Marubi(SH:603983) Xin Lang Cai Jing·2025-08-25 00:36Core Viewpoint - The company reported strong revenue growth in the first half of 2025, driven by the synergistic development of its dual brands, Marumi and PL Lianhuo, alongside a focus on innovation and digital transformation [2][4]. Financial Performance - In H1 2025, the company achieved revenue of 1.769 billion yuan, representing a year-on-year increase of 30.8% [1][2]. - The net profit attributable to shareholders was 186 million yuan, up 5.2% year-on-year, while the non-recurring net profit was 177 million yuan, reflecting a 6.6% increase [1][2]. - The sales expense ratio increased to 56.5%, up 3.44 percentage points year-on-year, while the management expense ratio decreased to 2.85%, down 0.58 percentage points [2]. Brand Strategy - The company continues to deepen its focus on core products through a big single product strategy, enhancing brand effectiveness and market presence [3]. - Marumi's brand revenue reached 1.25 billion yuan, growing by 34.36% year-on-year, while PL Lianhuo's revenue was 516 million yuan, with a year-on-year increase of 23.87% [2][3]. Future Projections - Revenue forecasts for 2025-2027 are 3.872 billion yuan, 4.857 billion yuan, and 5.923 billion yuan, with corresponding growth rates of 30.4%, 25.5%, and 22.0% [4]. - Net profit projections for the same period are 414 million yuan, 530 million yuan, and 644 million yuan, with growth rates of 21.1%, 28.0%, and 21.6% [4]. - Earnings per share (EPS) are expected to be 1.03 yuan, 1.32 yuan, and 1.61 yuan for the years 2025, 2026, and 2027, respectively [4].