Core Viewpoint - After consecutive losses, "Hao Xiang Ni" is seeing a reduction in its loss margin, but a profitability turning point has not yet emerged [1] Financial Performance - In the first half of 2025, the company achieved operating revenue of 689 million yuan, a year-on-year decrease of 15.6% [2] - The net profit attributable to shareholders was a loss of 19.84 million yuan, an improvement of 45.25% compared to a loss of 36.23 million yuan in the same period last year [2] - Basic earnings per share were -0.044 yuan, showing a 52.99% improvement from -0.0936 yuan [2] - The net cash flow from operating activities was 113.91 million yuan, a significant increase of 272.82% from 30.55 million yuan [10] Revenue Composition - The revenue structure remains centered on red dates, which generated 500 million yuan, accounting for over 70% of total revenue, despite a year-on-year decline of 16.38% [4] - Revenue from health preservation products was 26 million yuan, down 26.13%, making up less than 4% of total revenue [4] - Other businesses generated 163 million yuan, collectively accounting for about one-quarter of total revenue [4] Cost Management - Operating costs were 511 million yuan, a decrease of 21.3%, leading to an improvement in gross margin [9] - Selling expenses were 147 million yuan, down 17%, but still accounted for over 21% of revenue [9] - Management expenses were 47 million yuan, showing a limited decrease of nearly 5% [9] - Research and development expenses remained stable, indicating ongoing commitment to product innovation [9] Investment Performance - Investment income recorded a loss of 49.12 million yuan, compared to positive returns in the same period last year [6] - Fair value changes resulted in a gain of 41.57 million yuan, partially offsetting losses [6] - The company indicated that major subsidiaries had a net profit impact exceeding 10% on the overall net profit [9] Cash Flow and Financial Position - The net cash flow from operating activities improved significantly due to better management of inventory and accounts payable, as well as improved sales collections [10] - However, financing activities resulted in a net cash outflow of 38.67 million yuan, primarily due to large dividends and debt repayments [11] - As of the end of the reporting period, the company had a cash balance of 1.276 billion yuan, indicating ongoing financial pressure [11]

Core Insights - The company reported a revenue of 689 million yuan for the first half of 2025, representing a year-on-year decline of 15.64% [1] - The net profit attributable to shareholders was a loss of 19.84 million yuan, an improvement from a loss of 36.23 million yuan in the same period last year [1] - The company's non-recurring net profit was 17.07 million yuan, compared to a loss of 36.31 million yuan in the previous year [1] Business Segment Performance - Revenue from the food sector was 640 million yuan, down 15.87% year-on-year [1] - Revenue from red date products was 500 million yuan, a decrease of 16.38% year-on-year [1] - Revenue from health-preserving fresh-lock products was 25.81 million yuan, down 26.13% year-on-year [1] Regional Sales Analysis - E-commerce revenue was 198 million yuan, reflecting a decline of 23.27% year-on-year [1] - Revenue from within Henan province was 205 million yuan, down 10.09% year-on-year [1] - Revenue from outside Henan province was 254 million yuan, a decrease of 13.11% year-on-year [1] Sales Model and Distribution - The company's retail business operates through a multi-channel sales network including specialty stores, e-commerce, supermarkets, exports, and snacks [2] - E-commerce accounted for 28.73% of total revenue in the first half of the year [2] - The number of distributors decreased from 1,267 at the beginning of the period to 1,062 by the end, a reduction of 205 distributors [2]

Core Viewpoint - The company "Hao Xiang Ni" continues to face significant challenges, reporting a net loss of 19.84 million yuan in the first half of 2025, with revenue declining by 15.64% to 689 million yuan, following three consecutive years of losses [2][5]. Financial Performance - Hao Xiang Ni's revenue for the first half of 2025 decreased by 15.64% to 689 million yuan, while the net profit loss reached 19.84 million yuan [2]. - The change in accounting method regarding the investment in "Ming Ming Hen Mang" led to a reduction in investment income by 77.31 million yuan, directly impacting the net profit attributable to the parent company [5][4]. Investment and Accounting Changes - The company changed its accounting method for its investment in "Ming Ming Hen Mang" from equity method to fair value measurement, which significantly affected its financial results [5]. - In December 2023, Hao Xiang Ni invested 700 million yuan to acquire a 6.64% stake in "Ming Ming Hen Mang," but later reduced its stake to 6.2881% and withdrew from the board, necessitating the accounting change [5][4]. Business Challenges - The core business of red dates continues to decline, with revenue from red date products dropping by 16.38% to 500 million yuan and health preservation products declining by 26.13% to 25.81 million yuan in the first half of 2025 [8]. - Despite launching innovative products like "Hong Xiao Pai," which generated nearly 200 million yuan in its first year, the overall performance of the red date product line remains weak [8]. New Product Development - The company has recently entered the craft beer market with a new series of products, including red date-flavored beer, but the impact on overall performance is expected to be minimal as production is outsourced [9]. - The introduction of the "Bao Xi Jiu" series is part of the company's strategy to diversify its product offerings based on consumer demand [9]. Market Position - As of August 15, 2025, Hao Xiang Ni's stock price was 9.68 yuan, with a market capitalization exceeding 4.3 billion yuan [10].

Core Viewpoint - The article discusses the financial struggles of the company "好想你" (Hao Xiang Ni), highlighting a significant decline in revenue and net profit due to changes in accounting methods and ongoing challenges in its core business of red dates [2][3][4]. Financial Performance - In the first half of 2025, the company's revenue decreased by 15.64% to 689 million yuan, with a net loss of 19.84 million yuan [3]. - The change in accounting method for its investment in "鸣鸣很忙" (Ming Ming Hen Mang) led to a reduction in investment income by 77.31 million yuan, directly impacting the net profit attributable to the parent company [8]. Accounting Method Change - The company switched from equity method to fair value measurement for its investment in "鸣鸣很忙," which resulted in a significant impact on its financial statements [7]. - The decision to change accounting methods was influenced by the company's reduced stake in "鸣鸣很忙" and the withdrawal of its board member position [7]. Core Business Challenges - The core business of red dates continues to face challenges, with revenue from red date products and health preservation products declining by 16.38% and 26.13%, respectively [11]. - Despite attempts to innovate with new products like "红小派" (Hong Xiao Pai), which generated nearly 200 million yuan in its first year, the overall performance of the red date product line remains weak [12][13]. Market Position and Future Outlook - The company has ventured into new product categories, including a series of craft beers, but these initiatives are not expected to significantly impact overall performance [13]. - The company’s stock price was reported at 9.68 yuan, with a market capitalization exceeding 4.3 billion yuan as of August 15 [14].