NHD(SZ:002946) Xin Lang Cai Jing·2025-08-31 00:47Core Viewpoint - The company reported a steady growth in revenue and net profit for the first half of 2025, with a significant increase in net profit margin and a focus on enhancing shareholder returns through increased dividend payouts [1][4]. Financial Performance - For the first half of 2025, the company achieved revenue of 5.53 billion yuan (+3.0%) and a net profit of 400 million yuan (+33.8%), with a non-recurring net profit of 410 million yuan (+31.2%) [1]. - In the second quarter of 2025, revenue reached 2.90 billion yuan (+5.5%), with a net profit of 260 million yuan (+27.4%) and a non-recurring net profit of 270 million yuan (+26.8%) [1]. Product Performance - Revenue from liquid milk, milk powder, and other products for the first half of 2025 was 5.07 billion yuan, 50 million yuan, and 410 million yuan, respectively, with year-on-year growth of +4.6%, +32.3%, and -15.0% [2]. - The company’s low-temperature product category saw over 10% year-on-year growth, driven by high-end fresh milk and innovative products that cater to current consumer trends [2]. Regional Performance - Revenue by region for the first half of 2025 was as follows: Southwest 1.97 billion yuan (+5.1%), East China 1.61 billion yuan (+6.8%), North China 450 million yuan (-15.8%), Northwest 670 million yuan (-1.9%), and other regions 830 million yuan (+7.9%) [2]. Cost and Profitability - The gross margin for the first half of 2025 was 30.0% (+0.8 percentage points), and the net margin was 7.4% (+1.7 percentage points) [3]. - In the second quarter of 2025, the gross margin improved to 30.5% (+1.4 percentage points), with a net margin of 9.4% (+1.7 percentage points) [3]. Shareholder Returns - The interim dividend payout ratio for the first half of 2025 was set at 15%, reflecting the company's commitment to enhancing shareholder returns [4]. Earnings Forecast - The company forecasts revenues of 11.18 billion yuan, 11.77 billion yuan, and 12.36 billion yuan for 2025, 2026, and 2027, representing year-on-year growth of 4.8%, 5.3%, and 5.0%, respectively [5]. - Projected net profits for the same years are 690 million yuan, 820 million yuan, and 950 million yuan, with growth rates of 27.6%, 20.1%, and 15.6% [5].