事件：公司披露2025 半年报，25H1 实现营业收入8.35 亿元，同比增长9.31%，实现归母净利润1.32 亿 元，同比增长18.08%，实现扣非净利润1.01 亿元，同比增长15.29%。其中25Q2 实现营业总收入4.65 亿 元，同比增长13.50%，实现归母净利润0.94 亿元，同比增长31.42%，实现扣非净利润0.62 亿元，同比 增长24.28%。 工艺技术革新升级，产品体系持续优化。25H1 公司面米类/馅料类/外购食品类/包装及辅料/服务费收入 实现营收3.28/2.30/1.94/0.52/0.28 亿元，同比6.58%/16.29%/7.25%/10.70%/-4.67%。其中25Q2 公司面米 类/馅料类/外购食品类/包装及辅料/服务费收入实现营收1.76/1.30/1.12/0.28/0.16 亿元，同比 +10.24%/+20.29%/+10.00%/+17.61%/+4.35%。25H1 公司完成对45 款产品改良升级，在冷冻生胚包子技 术领域取得重大突破，同时还不断优化青菜馅保鲜工艺、鲜肉馅保汤技术，持续夯实产品生产技术的核 心竞争力。 主营收入企稳回升，堂食门店成为增长 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has achieved its national expansion strategy, significantly enhancing its regional market capabilities. It has completed strategic layouts in 16 key cities and covers over 100 cities across 26 provinces/municipalities, becoming the first private enterprise in the public construction sector to achieve nationwide coverage [8] - The company's revenue for 2024 is projected to be 3.39 billion yuan, representing an 8.3% year-on-year growth, while the net profit attributable to shareholders is expected to decline by 29.0% to 113.78 million yuan due to various factors affecting profit margins [8] - The company has consistently increased its cash dividend payout ratio since its listing in 2019, with a proposed total cash dividend of 64.08 million yuan for 2024, reflecting a 16.3 percentage point increase in the dividend payout ratio to 56.3% [8] Financial Forecasts and Valuation - Revenue and profit forecasts indicate a steady growth trajectory, with total revenue expected to reach 4.11 billion yuan by 2027, while net profit is projected to recover to 144 million yuan by the same year [1][9] - The earnings per share (EPS) is forecasted to be 0.63 yuan by 2027, with corresponding price-to-earnings (P/E) ratios decreasing from 19.43 in 2024 to 15.40 in 2027, indicating potential value appreciation [1][9] - The company maintains a strong financial position with a projected asset-liability ratio of around 39.63% by 2027, reflecting prudent financial management [9]