Core Viewpoint - Sanquan Foods held a conference call with 55 institutions to discuss its operational performance, reasons for profit improvement, overseas investment plans, and direct sales channel strategies [1][2]. Group 1: Operational Performance - In the first half of 2025, Sanquan Foods achieved revenue of 3.568 billion yuan, a year-on-year decrease of 2.66%, and a net profit of 313 million yuan, down 5.98% year-on-year. However, both revenue and profit indicators showed improvement compared to the previous quarter [1]. - Direct e-commerce revenue has shown stable growth, with profit margins gradually improving, and gross profit margin increased by 4.12% year-on-year. The distribution channel is gradually reducing expenditure while enhancing efficiency through targeted marketing, stabilizing year-on-year revenue [1]. Group 2: Reasons for Performance Improvement - The company primarily drives performance improvement through product upgrades and innovation, enhancing the value chain of existing products and improving quality, which has received positive consumer feedback, particularly for the Duoduo series dumplings and Golden Ratio steamed dumplings [2]. - Sanquan Foods is focusing on health-oriented and emotionally valuable innovative products, with notable performance from the Shiyang series tangyuan and "Koi" tangyuan. The company is also optimizing expense efficiency through precise marketing to reach consumers [2]. Group 3: Overseas Investment Plans - Sanquan Foods plans to establish a factory in Australia due to strong consumer purchasing power and broad market demand, aiming to expand into Australia, New Zealand, and Southeast Asia. The company is currently progressing with the necessary overseas investment filing procedures [2]. Group 4: Direct Sales Channel Strategy - The company is continuously optimizing its organizational structure and using multi-dimensional data analysis models to enhance management efficiency and refine channel operations. It is focusing on customized product trends and improving service quality to meet customer demands [2]. - Sanquan Foods is also leveraging opportunities in the supermarket channel by optimizing supply chain services and developing customized products based on innovative scenarios, engaging in close communication with relevant enterprises to expand business opportunities [2].

Financial Performance - In the first half of 2025, the company achieved operating revenue of 3.568 billion yuan, a year-on-year decrease of 2.66% [2] - Net profit for the same period was 313 million yuan, down 5.98% year-on-year [2] - Direct e-commerce revenue showed stable growth with a gross margin increase of 4.12% year-on-year [2] Performance Improvement Strategies - The company improved performance through product upgrades and innovation, enhancing the value chain of existing products [2] - Key products like the "Duoduo" series dumplings and "Golden Ratio" steamed dumplings received positive consumer feedback [2] - Focus on health-oriented and emotionally valuable products, such as the "Shiyang" series tangyuan, has been successful [3] Overseas Investment Plans - The company is conducting long-term market research for overseas expansion, targeting markets with large populations and strong purchasing power [3] - Plans to establish a factory in Australia to expand into Australia, New Zealand, and Southeast Asia are underway, with investment registration progressing smoothly [3] Direct Sales Channel Strategy - Continuous optimization of direct sales channels through multi-dimensional data analysis to enhance management efficiency [3] - Emphasis on customized products and improved service to meet customer demands, with successful collaborations with various supermarkets [3]