Ge Long Hui A P P·2025-09-12 09:09Core Viewpoint - The report from Tianfeng Securities indicates that Fuling Zhacai's revenue and net profit for H1 2025 were 1.313 billion and 441 million yuan, showing a year-on-year growth of 0.51% and a decline of 1.66% respectively, while Q2 2025 figures were 600 million and 168 million yuan, reflecting a year-on-year increase of 7.59% and a decrease of 4.59% [1] Company Performance - Fuling Zhacai's revenue improved on a quarter-on-quarter basis, although net profit showed a decline [1] - The sales volume of radishes increased significantly due to the launch of a new product, dried radish, which enriched the product line [1] - The company aims to maintain a "dual-driven" strategy in H2 2025, focusing on product optimization and channel deepening, with expectations for continued performance in the catering channel [1] Industry Outlook - The seasoning industry is experiencing a slowdown in growth amid high competition in the market [1] - The stability of vegetable prices, particularly for green vegetable heads, is expected to highlight profit elasticity for the company [1] - Due to the competitive landscape, the profit forecast has been slightly adjusted, but the "buy" rating is maintained [1]