“大魔王”领跑魔芋赛道，盐津铺子上半年营收29.41亿元

Core Insights - The company reported a revenue of 2.941 billion yuan for the first half of 2025, marking a year-on-year growth of 19.58%, and a net profit attributable to shareholders of 373 million yuan, up 16.70% year-on-year [1] - The growth in performance is primarily attributed to the explosive growth of konjac snacks and the successful implementation of the "category brand" strategy, which significantly enhanced overall profitability [1] - The konjac product category is in an expansion phase, with plans to solidify the strategic core product position of "Da Mo Wang" and further increase its market share [1] Revenue Breakdown - The revenue from the leisure konjac products segment reached 791 million yuan in the first half of the year, accounting for 26.90% of total revenue, and showing a year-on-year increase of 155.10%, confirming its position as the fastest-growing category [1] Strategic Developments - In October 2023, the company launched its first strategic sub-brand "Da Mo Wang" [2] - The "Da Mo Wang" series is projected to exceed 1 billion yuan in annual sales in 2024, with the "Sesame Sauce Konjac" product achieving over 100 million yuan in monthly sales within just 16 months of its launch, setting a record for the fastest product to reach this milestone in the industry [3] - The company has also expanded its konjac product offerings into overseas markets, successfully entering Southeast Asia and establishing its own brand "Mowon" in Thailand and the United States [4] Profitability and Cost Management - The company's net profit margin for the first half of the year was 12.67%, with a reduction in sales expense ratio by 2.70 percentage points to 10.57% and an optimized management expense ratio of 3.55% [6] - The scale effect driven by the "Da Mo Wang" strategic core product has further enhanced the logic of "cost reduction and profit increase" [5][6] Future Outlook - The company plans to continue deepening its "category brand" strategy, focusing on six core categories to drive strong single product performance, while leveraging its omnichannel capabilities to reach consumers both domestically and internationally [6]