Core Viewpoint - The company reported a solid performance in H1 2024, with revenue and net profit showing significant year-on-year growth, indicating effective market strategies and operational efficiency [1][4]. Financial Performance - In H1 2024, the company achieved revenue of 204 million yuan, up 8.63% year-on-year, and a net profit attributable to shareholders of 35 million yuan, up 22.64% year-on-year [1]. - For Q2 2024, revenue was 102 million yuan, reflecting a 6.85% increase year-on-year, while net profit attributable to shareholders was 18 million yuan, up 11.04% year-on-year [1]. Product and Market Development - The company experienced notable growth in its product categories, with sauce and powder seasonings showing mixed results; sauce revenue decreased by 8.23%, while powder seasonings increased by 10.84% [2]. - The acquisition of Jiaxing Aibeibang Food Co., Ltd. in March 2024 expanded the company's frozen baking business, contributing 10.49 million yuan in revenue in Q2 [2]. - Revenue from various channels in Q2 2024 showed diverse performance, with the restaurant channel growing by 3.18% and direct supermarket sales surging by 897.62% [2]. Profitability and Cost Management - The gross profit margin for Q2 2024 was 37.35%, a slight decline of 0.71 percentage points, primarily due to the consolidation of lower-margin frozen dough business [3]. - The company reduced its overall expense ratios in H1 2024, with a total expense ratio decrease of 3.12 percentage points year-on-year, driven by a significant reduction in marketing expenses [3]. - The net profit margin for Q2 2024 was 17.19%, an increase of 0.65 percentage points year-on-year, indicating improved profitability [3]. Strategic Outlook - The company is strategically focusing on the baking sector, viewing it as a key growth area, and aims to leverage the high growth potential of the industry [3]. - The company plans to enhance its product offerings and customer base to sustain steady growth despite external market pressures [3]. Earnings Forecast - The company adjusted its profit forecasts, expecting net profits of 78 million, 93 million, and 108 million yuan for 2025-2027, representing year-on-year growth rates of 22%, 18%, and 17% respectively [4].