Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Viewpoints - The company's total revenue for H1 2025 is 1.473 billion yuan, a year-on-year decrease of 11.46%. The net profit attributable to the parent company is 105 million yuan, down 47.2% [2][5]. - In Q2 2025, total revenue is 909 million yuan, a decrease of 6.16%, with a net profit of approximately 89.36 million yuan, down 37.99% [2][5]. - The company is focusing on improving its overseas supply chain layout, particularly in the North American market and through the establishment of a processing base in Nepal [10]. Financial Performance - The company's gross profit margin decreased by 2.55 percentage points to 22.24% in H1 2025, while the net profit margin fell by 4.81 percentage points to 7.1% [10]. - The company expects net profits for 2025, 2026, and 2027 to be 212 million, 266 million, and 321 million yuan respectively, with corresponding EPS of 0.51, 0.64, and 0.78 yuan [10]. Revenue Breakdown - In Q2 2025, revenue from various product categories showed mixed results: "夫妻肺片" down 15.90%, "整禽类" down 19.59%, "香辣休闲类" up 9.84%, "其他鲜货" down 24.40%, and "预包装产品" up 87.84% [10]. - Revenue from different channels in Q2 2025: distribution down 12.03%, direct sales up 71.98%, and other channels up 22.48% [10]. - The overseas revenue for the first half of 2025 reached 6.4873 million yuan, a significant increase of 403.29% [10]. Market Strategy - The company has successfully penetrated the North American market by partnering with Chinese supermarkets and opening direct stores in New York [10]. - A new high-tech slaughterhouse and water buffalo breeding center is being established in Nepal, which is expected to significantly reduce beef import costs [10].

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The company's total revenue for 2024 is projected at 3.363 billion yuan, a year-on-year decrease of 5.28%. The net profit attributable to shareholders is expected to be 346 million yuan, an increase of 4.5%, while the net profit excluding non-recurring items is estimated at 281 million yuan, up 1.28% [2][4]. - In Q4 2024, the total revenue is expected to be 676 million yuan, down 7.88%, with a net profit of -2.489 million yuan, indicating a reduction in losses, and a net profit excluding non-recurring items of -20.282 million yuan, showing an increase in losses [2][4]. - For Q1 2025, the total revenue is projected at 564 million yuan, a decline of 18.86%, with a net profit of 15.218 million yuan, down 71.8%, and a net profit excluding non-recurring items of 5.003 million yuan, down 87.09% [2][4]. Summary by Sections Financial Performance - The company’s revenue and profit are under pressure, with a significant decline in Q1 2025 compared to the previous year. The revenue for 2025 is expected to continue facing challenges due to store closures and external factors affecting consumer behavior [10]. - The company plans to establish a processing base in Nepal to mitigate cost fluctuations, investing up to 500 million yuan in its subsidiary [10]. - The company aims to maintain a high dividend policy, proposing a cash dividend of 5.2 yuan per 10 shares, with a total cash dividend of 340 million yuan for 2024, resulting in a payout ratio of 98.04% [10]. Earnings Forecast - The forecast for net profit attributable to shareholders for 2025, 2026, and 2027 is 271 million yuan, 312 million yuan, and 364 million yuan respectively, with corresponding EPS of 0.65 yuan, 0.75 yuan, and 0.88 yuan. The price-to-earnings ratio is projected to be 35, 30, and 26 times respectively [10].