Core Viewpoint - The company reported its worst interim results for the first half of 2025, with significant declines in revenue and net profit, attributed to product optimization, store closures, and increased online channel costs [1][4]. Financial Performance - In the first half of 2025, the company achieved revenue of 2.829 billion CNY, a year-on-year decrease of 27.21%, marking the lowest revenue for the same period since its listing [1]. - The net profit attributable to shareholders was -93.553 million CNY, representing the first half-year loss since the company went public [1]. - The non-recurring net profit was -119 million CNY, a staggering year-on-year drop of 1694.33% [1]. Store Operations - The company closed a total of 430 stores in the first half of 2025 while opening 171 new stores, resulting in a net decrease of 259 stores, bringing the total to 2,445 stores by the end of June [1][4]. - The company has been actively optimizing its store structure since last year, leading to a reduction in sales scale due to the closure of inefficient stores [1][4]. Market Impact - As of August 29, the company's stock price was 13.27 CNY, down 0.60%, with a total market capitalization of 5.321 billion CNY [4]. - The stock has experienced a 52-week high of 17.14 CNY and a low of 9.11 CNY [5]. Customer Complaints - There have been 3,531 complaints related to the company on a consumer complaint platform, including issues with product quality such as foreign objects and moldy products [4].

Company Overview - On July 10, the company announced that its controlling shareholder, Ningbo Hanyi Venture Capital Partnership, is planning a significant matter that may lead to a change in control of the company, resulting in the suspension of its stock from July 11 for up to two trading days [1][3] - As of the end of Q1 this year, Ningbo Hanyi directly holds 35.23% of the company's shares, making it the controlling shareholder [2] Stock Performance - On July 10, the company's stock price hit the daily limit, closing at 13.71 yuan per share, with a trading volume of 394 million yuan and a total market capitalization of approximately 5.498 billion yuan [3] Financial Performance - The company reported net profits for the years 2020 to 2024 as follows: approximately 344 million yuan, 282 million yuan, 336 million yuan, 180 million yuan, and a loss of 46.1 million yuan [5] - The company has indicated that its net profit for 2024 is expected to decline due to a strategy of lowering prices without compromising quality, which affects gross margins [5] Industry Context - The snack food industry is currently experiencing intense competition and channel transformation, with the top five brands holding less than 20% market share and frequent price wars due to severe product homogeneity [5] - The rapid expansion of snack retail stores is impacting traditional sales channels [5]