Investment Rating - The investment rating for the company is "Buy" (maintained) [7] Core Views - The company achieved a revenue of 830 million yuan in H1 2025, representing a year-on-year increase of 9.3%, and a net profit attributable to shareholders of 130 million yuan, up 18.1% year-on-year [1] - The second quarter of 2025 saw revenue of 470 million yuan, a 13.5% increase year-on-year, with net profit attributable to shareholders reaching 90 million yuan, up 31.4% year-on-year [1] - The company is benefiting from a competitive delivery market, leading to accelerated franchise revenue growth and a significant increase in group meal sales [2][3] Revenue Breakdown - In H1 2025, revenue from franchise sales, direct sales, group meals, and others was 610 million, 1 million, 200 million, and 100 million yuan respectively, with year-on-year changes of +7.0%, +0.4%, +19.0%, and -6.2% [2] - In Q2 2025, franchise sales, direct sales, group meals, and others generated 350 million, 1 million, 110 million, and 100 million yuan respectively, with year-on-year changes of +10.5%, +14.1%, +26.2%, and -5.5% [2] Group Meal Business - The group meal business, accounting for 23% of total revenue, saw a revenue increase of 26% in Q2 2025, driven by stable dining demand and an expanded product range [3] - Customized filling sales contributed approximately 30 million yuan in sales in H1 2025, marking a 90% year-on-year increase [3] M&A Activities - The company is progressing with acquisitions, including the supply chain transition for approximately 250 franchise stores under the brand "Manxiangren" and plans for equity transfer and consolidation [4] Profitability and Cost Management - In H1 2025, the gross margin was 27.0%, an increase of 0.8 percentage points year-on-year, while the net profit margin was 12.1%, up 0.6 percentage points year-on-year [5] - In Q2 2025, the gross margin improved to 28.2%, a year-on-year increase of 1.9 percentage points, with a net profit margin of 13.4%, up 1.2 percentage points year-on-year [5] Future Outlook - The company aims to enhance single-store revenue through store upgrades and product structure optimization, with expected revenue growth of 9.9%, 8.1%, and 7.0% for 2025, 2026, and 2027 respectively [12]