Ganso(SH:603886) Chang Jiang Shang Bao·2026-01-18 23:39Core Insights - Yuan Zu Co., Ltd. is facing significant performance pressure, with projected net profit for 2025 expected to decrease by 52% to 43% compared to the previous year [1][2] - The company anticipates a decline in its net profit attributable to the parent company, forecasting a range of 1.19 billion to 1.43 billion yuan [2] - The company's operational challenges are attributed to a slowdown in consumer demand and intensified industry competition [2][3] Financial Performance - The projected net profit for 2025 is expected to be between 950 million to 1.14 billion yuan, representing a year-on-year decrease of 59% to 51% [2] - The company's net profit for 2025 is expected to return to levels not seen since 2015, indicating a significant regression in financial performance [2][3] - Revenue from various product categories has declined, with cake sales down 17.73%, Western and Chinese pastries down 20.28%, and other categories down 11.04% in the first three quarters of 2025 [3] Store Expansion and Operational Strategy - Yuan Zu plans to increase its number of stores by over 20 in 2025, aiming for a more balanced and sustainable growth model [1][2] - Despite the increase in store numbers, sales revenue has not grown correspondingly, indicating operational inefficiencies [3] - The company is focusing on optimizing its existing store network and enhancing single-store operational quality [2][3] Workforce and Cost Management - The company has seen a reduction in employee numbers from 5,114 in 2022 to 4,667 in 2024, a decrease of 8.74% [8] - There has been a significant drop in sales personnel, with a reduction of approximately 41% in 2024 [8] - Yuan Zu is implementing a conservative human resource strategy to align workforce size with the reduced business scale, aiming to lower operational costs and improve overall efficiency [8][9] Resource Integration - In October 2025, Yuan Zu announced plans to consolidate resources by merging its subsidiaries in Liaoning and Hunan into its Shanghai entity [9] - This merger is expected to enhance operational efficiency, reduce management costs, and maximize company benefits [9]