上海光明肉业集团股份有限公司 2025 年半年度经营数据公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏， 并对其内容的真实性、准确性和完整性承担个别及连带责任。 根据上海证券交易所《上市公司自律监管指引第 3 号-行业信息披露》之第十 四号—食品制造》第十四条的相关规定，现将上海光明肉业集团股份有限公司(以 下简称"公司")2025 年半年度主要经营数据（未经审计）公告如下： 证券代码：600073 证券简称：光明肉业 公告编号： 2025-041 | 区域 | 2025 年 月 | 1-6 | 2024 年同期 | 同比变动 | | --- | --- | --- | --- | --- | | 中国地区 | 6,320,268,593.85 | | 6,659,755,315.98 | -5.10% | | 海外地区 | 5,749,340,038.24 | | 4,941,843,384.03 | 16.34% | | 合计 | 12,069,608,632.09 | | 11,601,598,700.01 | 4.03% | 二、报告期经销商变动情况 一、2025 ...

Investment Rating - The report maintains a "Buy" rating for the company [9]. Core Insights - In Q1 2025, the company achieved revenue of $198 million, a year-on-year increase of 5.4%, and a net profit of $12 million, benefiting from a decrease in foreign exchange losses, thus turning from a loss to a profit [2][6]. - The company is positioned as a leader in the international Chinese dining market, leveraging its unique service model, strong brand power, and rapid localization capabilities [2][6]. - The company is expected to achieve net profits of $44.06 million, $55.15 million, and $63.41 million from 2025 to 2027, indicating strong growth potential in the hot pot industry internationally [2][6]. Revenue and Profitability - The company's revenue from its main business segments in Q1 2025 showed steady growth: Haidilao restaurant operations increased by 4.5%, takeaway business by 37.9%, and other businesses by 22.7% [6]. - The average daily sales per restaurant reached $17,800, a year-on-year increase of 1.71%, while same-store sales grew by 0.34% [6]. - The overall customer spending per visit decreased by 2.8% to $24.20, attributed to the company's pricing adjustments and menu changes [6]. Store Expansion and Network - The company opened 4 new Haidilao restaurants in Q1 2025, while closing 3 underperforming locations, bringing the total number of stores to 123 [6]. - The company continues to expand its presence in Southeast Asia, East Asia, North America, and other regions, with a net increase of 1 store in each of these areas compared to the same period in 2024 [6].