Core Insights - The company reported a revenue of 1.331 billion yuan for the first half of 2025, representing a year-on-year growth of 4.67% [1] - The net profit attributable to shareholders was 71.9986 million yuan, with a non-recurring net profit of 67.163 million yuan [1] Business Overview - The company's main business segments include catering services, hotel accommodation, and food operations [1] - As of the end of the reporting period, the company operated 133 directly-owned stores across various regions including Anhui, Jiangsu, Beijing, Shanghai, and Hangzhou [1] - The breakdown of stores includes 58 catering outlets, 11 hotels under the Fumao brand, and 64 new brand outlets [1] Product Development - The company leveraged its culinary expertise to create new product lines such as "one dumpling one dish" and "one shao mai one dish" [1] - During the Dragon Boat Festival, the sales of the "famous chef dumplings" exceeded 42 million yuan [1] - The chain operation of fresh meat buns also showed steady growth during the reporting period [1] Shareholder Returns - The company is committed to enhancing shareholder returns through improved business competitiveness, cash dividends, share buybacks, and effective communication with the capital market [1] - Since its listing in 2020, the company has conducted cash dividends five times [1]

Core Insights - The company's performance in 2024 was impacted by high base effects, new store ramp-up, and increased financial expenses, leading to a decline in net profit [1] - In early 2025, store performance was under pressure, but a significant recovery was observed in March [2] - The company has outlined its operational plans for 2025, focusing on expanding its restaurant and hotel businesses while enhancing product competitiveness [4] Financial Performance - In 2024, the company achieved revenue of 2.525 billion yuan, a year-on-year increase of 5.14%, but net profit dropped to 100 million yuan, down 67.09% [1] - For Q1 2025, revenue was 690 million yuan, a slight increase of 0.17%, while net profit fell to 52 million yuan, down 21.36% [2] Business Segmentation - **Restaurant Business**: In 2024, revenue from restaurant and accommodation services was 2.205 billion yuan, up 12.69%, with a gross margin of 18.26%, down 2.49 percentage points [3] - **Food Business**: Revenue reached 311 million yuan, a significant increase of 85.52%, with a gross margin of 25.62%, down 10.07 percentage points due to promotional strategies for franchisees [3] Future Plans - The company plans to open 3-5 new restaurant locations and upgrade 20 existing ones in the Yangtze River Delta region [4] - In the hotel sector, the goal is to open 3-4 new direct-operated stores and enhance the franchise business [4] - The food business aims to expand its franchise network by adding 100-150 new stores [4] Profit Forecast - The company anticipates net profits of 210 million yuan, 330 million yuan, and 450 million yuan for the years 2025, 2026, and 2027, respectively, maintaining a "recommended" rating [4]