Core Viewpoint - Qianwei Yangchun (千味央厨) reported a decline in revenue and net profit for the first half of 2025, indicating operational pressure but potential for recovery in the future, with a "buy" rating suggested by Minsheng Securities [1][2]. Financial Performance - For H1 2025, the company achieved revenue of 0.89 billion yuan, a year-on-year decrease of 0.7%, and a net profit attributable to shareholders of 0.04 billion yuan, down 39.7% year-on-year [2]. - In Q2 2025, revenue was 0.42 billion yuan, a decline of 3.1% year-on-year, with a net profit of 0.01 billion yuan, down 42.1% year-on-year [2]. Product Performance - Revenue from staple foods, snacks, baked goods, and frozen prepared dishes showed mixed results, with staple foods and snacks declining due to market competition and product lifecycle issues, while frozen prepared dishes grew significantly by 67.3% [2]. - The company is focusing on customized prepared dishes for key clients, contributing to revenue growth in the frozen prepared dishes category [2]. Channel Performance - Direct sales revenue increased by 5.3% year-on-year to 0.43 billion yuan, while distribution revenue decreased by 6.4% to 0.45 billion yuan due to intensified market competition [3]. - The top five clients contributed varying revenue changes, with the largest client generating 0.19 billion yuan, a slight increase of 0.3% [3]. Profitability and Costs - The gross profit margin for H1 2025 was 23.6%, down 1.6 percentage points year-on-year, attributed to an increase in low-margin business [4]. - Operating expenses increased, with selling expenses rising to 6.9% of revenue, reflecting higher personnel and online marketing costs [4]. Future Outlook - Revenue projections for 2025-2027 are estimated at 1.89 billion yuan, 2.00 billion yuan, and 2.10 billion yuan, respectively, with a slight growth forecast [4]. - Net profit forecasts for the same period are 0.08 billion yuan, 0.09 billion yuan, and 0.10 billion yuan, indicating a potential recovery in profitability [4].
民生证券：给予千味央厨买入评级