Core Insights - The report from Ping An Securities indicates that Qianwei Yangchu's net profit attributable to shareholders for H1 2025 is 36 million yuan, representing a year-on-year decline of 39.67% [1] - The gross margin has decreased year-on-year, while the expense ratio has increased, negatively impacting the net profit margin [1] - The main food and snack categories have seen a decline, whereas the dish and baking categories have performed well [1] Financial Performance - The gross margins for direct sales and distribution channels are 20.76% and 25.59% respectively, with year-on-year declines of 0.79 percentage points and 2.40 percentage points, indicating a more significant drop in the distribution channel [1] - The company is providing customized prepared dishes for key clients and offering products suitable for group meals and banquets to distributors [1] Strategic Outlook - The company's ability to expand and serve major clients is being continuously validated, suggesting strong long-term operational resilience [1] - The recommendation rating for the company remains "recommended" despite the current challenges [1]
研报掘金丨平安证券：维持千味央厨“推荐”评级，关注新渠道与新品类拓展