Core Viewpoint - The company reported a decline in revenue and net profit for the first half of 2025, indicating challenges in the market and the need for strategic adjustments [1][2]. Financial Performance - In 25H1, the company achieved revenue of 2.13 billion yuan, a year-on-year decrease of 18.6%, and a net profit attributable to shareholders of 260 million yuan, down 26.6% year-on-year [1]. - For 25Q2, revenue was 1.03 billion yuan, a decline of 9.1% year-on-year, with a net profit of 80 million yuan, down 31.6% year-on-year [1][2]. - The company’s gross margin improved to 39.4% in 25Q2, an increase of 3.2 percentage points year-on-year [3]. Strategic Adjustments - The company proactively optimized its supply strategy, implementing inventory reduction measures for leading distributors and strategically reshaping the market pricing system to restore distributor confidence [2]. - The company reported a growth in the number of distributors, with an increase of 127 distributors in 25Q2 compared to the previous quarter [2]. Product and Channel Performance - In 25Q2, revenue by product category showed mixed results: soy sauce revenue increased by 6.4% to 650 million yuan, while chicken essence and edible oil saw declines of 13.7% and 48.8%, respectively [2]. - Revenue by channel in 25Q2 indicated a decline in distribution channels by 4.7% to 920 million yuan, while direct sales channels increased by 38.9% to 50 million yuan [2]. Regional Performance - In 25Q2, revenue by region showed varied performance: Eastern region increased by 1.1% to 240 million yuan, Southern region decreased by 12.4% to 390 million yuan, while Central and Northern regions saw increases of 5.6% and 6.8%, respectively [2]. Profitability Outlook - The company forecasts revenues of 5.20 billion yuan, 5.53 billion yuan, and 6.05 billion yuan for 2025-2027, with expected net profits of 840 million yuan, 960 million yuan, and 1.07 billion yuan, respectively [3].