Ge Long Hui A P P·2025-09-01 08:16Core Viewpoint - The report from Xinda Securities indicates that Yanjinpuzi's net profit attributable to shareholders for H1 2025 reached 370 million yuan, representing a year-on-year increase of 16.7% [1] - In Q2 2025, the net profit attributable to shareholders was 200 million yuan, showing a year-on-year growth of 21.8% [1] - The company has adjusted its strategy to focus on core product categories, with revenue from its core product, konjac products, increasing by 155% year-on-year to 790 million yuan in H1 2025, indicating the initial success of its big product strategy [1] Financial Performance - Yanjinpuzi's H1 2025 net profit was 370 million yuan, up 16.7% year-on-year [1] - Q2 2025 net profit was 200 million yuan, reflecting a 21.8% year-on-year increase [1] - Revenue from konjac products in H1 2025 reached 790 million yuan, a significant increase of 155% year-on-year [1] Strategic Outlook - The company is expected to leverage the strong performance of konjac products to transition from a channel-focused company to a product-focused company [1] - There is a focus on monitoring the performance of key products such as quail eggs, fish tofu, and dried fruits, which are potential core products [1] - Profitability is anticipated to improve due to advantages in supply chain extension and the scale effects from focusing on core products [1] Investment Recommendation - The report maintains a "buy" rating for the company, emphasizing the importance of the performance of konjac products and potential core products [1]