Core Viewpoint - The company reported a revenue of 2.829 billion yuan and a net loss of 93.5531 million yuan for the first half of 2025, attributing the performance pressure to strategic adjustments and a decline in investment income [1] Group 1: Financial Performance - The company achieved a revenue of 2.829 billion yuan in the first half of 2025 [1] - The net profit attributable to the parent company was a loss of 93.5531 million yuan [1] - The decline in performance was influenced by multiple factors, including strategic adjustment investments and a year-on-year decrease in financial income [1] Group 2: Strategic Adjustments - The company has been optimizing its product offerings, which included price reductions and changes in product structure, impacting gross margins [1] - Since 2024, the company has been optimizing its store structure by eliminating inefficient stores, leading to a decrease in the number of stores and a year-on-year reduction in sales scale [1] - Increased online channel traffic costs and a decline in interest income and investment returns have also negatively affected profits [1] Group 3: Market Strategy - In response to the deep adjustment period in the snack food industry, the company is focusing on long-term strategies while addressing short-term performance challenges [1] - The company emphasizes its core value proposition of "good ingredients create good taste" and is committed to the "one product, one chain" strategy to enhance supply chain efficiency and brand trust [1] Group 4: Channel Optimization - The company is enhancing online and offline channel integration by closing inefficient stores and controlling rental costs to improve channel structure efficiency [2] - The sales strategy focuses on driving core product conversion rates and utilizing platforms like Meituan and Douyin for targeted customer engagement [2] - The group purchasing channel achieved a sales revenue of 119 million yuan in Q2 2025, representing a year-on-year growth of 12.84% [2] Group 5: Supply Chain Development - The company is deepening its "one product, one chain" strategy by collaborating with media to promote product traceability and transparency in the supply chain [2][3] - New partnerships with high-quality raw material production areas have been established to ensure a stable supply of quality ingredients [3] - The company has successfully launched popular products like "Australian Angus Beef Chips" and "Crispy Lobster Tails" while enhancing the traceability of key raw materials [3] Group 6: Future Outlook - The company plans to continue focusing on the "one product, one chain" strategy to strengthen its competitive edge during the industry adjustment period [3] - The goal is to balance short-term performance improvement with long-term high-quality development [3]

Investment Rating - The investment rating for the company is "Buy" [5] Core Views - The company achieved a revenue of 5.48 billion yuan in H1 2025, representing a year-on-year increase of 7.9%, while the net profit attributable to shareholders was 140 million yuan, down 52.2% year-on-year [1] - The "D+N" strategy continues to drive distribution growth, with online channel revenue increasing by 5.0% to 4.3 billion yuan in H1 2025, and offline distribution revenue growing by 40.2% to 940 million yuan [2][4] - The company is in a critical phase of channel expansion, with increased costs impacting profitability, as the gross margin decreased by 0.8 percentage points to 25.1% in H1 2025 [3] Summary by Sections Revenue and Profitability - In H1 2025, the company reported a revenue of 5.48 billion yuan, with Q2 revenue reaching 1.75 billion yuan, a year-on-year increase of 22.8 [1][2] - The net profit for Q2 2025 was -100 million yuan, with a non-recurring net profit of -110 million yuan [1] Distribution and Channel Strategy - The company is focusing on a "high-end cost-performance" strategy, expanding its distribution channels and product categories, which includes a successful offline distribution business [2][4] - The company has 450 offline stores, generating 190 million yuan in revenue, with a significant portion coming from its community snack stores [2] Financial Metrics - The gross margin for H1 2025 was 25.1%, with a net profit margin of 2.5%, reflecting pressure from increased distribution costs [3] - The company expects revenue growth of 15.2%, 18.5%, and 15.4% for 2025, 2026, and 2027, respectively, with net profit projections of 284 million yuan, 391 million yuan, and 522 million yuan for the same years [4][9]

