新澳股份(603889)：毛价温和上涨 业绩表现稳健

Core Viewpoint - The company reported stable revenue and improved profitability in H1 2025 despite a complex external environment, driven by moderate wool price increases and foreign exchange gains [1][3]. Financial Performance - H1 2025 revenue was 2.554 billion yuan, a slight decrease of 0.08% year-on-year, while net profit attributable to shareholders was 271 million yuan, an increase of 1.67% year-on-year [1]. - Quarterly breakdown shows Q1 revenue increased by 0.29% year-on-year, while Q2 revenue decreased by 0.35% year-on-year [1]. - Gross profit margin improved to 21.6%, up 0.75 percentage points year-on-year, due to effective cost control and an increase in high-end yarn orders [2]. Product Performance - Revenue from fine wool yarn, cashmere, and wool tops in H1 2025 was 1.433 billion yuan, 786 million yuan, and 303 million yuan, respectively, with year-on-year changes of -3.1%, +16%, and -16% [1]. - Cashmere sales volume was approximately 1,370 tons, up 16.6% year-on-year, benefiting from new capacity release and deepened cooperation with key customers [2]. Regional Performance - Domestic and foreign sales revenue in H1 2025 were 1.650 billion yuan and 904 million yuan, respectively, with year-on-year changes of -1.3% and +2.2% [2]. Cost and Expense Management - The company managed to reduce its expense ratio to 7.42%, down 0.25 percentage points year-on-year, despite increases in sales and management expenses due to higher employee compensation [2]. Future Outlook - The company is progressing with new projects, including a high-end fine wool yarn project in Vietnam and a high-quality fine wool yarn project in Yinchuan, which are expected to gradually release capacity in the second half of the year [3]. - Profit forecasts for 2025-2026 have been adjusted downwards due to low domestic and foreign demand, with net profit estimates of 449 million yuan and 494 million yuan, respectively [3].