降费难阻业绩失速，蓝月亮连续5年上半年亏损，押注高价洗衣液仍需时间沉淀

Core Viewpoint - Blue Moon Group reported a revenue of HKD 30.37 billion for the first half of 2025, a year-on-year decline of approximately 3%, with a loss of HKD 4.35 billion, although this loss has narrowed compared to the same period last year [1] Revenue Performance - The decline in revenue is attributed to a significant drop in the clothing cleaning product segment, which accounts for over 80% of total revenue, falling by 4.6% to HKD 26.41 billion [3][4] - Personal cleaning and home cleaning products saw revenue increases of 12.4% and 4.8%, respectively, generating HKD 2.16 billion and HKD 1.8 billion [3] Sales Channel Analysis - Online sales revenue decreased by 8.9% to HKD 20.68 billion, influenced by the company's control over sales and distribution expenses [4] - The online sales channel accounted for 68.1% of total revenue in the first half of 2025, up from 59.7% in 2024 [5] Marketing and Investment Strategy - The company has heavily invested in online platforms like Douyin, leading to a significant increase in marketing expenses, which rose by 55.6% to HKD 50.49 billion in 2024 [6][7] - Despite achieving record revenue of HKD 85.56 billion in 2024, the company reported a net loss of HKD 7.49 billion, marking its first annual loss since going public [7] Future Outlook - The company plans to leverage emerging online and distribution platforms to promote best-selling and new products, particularly focusing on concentrated laundry liquids [8] - The introduction of premium-priced products may face challenges in consumer acceptance and market education, indicating ongoing pressure on short-term performance [8]