ZHONGYIN BABI FOOD CO.(SH:605338) Xin Lang Cai Jing·2025-08-24 15:47Core Viewpoint - The company reported a positive performance in its 2025 semi-annual report, with significant year-on-year growth in revenue and net profit, indicating a strong operational recovery and effective cost management strategies [1][2]. Group 1: Financial Performance - In the first half of 2025, the company achieved revenue of 840 million yuan, a year-on-year increase of 9.3%, and a net profit attributable to shareholders of 130 million yuan, up 18.1% [1]. - For Q2 2025, the company reported revenue of 470 million yuan, reflecting a year-on-year growth of 13.5%, and a net profit of 90 million yuan, which is a 31.4% increase compared to the same period last year [1]. - The company's non-net profit for Q2 was 60 million yuan, showing a year-on-year increase of 24.3% [1]. Group 2: Store Expansion and Performance - As of the end of Q2 2025, the company had a total of 5,685 franchise stores, with a net increase of 41 stores from the previous quarter [1]. - The company’s franchise revenue for Q2 reached 350 million yuan, a year-on-year increase of 10.5%, with a focus on store expansion and maintaining a stable closure rate [1]. - The average revenue per store from takeout services increased by nearly 40% year-on-year, attributed to competitive online sales strategies [1]. Group 3: Cost Management and Profitability - The gross profit margin for Q2 was 28.2%, an increase of 1.9 percentage points year-on-year, primarily due to a decrease in pork raw material costs [2]. - The company’s Q2 net profit margin was 20.3%, up 2.8 percentage points year-on-year, while the non-net profit margin was 13.4%, reflecting a 1.2 percentage point increase [2]. - Operating expenses showed a slight increase, with the sales expense ratio decreasing by 0.5 percentage points due to reduced store renovation subsidies and other costs [2]. Group 4: Strategic Initiatives and Future Outlook - The company is progressing with its goal of opening 1,000 new stores by 2025, and has successfully partnered with a well-known local brand to enhance supply chain efficiency [3]. - The company expects continued double-digit growth in its group meal segment due to expanded customer channels and strategic partnerships [3]. - Revenue projections for 2025-2027 are estimated at 1.9 billion, 2.12 billion, and 2.29 billion yuan, with corresponding net profits of 290 million, 320 million, and 350 million yuan, indicating steady growth [3].