QIANHE(SH:603027) Xin Lang Cai Jing·2025-08-28 06:30Group 1 - The company reported a revenue of 1.318 billion yuan for H1 2025, a year-on-year decrease of 17.07% [1] - The net profit attributable to shareholders for H1 2025 was 173 million yuan, down 30.81% year-on-year [1] - In Q2 2025, the company achieved a revenue of 487 million yuan, a decline of 29.86% year-on-year [1] Group 2 - The company faced significant pressure on its revenue due to prior public opinion impacts, with Q2 2025 revenue from soy sauce, vinegar, and other products declining by 31.06%, 35.41%, and 24.02% respectively [1] - Online and offline revenues in Q2 2025 were 72 million yuan and 404 million yuan, reflecting declines of 47.01% and 25.12% year-on-year [1] - The company added 25 new distributors in Q2 2025, indicating an expansion of its distribution channels despite revenue pressures [1] Group 3 - The gross margin for Q2 2025 was 32.64%, a decrease of 2.52 percentage points year-on-year, impacted by rigid depreciation expenses [2] - The net profit margin for Q2 2025 was 2.62%, down 11.15 percentage points year-on-year, due to increased sales and management expenses [2] - The company is expected to stabilize its revenue in the second half of 2025 as it continues to enhance its product matrix and market penetration [2] Group 4 - The company has adjusted its profit forecasts for 2025-2027 down by 16%, 7%, and 4% respectively, with projected net profits of 460 million, 550 million, and 640 million yuan [2] - The corresponding price-to-earnings ratios for 2025-2027 are estimated to be 28x, 23x, and 20x, maintaining a "buy" rating [2]