Core Viewpoint - The report from Huafu Securities indicates that Qianwei Yangchu's net profit attributable to shareholders for the first half of the year is 36 million yuan, a year-on-year decrease of 39.67%, with Q2 showing a net profit of 14 million yuan, down 42.05% year-on-year [1] Revenue Breakdown - In H1 2025, the company achieved revenue in various categories: staple foods 413 million yuan, snacks 197 million yuan, baked goods 205 million yuan, and frozen prepared dishes and others 65 million yuan, with year-on-year changes of -9.10%, -6.57%, +11.02%, and +67.31% respectively [1] - The company has made significant progress in its baking and prepared dishes business, which has helped offset declines in staple foods and snacks [1] Distribution Channel Changes - The number of distributors decreased by 158 in the southern region and 204 in the northern region during the reporting period [1] - The company is focusing on supermarket adjustments and a big product strategy to amplify growth in baking and dishes [1] Valuation - The current stock price corresponds to a P/E ratio of 33, 28, and 24 times, maintaining a "buy" rating [1]

公 司 研 究 千味央厨（001215.SZ） 策略变革初显成效，短期承压静待需求修复 公 司 财 报 点 评 事件：公司披露 2025 半年报，报告期内实现营业收入 8.86 亿元，同比 -0.72%；归母净利润 0.36 亿元，同比-39.67%；扣非归母净利润 0.34 亿元， 同比-41.94%。分季度看，25Q2 实现营收 4.15 亿元，同比-3.12%；归母净 利润 0.14 亿元，同比-42.05%；扣非归母净利润 0.13 亿元，同比-47.63%。 菜肴、烘焙增长亮眼，经销渠道下滑。分品类看，25H1 公司主食类/ 小食类/烘焙甜品/冷冻调理菜肴及其他分别实现营收 4.13/1.97/2.05/ 0.65 亿元，同比-9.10%/-6.57%/+11.02%/+67.31%。公司发力烘焙及预制 菜业务取得的良好进展，对冲主食及小食品类下滑。分渠道看，公司 25H1 直营约 4.34 亿元，同比+5.31%，受重点客户与自营阵地带动更为稳健，其 中，第一大客户收入规模稳中有增；经销约 4.45 亿元，同比-6.40%，主 要受铺货与推广投放节奏、区域动销分化影响。分区域看，25H1 长江南实 ...

Investment Rating - The report maintains a "Cautious Accumulate" rating for the company, predicting a relative increase of 0% to 5% compared to the CSI 300 index over the next six months [14]. Core Views - The company reported a revenue of 1.868 billion yuan for 2024, a year-on-year decrease of 1.71%, while the net profit attributable to the parent company decreased by 32.57% to 0.83 billion yuan [8][11]. - The company experienced negative sales growth in the second half of 2024, primarily due to a decline in sales through the distribution model and reduced sales in the northern market [8]. - The company’s gross margin slightly decreased to 23.38% in 2024, with a notable decline in direct sales margin, indicating pressure on profit margins [8][9]. - The frozen prepared dishes category and online sales showed significant growth, with frozen dishes achieving a sales increase of 273.39% to 0.142 billion yuan in 2024 [9]. Summary by Sections Financial Performance - In 2024, the company achieved a revenue of 1.868 billion yuan, with a net profit of 0.84 billion yuan, and earnings per share of 0.87 yuan [8][11]. - The first quarter of 2025 saw a revenue of 0.47 billion yuan, a year-on-year increase of 1.5%, but the net profit decreased by 37.71% [8]. Sales and Market Dynamics - Direct sales in 2024 amounted to 0.809 billion yuan, a year-on-year increase of 4.34%, while distribution sales were 1.051 billion yuan, a decrease of 6.04% [8]. - The number of major clients increased by 8.81% to 173 by the end of 2024, providing a stable foundation for sales [8]. Profitability and Margins - The overall gross margin for 2024 was 23.38%, with a direct sales margin of 20.02% and a distribution margin of 25.97% [8][9]. - The gross margin for the first quarter of 2025 further declined to 24.42% [9]. Growth Areas - The frozen prepared dishes category recorded a sales increase of 273.39%, contributing to a gross margin of 14.87% [9]. - Online sales reached 0.042 billion yuan in 2024, a year-on-year increase of 96.14%, with a high gross margin of 39.04% [9].