从2020年出售百草味，到近期投资零食渠道，好想你虽然在产业布局上动作不断，但石训始终强调"坚 守主业初心"。"我们要围绕'红枣+健康锁鲜食品'的主业做精做强，实现基业长青的奋斗目标。"石训日 前在接受上海证券报记者采访时表示，好想你正以红枣为基石，以创新为引擎，向全球讲述一个属于中 国的健康养生故事。 做自媒体、骑行健身、方言调侃……和父亲石聚彬相比，好想你总经理石训身上多了一种青年企业家特 有的"松弛感"。2024年末，35岁的石训从父亲石聚彬手里接棒总经理一职，正式开启"红枣2.0时代"。 面对新的挑战，石训已然心中有数。 石训坦言，出售百草味的决定带来战略收益，但也有业绩阵痛。"出售百草味的决策为我们换来了三样 宝贵的东西：资金实力、时间窗口和创新空间。预想中的是，我们获得了转型升级的资本，得以大力投 入研发，推出'红小派''黑金枣''清菲菲'等科技含量更高的深加工红枣产品，品牌定位也更加清晰。未预 想到的挑战是传统红枣消费场景收缩带来的主业压力，以及渠道优化过程中的业绩阵痛。"石训说。 传承信念：把握与老辈创业者间的变与不变 在石训的微信视频号中，镜头前的他幽默风趣，侃侃而谈。利用新媒体平台记录工作 ...

Investment Rating - The report maintains a "Buy" investment rating for the company [1][8] Core Views - The company is focusing on cost reduction and efficiency improvement, leading to gradual profit enhancement and expansion of its second growth curve [1][5] - The company reported a total revenue of 689 million yuan for H1 2025, a decrease of 16% year-on-year, but showed improvement in net profit loss compared to H1 2024 [4][5] - The company is enhancing its profitability through strict cost control measures, resulting in a gross margin increase of 5 percentage points to 22.81% in Q2 2025 [5] - The company is expanding its product lines in health food and optimizing its multi-channel distribution strategy, which includes partnerships with major retailers and e-commerce platforms [6] Summary by Sections Financial Performance - In H1 2025, the company achieved a total revenue of 689 million yuan, with a net loss of 20 million yuan, an improvement from a net loss of 36 million yuan in H1 2024 [4] - Q2 2025 revenue was 276 million yuan, down 14% year-on-year, with a net loss of 60 million yuan [4] Profitability Improvement - The company's gross margin increased to 22.81% in Q2 2025, driven by targeted raw material procurement and refined production management [5] - The selling expense ratio decreased by 2 percentage points to 21.62%, and the management expense ratio also decreased by 2 percentage points to 7.55% [5] Product and Market Expansion - Revenue from red date products and health preservation products decreased by 16% and 26% respectively, but the gross margin for red date products increased by 8 percentage points to 34.60% [6] - The company is building a diversified product matrix around its core positioning as a "red date expert," with significant growth in its flagship product, Hong Xiaopai [6] Earnings Forecast - The company is expected to achieve EPS of 0.02, 0.17, and 0.27 yuan for 2025, 2026, and 2027 respectively, with corresponding PE ratios of 445, 62, and 39 times [8]

Group 1 - The company is experiencing steady growth in its gift business while the second curve of leisure health food is rapidly expanding, focusing on the positioning of "red date expert" and continuously iterating products to enhance store operation quality [1] - The company has developed health products based on the "food and medicine are of the same source" concept, with the large product "red small pie" seeing rapid growth, and innovative products like "black gold dates" becoming popular in health supplement categories at Sam's Club [1] - The company has established partnerships with major supermarkets and is optimizing channel efficiency through both offline and online platforms, including Douyin, Taobao, and JD, while also venturing into cross-border e-commerce [1] Group 2 - The company is expected to turn a profit in 2025, with Q1 2025 achieving a profit of 0.4 billion and Q2 2025 showing a loss of 0.6 billion, primarily due to changes in accounting for long-term equity investments [2] - The company invested 700 million in "Mingming Hen Mang" and holds a 6.2881% stake, with the company projected to achieve revenue of 39.34 billion and profit of 0.83 billion in 2024, indicating potential for significant investment returns upon its IPO [2] - The company forecasts revenues of 1.703 billion, 1.824 billion, and 1.996 billion for 2025-2027, with respective year-on-year growth rates of 2.02%, 7.07%, and 9.45%, and net profits of 0.16 billion, 0.56 billion, and 1.10 billion, reflecting substantial growth [3]

