Core Insights - The company reported a total revenue of 886 million yuan for the first half of 2025, a year-on-year decrease of 0.72% [1] - The net profit attributable to the parent company was 36 million yuan, down 39.67% year-on-year [1] - In Q2 2025, total revenue was 416 million yuan, a decrease of approximately 3.1% year-on-year, with net profit down about 41.9% [1] Revenue Channels - The retail new force channel contributed positively, while the distribution channel faced ongoing competition [1] - In H1 2025, revenue from direct sales increased by 5.3% year-on-year, while revenue from distribution channels decreased by 6.4% [2] - The growth in direct sales was primarily driven by new retail channel customers, particularly in the bakery segment with new clients like Hema [1][2] Profitability and Cost Structure - The gross profit margin in Q2 2025 decreased by 2.3 percentage points to 22.7%, influenced by a higher sales proportion of lower-margin bakery and frozen products [1] - The sales expense ratio and management expense ratio increased by 0.4 and 0.3 percentage points to 5.6% and 10.8%, respectively, due to intensified market competition and increased marketing expenditures [2] - The company's net profit margin excluding non-recurring items was 3.2%, down 2.7 percentage points year-on-year [2] Strategic Focus - The company aims to stabilize partnerships with core restaurant clients like Yum China and expand new retail channels through product customization and R&D advantages [2] - The strategy includes enhancing cooperation with clients such as Hema and Walmart, while adjusting distribution strategies to improve channel quality and profitability [2]
千味央厨(001215)：零售新势力贡献增量 餐饮基本盘有待修复