1.69亿元广告宣传费，难掩承德露露营收净利双降

Core Viewpoint - The company reported a decline in both revenue and net profit for the first half of 2025, indicating challenges in its operational performance compared to the previous year [1][2]. Financial Performance - The company achieved a revenue of 1.384 billion yuan, a decrease of 15.3% year-on-year [2][5]. - The net profit attributable to shareholders was 258 million yuan, down 11.97% from the previous year [1][2]. - The net profit after deducting non-recurring gains and losses was also down by 11.70% [2]. - The basic and diluted earnings per share were both 0.25 yuan, a decrease of 10.71% [2]. Cost and Expenses - Operating costs decreased by 21.40% to 748 million yuan, primarily due to a significant drop in the procurement price of raw materials [5]. - Sales expenses increased by 2.93% to 280 million yuan, with advertising expenses rising by 2.80% to 169 million yuan [5][6]. - Research and development expenses saw a sharp decline of 60.24% to 3.99 million yuan, focusing mainly on laboratory formula research [5]. Product and Segment Analysis - The main product, almond milk, accounted for 94.20% of total revenue, with a year-on-year revenue decline of 17.67% [3][4]. - The water product line experienced a significant production increase of 4048.72%, while the walnut and plant milk series saw production decreases of 15.58% and 29.57%, respectively [4]. - The gross margin for the almond milk series improved by 4.54 percentage points to 46.69% due to changes in raw material prices [4]. Regional Performance - Revenue from the northern region was 1.246 billion yuan, representing 90.03% of total revenue, down 16.22% year-on-year [3]. - Revenue from the central region decreased by 17.44% to 80 million yuan, while other regions saw a revenue increase of 15.82% [3]. Consumer Feedback - The company received 27 complaints on the Black Cat Complaint platform, with issues related to product quality and packaging [9].