Core Insights - The company "Hao Xiang Ni" reported a revenue of 689 million yuan for the first half of 2025, with a net profit of 17.07 million yuan after deducting non-recurring items, marking a year-on-year growth of 147.02% [1] - The net cash flow from operating activities increased by 272.82% year-on-year, indicating improved cash generation capabilities [1] Strategic Focus - The company has streamlined its product offerings from over 1,300 to 368 strategic products, concentrating resources on high-end dates and functional food categories, which now contribute over 90% of total revenue [1] - Key products include high-value items such as black dates, red dates with astragalus water, and sesame balls made from black dates [1] Technological Advancements - The company achieved significant breakthroughs in functional health foods, with two core technologies recognized as internationally leading: "black date processing technology" and "freeze-dried instant powder preparation technology" [1] - The black date processing technology enables the creation of low glycemic index (GI) date products, while the freeze-dried technology revolutionizes traditional dietary formulations by standardizing and simplifying them [1] Intellectual Property - As of the first half of 2025, the company has accumulated 127 core intellectual property rights, including 45 invention patents, establishing a technological moat in areas such as low-temperature fermentation of black dates and freeze-dried ultra-fine powder preparation [1]

Core Viewpoint - The company "Good Idea" is facing significant challenges in the fast-moving consumer goods (FMCG) sector, particularly in the e-commerce channel, which has led to declining revenues and profits, indicating a strategic misalignment in its operations [1][9]. Group 1: Financial Performance - In the first half of 2025, the company's revenue was 689 million yuan, a year-on-year decrease of 15.64%, with a net loss of 19.84 million yuan [1]. - E-commerce channel revenue dropped to 198 million yuan, accounting for 28.73% of total revenue, down 23.27% from the previous year [4][5]. - Cumulative losses from 2020 to 2024 reached approximately 313 million yuan, with continuous losses in net profit over five years totaling around 500 million yuan [11][12]. Group 2: E-commerce Challenges - The company has seen a significant reduction in online promotion expenses, with a 32.57% decrease in sales promotion costs, impacting product visibility and brand awareness on e-commerce platforms [7][8]. - The company struggles with intense competition in both shelf e-commerce and interest-based e-commerce, leading to low conversion rates and insufficient sales growth [6][9]. Group 3: Strategic Shift to Offline Channels - In response to declining e-commerce performance, the company has shifted focus to offline supermarket channels, with over 70% of revenue coming from this segment in the first half of 2025 [9][10]. - Collaborations with high-quality supermarkets have provided some revenue stability, but the associated costs and limited market reach pose significant challenges [10][11]. Group 4: Product and Operational Issues - Despite a slight improvement in gross margin due to a shift towards higher-margin products, the overall profitability remains insufficient to cover operational costs [12][13]. - The company needs to reassess its e-commerce strategy and optimize its offline channel operations to enhance product competitiveness and address market challenges effectively [13].

