Investment Rating - The report maintains a "Strong Buy" rating for the company [3][8] Core Views - The company experienced a revenue of 895 million yuan in H1 2025, representing a year-on-year increase of 20.31%, while the net profit attributable to shareholders was 188 million yuan, up 4.16% year-on-year. However, Q2 faced challenges due to weather factors and increased promotional expenses, leading to a decline in net profit [1][7] - The full-year profit forecast has been revised downwards, with expected net profits for 2025, 2026, and 2027 projected at 329 million yuan, 400 million yuan, and 478 million yuan, respectively, reflecting year-on-year growth of 10%, 22%, and 20% [1][8] Revenue Breakdown - In H1 2025, revenue from baby care products reached 405 million yuan, a year-on-year increase of 38.73%, driven by new products like sunscreen. Mosquito repellent products generated 375 million yuan, up 13.43%, but Q2 sales were below expectations due to weather impacts. Essential oil series revenue fell to 92 million yuan, down 14.60%, while other products saw a significant increase of 70.94% to 22 million yuan [2][6] - Online sales accounted for 643 million yuan in H1 2025, a 19.97% increase year-on-year, while offline sales reached 251 million yuan, up 21.18%. The company has actively expanded offline channels, including partnerships with major retailers [2][6] Financial Performance - The company reported a gross margin of 58.01% in H1 2025, slightly down by 0.63 percentage points year-on-year, primarily due to promotional activities. The net profit margin for H1 was 20.95%, down 3.25 percentage points year-on-year [7][11] - For Q2 2025, the gross margin was 58.13%, down 1.35 percentage points year-on-year, with a net profit margin of 21.88%, down 3.16 percentage points year-on-year [7][11] Financial Projections - The company is projected to achieve total revenue of 1.609 billion yuan in 2025, with a year-on-year growth of 22%. The net profit attributable to shareholders is expected to be 329 million yuan, reflecting a 10% increase [9][11] - The report indicates a PE ratio of 39X for 2025, suggesting a valuation that reflects the company's growth potential [8][9]

2025年8月19日，润本股份(603193.SH)发布2025年中报。 公司营业总收入为8.95亿元，较去年同报告期营业总收入增加1.51亿元，实现3年连续上涨，同比较去年同期上涨20.31%。归母净利润为1.88亿元，较去年同 报告期归母净利润增加749.77万元，实现3年连续上涨，同比较去年同期上涨4.16%。经营活动现金净流入为1.33亿元。 公司摊薄每股收益为0.46元，较去年同报告期摊薄每股收益增加0.02元，实现3年连续上涨，同比较去年同期上涨4.55%。 公司最新总资产周转率为0.39次，较去年同期总资产周转率增加0.04次，同比较去年同期上涨12.26%。最新存货周转率为3.00次，较去年同期存货周转率增 加0.62次，实现2年连续上涨，同比较去年同期上涨26.15%。 公司股东户数为1.66万户，前十大股东持股数量为3.27亿股，占总股本比例为80.83%，前十大股东持股情况如下： | 序号 | 股东名称 | 持股 | | --- | --- | --- | | 1 | 广州卓凡投资控股有限公司 | 44.5 | | 2 | 赵贵钦 | 17.9: | | 3 | 广州卓凡承光投资咨询合伙 ...

润本股份2025半年报 ...

Core Viewpoint - Dongwu Securities issued a report on August 18, giving Runben Co., Ltd. (603193.SH) a "buy" rating based on its performance and growth potential [2] Financial Performance - In the first half of 2025, the company achieved revenue of 895 million yuan, representing a year-on-year increase of 20.3% [2] - The net profit attributable to shareholders reached 188 million yuan, reflecting a year-on-year growth of 4.2% [2] Market Dynamics - The company has balanced growth in both online and offline channels [2] - The baby care product category continues to maintain high growth, although the growth rate of mosquito repellent products was slightly lower due to weather conditions [2] Cost and Profitability - There has been some fluctuation in gross margin, with increases in financial expense ratio and selling expense ratio [2]

