Core Viewpoint - The company is addressing the pressure from raw material costs, particularly in beef products, and is implementing strategies to manage pricing and operational efficiency [1] Group 1: Raw Material Cost Management - The company has a significant proportion of beef products, with current raw material prices remaining high and stable [1] - To respond to fluctuations in raw material prices, the company plans to adjust product prices accordingly [1] - A dedicated team has been established to enhance product selection and new product development, focusing on category optimization and strengthening supplier management to improve internal efficiency [1] Group 2: Expansion Strategy - The company is committed to deepening its presence in the East China region while gradually expanding to peripheral areas [1] - Research indicates that opening stores in third and fourth-tier cities and rural areas incurs lower overall costs and operational pressures, leading to a strategic shift from first and second-tier cities to these regions [1]

9月15日，"预制菜第一股"味知香召开2025年半年度业绩说明会，管理层就投资者关心的问题进行解答。 上半年，味知香实现营业总收入3.43亿元，同比增长4.7%；归母净利润为3195万元，同比下降24.46%，扣 除非经常性损益后的归母净利润降幅更大，下滑38.74%至2534万元。 这已是味知香连续两年净利润下滑。2024年中期，公司归母净利润已经同比下滑43.37%至4229万元。 盈利能力走弱很大程度上与原材料成本高企有关。 上半年，受部分原材料价格上涨影响，味知香营业成本同比增长10.29%至2.71亿元，增幅明显超过营收 （4.7%），直接挤压利润空间；期内公司毛利率为20.83%，同比下滑超4个百分点。公司也在半年报中提 示风险：原材料价格波动是食品企业常见的经营风险，原材料成本占主营业务成本比重较高，若主要原材 料市场价格出现较大波动，企业采购成本会随之变动，可能对生产计划造成冲击，给经营和盈利带来不确 定性。 面对毛利率下滑问题，公司财务总监、董秘谢林华在业绩会上坦言，核心影响因素是牛肉原材料价格波 动。据悉，牛肉类产品是味知香的第一大细分产品，收入1.37亿元，同比增长8.82%，占主营业务 ...

北京商报讯（记者 郭秀娟 实习记者 王悦彤）9月15日，味知香召开2025年半年度业绩说明会，对于"毛 利率连续两年中期下滑"，味知香表示，公司毛利率阶段性下降，主要是受到牛肉原材料价格波动的影 响。牛肉类产品在公司整体营收结构中占比高、单位货值大，今年以来随着原材料价格的上涨，零售端 虽已针对性实施部分调价，但调价幅度尚未完全覆盖成本涨幅，而批发端受到市场环境的影响，无法实 现有效的价格传导，渠道选品也从高货值产品向为低货值产品转移，多重因素叠加下，公司整体毛利率 承压明显。为改善盈利能力，公司采取主要措施：1、公司产品价格传导比较快，原材料上涨，公司会 根据实际情况进行相应产品售价的调整；2、强化供应链管控力度，成立了相关小组强化产品筛选和新 品开发，聚焦品类优化；3、严格供应商准入标准，引入了更多竞价机制，打破合作依赖形成的价格惯 性。 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company has shown steady revenue growth, with a 4.70% year-on-year increase in revenue for the first half of 2025, reaching 343 million yuan, despite a decline in net profit by 24.46% [7] - The company is facing pressure on profitability due to rising raw material costs and increased R&D expenses, leading to a decrease in gross margin [7] - The company is actively expanding its product channels and enhancing its retail presence, particularly in the East China region [7] - Future revenue projections for 2025-2027 are estimated at 712 million, 751 million, and 789 million yuan, with corresponding growth rates of 6%, 6%, and 5% [7] Summary by Sections Financial Performance - In H1 2025, the company achieved a revenue of 343 million yuan, with a net profit of 32 million yuan, reflecting a decline in net profit margins [7] - The gross margin decreased to 20.83% in H1 2025, down 4.02 percentage points year-on-year [7] - The company’s revenue from various product categories showed mixed results, with notable growth in beef, poultry, and seafood products [7] Business Strategy - The company is focusing on channel expansion, particularly in retail and wholesale, and is encouraging franchisees to optimize and expand their operations [7] - The introduction of seasonal and regional specialty products is part of the strategy to diversify the product matrix [7] Future Outlook - Revenue forecasts for 2025-2027 are set at 712 million, 751 million, and 789 million yuan, with expected net profits of 83 million, 101 million, and 114 million yuan respectively [5][7] - The company aims to maintain a "Buy" rating based on the anticipated recovery in consumer demand and gradual improvement in profitability [5][7]