Investment Rating - The investment rating for the company is "Buy" and is maintained [7] Core Viewpoints - In the first half of 2025, the company achieved revenue of 1.223 billion, a year-on-year decrease of 2.9%, while the net profit attributable to shareholders was 108 million, a year-on-year increase of 228.0% [2][4] - As of the end of June 2025, the total number of stores reached 2,864, including 1,573 self-operated stores and 1,291 franchised stores, covering 292 cities across 28 provinces, autonomous regions, and municipalities in China [2][4] - The average store efficiency for self-operated stores improved by 11.6% year-on-year, while the average revenue contribution per franchised store increased by 13.8% [8] - The company implemented four core strategies to enhance store efficiency: empowering staff, deepening private domain marketing, comprehensive traffic attraction, and extending operating hours [8] - The company reduced the number of stores by 167 in the first half of 2025, with self-operated stores decreasing by 9.3% and franchised stores decreasing by 25.0% year-on-year [8] - The gross profit margin increased by approximately 3.2 percentage points to 58.6% year-on-year, driven by improved store operation quality and supply chain efficiency [8] - Revenue from channels other than self-operated, franchised, and online sales grew by 27.5% year-on-year, indicating new growth points in retail and overseas channels [8] - The company forecasts net profits attributable to shareholders of 200 million, 230 million, and 266 million for 2025, 2026, and 2027, respectively, corresponding to current price-to-earnings ratios of 22, 19, and 17 [8]
周黑鸭（01458）：2025年中期业绩点评：门店店效优化，新渠道多点破局