公 司 研 究 千味央厨（001215.SZ） 策略变革初显成效，短期承压静待需求修复 公 司 财 报 点 评 事件：公司披露 2025 半年报，报告期内实现营业收入 8.86 亿元，同比 -0.72%；归母净利润 0.36 亿元，同比-39.67%；扣非归母净利润 0.34 亿元， 同比-41.94%。分季度看，25Q2 实现营收 4.15 亿元，同比-3.12%；归母净 利润 0.14 亿元，同比-42.05%；扣非归母净利润 0.13 亿元，同比-47.63%。 菜肴、烘焙增长亮眼，经销渠道下滑。分品类看，25H1 公司主食类/ 小食类/烘焙甜品/冷冻调理菜肴及其他分别实现营收 4.13/1.97/2.05/ 0.65 亿元，同比-9.10%/-6.57%/+11.02%/+67.31%。公司发力烘焙及预制 菜业务取得的良好进展，对冲主食及小食品类下滑。分渠道看，公司 25H1 直营约 4.34 亿元，同比+5.31%，受重点客户与自营阵地带动更为稳健，其 中，第一大客户收入规模稳中有增；经销约 4.45 亿元，同比-6.40%，主 要受铺货与推广投放节奏、区域动销分化影响。分区域看，25H1 长江南实 ...

Core Insights - The retail company Pang Donglai reported a cumulative sales figure of 13.585 billion yuan as of August 3, 2023, with a single-day sales of 67.54 million yuan on that date [1] - The company has achieved 68% of its annual sales target for 2024, which is set at 16.964 billion yuan, indicating a strong likelihood of surpassing this target in 2025 [2][3] Sales Performance - As of August 3, 2023, Pang Donglai's sales distribution shows that supermarkets account for the largest share, with sales reaching 7.411 billion yuan, representing approximately 55% of total sales [3] - The top three stores by sales are the Times Square store (3.470 billion yuan), the Big Fat store (1.937 billion yuan), and the Angel City store (1.930 billion yuan) [5] Market Position and Competition - Pang Donglai remains a regional player, with all its stores located in Henan province, specifically in Xuchang and Xinxiang, totaling 14 stores [5] - The success of Pang Donglai has attracted attention from traditional supermarkets in China, including listed companies like Yonghui Supermarket and Zhongbai Group, which are attempting to learn from its business model [6] Industry Challenges - In contrast to Pang Donglai's growth, other A-share listed supermarkets are experiencing mixed performance, with some facing significant losses [7][8] - Yonghui Supermarket and Zhongbai Group both forecasted losses exceeding 200 million yuan for the first half of 2025, highlighting the challenges faced by traditional retailers [8] - The transformation efforts of these companies, such as store renovations and supply chain upgrades, are ongoing but have resulted in short-term financial impacts [10]

Core Viewpoint - As of August 3, 2023, the retail company Pang Dong Lai has achieved a cumulative sales revenue of 13.585 billion yuan, reaching approximately 68% of its annual sales target [2][3][5]. Group 1: Sales Performance - Pang Dong Lai's sales revenue for the year has reached 13.585 billion yuan, with a single-day sales figure of 67.54 million yuan on August 3 [2]. - The company aims for a sales target of 16.964 billion yuan for 2024, indicating that surpassing this figure in 2025 seems highly likely based on current performance [4]. - The supermarket segment constitutes the largest portion of Pang Dong Lai's sales, accounting for approximately 55% of total sales, with a revenue of 7.411 billion yuan as of August 3 [5]. Group 2: Store Distribution and Performance - Pang Dong Lai operates 14 stores in the Henan province, specifically in Xuchang and Xinxiang, and has not expanded beyond this region [8]. - The top three stores by sales revenue are the Times Square store (3.470 billion yuan), the Big Fat store (1.937 billion yuan), and the Angel City store (1.930 billion yuan) [8]. Group 3: Industry Impact and Competitors - Pang Dong Lai's success has attracted attention from traditional retail companies in China, including publicly listed firms like Yonghui Supermarket, Zhongbai Group, Bubugao, and Jiajiayue, who are looking to learn from its model [10]. - In contrast to Pang Dong Lai's growth, some of its competitors are experiencing mixed performance, with Yonghui Supermarket and Zhongbai Group both forecasting losses exceeding 200 million yuan for the first half of 2025 [11]. - Bubugao is expected to achieve a net profit of 180 to 220 million yuan for the same period, largely due to recognizing significant restructuring gains [12].