According to the Guosheng Securities Research Report, Jiajiayue's gross margin increased in 26Q2, and the commodity and supply chain continued to be consolidated. 26H1's net profit to mother was 186 million yuan/+1.77% year over year. 26H1's overall operation was steady, and 26Q2 revenue and profit were under pressure in the short term. Thanks to intensive regional layout, multi-format collaboration, and supply chain construction, the company has built strong competitive barriers; in recent years, there has been a significant trend of loss reduction in other provinces. Same-store stabilization+loss reduction outside the province has led to an increase in gross margin, and has entered a period of flexible profit release. The company's net profit for 2026-2028 is expected to be 222 million yuan, 266 million yuan, and 315 million yuan, respectively, up 10.4%, 20.0%, and 18.5% year-on-year. Maintain an “Overweight” rating.

According to the Guosheng Securities Research Report, Jiajiayue's gross margin increased in 26Q2, and the commodity and supply chain continued to be consolidated. 26H1's net profit to mother was 186 million yuan/+1.77% year over year. 26H1's overall operation was steady, and 26Q2 revenue and profit were under pressure in the short term. Thanks to intensive regional layout, multi-format collaboration, and supply chain construction, the company has built strong competitive barriers; in recent years, there has been a significant trend of loss reduction in other provinces. Same-store stabilization+loss reduction outside the province has led to an increase in gross margin, and has entered a period of flexible profit release. The company's net profit for 2026-2028 is expected to be 222 million yuan, 266 million yuan, and 315 million yuan, respectively, up 10.4%, 20.0%, and 18.5% year-on-year. Maintain an “Overweight” rating.