Core Insights - The company reported a revenue of 689 million yuan for the first half of 2025, representing a year-on-year decline of 15.64% while net loss was 19.84 million yuan, showing an improvement in loss compared to the previous year [1] Business Performance - The company emphasized product innovation, launching the "Black Gold Jujube" series, which includes new products like Black Gold Jujube and Black Gold Jujube Sesame Balls, aimed at creating new market segments through innovative processes [1] - Health-oriented products such as Red Date Astragalus Water and Red Date Ginger Tea have been developed to meet the wellness needs of consumers, particularly targeting office workers [1] Market Strategy - The company achieved significant breakthroughs in both depth and breadth of its multi-channel network, enhancing its offline presence through partnerships with major retailers like Sam's Club, Yonghui Supermarket, and Tianhong Mall [1] - The Black Gold Jujube product has become a popular health supplement in Sam's Club, indicating strong market acceptance [1] - The company is expanding its snack wholesale channels and optimizing its online ecosystem, covering major e-commerce platforms like Douyin, Taobao, and JD, while also venturing into cross-border e-commerce [1] - The strategy focuses on synergizing online and offline efforts to improve channel efficiency and product accessibility [1]

Core Viewpoint - Haoxiangni Health Food Co., Ltd. reported a decline in revenue and net profit for the first half of 2025, while showing significant improvement in cash flow from operating activities and brand value growth [1][3][6]. Company Overview and Financial Indicators - The company focuses on the research, production, and sales of health foods, particularly in the red date sector, and has established itself as a leading player in the Chinese red date industry [3][6]. - The company did not distribute cash dividends or bonus shares for the reporting period [1]. - Key financial metrics for the first half of 2025 include: - Revenue: CNY 688.73 million, down 15.64% from CNY 816.41 million in the same period last year [3]. - Net profit attributable to shareholders: CNY -19.84 million, an improvement from CNY -36.23 million, representing a 45.25% reduction in losses [3]. - Net cash flow from operating activities: CNY 113.91 million, up 272.82% year-on-year [3]. - Basic earnings per share: CNY -0.044, improved from CNY -0.094 [3]. - Total assets: CNY 4.89 billion, down 9.46% from the previous year [3]. Industry Trends - The health food sector is experiencing a shift towards quality and functional products, driven by increasing consumer health awareness and demand for low-sugar, high-fiber, and high-protein foods [4][5]. - The government has introduced policies to support innovation and high-quality development in the food industry, which is expected to enhance the sector's competitiveness and contribute to rural revitalization [5][6]. - The red date industry, particularly under the "food and medicine homologous" concept, presents significant market potential and opportunities for innovation [5][6]. Product and Brand Development - The company has successfully positioned itself as the "Red Date Expert" and has seen its brand value rise to CNY 20.77 billion, marking a CNY 3.05 billion increase from the previous year [6][10]. - The company has achieved BRCGS global food safety certification, enhancing its credibility in high-end international markets [6][10]. - New product innovations include the "Black Gold Date" series and various health-oriented beverages, catering to modern consumer preferences [7][12]. Sales and Distribution Channels - The company has expanded its online and offline sales channels, with e-commerce accounting for 28.73% of total revenue [8][10]. - Collaborations with major retailers such as Sam's Club and Yonghui Supermarket have strengthened its market presence [10][12]. - The company employs a dual-channel strategy, integrating direct sales and distribution networks to enhance market penetration [10][12].

Core Insights - The company held a product launch and dealer conference themed "High Quality, High Value, Focused Business, Winning Future" on August 9, 2025, where it outlined its "Three Hundred Strategy" aimed at achieving a market value of 100 billion, revenue of 100 billion, and becoming a centennial enterprise [2] - The chairman emphasized a four-dimensional approach to modernizing the red date industry, focusing on "raw material traceability, technological empowerment, scenario innovation, and cultural output" [2] - The company introduced a "Red Date+" product matrix strategy targeting health-conscious consumers, particularly middle-aged men, working women, families, and business scenarios [2][3] Product Innovations - Four strategic new products were launched, including: - Black Gold Dates, designed for male sub-health groups, utilizing a patented process that ensures a low residual kernel rate and high dietary fiber content [3] - Glutinous Fragrant Dates, aimed at women for convenient nourishment, featuring zero pesticide residue and a unique small jar design [3] - Silver Ear Small Frozen Soup, targeting family breakfast needs with quick-dissolving technology [3] - New Quality Red Date Eight Treasure Tea, filling a gap in the business beverage market with natural potassium content and instant solubility [3] Strategic Direction - The company aims to establish itself as a "red date expert" and is focusing on a brand strategy that encompasses quality, technology, culture, responsibility, and youthfulness [3] - The chairman highlighted the goal of internationalizing the Chinese red date industry, emphasizing the importance of cultural and technological integration in driving industry value reconstruction [3]

