the end of the reporting period, the company had a cash balance of 1.276 billion yuan, indicating ongoing financial pressure [11]