Core Insights - The company achieved revenue of 22.583 billion yuan in H1 2025, a year-on-year increase of 106.89%, with a net profit attributable to shareholders of 472 million yuan, compared to 934,600 yuan in the same period of 2024 [1] - The company’s non-recurring net profit was 450 million yuan, marking a turnaround from losses [1] - The snack retail business saw significant revenue growth, while average store revenue declined [1] Revenue and Store Performance - In H1 2025, the company’s snack retail and edible fungus business generated revenues of 22.35 billion yuan and 240 million yuan, respectively, with year-on-year changes of +109.3% and -1.2% [1] - In Q2 2025, the snack retail business alone generated 11.66 billion yuan, a year-on-year increase of 95% [1] - The company had 15,365 stores by the end of H1 2025, adding 1,468 stores during the first half of the year, resulting in a closure rate of approximately 2.1% [1] Profitability and Cost Management - The gross margin improved, with H1 and Q2 2025 gross margins at 11.41% and 11.76%, respectively, reflecting year-on-year increases of 0.89 percentage points and 0.65 percentage points [2] - The sales expense ratio for H1 and Q2 2025 was 3.09% and 2.88%, respectively, showing year-on-year decreases of 1.41 and 1.98 percentage points [2] - The overall net profit margin for Q2 2025 was 2.2%, an increase of 2.3 percentage points year-on-year, with the net profit margin for the snack retail business reaching 4.67% [2] Future Outlook and Earnings Forecast - The company is positioned as a leading brand in the snack retail channel, which is recognized for its efficiency and rapid expansion across the country [3] - Revenue projections for 2025-2027 are set at 53.895 billion yuan, 64.940 billion yuan, and 74.912 billion yuan, with year-on-year growth rates of +67%, +20%, and +15% respectively [3] - The forecasted net profit for the same period is 1.001 billion yuan, 1.567 billion yuan, and 1.895 billion yuan, with year-on-year growth rates of +241%, +57%, and +21% respectively [3]
万辰集团(300972)：毛利率和费用率改善 业绩持续兑现