YanKershop(SZ:002847) Huaan Securities·2025-08-22 13:35Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company's Q2 2025 performance met market expectations, with a gross margin of 31.0%, showing a year-on-year decrease of 2.0 percentage points and a quarter-on-quarter increase of 2.5 percentage points [6][7] - The company achieved a net profit margin of 13.9% in Q2 2025, reflecting a year-on-year increase of 0.9 percentage points [7] - The report anticipates accelerated sales in the second half of 2025 due to the release of konjac production capacity and expansion in distribution channels [8] Financial Performance Summary - Q2 2025 total revenue reached 1.403 billion yuan, an increase of 13.54% year-on-year, while net profit was 195 million yuan, up 21.75% [8] - For H1 2025, total revenue was 2.941 billion yuan, a 19.58% increase year-on-year, with net profit at 373 million yuan, up 16.70% [8] - The company expects total revenue for 2025-2027 to be 6.363 billion, 7.618 billion, and 8.950 billion yuan respectively, with year-on-year growth rates of 20.0%, 19.7%, and 17.5% [8][9] Product and Channel Performance - In H1 2025, the company saw a significant increase in sales of konjac and egg products, with year-on-year growth of 155% and 30% respectively [8] - Online sales decreased by 0.97% year-on-year, while offline sales increased by 25.9%, with overseas sales showing a remarkable growth of 67,873% [8] - The report highlights the company's strategic adjustments in channel management, particularly the optimization of low-profit channels like Douyin [8]