好想你：上半年费用削减，营收下滑

Core Insights - The company reported a revenue of 689 million yuan for the first half of 2025, representing a year-on-year decline of 15.64% [1] - Despite the revenue drop, the company achieved a net profit of 17.07 million yuan after excluding non-recurring items, marking a turnaround from losses [1] - The net cash flow from operating activities surged by 272.82% to 114 million yuan [1] Revenue Breakdown - Revenue from jujube products was 500 million yuan, down 16.38% year-on-year [1] - Revenue from health-preserving fresh-lock products was 25.81 million yuan, with a decline of 26.13% [1] - Other product revenues totaled 114 million yuan, decreasing by 10.70% [1] Channel Performance - E-commerce revenue fell to 198 million yuan, a decrease of 23.27%, accounting for 28.73% of total revenue [1] - Revenue from within Henan province was 205 million yuan, down 10.09% [1] - Revenue from outside the province was 254 million yuan, reflecting a decline of 13.11% [1] New Product Launch - The company launched a jujube beer product in May 2025 [1] Expense Management - Sales expenses were reduced to 147 million yuan, a decrease of 20.95% [1] - Business promotion and advertising expenses saw a significant reduction of 22.03 million yuan, primarily due to decreased online marketing investments [1] Investment Impact - The company's associate, Mingming Henbang, submitted an IPO application to the Hong Kong Stock Exchange, leading to a change in accounting treatment from equity method to fair value measurement, resulting in a non-cash loss of 49.12 million yuan in investment income [1]