Core Viewpoint - The company reported a revenue of 2.588 billion yuan for the first half of 2025, reflecting a year-on-year growth of 31.3%, while net profit increased by 36.1% to 670 million yuan, indicating a slowdown compared to over 40% growth in the same period of 2024 [1][2]. Financial Performance - Revenue for the first half of 2025 reached 2.588 billion yuan, with a year-on-year increase of 31.3% [1]. - Net profit for the same period was 670 million yuan, up 36.1% year-on-year [1]. - The overall gross margin was 84.2%, showing a slight decline compared to the previous year [1]. - Product sales revenue was 2.521 billion yuan, a 32.7% increase, accounting for 97.4% of total revenue [5]. - The skincare segment also saw significant growth, with revenue increasing by over 30% [5]. Market Expansion - The company has entered the fragrance market, launching two high-end perfume series, which achieved sales of 35,000 units in just over a month, contributing 11.41 million yuan to total sales [7]. - International sales revenue surged by 503.1% year-on-year, although it still represents a small portion of total sales at only 0.05% [6]. - The company plans to strategically expand into overseas markets through department store counters and online stores [6]. Stock Performance - The company's stock price fell to 94.05 HKD per share on August 28, 2025, a decrease of 2.49%, resulting in a market capitalization of 46.1 billion HKD, down over 16 billion HKD from its peak in June [2]. Industry Context - The overall growth of the Chinese beauty market is slowing, with high-end and differentiated products becoming the focus of competition [8]. - The fragrance market is seen as a key growth area, with a projected compound annual growth rate of 15% from 2018 to 2023, and expected to exceed 44 billion yuan by 2028 [7][8]. - The company aims to maintain high market valuation by continuously exploring new growth avenues beyond makeup and skincare [8].
均价超300元的香水卖出上千万元，知名国货品牌股价却跌了，两个月市值缩水超百亿元！境外产品销售收入大增500%