风险提示：宏观经济增长不及预期风险；行业竞争加剧风险；食品安全风险。 渠道结构持续优化，线上销售表现亮眼。25H1 直营/经销实现营收4.34/4.45 亿元，同比 +5.31%/-6.40%，其中线上销售表现亮眼，25H1 实现营收0.45 亿元，同比+44.87%，占总营收的 5.05%，其中毛利率为38.46%。电商渠道公司以旗舰店为引领，采取组合推广模式，利用线上的流量增 加品牌及品类曝光，实现产品的线上爆量、线下同步联动的互相赋能的销售模式。公司长江以北/长江 以南/其他业务收入分别实现营收2.51/6.12/0.23 亿元，同比+0.09%/-1.40%/+9.78%。近年来公司积极抓 取新型零售业务市场规模迅速扩大的机遇，与国内大型 KA 卖场如盒马、沃尔玛等取得合作。公司持续 推行厂商联合项目制服务模式，同时继续推行全国大单品策略，在区域试销成功的产品中选择合适的产 品予以全国推广，通过组织经销商参与重点行业展会等各种措施，助力渠道深耕。此外，公司在原来的 优势渠道餐饮类B 端客户的基础上，结合KA 商超调改的行业趋势，重点协助经销商扩充商超熟食区的 产品销售。 事件：公司披露2025 半年报 ...

利润端，市场竞争激烈，盈利能力短期承压。25H1，公司毛利率同比-1.62pct 至23.59% ， 销售/ 管理/ 研发/ 财务费用率同比+1.35/+0.32/+0.08/+0.17pct 至6.87%/9.69%/1.25%/0.01%，归母净利率同比-2.61pct 至4.04%；25Q2 公司毛利率同比-2.29pct 至22.66%，销售/管理/研发/财务费用率同比 +0.44/+0.30/+0.24/+0.18pct至5.57%/10.77%/1.52%/0%，归母净利率同比-2.32pct 至3.45%。受经济形势变 化及餐饮市场竞争结构变化的影响，公司利润短期承压。 投资建议：根据半年报，考虑到消费环境与餐饮场景竞争烈度暂未缓和，我们预计公司2025-2027 年收 入分别为19.77、21.26、23.01 亿元（2025-2026 前值为22.36、25.01 亿元），同比增长6%、8%、8%， 归母净利润分别为0.78、0.95、1.10 亿元（2025-2026 前值为1.41、1.80 亿元），同比-7%、23%、 16%，EPS 分别为0.80、0.98、1.13 元，对应PE ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [6] Core Views - The company's total revenue for 2024 is 1.868 billion yuan, a decrease of 1.71% year-on-year, with a net profit attributable to shareholders of 83.69 million yuan, down 37.67% [2][4] - In Q4 2024, total revenue was 504 million yuan, down 11.93%, and net profit attributable to shareholders was 2.1383 million yuan, down 94.65% [2][4] - For Q1 2025, total revenue was 470 million yuan, an increase of 1.5%, while net profit attributable to shareholders was 21.4445 million yuan, down 37.98% [2][4] Summary by Sections Financial Performance - The company reported a total revenue of 1.868 billion yuan for 2024, with a net profit of 83.69 million yuan, reflecting a significant decline in profitability [2][4] - The revenue breakdown shows that the staple food category generated 914 million yuan (down 6.88%), while the snack category saw a decline of 13.79% to 439 million yuan [9] - The gross profit margin decreased slightly to 23.66%, with a net profit margin of 4.48% for 2024 [9] Market Dynamics - The company faces significant pressure in its distribution channels, particularly in the B-end market, due to intensified competition and changing economic conditions [9] - The direct sales channel showed growth, with revenue of 809 million yuan, while the distribution channel faced a decline of 6.04% [9] Strategic Initiatives - The company is implementing multi-faceted strategies to address market challenges, including enhancing collaboration with distributors and focusing on high-demand products for nationwide promotion [9] - There is an emphasis on developing a comprehensive marketing system that integrates trade shows, promotions, and new market channels [9] Profit Forecast - The forecast for net profit attributable to shareholders for 2025-2027 is 91 million, 103 million, and 121 million yuan respectively, with corresponding EPS of 0.93, 1.06, and 1.25 yuan [9]

Investment Rating - The report maintains a "Buy" rating for the company [2] Core Views - The company experienced a revenue decline of 1.7% and a net profit drop of 37.7% in 2024, with a stable growth in direct sales channels but pressure in distribution channels [5][6] - In Q1 2025, the company reported a revenue increase of 1.5% but a net profit decrease of 38.0%, indicating ongoing challenges [5] - The company is focusing on developing customized products and collaborating with new retail forces, which is expected to accelerate growth in direct sales channels [5][6] - The EPS forecast for 2025 and 2026 has been adjusted to 0.97 and 1.08 yuan, respectively, corresponding to a PE ratio of 27 times for 2025 [5][6] Financial Performance Summary - In 2024, the company achieved total revenue of 1.868 billion yuan, with a net profit of 84 million yuan, reflecting a significant decline compared to the previous year [5][6] - The direct sales channel generated revenue of 810 million yuan, up 4.3% year-on-year, while the distribution channel saw a revenue decline of 6.0% to 1.05 billion yuan [5][6] - The company’s gross margin remained stable at 23.7%, but the net profit margin decreased by 2.6 percentage points to 4.5% due to increased share-based payment expenses [5][6] - For Q1 2025, the direct sales channel revenue was approximately 280 million yuan, a 7% increase year-on-year, while the distribution channel revenue was about 230 million yuan, down 3.92% [5][6] Financial Forecasts - The company’s total revenue is projected to reach 2.015 billion yuan in 2025, with a net profit of 94 million yuan, reflecting a 13% increase year-on-year [6][13] - The EPS is expected to grow from 0.86 yuan in 2024 to 0.97 yuan in 2025, indicating a recovery trend [6][14] - The company’s operating profit is forecasted to be 120 million yuan in 2025, slightly down from 122 million yuan in 2024 [6][14]