天味食品（603317）：2025年半年报点评：外延支撑收入增长，盈利能力显著改善

Investment Rating - The investment rating for the company is "Buy" and is maintained [8] Core Views - The company's total revenue for H1 2025 is 1.391 billion yuan, a year-on-year decrease of 5.24%, while the net profit attributable to shareholders is 190 million yuan, down 23.01%. In Q2 2025, total revenue reached 749 million yuan, an increase of 21.93%, and net profit attributable to shareholders was 115 million yuan, up 62.72% [2][4] Revenue Analysis - In H1 2025, offline channel revenue was 974 million yuan, down 19.6%, while Q2 showed a year-on-year increase of 9.54%. Online channel revenue reached 407 million yuan, up 60.11%, with Q2 growth at 66.69%. The company also reported 138 million yuan in revenue from its subsidiary Shicui, a 20.52% increase year-on-year [5][6] Profitability Improvement - The company's net profit margin for H1 2025 decreased by 3.16 percentage points to 13.66%, while the gross profit margin fell by 0.86 percentage points to 38.7%. However, in Q2 2025, the net profit margin improved by 3.86 percentage points to 15.39%, and the gross profit margin increased by 3.63 percentage points to 36.96% [6][7] Growth Model - The company has established a sustainable growth model through product innovation, capacity layout, and channel development. It has successfully integrated Shicui and Jiandian Zhiwei to enhance its product matrix and capture market opportunities [7] Financial Forecast - The expected EPS for 2025 and 2026 is 0.57 yuan and 0.63 yuan, respectively, with corresponding PE ratios of 21 and 19 times [7]