2025 年上半年，公司实现营业收入27.53 亿元，同比下滑10.1%，股东期间净利润0.61 亿元，同比下滑 16.05%。 机构：长江证券 由于门店仍在优化，利润率处于深度调整中。2025 年上半年，公司原材料及耗材成本占总收入比例为 35.6%，同比-0.2pct，基本维持稳定；员工成本占比30.1%，同比+0.9pct，使用权资产折旧9.7%，同比 +0.3pct，均系收入减少所致；其他租金及相关开支占比2.0%，同比-0.2pct，同店销售下降造成可变租金 减少；其他资产折旧及摊销占比5.3%，同比+0.7pct，主要系已经验收的广州南沙供应链中心物业、厂 房及设备折旧增加所致；水电开支占比4%，基本维持稳定。在营收下降与成本端综合影响下，公司 2025 年上半年餐厅层面利润率与核心经营利润率分别为11.8%、3.6%，同比分别-1.2pct、-1.5pct。 投资建议及盈利预测：展望未来，公司在门店端将持续优化布局，调整店型、推动升级，另外将向全球 市场扩张，优先考虑华人多的国家及城市，获得国际市场份额；在供应链端继续推进供应链中心建设， 其中广州南沙供应链中心在2025 年上半年已开始试运行， ...

Investment Rating - The report maintains a "Buy" rating for the company [2][9]. Core Views - In the first half of 2025, the company achieved revenue of 2.753 billion, a year-on-year decline of 10.1%, and a net profit attributable to shareholders of 61 million, down 16.05% year-on-year. The company plans to optimize its store layout, adjust store types, and expand into global markets, focusing on countries and cities with a significant Chinese population to capture international market share. Additionally, the company is advancing its supply chain center construction, with the Guangzhou Nansha supply chain center having begun trial operations in the first half of 2025, effectively reducing existing supply chain capacity pressure. Revenue projections for 2025-2027 are 6.289 billion, 6.763 billion, and 7.398 billion, with net profits of 153 million, 240 million, and 294 million respectively [2][6][9]. Summary by Sections Financial Performance - In the first half of 2025, the company reported revenue of 2.753 billion, a decrease of 10.1% year-on-year, and a net profit of 61 million, down 16.05% year-on-year [2][6]. Store Expansion and Management - The company opened 10 new restaurants in the first half of 2025, while closing 88 underperforming locations. As of June 30, 2025, the company operated 729 restaurants, with a focus on optimizing store models and concentrating resources on core quality restaurants [2][9]. Cost Structure and Profitability - The cost of raw materials and consumables accounted for 35.6% of total revenue, while employee costs represented 30.1%. The company experienced a decline in restaurant-level profit margins to 11.8% and core operating profit margins to 3.6% due to revenue decreases and cost pressures [2][9].