Group 1 - The company reported a revenue of 2.593 billion yuan for 1H2025, representing a year-over-year increase of 27.04%, and a net profit attributable to shareholders of 66 million yuan, up 504.42% year-over-year [1] - In 1H2025, the gross margin improved to 72.7%, with an adjusted net profit margin of 3.5%, reflecting enhanced profitability [1] - The company has accelerated store openings in non-first-tier cities, achieving over 70% of its 2025 store expansion target by adding 190 new stores in the first half of 2025 [2] Group 2 - Membership numbers grew to 30.1 million, a 55.2% year-over-year increase, with a significant rise in delivery orders from first-tier cities [2] - The average daily GMV per store decreased by 4.4% year-over-year to 13,000 yuan, primarily due to the stabilization of sales in newly opened high-performance stores [2] - The company maintains a positive same-store sales growth in first-tier cities, with a same-store sales decline of only 1.0% in 1H2025 [2]

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]