Core Viewpoint - The manufacturing business shows steady revenue growth in Q2, with improved gross margin compared to Q1, while the retail business faces pressure due to a strong domestic promotional environment, with expectations of continued challenges in H2 [1]. Group 1: Manufacturing Business - Q2 manufacturing revenue reached $26.1 billion, a year-on-year increase of 8.3% (Q1/Q2 growth rates of +5.9%/+6.5%) [2]. - The shipment volume was 127 million pairs, reflecting a 5.0% year-on-year increase, with average selling price (ASP) at $20.61, up 3.2% year-on-year [2]. - H1 gross margin for manufacturing was 17.7%, down 1.4 percentage points year-on-year, primarily due to uneven capacity utilization and rising costs from new labor and salary increases [2]. Group 2: Retail Business - Q2 retail revenue was $12.6 billion, a year-on-year decline of 8.6% (Q1/Q2 declines of -6.5%/-11.1%) [2]. - In-store traffic fluctuated, leading to significant revenue drops in both direct and franchise channels compared to the same period in 2024, while omnichannel sales grew by 16% and live-streaming sales doubled [2]. - H1 gross margin for retail was 33.5%, down 0.7 percentage points year-on-year, mainly due to increased average discount rates driven by a strong promotional atmosphere in the industry [2]. Group 3: H2 Outlook - For H2, manufacturing orders are uncertain, but gross margins are expected to improve compared to H1; Q3 shipment volume is anticipated to decline year-on-year, while Q4 is projected to be the highest quarter for shipments [3]. - Profit margins in Q3 are expected to decline more than in H1, but H2 gross margin levels are forecasted to be higher than H1 [3]. - The retail sector may continue to face pressure from domestic discount promotions, but the company remains confident in its leading brands and plans to expand product offerings [3].
裕元集团(0551.HK)2025H1业绩点评：Q2制造产能利用率环比进一步提升 零售业务承压