Report Summary 1. Report Industry Investment Rating No information provided on the industry investment rating. 2. Core Viewpoints - The company aims to expand its market share through various strategies in different sales channels in 2025, including optimizing and expanding retail stores, improving the distributor system in the wholesale channel, and deepening cooperation in the supermarket channel [24][25]. - The company's gross margin has declined in the past two years due to beef raw material price fluctuations and market environment impacts, and it plans to take measures such as price adjustment, supply - chain management, and supplier optimization to improve profitability [25][26]. - The company is focusing on R & D innovation, launching new products according to consumer habits and shifting the R & D direction from frozen foods to fresh and cooked foods [26]. 3. Summary by Related Catalogs 3.1 Research Basic Situation - The research object is Weizhixiang, belonging to the food and beverage industry. The reception time was September 15, 2025, and the company's reception personnel included the chairman, general manager, financial director, board secretary, and independent director [17]. 3.2 Detailed Research Institutions The research institutions included investors and others, but no specific details were provided [20]. 3.3 Research Institution Proportion No information provided on the research institution proportion. 3.4 Main Content Data - **Business Development Direction**: In the retail channel, the company will optimize and upgrade franchise stores, implement the "Thousand - City, Ten - Thousand - Store" plan, and explore blank markets in third - and fourth - tier cities and townships in East China; in the wholesale channel, it will improve the distributor system and promote the "1 + N" model; in the supermarket channel, it will deepen cooperation and expand the cooperation map [24][25]. - **Gross Margin Issue**: The decline in gross margin is mainly due to beef raw material price fluctuations, and the company will adjust product prices, strengthen supply - chain management, and optimize suppliers to improve profitability [25][26]. - **R & D Innovation**: In the first half of 2025, the company launched various types of products according to consumer habits and shifted the R & D direction from frozen foods to fresh and cooked foods [26].

Core Viewpoint - The company is adapting to changing consumer behaviors by enhancing its store operations and expanding online sales channels to counteract the decline in foot traffic at traditional markets [1][2]. Group 1: Store Operations and Strategy - The company is implementing a series of remedial measures in 2024 to address the decline in foot traffic, focusing on upgrading store image, product display, and renovations to improve customer experience [1]. - The company is assisting franchise owners in integrating online platforms, creating a model of "online ordering with local store delivery" to expand sales reach and enhance market competitiveness [1][2]. Group 2: Franchise and Customer Relations - In 2024, there has been a shift from proactive store opening intentions to a more cautious observation among franchisees, prompting the company to focus on improving existing store efficiency [2]. - The company is concentrating on quality improvement rather than quantity growth in its wholesale channel, developing a multi-tiered sales network through systematic client acquisition [2]. Group 3: Product Development - The company is diversifying its product categories in response to changing consumer habits, moving from primarily stir-fry products to include frying, steaming, and marinated items, while also introducing fresh and ready-to-eat products [2]. - The company is committed to enhancing product research and innovation to meet the increasingly diverse dietary needs of consumers, including the launch of healthy, nutritious, and low-calorie options [2].