Core Viewpoint - The company reported a decline in revenue and net profit for the first half of 2025, with a notable performance in frozen prepared dishes, indicating a mixed financial outlook and product performance [1][3]. Financial Performance - In H1 2025, the company achieved revenue of 886 million yuan, a year-on-year decrease of 0.72%, and a net profit attributable to shareholders of 36 million yuan, down 39.67% [1]. - For Q2 2025, revenue was 415 million yuan, a decline of 3.12%, with a net profit of 14 million yuan, down 42.05% [1]. - The gross profit margin for H1 2025 was 23.59%, a decrease of 1.62 percentage points year-on-year, while the net profit margin was 4.04%, down 2.61 percentage points [3]. Product Performance - Revenue from main food, snacks, baked goods, and frozen prepared dishes in H1 2025 was 413 million, 197 million, 205 million, and 65 million yuan, respectively, with growth in frozen prepared dishes at 67.31% year-on-year [1]. - The decline in main food and snack categories was attributed to market competition and product lifecycle issues, while the growth in baked goods was due to product adjustments for key clients [1]. Sales and Channel Strategy - The company optimized its channel structure, with direct sales and distribution generating revenues of 434 million and 445 million yuan, respectively, showing a year-on-year increase of 5.31% and a decrease of 6.40% [2]. - Online sales performed exceptionally well, achieving 45 million yuan in revenue, a year-on-year increase of 44.87%, accounting for 5.05% of total revenue [2]. - The company has been actively collaborating with major retail chains and enhancing its product offerings in the ready-to-eat segment [2]. Investment Outlook - The company is expected to achieve revenues of 1.952 billion, 2.086 billion, and 2.295 billion yuan for the years 2025 to 2027, with net profits of 88 million, 98 million, and 114 million yuan, respectively [3]. - The projected price-to-earnings ratios for these years are 32.64, 29.47, and 25.25 times [3].