（企业公告） 8月14日，步步高发布2025年半年报。当中披露，2025年上半年，公司继续深入学习胖东来，超市业态 通过逐步关闭低效门店、调改潜力门店，开展自有品牌战略，整体经营业绩较同期改善。报告期内，公 司实现营业收入21.29亿元，同比增长24.45%，公司通过重整、门店优化、商品管理、供应链效率提升 等多方面的努力，门店运营得到了显著改善，特别是超市销售额实现大幅增长；归属净利润2.01亿元， 同比扭亏为盈。净利润增长的主要原因是：公司根据重整计划完成相关事项，于本报告期确认了大额重 整收益；公司持续深化经营策略，聚焦于核心优势区域，并通过优化门店布局、提升运营效率等措施， 有效提升了整体门店效能和盈利能力。 截至报告期末，公司现经营门店共55家，其中超市23家，百货（含购物中心）32家。 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has demonstrated stable operations and clear strategic direction, with a focus on optimizing its business strategies for continued profitability improvement [7][8] - The company reported a total revenue of 151.27 billion yuan for 2024, reflecting a year-on-year growth of 7.70%, and a net profit attributable to shareholders of 14.85 billion yuan, which is a slight increase of 0.46% [7] - The company plans to distribute a dividend of 1.015 yuan per share, totaling 14.85 billion yuan [7] Revenue and Profit Forecasts - The projected total revenue for 2025 is 159.14 billion yuan, with a year-on-year growth of 5.20% [4] - The net profit attributable to shareholders for 2025 is estimated at 15.94 billion yuan, representing a growth of 7.38% [4] - Earnings per share (EPS) for 2025 is forecasted to be 5.44 yuan, with a price-to-earnings (P/E) ratio of 14.25 [4] Product Performance - In 2024, the company had 39 products with revenue exceeding 100 million yuan, contributing approximately 70% of total revenue [7] - The revenue from prepared foods reached 78.39 billion yuan, growing by 11.41%, with a standout product, the vacuum-sealed packaging, expected to grow over 18% [7] - The revenue from dish products was 43.49 billion yuan, increasing by 10.76%, with the small crispy meat product expected to grow by 50% [7] Margin and Cost Analysis - The gross margin for 2024 was stable at 23.30%, while the net margin slightly decreased to 10.01% [7] - The company experienced an increase in management expenses due to stock incentive costs, which rose by 80 million yuan [7] - The expense ratio for 2024 was 10.03%, with a notable increase in management fees [7] Strategic Outlook - The company is focusing on product strategy improvements, with a B-end strategy emphasizing cost-effectiveness and a C-end strategy aimed at product upgrades [7] - The company plans to launch new products and enhance promotional efforts to drive sales growth [7] - The profit forecasts for 2025, 2026, and 2027 are adjusted to 15.94 billion yuan, 17.59 billion yuan, and 19.73 billion yuan respectively, with corresponding EPS of 5.44 yuan, 6.00 yuan, and 6.73 yuan [7][8]