今日焦：芋爽保持高增-20250818

Financial Performance - Wei Long's revenue for 1H25 increased by 19% year-on-year to RMB 3.5 billion, exceeding market expectations[1] - Net profit for 1H25 rose by 18% year-on-year to RMB 733 million, outperforming market forecasts by 7%[1] - Gross margin decreased by 2.6 percentage points to 47.2% due to rising raw material costs[1] Product Segmentation - Revenue from vegetable products reached RMB 2.11 billion, a 44% year-on-year increase, making it the core growth driver[2] - Seasoned flour products generated RMB 1.31 billion, showing a slight decline of 3% year-on-year[2] - Revenue from bean-based products fell by 48% year-on-year to RMB 64 million, attributed to SKU optimization[2] Cost Management - Selling and administrative expenses as a percentage of revenue decreased by 1 percentage point and 2.5 percentage points, respectively[1] - Net profit margin remained stable at 21% due to strict cost control measures[1] Market Strategy - Offline revenue grew by 22% to RMB 3.15 billion, while online revenue declined by 4% to RMB 335 million[2] - Wei Long has established a network of 1,777 offline distributors and is expanding into new online channels like Douyin and WeChat[2]