漱玉平民(301017)：2025H1经营业绩稳健增长 线上业务优化布局

Core Viewpoint - The company maintains a "Buy" rating due to steady growth in operating performance, despite some adjustments in profit forecasts for 2025-2027 [1] Financial Performance - In H1 2025, the company achieved revenue of 4.881 billion yuan (up 1.30% year-on-year) and a net profit attributable to shareholders of 36 million yuan (up 49.83%) [1] - In Q2 2025, revenue was 2.503 billion yuan (up 5.18%), but net profit attributable to shareholders decreased to 11 million yuan (down 22.36%) [1] - The gross margin for H1 2025 was 26.30% (down 1.56 percentage points), while the net profit margin was 0.63% (up 0.29 percentage points) [1] - The company adjusted its profit forecasts for 2025-2027, expecting net profits of 55 million yuan, 67 million yuan, and 77 million yuan respectively [1] Store Expansion and Market Strategy - As of H1 2025, the company operated 9,042 stores, including 5,072 direct-operated stores and 3,970 franchise stores [2] - The majority of direct-operated stores (4,292) are located in Shandong province, accounting for 84.62% of the total [2] - The company is focusing on optimizing its online business and integrating it with offline channels, achieving O2O direct sales of 455 million yuan (up 11.0%) in H1 2025 [2] Patient Management and Service Development - The company is advancing its DTP patient management platform, which includes patient information management, medication guidance, health monitoring, and education services [2] - As of H1 2025, the company has over 120 specialty pharmacies for critical illnesses and more than 400 pharmacies located near hospitals [2]