Huangshanghuang(SZ:002695) 光大证券研究·2025-10-21 23:07Core Viewpoint - The company reported a decline in revenue but an increase in net profit for the first three quarters of 2025, indicating a potential recovery in profitability despite challenging market conditions [4]. Group 1: Financial Performance - For Q1-Q3 2025, the company achieved revenue of 1.379 billion yuan, a year-on-year decrease of 5.08%, while net profit attributable to shareholders was 101 million yuan, an increase of 28.59% [4]. - In Q3 2025, the company recorded revenue of 394 million yuan, a year-on-year growth of 0.62%, and a net profit of 24 million yuan, up 34.31% year-on-year [4]. Group 2: Store Operations and New Models - The company is actively closing loss-making stores and adjusting its single-store model to include new product categories such as non-marinated specialties, tea drinks, and light meals, which has led to improved performance in some locations [5]. - A new store model has been promoted in Nanchang, showing significant performance improvements, and the company plans to stabilize the number of stores in 2025 while continuing to open new ones using this model [5]. - The acquisition of a 51% stake in Lixing Food for 495 million yuan is expected to enhance revenue and diversify product offerings, particularly in the freeze-dried category, which can also reduce transportation costs for the hot marinated products [5]. Group 3: Cost Management and Profitability - The gross profit margin for Q1-Q3 2025 was 33.02%, while for Q3 it increased to 35.65%, reflecting a year-on-year decline of 1.27 percentage points but a quarter-on-quarter increase of 6.38 percentage points [6]. - The sales expense ratio for Q1-Q3 2025 was 11.85%, with a Q3 ratio of 14.04%, showing a year-on-year decrease of 4.64 percentage points due to reduced promotional efforts and closure of unprofitable stores [6]. - The net profit margin attributable to shareholders for Q1-Q3 2025 was 7.33%, with Q3 showing a margin of 6.11%, indicating a year-on-year increase of 1.53 percentage points as the company adjusts its operations [6].