Core Insights - The company reported a revenue of 520 million yuan for the first half of 2025, a year-on-year decrease of 2.5%, with a net profit attributable to shareholders of 100 million yuan, an increase of 0.3% year-on-year [1] - The decline in revenue was primarily driven by lower prices in the seasoning ingredient business due to decreased raw material costs, despite volume growth [2] - The company improved its gross margin to 45.0% in the first half of 2025, up 1.3 percentage points year-on-year, with significant improvements in the seasoning ingredient business [3] Revenue Breakdown - Seasoning ingredient business generated 210 million yuan in revenue for the first half of 2025, down 1.3% year-on-year, with volume growth of 4.5% but a price decline of 5.5% [2] - Seasoning food business achieved 310 million yuan in revenue for the first half of 2025, a decrease of 2.3% year-on-year, with a volume decline of 3.4% and a price increase of 1.2% [2] - E-commerce channel revenue fell by 10.7% year-on-year, while offline channel revenue increased by 2.7%, with offline channels now accounting for 66% of seasoning food revenue [2] Profitability Analysis - The company’s gross margin for the first half of 2025 was 45.0%, with the seasoning food and seasoning ingredient businesses achieving gross margins of 41.7% and 49.2%, respectively [3] - The improvement in gross margin for the seasoning ingredient business was attributed to a significant reduction in raw material costs, with prices for key ingredients dropping substantially [3] Expense Management - The company reduced its sales expenses by 34.5% year-on-year, leading to an overall improvement in net profit margins for the first half of 2025 [4] - The sales expense ratio showed significant improvement, while management and R&D expenses saw slight increases [4] - For the second quarter of 2025, the company reported a net profit margin increase of 2.3 percentage points year-on-year [4] Future Projections - The company is projected to achieve revenues of 1.08 billion yuan, 1.14 billion yuan, and 1.19 billion yuan for 2025, 2026, and 2027, respectively, with expected net profits of 190 million yuan for each of the years [4]