Jiajiayue(SH:603708) Shenwan Hongyuan Securities·2025-09-02 14:54Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company reported its 2025 semi-annual results, which met expectations. In Q2 2025, it achieved operating revenue of 4.066 billion yuan, a year-on-year decrease of 2.57%, while the net profit attributable to the parent company was 41.021 million yuan, an increase of 82.56% year-on-year [4] - For the first half of 2025, the company recorded operating revenue of 9.007 billion yuan, down 3.79% year-on-year, and a net profit attributable to the parent company of 183 million yuan, up 7.82% year-on-year [4] Financial Data and Profit Forecast - The company’s total revenue for 2025 is estimated at 18.601 billion yuan, with a year-on-year growth rate of 1.9% [5] - The net profit attributable to the parent company for 2025 is projected to be 201 million yuan, reflecting a significant year-on-year increase of 52.2% [5] - The earnings per share (EPS) for 2025 is expected to be 0.31 yuan [5] - The company’s gross margin is forecasted to be 23.6% for 2025 [5] Operational Highlights - The company opened 29 new stores in the first half of 2025, including 16 direct-operated and 13 franchised stores, while closing underperforming locations [7] - As of Q2 2025, the total number of stores reached 1,084, with 928 direct-operated and 156 franchised stores [7] - Online sales for the first half of 2025 amounted to 630 million yuan, representing a year-on-year growth of 23% [7] - The company has focused on enhancing store quality and customer experience, completing upgrades for 30 stores [7] Profitability Metrics - The gross margin for direct-operated stores in H1 2025 was 20.74% for comprehensive supermarkets, 19.32% for community fresh food supermarkets, and 19.71% for rural supermarkets, showing improvements compared to the previous year [7] - The net profit margin for Q2 2025 was 1.01%, an increase of 0.47 percentage points year-on-year [7]