事件: 2025 年8 月27 日，公司发布2025 年半年报。公司2025H1 实现营收54.78 亿元，同比+7.94%；归母净利 润1.38 亿元，同比-52.22%；扣非归母净利润0.51 亿元，同比-77.75%。2025Q2 实现营收17.54 亿元，同 比+22.77%；归母净利润-1.01 亿元，亏损同比扩大；扣非归母净利润-1.12 亿元，亏损同比扩大。 投资要点: Q2 淡季收入增速较快，抖音和分销驱动增长。分渠道来看，2025H1线上实现营收42.95 亿元，同比 +5%，其中抖音/京东/天猫收入分别为14.78/8.08/8.82 亿元，同比+20.8%/+1.9%/-18.6%，公司电商端加 速对优势及潜在品类的运营细化，抖音平台贡献突出。线下分销收入9.38 亿元，同比+40.2%，门店收 入1.87 亿元，同比-18.7%，其中单Q2 分销实现翻倍增长，公司在线下分销端加速全品类适配与全渠道 渗透，推出瓜子、火鸡面、AD 钙、八宝粥等千万级日销品矩阵，日销占比大幅提升；线下门店则积极 探索自有品牌生活馆。分产品来看， 2025H1 公司坚果/ 烘焙/ 综合类收入分别为27.31/ ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][10]. Core Views - The company's growth is driven by Douyin and distribution channels, but increased expenses are putting pressure on profitability [3][7]. - In H1 2025, the company achieved revenue of 5.478 billion yuan, a year-on-year increase of 7.94%, while net profit attributable to shareholders was 138 million yuan, a year-on-year decrease of 52.22% [6][10]. - The company is focusing on a full-category layout and aims for long-term growth through product differentiation and quality enhancement [10]. Financial Performance - In H1 2025, online revenue reached 4.295 billion yuan, a year-on-year increase of 5%, with Douyin contributing significantly [7]. - Offline distribution revenue was 938 million yuan, a year-on-year increase of 40.2%, while store revenue decreased by 18.7% [7]. - The gross margin for H1 2025 was 25.08%, a decrease of 0.77 percentage points year-on-year, primarily due to rising raw material costs [7][10]. Future Outlook - The company is expected to continue its revenue growth, with projected revenues of 12.534 billion yuan, 14.779 billion yuan, and 16.739 billion yuan for 2025, 2026, and 2027 respectively, reflecting growth rates of 18%, 18%, and 13% [9][10]. - Net profit attributable to shareholders is forecasted to be 230 million yuan in 2025, with a significant recovery expected in subsequent years [9][10]. - The company is enhancing its supply chain efficiency and exploring self-branded lifestyle stores to improve its offline presence [10].

Core Insights - The company reported a revenue of 5.478 billion yuan for the first half of 2025, representing a year-on-year increase of 7.94%, while the net profit attributable to shareholders was 138 million yuan, a decrease of 52.22% year-on-year [1] - The second quarter of 2025 saw a revenue of 1.754 billion yuan, a year-on-year growth of 22.77%, but a net loss attributable to shareholders of 101 million yuan, compared to a loss of 19 million yuan in the same period last year [1] Revenue Breakdown - For the first half of 2025, the nut category generated 2.731 billion yuan in revenue, a decline of 1.03% year-on-year; the baking category achieved 682 million yuan, an increase of 11.96%; and the comprehensive category reached 1.398 billion yuan, a significant increase of 49.70% [1] - Online sales accounted for 4.295 billion yuan, a year-on-year increase of 5.01%, with Douyin contributing 1.478 billion yuan (up 20.75%), Tmall at 882 million yuan (down 18.56%), and JD at 808 million yuan (up 1.89%); offline sales reached 1.183 billion yuan, a growth of 20.06% [1] Profitability Metrics - The gross margin for the first half of 2025 was 25.08%, a slight decrease of 0.77 percentage points year-on-year, while the nut category's gross margin was 23.91%, down 2.64 percentage points [2] - The expense ratio increased significantly, with the second quarter of 2025 showing an expense ratio of 29.82%, up 4.53 percentage points year-on-year, primarily due to increased promotional expenses [2] Strategic Focus - The company is focusing on high-end, quality-oriented, and differentiated products, enhancing its supply chain and increasing the proportion of self-produced nuts and snacks [3] - The company is also expanding its online operations and accelerating offline distribution to adapt to all product categories, launching a matrix of high-demand products [3] Future Projections - Revenue projections for 2025-2027 are 11.961 billion, 13.717 billion, and 15.540 billion yuan, with year-on-year growth rates of 12.61%, 14.67%, and 13.29% respectively; net profit projections for the same period are 412 million, 537 million, and 642 million yuan, with growth rates of 1.12%, 30.36%, and 19.47% respectively [3]