Core Insights - The company reported a revenue of 1.68 billion yuan for H1 2025, representing a year-on-year increase of 39%, with a net profit attributable to shareholders of 430 million yuan, up 51% year-on-year [1] - In Q2 2025 alone, the company achieved a revenue of 910 million yuan, a 40% increase year-on-year, and a net profit of 240 million yuan, reflecting a 45% year-on-year growth [1] - The proportion of retail customers is steadily increasing, with 70% of the top ten customers being retailers from the U.S. market [1] Revenue and Profitability - The company added 48 new customers in H1 2025, with 45 being U.S. retailers, including 4 that are listed among the "Top 100 Furniture Retailers" in the U.S. [1] - The overall gross margin for H1 2025 was 38.4%, an increase of 5.2 percentage points year-on-year, while Q2 2025 gross margin reached 39.4%, up 6.3 percentage points year-on-year [1] Cost Management - The company effectively controlled various expenses in H1 2025, with sales, management, R&D, and financial expense ratios at 3.1%, 2.6%, 5.2%, and -2.5% respectively, showing minor changes year-on-year [2] - The net profit margin attributable to shareholders for H1 2025 was 25.7%, an increase of 2.1 percentage points year-on-year [2] Future Outlook - The company is expected to continue benefiting from product innovation and the rapid expansion of the "store-in-store" model, which is anticipated to drive terminal sales [2] - Forecasted net profits for 2025, 2026, and 2027 are 944 million yuan, 1.179 billion yuan, and 1.475 billion yuan respectively, maintaining a "recommended" rating [2]
匠心家居(301061)：Q2扣非净利同比+68% 零售客户占比提升 产品结构持续优化