Investment Rating - The report maintains an "Outperform" investment rating for the company [1][6]. Core Insights - The company reported a 2025H1 revenue of 1.686 billion yuan, a year-on-year increase of 4%, and a net profit attributable to shareholders of 0.69 billion yuan, up 1% year-on-year [3][6]. - The company achieved a revenue of 9.08 billion yuan in Q2 2025, reflecting a 0.3% year-on-year increase, with a net profit of 0.45 billion yuan, also up 1% year-on-year [6]. - The company focuses on its core brands, "德尔玛" and "飞利浦," with the water health segment showing a double-digit growth, achieving a revenue of 6.57 billion yuan in 2025H1, a 14% increase year-on-year [6]. - The domestic market benefited from a trade-in policy, resulting in a revenue of 14.03 billion yuan in 2025H1, a 6% increase year-on-year, while the overseas market saw a revenue of 2.82 billion yuan, down 6% [6]. - The report indicates a slight downward adjustment in profit forecasts for 2025-2027, with expected net profits of 1.56 billion, 1.80 billion, and 2.02 billion yuan respectively, corresponding to year-on-year growth rates of 9.8%, 15.2%, and 11.9% [6]. Financial Data and Profit Forecast - The total revenue forecast for 2025 is 3.776 billion yuan, with a year-on-year growth rate of 6.9% [5]. - The projected net profit for 2025 is 156 million yuan, reflecting a year-on-year increase of 9.8% [5]. - The earnings per share for 2025 is estimated at 0.34 yuan, with a gross margin of 31.0% [5]. - The return on equity (ROE) for 2025 is projected at 5.3% [5].

Investment Rating - The investment rating for the company is "Outperform" [1] Core Insights - The company's H1 2025 performance met market expectations, with total revenue of 1.686 billion yuan, a year-on-year increase of 4%, and a net profit attributable to shareholders of 69 million yuan, up 1% year-on-year [4][7] - The company focuses on its core brands, with Philips water health revenue showing double-digit growth, while the home environment category revenue increased by 3% [7] - The company has optimized its expense ratio, leading to improved profitability, with a net profit margin of 4.95% in Q2 2025, up 0.20 percentage points year-on-year [7] Financial Data and Profit Forecast - Total revenue forecast for 2025 is 3.776 billion yuan, with a year-on-year growth rate of 6.9% [6] - The net profit attributable to shareholders is projected to be 156 million yuan for 2025, reflecting a year-on-year increase of 9.8% [6] - The company anticipates a gradual improvement in profitability, with a projected return on equity (ROE) of 5.3% for 2025 [6]

证券代码：301332 证券简称：德尔玛 公告编号：2025-039 一、重要提示 本半年度报告摘要来自半年度报告全文，为全面了解本公司的经营成果、财务状况及未来发展规划，投 资者应当到证监会指定媒体仔细阅读半年度报告全文。 所有董事均已出席了审议本报告的董事会会议。 非标准审计意见提示 □适用 √不适用 董事会审议的报告期利润分配预案或公积金转增股本预案 □适用 √不适用 公司计划不派发现金红利，不送红股，不以公积金转增股本。 董事会决议通过的本报告期优先股利润分配预案 □适用 √不适用 2、主要会计数据和财务指标 二、公司基本情况 1、公司简介 ■ 公司是否需追溯调整或重述以前年度会计数据 □是 √否 ■ 3、公司股东数量及持股情况 单位：股 ■ 截至报告期末，前10名股东中存在公司回购专用证券账户持有公司股份3224562股，持股比例为 0.70%，不纳入前10名股东予以列示。 持股5%以上股东、前10名股东及前10名无限售流通股股东参与转融通业务出借股份情况 □适用 √不适用 □是 √否 4、控股股东或实际控制人变更情况 控股股东报告期内变更 □适用 √不适用 公司报告期控股股东未发生变更。 实际控制 ...

