Ge Long Hui A P P·2025-09-15 06:40Core Viewpoint - The report indicates that Ziyan Food's revenue declined year-on-year in the first half of 2025, but there was improvement in the second quarter [1] Financial Performance - In H1 2025, the company's operating revenue was 1.473 billion yuan, down 11.5% year-on-year, and the net profit attributable to shareholders was 105 million yuan, down 47.2% [1] - In Q2 2025, the revenue was 909 million yuan, a decrease of 6.2%, while the net profit attributable to shareholders was 89 million yuan, down 38.0%, showing a significant narrowing of the decline compared to Q1 [1] Market Conditions - The overall pressure on the company is attributed to weak consumer recovery and rising labor costs, leading to a decline in gross profit and an increase in expense ratios [1] - Despite challenges in the distribution channel, direct sales and other models provided some support [1] Strategic Initiatives - The company is actively expanding new scenarios such as "University Town + Factory Canteen" and is exploring overseas channels [1] Future Outlook - Overall, while the company faces revenue pressure, there has been improvement in Q2, and future focus will be on the pace of cost and expense recovery [1] - Based on comparable company valuation levels, the reasonable valuation corresponds to a 2025 price-to-earnings ratio of 45 times, leading to a target price of 25.20 yuan, maintaining a "buy" rating [1]