Core Viewpoint - Yuanyuan Group reported a revenue of $4.06 billion for H1 2025, a year-on-year increase of 1.1%, while net profit attributable to shareholders was $170 million, a decrease of 7.2% [1] Group 1: Manufacturing Business - The manufacturing segment achieved revenue of $2.8 billion in H1 2025, up 6.2% year-on-year, with a net profit of $160 million, down 0.2% [1] - In Q2 2025, manufacturing revenue reached $1.47 billion, reflecting a 6.5% year-on-year increase, with net profit rising by 29.2% to $90 million [1] - The company experienced a steady growth in shipment volume, with a 4.7% year-on-year increase in Q2, and an average selling price increase of 3.9% year-on-year [1] Group 2: Retail Business - Baosheng International's revenue in H1 2025 was $1.26 billion, down 8.6% year-on-year, with a net profit of $30 million, a significant decline of 44.3% [1] - In Q2 2025, Baosheng's revenue decreased by 11.1% year-on-year to $560 million, with net profit dropping 69.2% to $10 million [1] - The company closed 40 stores in H1 2025, with same-store sales declining in double digits, and a further 29 stores closed in Q2 [1] Group 3: Financial Metrics and Future Outlook - The company declared a dividend of HKD 0.4 per share for H1 2025, with a payout ratio of 48% [1] - Forecasts for net profit attributable to shareholders are $360 million, $400 million, and $450 million for 2025-2027, reflecting year-on-year changes of -8%, +12%, and +13% respectively [2] - The current price corresponds to a PE ratio of 8, 7, and 6 for the years 2025, 2026, and 2027, respectively, with a projected dividend yield of 9% in 2025 under a 70% payout assumption [2]
裕元集团(0551.HK)：制造业务收入和盈利均环比改善 零售业务受同店销售及费用影响仍承压