五芳斋（603237）：2025年半年报点评：利润有所承压，渠道创新推进

Investment Rating - The investment rating for the company is "Buy" and it is maintained [5] Core Views - The company's total revenue for H1 2025 reached 1.592 billion, a year-on-year increase of 0.66%, while the net profit attributable to shareholders was 195 million, down 16.7% [3][4] - In Q2 2025, total revenue was 1.349 billion, a decrease of 1.84%, and the net profit attributable to shareholders was 240 million, down 20.95% [3][4] - The core business revenue for H1 2025 was 1.556 billion, slightly up by 0.32% compared to the same period last year, with the main product, the rice dumpling series, contributing 1.331 billion, a growth of 0.38% [8] - The company has seen significant growth in e-commerce and supermarket channels, with e-commerce revenue reaching 396 million, up 6.64%, and supermarket revenue at 249 million, up 8.59% [8] Financial Performance - The gross profit margin decreased by 3.80 percentage points to 41.02% in H1 2025, while the net profit margin fell by 2.55 percentage points to 12.22% [8] - The company is expected to achieve net profits of 129 million, 142 million, and 161 million for the years 2025, 2026, and 2027 respectively, with corresponding EPS of 0.65, 0.72, and 0.82 [8][14]