煌上煌（002695）：公司信息更新报告：经营相对稳健，主动控制费用

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company reported a slight decline in revenue, waiting for a bottom reversal, maintaining the "Accumulate" rating. In the first half of 2025, the company achieved revenue of 980 million yuan, a year-on-year decrease of 7.2%, while net profit attributable to the parent company was 77 million yuan, a year-on-year increase of 26.9% [5] - The company is a leading brand in the marinated food industry, and with the recovery of external demand, store expansion is expected to resume [5] Financial Performance Summary - In Q2 2025, the company achieved revenue of 540 million yuan, a year-on-year decrease of 10.7%, and a net profit of 33 million yuan, a year-on-year increase of 16.1% [5] - The company’s revenue from various product lines in the first half of 2025 was as follows: fresh products 600 million yuan (-10.9%), packaged products 19 million yuan (-29.2%), slaughter processing 41 million yuan (+54.2%), rice products 31 million yuan (-1.4%), testing and other businesses 0.15 million yuan (-23.0%) [6] - As of the end of Q2 2025, the company had 2,898 fresh product stores, with a net closure of 762 stores in the first half of the year [6] Cost Control and Profit Growth - The gross margin for Q2 2025 was 29.3%, a year-on-year decrease of 0.8 percentage points, attributed to a decline in sales volume and increased depreciation [7] - The sales expense ratio for Q2 2025 was 11.0%, a year-on-year decrease of 2.8 percentage points, due to controlled promotional expenses and reduced labor costs [7] - The net profit for Q2 2025 benefited from controlled promotional expenses, increasing by 16.1% [7] Financial Forecasts - The company is expected to achieve net profits of 80 million yuan, 110 million yuan, and 120 million yuan for the years 2025, 2026, and 2027, representing year-on-year growth of 90.5%, 36.7%, and 10.4% respectively [5] - The current stock price corresponds to P/E ratios of 116.1, 84.9, and 76.9 for the years 2025, 2026, and 2027 respectively [5]