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company reported a revenue of 895 million yuan for the first half of 2025, representing a year-on-year increase of 20.31%, while the net profit attributable to the parent company was 188 million yuan, up 4.16% year-on-year [2] - The second quarter of 2025 saw a revenue of 655 million yuan, a year-on-year increase of 13.46%, but the net profit decreased by 0.85% year-on-year, indicating pressure on profitability due to declining gross profit and increased sales expenses [2][4] - The company plans to distribute a mid-term dividend of 2.00 yuan per 10 shares, totaling 80.92 million yuan [2] Revenue Analysis - The slowdown in revenue growth in Q2 is attributed to high base effects, adverse weather conditions, and intensified competition [3] - The company’s product categories showed varied performance, with mosquito repellent and baby care products achieving revenue of 375 million yuan and 405 million yuan respectively, while essential oils saw a decline of 14.60% [3] - The company launched over 40 new products during the reporting period, including sunscreen and youth series products, which are expected to drive growth in the second half of the year [3] Profitability Analysis - The company's gross margin and net margin for the first half of 2025 were 58.01% and 20.95%, respectively, showing a decline compared to the previous year [4] - The increase in expense ratios, particularly in sales and financial expenses, has pressured profitability, with the sales expense ratio rising to 29.81% in Q2 [4] Investment Recommendations - The company has a strong competitive position in the baby care and mosquito repellent market, with a solid brand image and ongoing product development [5] - Despite short-term pressures, the long-term growth logic remains intact, with revised revenue forecasts for 2025-2027 at 1.616 billion, 2.054 billion, and 2.609 billion yuan respectively [5] - The expected earnings per share for 2025-2027 are 0.83, 1.06, and 1.37 yuan, with corresponding price-to-earnings ratios of 39, 30, and 23 times [5]

8月18日润本股份发布2025半年度分配预案，拟10派2元（含税），预计派现金额合计为8091.87万元。 派现额占净利润比例为43.15%，这是公司上市以来，累计第4次派现。 公司上市以来历次分配方案一览 两融数据显示，该股最新融资余额为3.59亿元，近5日增加2068.55万元，增幅为6.12%。（数据宝） （文章来源：证券时报网） | 日期 | 分配方案 | 派现金额合计（亿元） | 股息率（%） | | --- | --- | --- | --- | | 2025.06.30 | 10派2元（含税） | 0.81 | 0.60 | | 2024.12.31 | 10派2.3元（含税） | 0.93 | 1.19 | | 2024.06.30 | 10派1.8元（含税） | 0.73 | 1.05 | | 2023.12.31 | 10派1.7元（含税） | 0.69 | 0.92 | 证券时报·数据宝统计显示，公司今日公布了半年报，共实现营业收入8.95亿元，同比增长20.31%，实 现净利润1.88亿元，同比增长4.16%，基本每股收益为0.46元，加权平均净资产收益率为8.69%。 资金面上看，该 ...

证券日报网讯 8月18日晚间，润本股份发布公告称，2025年第二季度主要经营数据如下：驱蚊产品系列 产量52，755，453支，销量63，279，043支，营业收入331，812，579.67元；婴童护理产品系列产量 18，150，829支，销量22，140，539支，营业收入225，705，678.74元；精油产品系列产量9，497， 827支，销量11，568，410支，营业收入81，015，564.27元。主要产品价格变动方面，驱蚊产品系列平 均售价同比下降0.76%，婴童护理产品系列平均售价同比上升6.93%，精油产品系列平均售价同比下降 11.39%。 （文章来源：证券日报） ...

证券日报网讯 8月18日晚间，润本股份发布公告称，2025年半年度公司实现营业收入895，107，556.64 元，同比增长20.31%；归属于上市公司股东的净利润187，524，723.49元，同比增长4.16%；基本每股 收益0.46元，同比增长4.55%。公司拟以实施权益分派股权登记日的总股本为基数，向在册全体股东每 10股派发2.00元现金股利（含税）。 （文章来源：证券日报） ...

证券日报网讯 8月18日晚间，润本股份发布公告称，公司将于2025年9月3日召开2025年第二次临时股东 大会。本次股东大会将审议《关于的议案》《关于取消监事会暨修订的议案》等多项议案。 （文章来源：证券日报） ...

（文章来源：证券日报） 证券日报网讯 8月18日晚间，润本股份发布2025年半年度利润分配方案的公告称，公司拟向全体股东每 10股派发现金红利2.00元（含税）。截至2025年6月30日，公司总股本404，593，314股，以此计算合计 拟派发现金红利80，918，662.80元（含税），占公司2025年半年度合并报表归属于上市公司股东净利 润的比例为43.15%。 ...