Core Insights - The company reported a revenue increase of 8.7% and a net profit increase of 11.0% for the first half of 2025, with figures reaching 4.04 billion and 1.90 billion CNY respectively [1] - The company experienced a mixed performance across different regions, with Europe showing resilience while North America faced growth slowdown due to tariff disruptions [2] Financial Performance - For 25H1, the company achieved a gross margin of 34.93%, reflecting a slight year-on-year increase, while the gross margin for 25Q2 was 34.43% [3] - The company maintained effective cost control, with sales, management, and R&D expense ratios showing minor increases [3] Regional Analysis - Revenue growth by region for 25H1 was as follows: Europe +12.77%, North America +1.94%, Japan -3.36%, and others +86.25% [2] - North America's revenue growth was primarily impacted by frequent adjustments in U.S. tariff policies and the production capacity cycle in Southeast Asia [2] Product Performance - Revenue growth by product category for 25H1 was: furniture +11.92%, home goods +7.88%, pet products -7.34%, and sports & outdoor +20.23% [2] - The furniture and home goods segments performed well due to alignment with European and American consumer demands [2] Strategic Initiatives - The company implemented a VOC innovative sales model, leading to a 59.5% year-on-year increase in revenue from B2B channels primarily through Amazon [4] - Efforts to optimize the supply chain, including resource integration in Southeast Asia and enhancing warehouse networks in Europe, are expected to improve profitability [4] Earnings Forecast - The company projects EPS for 2025, 2026, and 2027 to be 0.99, 1.19, and 1.40 CNY respectively, with corresponding PE ratios of 20.15, 16.78, and 14.34 [5]
致欧科技(301376)：美国关税扰动业绩 新模式+供应链优化支撑后续表现