8月28日，克明食品发布2025年半年报。当中披露，2025年上半年，公司实现营业总收入21.38亿元，比 上年同期减少10.85%；营业利润1.35亿元，比上年同期增加3.30%；利润总额1.33亿元，比上年同期增 加6.56%；归属净利润1.00亿元，比上年同期下降2.34%。 报告期内影响经营业绩的主要原因包括:公司食品业务板块销量下滑导致营收同比下降；营业利润同比 增加主要系原材料的成本下降，使得产品毛利率有所提高。此外，生猪板块成本管控有所改善，使得养 殖成本有所下降。 （企业公告） ...

Core Viewpoint - The company reported strong financial performance in the first half of 2025, with significant revenue and profit growth, driven by effective management strategies and expansion of service offerings [1][2][3] Financial Performance - Revenue for the first half of 2025 reached 450 million, a year-on-year increase of 25.6%, while total revenue including the management center was 523 million, up 35% [1] - Adjusted net profit was 38.78 million, reflecting a 126.1% year-on-year increase, and net profit attributable to shareholders was 327 million, marking a turnaround from losses [1] - The company exceeded its previous profit forecast, with net profit not less than 320 million and adjusted net profit not less than 38 million [1] Business Expansion - The company accelerated its expansion, adding 36 new stores in the first half of 2025, surpassing the total number of new stores opened in 2024 [1][2] - The number of maternity centers reached 113 by the end of the first half of 2025, with significant contributions from various brands [2] Service Offerings and Growth - The company is developing a comprehensive service matrix, with new business segments such as postpartum recovery, home care, and food services showing positive growth trends [1][2] - The conversion rate for secondary sales reached a record high of 93.8%, indicating strong customer retention and cross-selling potential [2] Profitability and Efficiency - The gross margin for the maternity center business improved to 35.5%, up 3.5 percentage points year-on-year, benefiting from increased management output [2] - Marketing expenses decreased to 12.0% of revenue, and management expenses fell to 22.1%, contributing to an overall gross margin of 37.6% [3] Future Outlook - The company plans to launch the industry's first AI Agent product in the second half of 2025, which is expected to enhance profitability [3] - Long-term growth is anticipated through overseas expansion, mergers and acquisitions, and technological advancements [3] Earnings Forecast and Valuation - The company maintains its earnings forecast, projecting adjusted net profits of 121 million, 205 million, and 306 million for 2025 to 2027, respectively [3] - The target price is set at 9.76 HKD, with a "buy" rating based on the company's growth potential and market position [3]