Core Viewpoint - The company's 1H25 performance aligns with previous forecasts, showing significant growth in revenue and net profit, indicating a strong operational trajectory and effective brand strategies [1][2]. Financial Performance - The company reported a revenue of 4.11 billion yuan for 1H25, a year-on-year increase of 17.3%, exceeding the upper limit of the previous forecast [1] - Net profit reached 560 million yuan, up 34.7% year-on-year, also above the forecast range [1] - The company's net profit attributable to shareholders was 520 million yuan, reflecting a year-on-year increase of 30.6% [1] Development Trends - The company successfully expanded multiple product lines, with the brand "韩束" generating 3.34 billion yuan in revenue, a 14% increase year-on-year [1] - The brand "一页" saw a remarkable revenue increase of 146% year-on-year, reaching 400 million yuan [1] - Online sales accounted for 93% of total revenue, with a 20% year-on-year increase, while offline sales decreased by 11% [1][2] Profitability and Efficiency - The gross margin for 1H25 was 75.5%, with a year-on-year decrease of 1.0 percentage points but an increase of 1.7 percentage points from the previous half [2] - The sales expense ratio decreased by 0.7 percentage points to 56.9%, attributed to a reduction in the proportion of sales through the main brand's Douyin platform [2] - The net profit margin attributable to shareholders increased by 1.3 percentage points to 12.8% [2] Brand Expansion Strategy - The company is expanding its brand matrix, having launched new brands in May and August, with plans for further launches in 2H25 [2] - The long-term strategy focuses on developing six major brands across three key sectors: skincare, hair care, and maternal and infant products [2] Profit Forecast and Valuation - The profit forecast for 2025-2026 remains unchanged, with the current stock price corresponding to a P/E ratio of 30x for 2025 and 23x for 2026 [3] - The target price has been raised by 8% to 106 HKD, reflecting a potential upside of 17% based on the company's growth prospects [3]
上美股份(02145.HK)：1H净利同增31% 多品类/多品牌矩阵持续扩充