WEIXING(SZ:002003) Xin Lang Cai Jing·2025-08-24 10:32Core Insights - The company reported a revenue growth of 1.8% in H1 2025, reaching 2.34 billion yuan, but experienced a decline in net profit attributable to shareholders by 11.2% to 370 million yuan [1] - The company plans to distribute a cash dividend of 1 yuan per 10 shares, with a payout ratio of 32% [1] Financial Performance - In Q2 2025, the company saw a revenue decline of 9.2% to 1.36 billion yuan and a net profit decrease of 20.4% to 269 million yuan [1] - The gross profit margin improved by 1.1 percentage points to 42.9% in H1 2025, while the net profit margin decreased by 2.3 percentage points to 15.8% [1] Product Category Analysis - Sales of zippers and buttons remained stable, with revenues of 1.29 billion yuan and 930 million yuan, respectively, while other apparel accessory businesses grew by 11.2% to 80 million yuan [2] - The gross margin for the button business increased by 1.39 percentage points to 43.48%, and for the zipper business, it rose by 0.43 percentage points to 43.32% [2] Regional Performance - Domestic revenue decreased by 4.09% to 1.47 billion yuan, while international revenue grew by 13.72% to 860 million yuan [3] - The gross margin for domestic operations improved by 0.92 percentage points to 42.2%, and for international operations, it increased by 1.21 percentage points to 44.06% [3] Capacity Expansion - The company has increased its button production capacity to 6.3 billion pieces and zipper capacity to 485 million meters as of H1 2025 [4] - The Vietnam industrial park, which started operations in March 2024, has seen a rapid increase in capacity utilization, contributing positively to order trends [4] Future Outlook - The company expects a revenue growth of 3.8% to 4.85 billion yuan in 2025, with a projected net profit decline of 4.4% to 669 million yuan [4] - The company is positioned as a leading global supplier with enhanced product development capabilities and improved manufacturing efficiency [5]