Ge Long Hui A P P·2025-09-12 09:37Core Insights - Tianfeng Securities report indicates that Richen Co., Ltd. achieved revenue and net profit attributable to shareholders of 204 million and 35 million yuan respectively in H1 2025, representing year-on-year growth of 8.63% and 22.64% [1] - In Q2 2025, the company reported revenue and net profit attributable to shareholders of 102 million and 18 million yuan respectively, with year-on-year increases of 6.85% and 11.04% [1] - The company continues to launch new products, with the baking business contributing incremental growth; direct sales in supermarkets have shown significant increase, while food processing and brand customization remain stable [1] Business Performance - The restaurant sector remains weak, but food processing and brand customization show steady performance, with direct sales experiencing high growth [1] - The C-end e-commerce and distributors continue to contract, indicating a shift in market dynamics [1] - With ongoing expansion in new customers and channels, the company's performance is expected to grow steadily [1] Profitability Outlook - Due to the slowdown in restaurant demand and intense competition, the profit forecast has been slightly adjusted, but the "buy" rating is maintained [1]