Zheng Quan Zhi Xing·2025-08-26 09:17Core Viewpoint - The company Semir Apparel (002563) reported a decline in net profit for the first half of 2025, while maintaining a stable performance in children's clothing and optimizing its channel structure [2][4]. Financial Performance - In the first half of 2025, the company achieved operating revenue of 6.149 billion yuan, a year-on-year increase of 3.26%, but the net profit attributable to shareholders decreased by 41.17% to 325 million yuan [2]. - The second quarter saw operating revenue of 3.070 billion yuan, up 9.04% year-on-year, while net profit dropped 46.25% to 111 million yuan [2]. - The company declared an interim dividend of 0.15 yuan per share, with a payout ratio of 124.32% [2]. Business Segments - The children's clothing segment generated revenue of 4.313 billion yuan, a year-on-year increase of 5.97%, accounting for 70.15% of total revenue [2]. - The leisurewear segment reported revenue of 1.723 billion yuan, a decline of 4.98%, primarily due to a strategic reduction in online discounts [2]. Channel Optimization - In the first half of 2025, revenue from direct sales, franchises, and online channels was 0.948 billion, 2.334 billion, and 2.692 billion yuan, respectively, with changes of +34.78%, -2.8%, and -0.11% [3]. - The company closed inefficient street stores and traditional department stores, shifting focus to shopping centers and outlet stores [3]. Profitability Metrics - The gross margin for the first half of 2025 was 46.79%, an increase of 0.62 percentage points year-on-year [4]. - The net profit margin decreased to 5.19%, down 2.57 percentage points, due to increased sales expenses from new store openings and online marketing [4]. International Expansion - The company is expanding its overseas business, with revenue from international markets growing by 79.19% to 52.08 million yuan in the first half of 2025 [4].