Core Insights - The company reported its first revenue decline since going public, with a revenue of 524 million yuan in the first half of 2025, a year-on-year decrease of 2.5% [1] - The core seasoning food segment generated 310 million yuan, down 2.31% year-on-year, while the seasoning ingredient segment saw a revenue of 212 million yuan, down 1.31% but with a gross margin increase of 5.19 percentage points to 49.19% [1] - The e-commerce channel, particularly on platforms like Tmall and JD.com, experienced a significant sales drop of 10.69%, indicating challenges in online traffic acquisition and conversion efficiency [1] Business Challenges - The company's performance is primarily affected by its reliance on a few major products and intensified market competition [2] - The shiitake mushroom sauce, a key product, has seen a slowdown in growth due to brand influence issues and regional taste differences [2] - The Shanghai scallion oil product faced market challenges from low-priced infringing products and increased competition, leading to a decline in revenue despite maintaining category leadership [2] Strategic Adjustments - The company is initiating a multi-faceted strategic adjustment, including the sale of assets valued at 55.01 million yuan to refocus on core business [3] - New product promotion is centered around "flavor + health," with items like garlic sauce and zero-fat spicy sauce being highlighted [3] - The company is also venturing into the health sector with the development of ready-to-eat health products, leveraging its traditional Chinese medicine background for market promotion [3]