Investment Rating - The investment rating for the company is "Buy" (maintained) [1][10]. Core Views - The company is experiencing pressure in its operations, particularly in Q2, and is awaiting the effects of adjustments [2][5]. - The company has a strong market position in the leisure fish product sector and is expanding into potential products like quail eggs, tofu, and konjac [9]. Financial Performance Summary - In H1 2025, the company achieved revenue of 1.124 billion yuan, a year-on-year decrease of 0.50%, and a net profit attributable to shareholders of 112 million yuan, down 21.86% year-on-year [5]. - Q2 2025 revenue was 528 million yuan, a decline of 10.37% year-on-year, with a net profit of 44 million yuan, down 36.27% year-on-year [5]. - The company plans to distribute a cash dividend of 1 yuan per 10 shares, totaling approximately 44.73 million yuan, which accounts for about 40% of the mid-year net profit [5]. Product and Channel Performance - Revenue from various product categories in H1 2025 showed mixed results: fish products increased by 7.61% to 757 million yuan, while quail egg products decreased by 24.00% to 196 million yuan [6]. - The company’s revenue from distribution and direct sales channels was 792 million yuan and 332 million yuan, respectively, with direct sales showing significant growth of 29.24% [6]. - Online sales decreased by 6.82% to 185 million yuan, primarily due to the impact of community group buying channels [6]. Profitability Analysis - The gross margin for H1 2025 was 29.45%, a decrease of 0.95 percentage points year-on-year, with Q2 gross margin at 28.93%, down 1.83 percentage points [6]. - The net profit margin for Q2 2025 was 8.33%, a decline of 3.53 percentage points year-on-year [6]. - The increase in sales, management, and financial expense ratios in Q2 2025 indicates rising costs, particularly in e-commerce platform promotion and brand marketing [6]. Future Outlook - The company aims to enhance its product quality, including upgrading quail eggs to "no antibiotic" versions, and is accelerating new product launches [7]. - The company is committed to a multi-channel development strategy and is deepening cooperation with snack retailers, indicating potential for sustainable growth [7][9]. - Revenue projections for 2025 to 2027 are estimated at 2.479 billion yuan, 2.743 billion yuan, and 3.019 billion yuan, respectively, with net profits of 248 million yuan, 301 million yuan, and 361 million yuan [9][10].

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company reported a revenue of 1.124 billion yuan for the first half of 2025, a year-on-year decrease of 0.5%, and a net profit attributable to shareholders of 112 million yuan, down 21.9% year-on-year [1] - In Q2 2025, the company achieved a revenue of 528 million yuan, a decline of 10.4% year-on-year, and a net profit of 44 million yuan, down 36.3% year-on-year [1] - The growth of fish products remains steady, while the growth rate of quail eggs has slowed down due to intense competition and brand switching [2] - The company is experiencing short-term pressure on profitability due to reduced scale effects and increased costs of small fish, with a gross margin of 28.9% in Q2 2025, down 1.8 percentage points year-on-year [2] - The company’s revenue and net profit forecasts for 2025-2026 are 2.463 billion yuan and 263 million yuan, respectively, maintaining a "Buy" rating [2] Summary by Sections Revenue and Profitability - The company’s total revenue for 2023 is projected at 2.065 billion yuan, with a year-on-year growth rate of 41.3% [4] - The net profit attributable to shareholders for 2023 is estimated at 210 million yuan, reflecting a year-on-year increase of 68.2% [4] - The gross margin is expected to be 28.2% in 2023, with a gradual increase to 31.4% by 2027 [4] Financial Metrics - The company’s earnings per share (EPS) for 2025 is projected to be 0.58 yuan, with a price-to-earnings (P/E) ratio of 21.50 [4] - The return on equity (ROE) is expected to be 17.4% in 2025, increasing to 21.4% by 2027 [4] Market Position and Strategy - The company has successfully expanded into modern channels, although the marginal benefits from these channels have diminished in the first half of 2025 [2] - The focus on core products and new product launches, particularly in the konjac category, is seen as a key driver for future growth [2]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company achieved a stable conclusion in 2024 with improved profitability, reporting a revenue of 2.412 billion yuan, a year-on-year increase of 16.8%, and a net profit attributable to shareholders of 291 million yuan, up 39% year-on-year [7] - The growth in revenue was driven by fish products, which saw a revenue increase of 18.8%, while quail egg sales are expected to reach around 400 million yuan for the year, with a slight slowdown in growth in the second half of 2024 due to a high base [7] - The company is focusing on strengthening its quail egg brand and expanding new channels, including member-based supermarkets and adjusting online channel strategies to avoid disrupting pricing [7] Financial Summary - The total revenue forecast for 2024 is 2.412 billion yuan, with a projected growth rate of 16.79% for 2025 and 13.50% for 2026 [1][8] - The net profit attributable to shareholders is expected to be 291 million yuan in 2024, with growth rates of 39.01% for 2025 and 6.85% for 2026 [1][8] - The earnings per share (EPS) is projected to be 0.65 yuan for 2024, increasing to 0.69 yuan in 2025 and 0.82 yuan in 2026 [1][8] - The company’s price-to-earnings (P/E) ratio is forecasted to be 19.04 for 2024, decreasing to 17.82 in 2025 and 14.98 in 2026 [1][8]