“预制菜第一股”味知香净利连降两年

Core Insights - The company, Weizhi Xiang, reported a total revenue of 343 million yuan for the first half of 2025, representing a year-on-year growth of 4.7%, while the net profit attributable to shareholders decreased by 24.46% to 31.95 million yuan [2] - The decline in profitability is largely attributed to high raw material costs, with operating costs increasing by 10.29% to 271 million yuan, significantly outpacing revenue growth [2] - The company has experienced a continuous decline in net profit for two consecutive years, with a 43.37% drop in mid-2024 [2] Financial Performance - The gross profit margin for the first half of 2025 was 20.83%, down over 4 percentage points compared to the previous year [2] - The company's main product, beef, generated 137 million yuan in revenue, an increase of 8.82%, accounting for over 40% of total revenue [3][4] - Overall revenue from various product categories showed a slight increase of 4.52% compared to the same period last year [4] Market Dynamics - The company is facing challenges in price transmission due to rising raw material costs, with retail price adjustments not fully covering the cost increases [5] - The East China region remains the core market, contributing over 90% of revenue, but growth is limited to 0.54% [5] - Emerging markets in South China, Northwest, and North China have shown significant growth rates of 777.35%, 354.83%, and 235.79%, respectively, although their combined revenue is still under 10 million yuan [5] Industry Outlook - The pre-prepared food industry in China is expected to maintain a high growth trajectory, with a projected CAGR of 19% from 2019 to 2022, and an estimated market size of 475.7 billion yuan by 2025 [6]