风口浪尖下的预制菜|“预制菜第一股”味知香光环褪色，成本与渠道双压下的经营困局

Core Insights - Weizhi Xiang, once a darling of the capital market and known as the "first stock of prepared dishes," is facing a dilemma of increasing revenue without profit due to rising raw material costs and channel contraction [1][2] Financial Performance - In the first half of 2025, the company achieved operating revenue of 343 million yuan, a year-on-year increase of 4.7% - The net profit attributable to shareholders was 31.9468 million yuan, a year-on-year decrease of 24.46% [1] Cost Pressures and Profitability Challenges - The core issue for Weizhi Xiang is the continuous rise in raw material costs, particularly beef, which significantly impacts overall profitability due to its high proportion in the product structure [2] - Attempts to adjust product prices have not fully covered the cost increases, leading to a persistent decline in gross profit margins as cost growth outpaces revenue growth [2] Channel Contraction and Market Bottlenecks - The company is experiencing a reduction in the number of distributors, with both retail and wholesale channels shrinking, indicating challenges in market expansion [3] - Heavy reliance on the East China region, which has reached a growth ceiling, limits overall revenue growth despite strong performance in other regions [3] - The shift towards supermarket channels has provided short-term growth, but significant declines in direct sales and e-commerce revenues highlight a structural imbalance in the channel strategy [3] Industry Challenges - The prepared dishes industry faces multiple challenges, including low entry barriers, product homogeneity, channel competition, and insufficient consumer trust [3] - Consumer skepticism regarding the taste, safety, and nutrition of prepared dishes, compounded by negative events, has weakened market confidence [3] - Weizhi Xiang is attempting to address these challenges through channel adjustments, targeting lower-tier markets, expanding group meal clients, collaborating with leading supermarket chains, and diversifying product offerings [3][4] Future Outlook - The effectiveness of the company's measures to overcome its challenges remains to be seen, as it must navigate key hurdles related to cost control, consumer trust, and industry compliance to achieve profitability and reputation [4]