盐津铺子第二季度净利润增速有所加快 合同负债同比大增

Core Insights - Salted Fish Pouch reported a 19.58% year-on-year revenue growth in the first half of 2025, reaching 2.941 billion yuan, with a net profit increase of 16.70% to 373 million yuan [1] - The company experienced a slowdown in revenue growth in the second quarter of 2025, with a 13.54% increase to 1.403 billion yuan, while net profit grew by 21.75% to 195 million yuan [1] - Contract liabilities at the end of the first half of 2025 exceeded 114 million yuan, marking a 27.95% increase from the end of the previous year and a 147.36% year-on-year growth [1] Financial Performance - In Q1 2025, revenue, net profit, and net profit after deducting non-recurring gains and losses grew by 25.69%, 11.64%, and 13.41% respectively [1] - The net cash flow from operating activities decreased by 53.71% year-on-year to 283 million yuan, primarily due to increased cash payments for goods and services [1] R&D and Product Development - R&D investment decreased by 11.21% year-on-year, with the company focusing on enhancing its core competitive advantage in the snack food sector [2] - The company is concentrating on six major product categories, including spicy snacks, baked potato products, deep-sea snacks, egg snacks, dried fruits and nuts, and konjac jelly pudding [2] - The brand "Big Demon King" under the company has successfully engaged with younger consumers, enhancing brand awareness and reputation [2]