NHD(SZ:002946) Xin Lang Cai Jing·2025-08-28 08:43Core Insights - The company reported a revenue of 5.526 billion yuan for H1 2025, a year-on-year increase of 3.01%, and a net profit attributable to shareholders of 397 million yuan, up 33.76% year-on-year [1] - The company achieved a significant increase in gross margin and net profit margin in Q2 2025, indicating strong operational efficiency and cost management [3] - The company is committed to its "Fresh Cube Strategy," focusing on product and channel development to drive growth in the competitive dairy industry [4] Financial Performance - For H1 2025, the company generated revenue of 5.526 billion yuan, with a net profit of 397 million yuan, and a non-recurring net profit of 411 million yuan, reflecting increases of 33.76% and 31.17% year-on-year respectively [1] - In Q2 2025, the company reported revenue of 2.901 billion yuan, a year-on-year increase of 5.46%, and a net profit of 263 million yuan, up 27.37% year-on-year [1] - The gross margin for H1 2025 was 30.02%, and for Q2 2025 it was 30.49%, showing year-on-year increases of 0.79 and 1.40 percentage points respectively [3] Business Model Analysis - In H1 2025, the company’s direct sales and distribution revenues were 3.387 billion yuan and 1.726 billion yuan, showing year-on-year growth of 22.96% and a decline of 18.75% respectively [1] - The company’s liquid milk, milk powder, and other products generated revenues of 5.067 billion yuan, 46 million yuan, and 413 million yuan in H1 2025, with year-on-year growth rates of 4.60%, 32.29%, and a decline of 14.99% respectively [2] Regional Performance - In H1 2025, the company’s revenue from different regions was as follows: Southwest 1.970 billion yuan, East China 1.605 billion yuan, North China 451 million yuan, Northwest 667 million yuan, and others 832 million yuan, with year-on-year growth rates of 5.09%, 6.79%, -15.81%, -1.86%, and 7.92% respectively [2] Strategic Initiatives - The company is focusing on the development of low-temperature products, which saw double-digit growth in H1 2025, particularly in high-end fresh milk and the "Today Fresh Milk" brand [4] - The company is enhancing its brand exposure through increased advertising spending, which rose by 25.17% year-on-year, while also achieving significant reductions in labor and management costs [3] Investor Returns - The company has prioritized investor returns, with a 90% increase in the total amount of mid-year and annual dividends for 2024 compared to the previous year [5]