Core Insights - The company achieved revenue of 22.583 billion yuan in the first half of 2025, representing a year-on-year growth of 106.89% and a net profit attributable to shareholders of 472 million yuan, marking a return to profitability [1] - In Q2 2025, revenue reached 11.762 billion yuan, with a year-on-year increase of 93.29% and a net profit of 257 million yuan [1] Group 1: Business Performance - The core driver of revenue is the bulk snack business, which accounted for over 98.95% of total revenue, reaching 22.3445 billion yuan in H1 2025 [2] - The number of stores increased to 15,365 by mid-year, a net addition of 1,169 stores, reflecting a year-on-year growth of 131.47% compared to H1 2024, indicating continued penetration into lower-tier markets [2] - The total SKU count across stores exceeded 2,000, offering a diverse range of products to meet varied consumer demands [2] Group 2: Profitability and Efficiency - The company's net profit margin for H1 2025 was 3.85%, with a significant improvement in Q2, where the margin rose to 4.10%, an increase of 0.51 percentage points from Q1 [2] - Enhanced operational efficiency was noted due to increased store density and procurement synergies, along with deepened collaborations with leading domestic and international food and beverage brands [2] - The gross margin for the bulk snack business in H1 2025 was 11.49%, reflecting a 0.63 percentage point increase from the end of 2024, attributed to supply chain optimization and control of warehousing and logistics costs [2] - Sales and management expense ratios decreased by 1.34 percentage points and 0.26 percentage points, respectively, compared to the end of 2024, mainly due to reduced store subsidies and promotional expenses, as well as improved labor efficiency [2] Group 3: Investment Outlook - The company is projected to have EPS of 3.78, 4.97, and 6.02 for the years 2025 to 2027, with corresponding PE ratios of 50.9, 38.6, and 31.9 based on the closing price of 192.19 yuan on September 5, 2025, maintaining a "Buy-A" rating [3]
万辰集团(300972)半年报点评：业绩延续增长 利润率超预期*熊鹏