Core Viewpoint - The company is enhancing its "red dates + health fresh food" strategy, focusing on product innovation and brand positioning in the health food sector [1] Group 1: Product Strategy - The company is upgrading traditional products based on the concept of "food as medicine" and has launched new health products such as black gold dates and eight-treasure red date tea [1] - Future focus will be on health food innovation and scenario-based marketing to drive industry upgrades [1] Group 2: Distribution Channels - The company is expanding its offline presence in high-potential channels such as Sam's Club and Yonghui, while also strengthening online penetration through platforms like Douyin and Xiaohongshu [1] - The aim is to continuously build the brand perception of "Red Date Expert, Good Idea" [1] Group 3: Value Creation - The company is committed to creating value for shareholders through its strategic initiatives and market positioning [1]

Core Viewpoint - The leisure food industry is accelerating its transformation towards health and functionality, with the leading red date company, Haoxiangni, implementing a product and customer-centric development strategy to address market challenges and drive sustainable growth [1][2]. Group 1: Business Strategy - Haoxiangni is enhancing operational performance through both "increasing revenue" and "cost-saving" measures, focusing on consolidating specialty stores and e-commerce advantages while expanding into high-potential new channels like Sam's Club [1]. - The company plans to deepen joint marketing and data sharing with leading channels to improve terminal sales efficiency [1]. - Cost-saving initiatives include precise raw material procurement, centralized bidding, and refined production management, leading to improved production efficiency [1]. Group 2: Product Innovation - Functional innovation is a key investment direction, with increased R&D efforts resulting in the launch of low GI "Black Gold Dates" and red date eight-treasure tea [2]. - Freeze-drying technology is widely applied in products like red date and tremella soup, quickly capturing market share due to convenience and nutritional retention [2]. - Product designs are closely aligned with modern lifestyle scenarios, such as ready-to-drink red date astragalus water and portable star product "Red Small Pie" date kernel pie, facilitating the transition of red dates from traditional health supplements to everyday health companions [2]. Group 3: Supply Chain Optimization - Haoxiangni implements a "three guarantees, one reduction, one innovation" strategy (guaranteeing quality, supply, safety, reducing costs, and innovating models) to enhance efficiency across the entire supply chain [2]. - The procurement side focuses on refined classification to lower costs, while the production side introduces smart equipment to increase per capita output [2]. - Digital construction is integrated throughout the business process, enabling real-time sales data monitoring and dynamic production planning adjustments, improving inventory turnover rates [2]. Group 4: Brand Building and Shareholder Returns - The company emphasizes brand building with the core proposition "Oriental Date Gift, Central Plains Affection," enhancing brand cultural connection and emotional resonance through thematic content and award-winning documentaries [2]. - Haoxiangni continues its tradition of high dividends, with a projected dividend yield exceeding 10% in 2024 and cumulative dividends reaching 611 million yuan [2]. Group 5: Future Outlook - Looking ahead, Haoxiangni will continue to promote the "four unwavering principles" and "ten" operational strategies, focusing on multi-dimensional upgrades in products, channels, and supply chains to solidify its advantages across the entire industry chain [3]. - The company aims to establish a foundation for achieving its long-term goals of a 10 billion yuan market value, 10 billion yuan in revenue, and a century-long brand [3].