Core Insights - The company reported a revenue of 2.829 billion yuan and a net loss of 93.5531 million yuan for the first half of 2025, impacted by strategic adjustments, government subsidies, and decreased investment income [1] - The leisure snack industry is undergoing a deep adjustment period, prompting the company to adopt long-term strategies such as price reductions, closing inefficient stores, and increasing online traffic [1] - The company emphasizes its core value proposition of "good ingredients create good taste" and aims to build a "one product, one chain" ecosystem to enhance long-term high-quality development [1] Business Strategy - The company is actively transforming its channel business by closing inefficient stores and controlling rental costs to improve channel efficiency [1] - On the sales front, the company is implementing a product-driven strategy to enhance the conversion rate of core products and is utilizing platforms like Meituan and Douyin for targeted traffic generation [1] - The company achieved a sales revenue of 119 million yuan in the second quarter, representing a year-on-year growth of 12.84% [2] Product Development - The company is focusing on developing products that align with health formulas, national cultural IPs, and creative packaging to enhance market penetration [2] - The company has initiated a product traceability program in collaboration with the Central Radio and Television Station to create a transparent and visualized supply chain from source to consumer [2][3] - The company has signed contracts with eight new high-quality raw material production areas to ensure a stable supply of quality ingredients [2] Brand Trust and Innovation - The company is advancing its product traceability system to ensure full visibility and traceability of key ingredients from production to finished products [3] - The company has successfully launched popular products such as "Australian Angus Beef Chips" and "Crispy Lobster Tails" while introducing new traceable products [3] - The company aims to balance short-term performance improvement with long-term high-quality development by continuing to focus on brand and supply chain innovation during the industry adjustment period [3]

不过，良品铺子认为，当前休闲零食行业进入深度调整期，公司以长期思维直面变局，围绕品质升级， 通过"一品一链"迭代采购体系，持续优化供应链；打造从源头到消费终端的透明化、可视化产业链条， 全链路溯源，强化品牌信任状；同步优化单店模型，精益生产改善，提升经营效率，进而提升公司产品 及渠道竞争力。 在线上渠道，公司积极探索更高效流量模式。平台电商渠道通过"短视频引流+内容种草"，提升了爆款 产品占比；社交电商渠道通过"自有团队+外部达人"共创内容，深化抖音商城单品运营，有效带动销售 转化。 在团购渠道，良品铺子聚焦健康配方、国潮文化IP和创意包装结构等方面开发产品，二季度实现销售额 1.19亿元，同比增长12.84%。 受战略调整投入、政府补助及理财收益下降等多重因素叠加影响，良品铺子（603719）业绩短期承压。 8月26日晚，良品铺子发布的2025年半年报显示，公司上半年实现营业收入28.29亿元，归母净利润亏损 9355.31万元。 今年以来，良品铺子深化"一品一链"战略，启动"寻味中国好原料暨CMG乡村振兴首发活动"，以该活 动为核心开展产品溯源，打造从源头到消费终端的透明化、可视化产业链条，构筑起以源头品 ...

（原标题：持续探索经营优化改善路径 良品铺子上半年实现营收28.29亿） 8月26日晚，良品铺子（603719.SH）发布2025年半年度报告。上半年，公司坚定贯彻"好原料造就好味 道"的核心价值主张，以构建"一品一链"产业生态体系为核心抓手，在品牌战略升级、供应链协同创新 及消费者价值传递等方面取得实效，为长期高质量发展筑牢基础。 在团购渠道，良品铺子深化渠道拓展，并聚焦健康配方、国潮文化IP和创意包装结构等方面开发产品， 有效提升了公司产品的市场渗透率，二季度实现销售额1.19亿元，同比增长12.84%。 今年以来，良品铺子深化"一品一链"战略，联合中央广播电视总台农业农村节目中心启动 "寻味中国好 原料暨CMG乡村振兴首发活动"，以该活动为核心开展产品溯源，打造从源头到消费终端的透明化、可 视化产业链条，构筑起以源头品质把控和供应链全程透明为核心的差异化竞争优势。 为夯实产品力根基，公司持续拓展核心原料产区 "朋友圈"，上半年新增签约湖北潜江、仙桃、贵州关 岭、山东威海等8个优质产区，完善原料供应布局，从源头为品质食品提供稳定而优质的保障。 当前休闲零食行业进入深度调整期，良品铺子以长期思维直面变局，主 ...

良品铺子股份有限公司2025 年半年度报告 公司代码：603719 公司简称：良品铺子 良品铺子股份有限公司 良品铺子股份有限公司2025 年半年度报告 重要提示 一、 本公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的真实性、准确 性、完整性，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、 公司全体董事出席董事会会议。 三、 本半年度报告未经审计。 四、 公司负责人程虹、主管会计工作负责人徐然及会计机构负责人（会计主管人员）王薇声明： 保证半年度报告中财务报告的真实、准确、完整。 五、 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 无 六、 前瞻性陈述的风险声明 √适用 □不适用 本报告中所涉及的未来计划、发展战略等前瞻性描述不构成公司对投资者的实质承诺，敬请 投资者注意投资风险。 七、 是否存在被控股股东及其他关联方非经营性占用资金情况 否 八、 是否存在违反规定决策程序对外提供担保的情况 否 九、 是否存在半数以上董事无法保证公司所披露半年度报告的真实性、准确性和完整性 否 十、 重大风险提示 公司已在本报告中描述公司可能面临的风险，敬请投资者予以关 ...