富安娜半年报：营收净利双降，套件被芯存货周转超200天

Core Insights - The company reported a significant decline in revenue and net profit for the first half of 2025, with revenue at 1.09 billion and a net profit of 106 million, representing a year-on-year decrease of 16.56% and 51.31% respectively [1] Financial Performance - The company's operating cash flow improved to 290 million, primarily due to reduced procurement expenses [1] - The number of franchise stores decreased from 987 to 928, with franchise channel revenue dropping to 186 million, a substantial decline of 43.34% year-on-year [1] - The same-store sales performance in the direct sales channel also faced challenges, with a year-on-year decline of 6.86%, bringing the average store efficiency to 578,900 [1] Inventory Management - As of the end of June, the company's inventory reached 764 million, with a decline in inventory turnover efficiency [1] - The turnover days for bedding and comforter inventory increased to 204 days and 203 days respectively, indicating a slowdown in inventory turnover among franchisees, which management identified as a core issue [1]