Investment Rating - The report maintains a "Buy" rating for the company, with an expectation of over 20% relative increase compared to the benchmark index within the next six months [10][16]. Core Insights - The company experienced a slight decline in revenue and net profit in the first half of 2025, with revenue at 0.36 billion yuan, down 39.67% year-on-year [5][10]. - The new retail business is rapidly developing, particularly in the baking and dish products segment, which has shown significant growth [6][8]. - The company is expected to see gradual improvement in its operations in the second half of 2025, driven by stable performance from major clients and growth in customized cooperation with new retail clients [8][10]. Company Overview - The latest closing price is 29.66 yuan, with a total market capitalization of 2.9 billion yuan [4]. - The company has a debt-to-asset ratio of 21.5% and a price-to-earnings ratio of 34.09 [4]. Financial Performance - In the first half of 2025, the company reported revenues of 0.886 billion yuan, with a year-on-year decline of 0.72% [5]. - The gross profit margin for the first half of 2025 was 23.59%, down 1.62 percentage points year-on-year [7]. - The company has adjusted its revenue forecasts for 2025-2027, now projecting revenues of 1.908 billion yuan, 2.062 billion yuan, and 2.257 billion yuan respectively [10][12]. Product and Channel Performance - Revenue from the baking and dish products segment has increased significantly, with a 67.31% year-on-year growth in frozen dishes [6]. - Direct sales and distribution channels reported revenues of 4.34 billion yuan and 4.45 billion yuan respectively, with direct sales up 5.31% year-on-year [6].
千味央厨（001215）：新零售蓬勃发展，静待下半年改善