宝立食品（603170）：业绩稳健，C端利润改善

Investment Rating - The investment rating for the company is "Buy" with a target price set at 14.14 CNY, maintaining the rating for the next six months [5][16]. Core Views - The company has shown steady performance with a revenue of 1.38 billion CNY and a net profit of 117 million CNY for the first half of 2025, reflecting year-on-year growth of 8.39% and 7.53% respectively [1]. - The second quarter of 2025 saw a revenue of 711 million CNY and a net profit of 58 million CNY, with year-on-year increases of 9.54% and 22.45% respectively [1]. - The company plans to distribute a cash dividend of 1.4 CNY per 10 shares, totaling 56 million CNY, which accounts for 48% of the net profit for the period [1]. Revenue and Profitability - The revenue from compound seasonings, light cooking solutions, and beverage dessert ingredients in Q2 2025 was 328 million CNY, 335 million CNY, and 33 million CNY respectively, with year-on-year growth rates of 9%, 15%, and a decline of 17% [2]. - The revenue from the C-end instant noodles reached 505 million CNY, marking an 11% increase year-on-year, with a net profit of 8.89 million CNY, indicating a turnaround [1][2]. - The number of distributors increased by 58 to a total of 503 in Q2 2025, with average distributor revenue decreasing by 10% to 220,000 CNY per distributor [2]. Financial Performance - The gross margin and net margin improved by 2.58 percentage points and 0.57 percentage points to 34.68% and 9.22% respectively in Q2 2025 [2]. - The sales expense ratio, management expense ratio, and financial expense ratio increased by 1.41, 0.10, and 0.51 percentage points to 16.47%, 2.59%, and 0.29% respectively, primarily due to increased business promotion costs and employee compensation [2]. Future Outlook - The company is expected to benefit from the recovery of the B-end market and the accelerated launch of new products, which may sustain growth [3]. - The C-end light cooking business is showing signs of recovery, potentially leading to a dual-driven growth model [3]. - Revenue forecasts for 2025-2027 are adjusted to 2.9 billion CNY, 3.2 billion CNY, and 3.6 billion CNY, with year-on-year growth rates of 11%, 11%, and 10% respectively [3].