Core Insights - 德尔玛 reported a revenue of 1.686 billion yuan for the first half of 2025, representing a year-on-year growth of 3.99%, and a net profit of 68.68 million yuan, up 1.08% year-on-year [1] - The company is transitioning from incremental competition to stock competition in the small home appliance industry, focusing on product innovation, smart manufacturing upgrades, and deepening overseas channels to build long-term growth resilience [1] Product Development - 德尔玛 is focusing on core segments and advantageous categories, enhancing its product matrix based on consumer demand, and increasing R&D investment to ensure technological innovation [1] - In the first half of 2025, R&D investment reached 91.27 million yuan, a year-on-year increase of 5.35% [1] - The "德尔玛" brand is deepening its presence in the home environment sector, achieving revenue of 677 million yuan in this category, a growth of 3.30% year-on-year [1] - The company launched a new all-in-one vacuum cleaner equipped with an "AI Smart Eye" system and upgraded various product lines, including vacuum cleaners and mite removal devices [1] Market Performance - 飞利浦 brand entered high-potential segments, achieving revenue of 657 million yuan in water health products, a year-on-year growth of 13.67%, and 342 million yuan in personal health products [2] - The optimization of the water health product structure led to a 5.63 percentage point increase in gross margin year-on-year [2] - 飞利浦's new water health products utilize fourth-generation all-domain ice-making technology, ensuring a comprehensive safety guarantee for water purification and ice output [2] Smart Manufacturing - 德尔玛 is enhancing production capabilities through digital transformation, with smart manufacturing bases improving order scheduling, material inspection, process control, quality monitoring, and transparency in management [2] - The new smart manufacturing bases will further strengthen the company's self-production capabilities and core component supply [2] Global Expansion - 德尔玛 is accelerating global expansion through product customization, localized channel development, and international e-commerce efforts, achieving significant performance in emerging markets like Russia, the Philippines, Vietnam, and Indonesia [3] - The company aims to maintain focus on home environment, water health, and personal health sectors, supported by differentiated innovation, global channels, and digital manufacturing [3]

Core Viewpoint - Delmar has signed a "Maximum Guarantee Contract" with Guangfa Bank for a comprehensive credit limit application by its wholly-owned subsidiary, Guangdong Water Shield Health Technology Co., Ltd, with a maximum guarantee amount not exceeding 100 million yuan [1] Group 1 - The guarantee provided by the company to Guangdong Water Shield after this transaction amounts to 556 million yuan [1] - The remaining available guarantee limit for the company is 160 million yuan [1]

Core Viewpoint - The report highlights that Guangdong Derma Technology Co., Ltd. is transitioning from incremental competition to stock game in the small home appliance industry, focusing on product innovation and enhancing production capabilities to ensure long-term growth [1][3]. Financial Performance - In the first half of 2025, the company achieved operating revenue of 1.686 billion yuan, a year-on-year increase of 3.99% [1]. - The net profit attributable to shareholders reached 68.68 million yuan, reflecting a year-on-year growth of 1.08% [1]. Product Development and Innovation - Derma is concentrating on core segments and advantageous categories, enhancing its product matrix centered around flagship products, with R&D investment amounting to 91.27 million yuan, up 5.35% year-on-year [1][2]. - The company launched a new all-in-one sweeping machine featuring the "AI Smart Eye" system, and upgraded various cleaning products, enriching its flagship product matrix [2]. Market Performance - Revenue from home environment products reached 677 million yuan, growing by 3.30% [2]. - Philips water health products generated 657 million yuan in revenue, marking a 13.67% increase, while personal care products achieved 342 million yuan [2]. Manufacturing and Global Expansion - The smart manufacturing base is set to partially commence operations in 2024, enhancing the company's digital factory capabilities and overall manufacturing efficiency [2]. - Derma is expanding its global presence through customized products, localized channels, and international e-commerce, leading in markets like Russia, the Philippines, Vietnam, and Indonesia [2]. Future Outlook - The company plans to continue focusing on home environment, water health, and personal care as core segments, leveraging differentiated innovation, global channels, and digital manufacturing to strengthen long-term growth certainty [3].

