Core Viewpoint - The company anticipates a net loss of 75 million to 105 million yuan for the first half of 2025, primarily due to ongoing adjustments in product and store structures, increased online channel costs, and declines in interest income, investment returns, and government subsidies [2] Group 1: Financial Performance - The expected net loss for the first half of 2025 is between 75 million and 105 million yuan [2] - The decline in financial performance is attributed to rising online channel costs and decreased income from investments and government subsidies [2] Group 2: Strategic Initiatives - The company is focusing on expanding into "quality food" and has established a 16-character operational strategy centered on "quality food, brand leadership, ecological management, and people-oriented" [2] - A series of initiatives under the "quality food" theme have shown significant results, including partnerships with seven counties in Hubei for long-term raw material sourcing and the launch of high-quality gift boxes [2][5] - The company has introduced new products in collaboration with local partners, which have quickly gained market acceptance [2] Group 3: Supply Chain and Consumer Engagement - The company is developing a new store format called "quality food store," emphasizing traceability from raw materials to finished products [5] - The "Seeking Chinese Good Raw Materials" campaign has achieved over 140 million exposures, enhancing consumer awareness of raw material quality [5] - The company plans to establish raw material sourcing bases in 50 production areas and deepen cooperation with 10 core production areas this year [5] Group 4: Industry Insights - The current snack food industry is characterized by layered competition, where companies that create real value and demonstrate differentiation will show greater resilience [7]