Investment Rating - The investment rating for the company is "Buy" and it is maintained [6] Core Viewpoints - The company reported a total revenue of 886 million yuan for H1 2025, a decrease of 0.72% year-on-year. The net profit attributable to shareholders was 35.79 million yuan, down 39.67%, while the net profit excluding non-recurring items was 34.09 million yuan, down 41.94% [2][4] - In Q2 2025, the total revenue was 415 million yuan, a decline of 3.12%, with a net profit of 14.34 million yuan, down 42.05%, and a net profit excluding non-recurring items of 13.12 million yuan, down 47.63% [2][4] - The competitive environment is challenging, leading to a decrease in profitability, with the net profit margin dropping by 2.61 percentage points to 4.04% in H1 2025 and by 2.32 percentage points to 3.45% in Q2 2025 [9] Summary by Sections Financial Performance - H1 2025 total revenue was 886 million yuan, with a breakdown showing direct sales at 434 million yuan (up 5.31%) and distribution sales at 445 million yuan (down 6.40%) [9] - The main product categories saw revenue changes: staple foods at 413 million yuan (down 9.10%), snacks at 197 million yuan (down 6.57%), baked goods at 205 million yuan (up 11.02%), and frozen prepared dishes at 65 million yuan (up 67.31%) [9] - Online sales increased by 44.87%, reaching 45 million yuan, accounting for 5.08% of total revenue [9] Strategic Response - The company is implementing a multi-faceted strategy to address challenges, including collaboration with distributors, focusing on successful products, enhancing online and offline channels, and optimizing channel structures [9] - The company aims to strengthen its presence in the B-end market while supporting distributors in expanding into new retail areas [9] Profit Forecast and Investment Suggestion - The forecast for net profit attributable to shareholders for 2025-2027 is 68 million, 75 million, and 86 million yuan respectively, with corresponding EPS of 0.70, 0.77, and 0.88 yuan [9] - The current price-to-earnings ratio is projected at 46, 42, and 37 times for the respective years [9]
千味央厨（001215）：2025年半报点评：经营压力仍在，渠道积极谋变