KORRUN(SZ:300577) Xin Lang Cai Jing·2025-08-28 02:48Event Overview - The company's revenue, net profit attributable to shareholders, net profit excluding non-recurring gains and losses, and operating cash flow for the first half of 2025 were 2.43 billion, 187 million, 181 million, and 239 million yuan, respectively, showing year-on-year growth of 32.53%, -24.77%, 13.98%, and 3843.34% [1] - The decline in net profit attributable to shareholders was mainly due to a gain of 96 million yuan from the fair value measurement of the equity of Shanghai Jiale included in the consolidated financial statements for the first half of 2024 [1] - The operating cash flow exceeded net profit due to a decrease in operating receivables and an increase in payables [1] Financial Performance - In the second quarter of 2025, revenue, net profit, and net profit excluding non-recurring gains and losses were 1.194 billion, 101 million, and 97 million yuan, respectively, with year-on-year growth of 29.54%, -42.78%, and 21.12% [1] - The performance exceeded market expectations, driven by continuous growth in 2B bag orders and improvements in Jiale's net profit margin [1] Dividend and Incentive Plan - The company plans to distribute a cash dividend of 1.57 yuan for every 10 shares, with a dividend payout ratio of 20% and a dividend yield of 1.37% [2] - The company announced an adjustment to the stock grant price for the 2023 restricted stock incentive plan from 8.24 yuan per share to 7.91 yuan per share [3] Business Segments - The 2B bag OEM business showed double-digit growth in the first half of 2025, with revenue of 1.419 billion yuan, a year-on-year increase of 13.03% [4] - The company maintained strategic communication with top global brands, ensuring stable and high-quality orders [4] - The total production capacity for bags in the first half of 2025 was 22.0733 million units, a year-on-year increase of 3.6%, with a capacity utilization rate of 93.4% [4] Shanghai Jiale Performance - The garment OEM revenue was 679 million yuan, a year-on-year increase of 148.25%, primarily due to the timing of consolidation and its own growth [5] - Shanghai Jiale's revenue for the first half of 2025 was 685 million yuan, with a year-on-year growth of 6.88% [5] 2C Business Growth - The 2C business revenue was 306 million yuan, a year-on-year increase of 8.87%, driven mainly by Xiaomi [6] - The company launched several new products in collaboration with Xiaomi, enhancing its brand presence [6] Profitability Analysis - The company's gross margin for the first half of 2025 was 24.7%, a year-on-year increase of 0.7 percentage points, while the net profit margin decreased [7] - The decline in net profit margin was attributed to an increase in financial expense ratio, a decrease in investment income proportion, and an increase in income tax proportion [7] Inventory and Receivables - The company's inventory amounted to 861 million yuan, a year-on-year increase of 19.33%, with inventory turnover days increasing to 85 days [8] - Accounts receivable were 984 million yuan, a year-on-year increase of 0.87%, with accounts receivable turnover days decreasing to 75 days [9] Payables - Accounts payable were 478 million yuan, a year-on-year decrease of 15.97%, with accounts payable turnover days decreasing to 55 days [10] Investment Outlook - The company is expected to achieve double-digit growth in the 2B bag business, with net profit margins still having room for recovery [11] - The acquisition of Shanghai Jiale opens up a second growth curve for the company, with net profit margins also having recovery potential [11] Revenue Forecast Adjustment - The revenue forecasts for 2025, 2026, and 2027 have been adjusted to 5.533 billion, 6.314 billion, and 7.142 billion yuan, respectively [12] - The adjusted net profit forecasts for the same years are 460 million, 584 million, and 712 million yuan, respectively [12]