Investment Rating - The investment rating for the company is "Outperform" (maintained) [1] Core Insights - The company achieved a revenue of 22.58 billion yuan in H1 2025, representing a year-on-year increase of 106.9%, with a net profit attributable to shareholders of 472 million yuan, a staggering increase of 50358.8% [4][5] - In Q2 2025, the company reported a revenue of 11.76 billion yuan, up 93.3% year-on-year, and a net profit of 260 million yuan, marking a return to profitability [4][5] - The company continues to expand its store network, opening 1,468 new stores in H1 2025, while closing 299, resulting in a total of 15,365 stores by the end of June 2025 [5] - The gross margin for Q2 2025 was 11.8%, an increase of 0.7 percentage points year-on-year, driven by improved operational efficiency and scale effects [6] Summary by Sections Financial Performance - The company is projected to achieve net profits of 889 million yuan, 1.15 billion yuan, and 1.66 billion yuan for the years 2025, 2026, and 2027 respectively, with corresponding P/E ratios of 37.4, 28.7, and 20.0 times [4][8] - The revenue for 2025 is estimated at 63.58 billion yuan, with a year-on-year growth of 96.7% [8] Business Expansion - The company’s snack retail business generated 22.345 billion yuan in H1 2025, reflecting a year-on-year growth of 109.33% [5] - The store count in various regions as of H1 2025 includes 8,727 in East China, 2,061 in Central China, and 1,374 in North China, indicating a strong regional presence [5] Profitability Metrics - The company’s net profit margin for the snack retail business was 4.28%, exceeding expectations, with a significant increase in operational efficiency noted [6] - The sales expense ratio decreased to 2.9%, down 2.0 percentage points year-on-year, while the management expense ratio fell to 3.0%, down 0.4 percentage points [6]
万辰集团（300972）：门店持续拓展，经营效率提升