Investment Rating - The report maintains a "Buy" rating for the company [2] Core Views - The company is in a phase of operational adjustment, focusing on customized product innovation for supermarkets and embracing large B-end customers and new retail clients [5][6] - For the second half of the year, the company expects improved sales performance compared to June and July, although profitability may face pressure due to increased promotions, higher depreciation costs, and significant investments in new facilities [5][6] - The projected net profits for the years 2025 to 2027 are estimated at 1.495 billion, 1.705 billion, and 1.923 billion respectively, with corresponding EPS of 4.49, 5.12, and 5.77 [5][6] Financial Performance Summary - In the first half of 2025, the company achieved a revenue of 76.04 billion, a year-on-year increase of 0.8%, while the net profit attributable to the parent company was 6.76 billion, a decrease of 15.79% [5][6] - For Q2 2025, the company reported revenues of 40.05 billion, with a net profit of 2.81 billion, reflecting a year-on-year increase of 5.69% in revenue but a decrease of 22.74% in net profit [5][6] - The company’s gross margin for Q2 was 18.00%, down 3.29 percentage points year-on-year, primarily due to rising raw material costs and increased promotional activities [5][6] Product and Channel Performance - The company is actively expanding its customized products for supermarkets and new retail channels, with significant growth in frozen dishes, particularly a 20% increase in the sales of flavored crayfish [5][6] - Revenue from various product categories in Q2 includes frozen prepared foods at 17.50 billion, frozen dishes at 15.80 billion, and frozen rice and noodle products at 5.83 billion, with the latter experiencing a decline of 10.8% [5][6] - Revenue from different sales channels shows stability in the distributor channel, while new retail and e-commerce channels have seen rapid growth, with increases of 35.1% year-on-year [5][6]