盐津铺子(002847)：品类渠道两开花 费率优化兑现

Core Viewpoint - The company reported strong financial performance in Q2 2025, with significant growth in revenue and net profit, driven by the success of its konjac product line and expansion in various sales channels [1][2][4]. Financial Performance - Q2 2025 total revenue reached 1.403 billion yuan, an increase of 13.54% year-on-year, while net profit attributable to shareholders was 195 million yuan, up 21.75% [1]. - For the first half of 2025, total revenue was 2.941 billion yuan, reflecting a 19.58% year-on-year growth, and net profit attributable to shareholders was 373 million yuan, a 16.70% increase [1]. Product Performance - The konjac product line saw a remarkable year-on-year growth of 155% in H1 2025, significantly contributing to revenue growth [2]. - Egg products also experienced a 30% increase in the same period, indicating strong demand across product categories [2]. Sales Channels - Online sales decreased by 0.97% year-on-year, while offline sales surged by 25.9%, with overseas sales showing an extraordinary increase of 67,873% due to the expansion of the konjac category and focused efforts in the Thai market [2]. - The company added 126 new distributors in H1 2025, enhancing its distribution network and driving sales growth [2]. Profitability - The gross profit margin for Q2 2025 was 31.0%, with a year-on-year decrease attributed to rising konjac prices and adjustments in channel/product structure, but an improvement from the previous quarter due to effective brand strategy and supply chain enhancements [3]. - The net profit margin for Q2 2025 reached 13.9%, reflecting a year-on-year increase of 0.9 percentage points [4]. Investment Outlook - The company maintains a "buy" rating, anticipating accelerated sales growth in the konjac segment and continued expansion in distribution channels in H2 2025 [5]. - Revenue projections for 2025-2027 have been adjusted to 6.36 billion, 7.62 billion, and 8.95 billion yuan, respectively, with corresponding net profit estimates of 820 million, 1 billion, and 1.22 billion yuan [5].