Group 1 - The company emphasizes the importance of brand image construction and plans to launch a new brand IP "Fa Fa Long" in July 2024 to enhance brand recognition and emotional connection with consumers [2] - The company focuses on its core food business, offering products in three main categories: pre-prepared ingredients, semi-finished products, and finished products, primarily serving B-end clients such as large restaurant chains, food processing factories, and major supermarkets, as well as C-end consumers [2] - Current product offerings include a variety of items such as pig intestine series, grilled sausage series, crispy meat series, and bacon series, with no current involvement in the pet food sector [2] Group 2 - The company will continue to optimize its brand visual system to ensure alignment with its strategic development direction [2] - Future product category development will be evaluated cautiously based on market demand, research and development capabilities, and strategic planning [2]

Investment Rating - The report maintains a "Buy" rating for the company [4][5]. Core Views - The company is experiencing short-term pressure due to channel adjustments, but there is potential for recovery as the effects of these adjustments materialize [4]. - E-commerce growth remains strong, with a notable increase in direct sales and other channels, indicating resilience in key product lines despite overall revenue decline [1][2]. - The company is undergoing a transformation phase, focusing on direct sales and overseas market expansion, which is expected to yield positive results in the long term [4]. Revenue and Profitability - In the first half of 2025, the company achieved revenue of 940 million yuan, a year-on-year decrease of 9.3%, with a net profit attributable to shareholders of 75 million yuan, down 55.2% [1]. - The revenue from the e-commerce channel grew by 12.4% to 150 million yuan, showcasing strong performance amidst rising costs in the overall e-commerce landscape [1]. - The gross profit margin for the first half of 2025 was 33.6%, a decrease of 1.3 percentage points year-on-year, primarily due to cost pressures [3]. Cost and Expenses - The company faced increased cost pressures, particularly from rising palm oil prices, which averaged 9,462.2 yuan per ton, up 17.3% year-on-year [3]. - Selling expenses increased by 5.3 percentage points to 18.6% of revenue, driven by enhanced brand promotion efforts [3]. Future Outlook - The company is expected to see revenue growth of 3.0%, 20.4%, and 16.7% in 2025, 2026, and 2027, respectively, reaching 2.33 billion, 2.80 billion, and 3.27 billion yuan [4][9]. - Net profit is projected to decline by 12.9% in 2025 but recover with growth rates of 35.9% and 23.4% in the following years [4][9].

Core Insights - The importance of domain names as online identifiers for businesses is increasingly recognized due to the growth of the internet [1] - The domain trading market in Fujian Province is experiencing significant activity, with many enterprises and individual investors focusing on regionally distinctive domain names [1][3] - A well-known domestic domain trading platform has intensified its investment in the Fujian market, providing convenient services for local domain transactions [1] Market Demand - There has been a rising demand for domain names containing keywords like "Fujian" and "Min," which are sought after for their scarcity and regional representation [3] - The transaction prices for these keyword-rich domains have reached new highs, indicating a strong focus on internet brand image construction within Fujian Province [3] Service Offerings - The platform has introduced customized services tailored to the characteristics of the Fujian market, aiming to help local businesses enhance their brand influence through quality domain names [4] - To promote the healthy development of the Fujian domain market, the platform has organized various online and offline seminars to raise public awareness of domain value and guide correct investment concepts [6] Future Outlook - With the advent of the 5G era, the demand for personalized and branded domain names is expected to grow even more robustly across the country, including Fujian [6] - The platform aims to leverage its strengths to ensure transaction security while providing diversified services, assisting entrepreneurs in finding their unique space online [6] - Domains serve not only as a gateway for businesses entering the internet world but also as a crucial window for showcasing brand identity [6]