一鸣食品2025年半年报：营收净利双增 产品创新与供应链升级筑牢增长根基

Core Insights - The company reported a revenue of 1.401 billion yuan for the first half of 2025, representing a year-on-year growth of 2.12%, while net profit attributable to shareholders reached 32.2172 million yuan, up 21.73%, outperforming industry averages [1] - The company focuses on a "fresh and healthy" core positioning, enhancing product development, channel optimization, and supply chain efficiency [1] Business Layout - The company has developed a multi-dimensional product and service system targeting consumption scenarios throughout the day, including breakfast, lunch, and afternoon tea [1] - Membership operations have improved through initiatives like "Black Gold Membership Rights Upgrade" and "Full Touchpoint Customer Standard Optimization," leading to increased core member ratios and consumption frequency [1] - The lunch segment continues to leverage the "Thick Pizza" strategy, while the afternoon tea and office scenes have introduced "Yicheng Coffee" to fill consumption gaps [1] R&D Investment - R&D expenses reached 26.5817 million yuan, a year-on-year increase of 32.29%, focusing on dairy cattle breeding, functional dairy products, and healthy baking [2] - The dairy segment launched the "Yiming A2 Planet Cup Milk," targeting the high-end market, while functional products include the "Jianqing" series of probiotics and optimized children's yogurt formulas [2] - The baking segment emphasizes "clean labels" and health, advancing technologies for rice flour substitution and low-GI, low-sugar products [2] Supply Chain and Logistics - The company has enhanced the automation level of its production bases in Pingyang, Pinghu, and Changzhou, with significant investments in smart production systems [2] - The cold chain logistics system has shown effectiveness with the "Same Day Fresh" model, improving delivery times by 6-12 hours [2] Store Operations - As of the end of June, the company operated 1,864 "Yiming Fresh Milk Bar" stores, including 466 direct-operated and 1,398 franchise stores, with a net decrease of 77 franchise stores year-on-year [3] - The company employs a layered strategy for market expansion, focusing on upgrading existing stores in mature markets and expanding into new markets like Suzhou and Nanchang [3] - Plans for the second half of the year include opening 50 new stores, launching new products, and enhancing digital transformation with AI site selection systems and smart POS terminals [3]