BIYI(SH:603215) Xin Lang Cai Jing·2025-08-28 12:30Company Performance - In H1 2025, the company achieved total revenue of 1.157 billion yuan (+34.53%) and a net profit attributable to shareholders of 54 million yuan (-21.04%) [1] - In Q2 2025, the company reported revenue of 627 million yuan (+16.07%) and a net profit attributable to shareholders of 39 million yuan (-33.13%) [1] - The company’s product revenue breakdown for H1 2025 includes air fryers (985 million yuan), coffee machines (109 million yuan), and other products [1] Sales and Market Trends - Domestic sales showed remarkable growth with a year-on-year increase of 498.99%, while international sales increased by 11.76% [1] - The company is expanding its coffee machine production with expected orders from SharkNinja and is also accelerating the development of robotic vacuum cleaners [1] Profitability and Cost Structure - In Q2 2025, the company's gross margin was 15.76% (-3.38 percentage points), with expectations for improvement through a higher proportion of high-margin products [2] - The net profit margin in Q2 2025 was 5.84% (-4.56 percentage points), primarily due to increased expenses [2] - Sales expenses increased significantly due to enhanced brand marketing efforts [2] Industry Outlook - The small home appliance sector faces short-term challenges due to geopolitical factors, but the coffee machine market presents significant growth opportunities [3] - The company is positioned to benefit from a stable customer base in the air fryer segment and is expanding its product matrix with new categories [3] - The construction of a smart factory in Italy is progressing, with the first phase nearing completion, enhancing the company's ability to manage international trade risks [3] Future Projections - The company’s projected net profits for 2025, 2026, and 2027 are 139 million yuan, 187 million yuan, and 250 million yuan, respectively, with corresponding EPS of 0.74, 1.00, and 1.33 yuan [3]