YanKershop(SZ:002847) 光大证券研究·2025-09-06 00:03Core Viewpoint - Salted Fish Shop reported a strong performance in H1 2025, with revenue and net profit showing significant year-on-year growth, indicating a positive trend in the company's financial health [3][4]. Financial Performance - In H1 2025, the company achieved revenue of 2.941 billion yuan, a year-on-year increase of 19.58%, and a net profit of 373 million yuan, up 16.70% [3]. - For Q2 2025, revenue reached 1.403 billion yuan, growing by 13.54%, while net profit was 195 million yuan, reflecting a 21.75% increase [3]. Product Performance - The company saw substantial growth in various product categories, with spicy snacks, deep-sea snacks, and egg snacks achieving revenues of 1.32 billion, 363 million, and 309 million yuan respectively, with spicy snacks growing by 47.05% [4]. - The "Big Devil" brand of konjac products generated 791 million yuan in revenue, marking a remarkable 155.10% increase [4]. Channel Strategy - The company adjusted its e-commerce strategy, focusing on core products and eliminating low-margin items, which has led to improved sales performance in the e-commerce channel [4]. - Revenue from direct supermarkets, distribution, and other channels was 63 million, 2.303 billion, and 574 million yuan respectively, with a notable 30.09% increase in distribution channels [4]. Profitability and Cost Management - The gross margin for H1 2025 was 29.66%, with a slight decrease due to rising raw material costs and changes in channel structure [5]. - The net profit margin improved to 12.67% in H1 2025, driven by adjustments in low-margin products and enhanced scale effects from the "Big Devil" brand [5][6].