公 司 研 来伊份（603777.SH）：坚守品质， 重塑门店，合作创新，期待逐步突 破 来伊份作为中国休闲食品连锁经营模式的领航者，深耕肉类及坚果炒货行业， 凭借独特的口味创新和优质的产品质量，逐渐成为国内领先的休闲食品品牌。 公司近年来在渠道结构、区域布局、成本控制与新业态拓展等方面持续推进战 略转型。从区域表现来看，公司营收高度集中于华东地区，2024 年该区域营 收占比达 86.94%，毛利率为 40.76%，显著高于其他地区。公司坚持深耕长三 角市场，依托密集的门店布局和品牌优势巩固区域龙头地位，同时通过加盟模 式逐步向外埠市场延伸，展现出较强的区域渗透能力和市场控制力。 在渠道策略方面，公司已经从以直营为主转向"直营+加盟"双轮驱动策略。 2024 年加盟门店数量首次超过直营门店，占比提升至 51.9%; "万家灯火" 计划有效推动了加盟业务快速扩张，加盟批发营收占比从 2019 年的 4.81%提 升至 2024 年的 23.67%，五年 CAGR 达 31.99%，成为收入增长的重要引擎。 尽管直营门店数量有所收缩，但加盟网络的拓展为公司带来更低的运营成本和 更快的市场覆盖。 公司持续优化费用 ...

Core Viewpoint - The company, Laiyifen, reported a disappointing performance in the first half of 2025, with revenue growth but a significant net loss, indicating a situation of increasing revenue without increasing profit [2][4][5]. Revenue Performance - Laiyifen's revenue for the first half of 2025 reached 1.94 billion yuan, a year-on-year increase of 8.21% [4]. - The net profit turned negative at -50.68 million yuan, a shift from profit to loss compared to the previous year [4]. - The cash flow from operating activities decreased by 78.68% to 22.40 million yuan [4]. Cost and Profitability Issues - The company's gross margin fell to 32.61%, down 8.67 percentage points year-on-year, while the net margin was -2.27%, a decline of 3.00 percentage points [6]. - In Q2 2025, the gross margin further decreased to 30.21%, down 10.73 percentage points year-on-year [7]. Store Operations and Adjustments - As of June 30, 2025, the total number of stores decreased to 2,979, with a net reduction of 106 stores [8]. - The number of direct-operated stores fell by 90 to 1,395, while franchise stores decreased by 16 to 1,584 [8]. - Revenue from direct-operated stores dropped by 78.69% to 875 million yuan, while franchise store revenue increased by 78.71% to 722 million yuan [8]. Market Challenges and Competitive Landscape - The company faces intense competition from emerging snack retailers, which have adopted low-price strategies that appeal to consumers, particularly in lower-tier markets [5][11]. - The overall consumption environment remains challenging, impacting many physical stores, including those in the snack sector [5]. Strategic Transformation - Laiyifen is undergoing a strategic transformation, focusing on new business channels and product innovation to drive revenue growth [5][10]. - The company is also exploring new product categories, including beverages and prepared foods, to enhance its market presence [9][12]. Recommendations for Improvement - Analysts suggest that the company should enhance product development and innovation, optimize store operations, and strengthen online sales channels to improve profitability [12][13]. - There is a need for better cost control in the supply chain and a clearer brand positioning to differentiate from competitors [13].