Core Insights - The company reported a revenue of 4.044 billion yuan for H1 2025, representing an 8.7% year-on-year increase, with a net profit attributable to shareholders of 190 million yuan, up 11.0% [1] - The furniture and home category showed steady growth, with significant revenue contributions from various product lines [1] Revenue Breakdown - In H1 2025, the company achieved revenue of 2.121 billion yuan from furniture, 1.440 billion yuan from home products, 286 million yuan from pet products, and 160 million yuan from outdoor sports, with respective year-on-year growth rates of 11.9%, 7.9%, -7.3%, and 20.2% [1] Regional Performance - In H1 2025, revenue growth by region was as follows: Europe +12.8%, North America +1.9%, Japan -3.4%, and other regions +86.3%, with respective revenue shares of 64.1%, 34.1%, 0.7%, and 1.0% [2] - The European market showed robust performance, with strategic investments in emerging markets like Australia and Turkey to expand growth opportunities [2] Operational Efficiency - The company has optimized its logistics and distribution, transitioning from a single warehouse model to a multi-warehouse approach in Europe, enhancing delivery efficiency and cost structure [2] - The company has locked in shipping prices for 2025, ensuring cost control and stable capacity [3] Profitability and Cost Management - The gross margin for H1 2025 was 34.7%, remaining stable year-on-year, while the company managed to reduce financial expenses due to favorable exchange rate fluctuations [3] - The company’s operating cash flow for H1 2025 was 1.489 billion yuan, indicating strong cash generation capabilities [4] Supply Chain Strategy - The company has increased procurement from Southeast Asia to mitigate tariff impacts on the U.S. market, achieving a 70% order rate for Southeast Asian shipments to the U.S. [4] - The organization is implementing a group-wide strategy to enhance cost leadership and category planning [4] Profit Forecast - The company projects net profits attributable to shareholders of 370 million yuan, 480 million yuan, and 610 million yuan for 2025, 2026, and 2027, respectively, with corresponding price-to-earnings ratios of 21.8X, 16.7X, and 13.2X [4]
致欧科技(301376)：供应链全球布局 深化仓配服 强化产品&品牌力