增速大幅放缓、出售子业务 交个朋友增量在何处

Core Viewpoint - After two years of rapid growth, the company "交个朋友" is now facing performance pressure, with its revenue growth falling to single digits and net profit declining by over 30% in the first half of 2025 [1][4]. Financial Performance - For the first half of 2025, the company's revenue reached approximately 618.861 million RMB, a year-on-year increase of about 9.8%, marking a significant slowdown in growth [3][4]. - The net profit for the same period was 55.367 million RMB, a decrease of 37.4% compared to the previous year [4]. - Adjusted net profit was 71.279 million RMB, down from 115.312 million RMB in the same period last year [3][4]. - Gross profit from the new media services segment fell from 303.186 million RMB to 270.687 million RMB, with the gross margin dropping from 53.8% to 43.7% [4]. Business Strategy and Cost Management - The company has decided to divest its traditional broadcasting business to control costs, completing the sale of 100% of its subsidiary by July 31, 2025 [4][6]. - The broadcasting segment accounted for only 9.4% of total revenue in the first half of 2024, with revenue of 58.42 million RMB [5]. - The company is focusing on optimizing its asset structure and improving financial metrics post-divestment [6]. Expansion and Operational Challenges - The company expanded aggressively across multiple platforms, including Douyin, Taobao, and JD.com, but this has increased management costs and operational difficulties [1][8]. - Sales costs rose by 33.7% year-on-year, reaching 350 million RMB, driven by strategic expansion and compliance needs [9]. - The company aims to balance the expansion of live streaming accounts with quality improvement, as indicated by the CEO's comments on operational optimization [9][10]. Industry Trends - The live commerce sector is experiencing a slowdown, with growth rates for major promotional events like "6·18" declining significantly from 124% in 2022 to 12.1% in 2024 [11]. - Companies in the live commerce space are increasingly focusing on refined operations and leveraging technology, such as AI, to enhance customer experience and operational efficiency [11].