Core Viewpoint - The company reported a decline in revenue but an increase in net profit for the first half of 2025, indicating a shift in financial dynamics despite ongoing challenges in the market [1][2]. Financial Performance - The company achieved operating revenue of 984 million yuan, a year-on-year decrease of 7.2% [1]. - The net profit attributable to shareholders was 76.92 million yuan, reflecting a year-on-year increase of 26.9% [1]. - The average procurement prices for key raw materials such as duck neck, chicken wing tips, and duck wings decreased by 38.7%, 32.17%, and 21.35% respectively, contributing to lower production costs [1]. - The overall gross profit margin improved by 2.23 percentage points to 38.61% [1]. - Sales expenses decreased significantly by 27.38% compared to the previous year [1]. Business Segments - The main business segments, including the processed meat products and rice products, both experienced revenue declines, with processed meat products generating 617 million yuan (down 11.65%) and rice products 312 million yuan (down 1.36%) [2]. - The company operates under three brands: "Huang Shang Huang," "Zhen Zhen Lao Lao," and "Du Jiao Xi" [2]. Market Dynamics - Changes in consumer behavior, such as the rise of online shopping and increased health awareness, have negatively impacted foot traffic and consumption frequency in stores [2]. - The number of stores decreased from 3,660 at the end of 2024 to 2,898 by June 30, 2025, marking a net reduction of 762 stores [2]. - The company had previously set a goal to open over 10,000 stores in more than 1,000 cities by 2026, but is now falling short of this target [3]. Strategic Challenges - The company has closed a significant number of franchise stores, primarily due to their weaker ability to withstand market changes [3]. - Analysts suggest that the company, similar to its peers, has overly relied on store expansion for growth, which is becoming unsustainable in a competitive market [3]. - The company is shifting focus from rapid store expansion to optimizing store operations and enhancing single-store revenue to cope with market pressures [3].

近日，煌上煌发布2025年上半年财报显示，公司实现营业收入9.84亿元，同比下降7.2%；实现归母净利 润7692万元，同比上升26.9%。 生产成本的回落与销售费用的下降是煌上煌上半年净利润增长的主要原因。根据煌上煌披露的财报数 据，上半年，原材料中鸭颈、鸡翅尖、鸭翅的平均采购价格分别较去年同期下降38.70%、32.17%、 21.35%。生产成本的逐步回落带来酱卤肉制品业综合毛利率的稳步回升，公司综合毛利率同比提升2.23 个百分点至38.61%。此外，公司人工成本、市场投入的线上线下促销费用等销售费用较去年同期大幅 减少，销售费用额同比下降27.38%。 从营收层面来看，煌上煌方面给出营业收入下滑的解释为，"消费场景发生变化，酱卤肉制品加工业老 店单店收入持续同比下降，同时公司门店拓展不达预期，门店数量出现负增长，导致营业收入达成不理 想"。值得注意的是，这已经是煌上煌连续多个财报中营业收入出现下滑。财报数据显示，2021—2024 年，公司分别实现营收23.39亿元、19.54亿元、19.21亿元、17.39亿元，同比分别下降4.01%、16.46%、 1.70%、9.44%。 知名战略定位专家、福 ...