今世缘(603369)：25H1大众价位稳增 省外重点布局

Core Viewpoint - The company reported a decline in revenue and net profit for the first half of 2025, with a focus on maintaining growth through strategic market expansion and product upgrades despite external pressures [1][2][3]. Financial Performance - For H1 2025, total revenue, net profit attributable to shareholders, and net profit excluding non-recurring items were 6.95 billion, 2.23 billion, and 2.22 billion respectively, showing year-on-year declines of 4.8%, 9.5%, and 9.1% [1]. - In Q2 2025, total revenue, net profit attributable to shareholders, and net profit excluding non-recurring items were 1.85 billion, 0.58 billion, and 0.58 billion respectively, with year-on-year declines of 29.7%, 37.1%, and 36.5% [1]. Product and Market Performance - The core product line has been upgraded, and new products are being introduced, with the mass-market products represented by the "Te A" category performing well under pressure [1][2]. - In H1 2025, revenue from "Te A" and above accounted for 95.1% of total revenue, with a slight year-on-year increase of 0.4 percentage points [2]. - The company is focusing on regional market penetration, with H1 2025 revenue from domestic markets down 6.1% and from external markets up 4.8% [2]. Profitability and Cost Management - The gross margin for H1 2025 decreased by 0.4 percentage points to 73.4%, while the sales expense ratio increased by 1.4 percentage points to 14.8% [2]. - The net profit margin for H1 2025 was 32.1%, reflecting a year-on-year decline of 1.6 percentage points [2]. Future Outlook - The company is expected to benefit from strong demand in the Jiangsu market and steady expansion in external markets, with a long-term growth potential [3]. - Revenue forecasts for 2025-2027 have been adjusted downward, with expected revenues of 11.07 billion, 11.64 billion, and 12.39 billion respectively, reflecting year-on-year changes of -4.1%, +5.1%, and +6.4% [3]. - The target price for the company is set at 54.12 yuan, maintaining a "buy" rating based on growth opportunities in both domestic and external markets [3].