非一线城市开店提速，2025 年拓店目标已完成七成以上。截至1H2025全国门店1198 家，上半年净新增 190 家，覆盖48 个城市，上半年新进9个。其中一线城市/非一线城市门店数分别为515/683 家，上半年 净增6/184家，非一线城市门店净增占比96.8%。2025 年目标净增300 家店，截至2025年8 月15 日净增 233 家，完成率77.7%；另有27 家门店在建，35 家门店已签约。 机构：财通证券 研究员：耿荣晨/周诗琪 事件：公司发布1H2025 业绩报告。1H2025 公司实现营业收入25.93亿元/yoy+27.04%，归母净利润0.66 亿元/yoy+504.42%，经调整净利润0.91 亿元/+79.6%。分地区，1H2025 一线城市北上广深销售额10.84 亿元/yoy+7.2%，占营收比重41.8%/yoy-7.8pcts，其中北上销售额8.44 亿元/yoy+6.0%; 非一线城市销售额 15.09 亿元/yoy+46.6%， 占营收比重58.2%/yoy+7.8pcts。 毛利率净利率均同比改善， 盈利能力优化。1H2025 毛利率72.7%/yoy+0.06pc ...

Investment Rating - The report maintains a "Buy" investment rating for the company [8] Core Views - The company demonstrated strong resilience in performance, with continuous release of profitability [5] - The first quarter of 2025 saw total revenue of 8.315 billion yuan, an increase of 8% year-on-year, and a net profit attributable to shareholders of 2.202 billion yuan, up 15% year-on-year [4][5] Summary by Relevant Sections Financial Performance - In Q1 2025, the gross margin increased by 3 percentage points to 40.04%, primarily due to declining raw material prices [5] - The net profit margin rose by 1 percentage point to 26.54%, indicating improved profitability [5] Product Segments - Soy sauce revenue reached 4.42 billion yuan in Q1 2025, growing by 8% year-on-year, with plans for customized business expansion and new product penetration to enhance average transaction value [6] - Revenue from seasoning sauces, oyster sauce, and other products was 0.913 billion, 1.360 billion, and 1.289 billion yuan respectively, with growth rates of 14%, 6%, and 21% [6] Channel Strategy - Offline channel revenue was 7.565 billion yuan, up 9% year-on-year, while online channel revenue surged by 43% to 0.417 billion yuan [7] - The company is optimizing its distributor network, with a total of 6,668 distributors as of the end of Q1 2025, a net decrease of 39 from the beginning of the year [7] Earnings Forecast - The earnings per share (EPS) for 2025-2027 are adjusted to 1.27, 1.41, and 1.54 yuan respectively, with corresponding price-to-earnings (PE) ratios of 33, 30, and 28 times [8]