According to the Guohai Securities Research Report, the decline in revenue from peach and plum bread has narrowed, and profits continue to be under pressure. Net profit attributable to mother was 150 million yuan in the first half of 2026, -28.8% year on year; in 2026Q2, net profit attributable to mother was 90 million yuan, or -22.0% year over year. The basic market for bread and pastries is stable, and the dealer network continues to be optimized. On the channel side, the company is actively guiding the dealer channel to sink, while increasing the development of special channels, focusing on consumer scenarios such as campuses, factories, and mass snack sales. At the end of 2026Q2, the company had 985 dealers, a net increase of 6 compared to the end of 2026Q1, improving the quality and capacity of the dealer team. The company is in a critical window of operational adjustments, awaiting restoration of profitability. The revenue side showed signs of stabilization, profit recovery was expected, covered for the first time, and a “gain in wealth” rating was given. The basic market for the company's bread and pastries is stable, the trend of shrinking scale has basically stopped, and an inflection point in profits can be expected. Covered for the first time, a “gain” rating was given.

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