森鹰窗业上半年净利润同比由盈转亏，继续拓展海外市场

Core Viewpoint - The company reported a slight increase in revenue but faced significant losses in net profit due to various factors, indicating challenges in the current market environment and operational adjustments. Financial Performance - In the first half of 2025, the company achieved revenue of 247 million yuan, a year-on-year increase of 3.89% [1][2] - The net profit attributable to shareholders was -12.75 million yuan, compared to a profit of 0.50 million yuan in the same period last year [1][2] - The net profit after deducting non-recurring gains and losses was -17.11 million yuan, a decrease of 128.76% year-on-year [2] - The basic earnings per share were -0.14 yuan [1] Product Performance - Revenue from energy-saving aluminum-clad wooden windows was 168 million yuan, a year-on-year decrease of 9.41% [2] - Revenue from aluminum alloy windows was 53.74 million yuan, an increase of 31.16% year-on-year [2] - Revenue from new plastic windows was 4.69 million yuan, with a gross margin of -9.27% [2] Business Model and Market Strategy - The dealer model generated sales revenue of 116 million yuan, a slight increase of 0.03% year-on-year, with a gross margin of 18.69% [2] - The bulk business model achieved sales revenue of 123 million yuan, a year-on-year increase of 7.95%, with a gross margin of 28.49% [2] - The company is in a channel transformation period, which has affected the growth rate of the dealer model [2] Cost and Expenses - The main business cost was 183 million yuan, a year-on-year increase of 0.58%, contributing to an increase in gross margin [3] - Selling and administrative expenses increased by 16.49% and 13.22% respectively, putting pressure on profitability [3] Market Expansion - The company is expanding its overseas market presence, establishing a dedicated overseas division and developing localized products [3] - The company has completed various international product certifications and is focusing on markets in the United States, Canada, and Australia [3] - In the U.S., the company has established a distribution network in several cities and is collaborating with local builders and designers [3]