Core Viewpoint - Delmar's 2025 semi-annual report indicates a modest growth in revenue and net profit, reflecting the company's strategic shift from incremental competition to stock competition in the small home appliance industry [1] Group 1: Financial Performance - The company achieved a revenue of 1.686 billion yuan, representing a year-on-year growth of 3.99% [1] - The net profit attributable to shareholders reached 68.68 million yuan, with a year-on-year increase of 1.08% [1] Group 2: Product Development and Innovation - Delmar focused on core segments and advantageous categories, expanding its product matrix centered around flagship products, with R&D investment of 91.27 million yuan, up 5.35% year-on-year [2] - The home environment product segment generated revenue of 677 million yuan, growing by 3.30% [2] - The water health product segment achieved revenue of 657 million yuan, with a significant year-on-year growth of 13.67% [3] - The company introduced a new all-in-one sweeping machine featuring an "AI Smart Eye" system, enhancing its product offerings [2] Group 3: Market Position and Strategy - Delmar is enhancing its global market presence through customized products, localized channels, and international e-commerce, leading in several emerging markets [4] - The company has been recognized for its innovative water health products, with the Philips ice-making series receiving a five-star certification, positioning it favorably in the market [3] Group 4: Future Outlook - The company plans to continue focusing on three core segments: home environment, water health, and personal health, leveraging differentiated innovation, global channels, and digital manufacturing to ensure long-term growth [5]

Core Viewpoint - Delmar (301332.SZ) reported a revenue of 1.686 billion yuan for the first half of 2025, reflecting a year-on-year growth of 3.99% [1] - The net profit attributable to shareholders was 68.68 million yuan, showing a year-on-year increase of 1.08% [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 63.95 million yuan, which represents a year-on-year decrease of 1.11% [1] - The basic earnings per share stood at 0.15 yuan [1] Financial Performance - Revenue for the first half of 2025 reached 1.686 billion yuan, up 3.99% compared to the previous year [1] - Net profit attributable to shareholders was 68.68 million yuan, an increase of 1.08% year-on-year [1] - Net profit after deducting non-recurring items was 63.95 million yuan, down 1.11% from the previous year [1] - Basic earnings per share were reported at 0.15 yuan [1]

格隆汇8月27日丨德尔玛(301332.SZ)公布2025年半年度报告，上半年公司实现营业收入16.86亿元，同比 增长3.99%；归属于上市公司股东的净利润6868.06万元，同比增长1.08%；归属于上市公司股东的扣除 非经常性损益的净利润6395.28万元，同比下降1.11%；基本每股收益0.15元。 ...

广东德尔玛科技股份有限公司 2025 年半年度非经营性资金占用及其他关联资金往来情况汇总表 | 司 | 佛山市电鱼科技有限公 | 子公司 | 其他应收款 | 0.08 | 1.29 | 1.16 | 0.21 | 往来款 | 非经营性往来 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 南昌德尔玛健康科技有 | | | | | | | | | | | 限公司 | 子公司 | 其他应收款 | | 0.17 | | 0.17 | 往来款 | 非经营性往来 | | | 珠海市德尔玛健康科技 有限公司 | 子公司 | 其他应收款 | | 0.05 | | 0.05 | 往来款 | 非经营性往来 | | | 广东运护盾健康科技有 限公司 | 子公司 | 其他应收款 | 221.78 | 0.98 | 222.76 | | 往来款 | 非经营性往来 | | | 深圳市德尔玛银禾网络 销售有限公司 | 子公司 | 其他应收款 | 15.52 | 0.28 | 15.80 | | 往来款 | 非经营性往来 | | | 佛山市沃德沃特环保科 ...