产品降价、门店减少，良品铺子上半年业绩持续承压

Core Viewpoint - The company, Liangpinpuzi, is facing significant operational challenges in the first half of the year, resulting in a substantial decline in revenue and a shift to net losses due to various factors including price reductions and a decrease in store count [1][2]. Financial Performance - For the first half of 2025, Liangpinpuzi reported revenue of 2.829 billion yuan, a year-on-year decrease of 27.21% [1]. - The net profit attributable to shareholders was -93.55 million yuan, marking a shift from profit to loss compared to the previous year [1]. - The adjusted net profit after excluding non-recurring items was -119 million yuan, down from 7.4633 million yuan in the same period last year [1]. Operational Challenges - The company has been optimizing and adjusting its product offerings, which included price reductions and changes in product structure, negatively impacting gross margins [1]. - The number of stores decreased to 2,445 by the end of the first half, a net reduction of 259 stores since the beginning of the year, with 123 closures in Q1 and 136 in Q2 [1]. Strategic Initiatives - In response to the challenging environment, the company is exploring optimization of its single-store model, controlling rental costs, and strategically optimizing underperforming stores [2]. - The company is also enhancing its product structure and variety while implementing a "one product, one chain" strategy to reduce overall costs [2]. Shareholder Dispute - A notable shareholder dispute between the controlling shareholder, Ningbo Hanyi, and Guangzhou Light Industry Group has drawn market attention, with the company indicating efforts to resolve the issue amicably [2].