Semir(SZ:002563) Xin Lang Cai Jing·2025-08-24 00:33Group 1 - The company's revenue improved in Q2 compared to Q1, with a year-on-year growth of 9%, but profit decreased by 46% year-on-year due to rigid expenses and increased asset impairment [1] - Sales performance varied by brand, with the children's clothing brand Balabala showing better sales resilience than the adult clothing brand Semir, reflecting the company's strong position in the children's apparel market [1] - The company expects pressure from expenses to gradually ease in the second half of the year, with a new stock incentive plan set to launch in September 2024, indicating a proactive approach to expense management [1] Group 2 - The company's revenue from franchise operations, which accounted for approximately 38% of total revenue, declined by 2.8% year-on-year, significantly impacting overall revenue growth [2] - The cautious mindset of franchisees in the current consumer environment has led to a net closure of 66 franchise stores, while only 19 direct stores were opened, indicating a lack of strong new store openings [2] - The company's earnings forecast has been adjusted, with expected earnings per share for 2025-2027 revised to 0.32, 0.42, and 0.52 yuan respectively, with a target price of 5.76 yuan based on an 18x PE valuation for 2025 [2]