Core Insights - The company reported a revenue increase of 3.01% to 5.526 billion yuan for the first half of 2025, with a net profit rise of 33.76% to 397 million yuan [1] Revenue Breakdown - Direct sales model contributed 3.387 billion yuan, accounting for 66.25% of total revenue, with a gross margin of 33.11%, showing a year-on-year increase of 22.96% [2] - Distribution model generated 1.726 billion yuan, representing 33.75% of total revenue, with a gross margin of 30.45%, reflecting a year-on-year decrease of 18.75% [2] - Overall, the total revenue from main business activities was 5.113 billion yuan, with a gross margin of 32.21%, indicating a year-on-year increase of 4.80% [2] Product Performance - Liquid milk revenue grew by 4.60% to 5.067 billion yuan, while milk powder revenue increased by 32.29% to 46.014 million yuan [3] - The total number of distributors decreased by 472, from 3,461 at the beginning of the period to 2,989 at the end [3]
新乳业上半年营收增长3.01%至55.26亿,奶粉收入提高32.29%