三大核心市场营收集体下滑，桃李面包遇增长瓶颈

Core Insights - The company reported a decline in both revenue and net profit for the first half of the year, with revenue down 13.6% to 2.61 billion yuan and net profit down 29.7% to 204 million yuan [1][3] - The decline in revenue and profit is attributed to a significant drop in the core business of bread and pastry products, which saw a revenue decrease of 13.4% to 2.585 billion yuan [3][4] - The company faces challenges in its primary markets, with revenue declines across its three core regions: Northeast, East China, and North China [7][8] Business Performance - The company's revenue from its core bread and pastry category has been declining, with a notable drop in inventory levels, which increased by 19.42% to 856,000 kilograms [3][4] - The revenue trends from 2021 to 2024 show fluctuations, with a peak growth of 6.24% in 2021 followed by a decline of 9.93% in 2024 [3] - The company has been attempting to innovate by introducing health-oriented products, such as low-sugar and high-fiber options, to adapt to changing consumer preferences [4][9] Market Position - Despite holding a 35% market share in the short-shelf-life bread market in 2023, the company faces increasing competition from various brands and retail formats [4] - The company's sales model, which relies on a "central factory + wholesale" approach, is under pressure due to rising competition and changing market dynamics [4][9] - The company has experienced revenue declines in its southern markets, indicating challenges in penetrating these regions effectively [8][9] Channel Performance - Revenue from both direct and distribution channels has decreased, with direct sales down 12.64% and distribution sales down 5.62% in 2024 [7] - The company is focusing on optimizing its channel strategies in core markets while exploring new retail models to enhance its market presence [8][9] - The company is also investing in digital resources and community-based sales strategies to improve its distribution efficiency [8][9]