Proya(SH:603605) Xin Lang Cai Jing·2025-08-28 12:29Core Viewpoint - The company reported a steady growth in revenue and net profit for the first half of 2025, driven by cost reduction and efficiency improvements, alongside a strategic upgrade of its product matrix and plans for international expansion through an H-share listing [1][2][4]. Financial Performance - In H1 2025, the company achieved a revenue of 5.362 billion yuan, a year-on-year increase of 7.21%, and a net profit attributable to shareholders of 799 million yuan, up 13.80% [1]. - For Q2 2025, revenue was 3.003 billion yuan, reflecting a 6.49% year-on-year growth, while net profit was 408 million yuan, a 2.36% increase [1]. Profitability Metrics - The gross margin for H1 2025 was 73.38%, an increase of 3.56 percentage points year-on-year, while the net profit margin was 14.89%, up 0.86 percentage points [2]. - In Q2 2025, the gross margin improved to 73.85%, a rise of 4.25 percentage points year-on-year, although the net profit margin decreased to 13.60%, down 0.55 percentage points [2]. Product Development and Brand Performance - The main brand, Proya, generated 3.979 billion yuan in H1 2025, a slight decline of 0.08%, accounting for 74.27% of total revenue [3]. - The sub-brand 彩棠 saw a revenue increase of 21.11% to 705 million yuan, while the sub-brand OR experienced a remarkable growth of 102.52%, reaching 279 million yuan [3]. - Other sub-brands also showed significant growth, with 原色波塔 increasing by 80.18% to 97 million yuan, and other brands collectively generating 130 million yuan, up 65.97% [3]. Strategic Initiatives - The company is planning to issue H-shares and apply for a listing on the Hong Kong Stock Exchange to accelerate its international strategy and overseas business development [4]. - The focus for international expansion will be on Japan and Southeast Asia, primarily through online sales, while also enhancing R&D collaboration through a European innovation center [4]. Future Projections - The company forecasts revenues of 11.864 billion yuan, 13.301 billion yuan, and 14.824 billion yuan for 2025, 2026, and 2027 respectively, with net profits projected at 1.79 billion yuan, 2.04 billion yuan, and 2.32 billion yuan [4].