Company Performance - In the first half of 2025, the company achieved operating revenue of 5.478 billion yuan, a year-on-year increase of 7.94%, with a net profit attributable to the parent company of 138 million yuan [1] - The revenue growth was attributed to the earlier timing of the 2025 New Year goods festival, resulting in a revenue shift to the first quarter, and a more than 20% year-on-year growth in the second quarter driven by the "D+N" omnichannel system [1][3] - The company has focused on enhancing its supply chain capabilities by establishing new supply chain bases in the South China region and expanding the East China supply chain base [1][2] Strategic Initiatives - The company is implementing a "one area, one product, one chain" strategy to strengthen its national supply chain network, which is seen as a core infrastructure for stable development [2] - The South China project includes the construction of various factories and logistics centers, with an expected annual output value exceeding 4 billion yuan [2] - The company aims to achieve cost leadership by integrating the entire supply chain, resulting in higher product quality, differentiation, and more competitive pricing [2] Industry Context - Among 19 companies in the leisure food industry that have released their 2025 semi-annual reports, 12 reported a year-on-year decline in net profit [3] - The leisure food industry is experiencing accelerated structural upgrades and intensified competition, with leading companies leveraging brand, channel, and R&D advantages to solidify their positions [3]