Ge Long Hui A P P·2025-09-02 07:56Core Viewpoint - Guohai Securities report indicates that Three Squirrels achieved a net profit attributable to shareholders of 138 million yuan in H1 2025, a year-on-year decrease of 52.22% [1] - In Q2 2025, the company reported revenue of 1.754 billion yuan, a year-on-year increase of 22.77%, but a net loss attributable to shareholders of 101 million yuan, with losses widening year-on-year [1] Financial Performance - H1 2025 net profit attributable to shareholders: 138 million yuan, down 52.22% year-on-year [1] - Q2 2025 revenue: 1.754 billion yuan, up 22.77% year-on-year [1] - Q2 2025 net profit attributable to shareholders: -101 million yuan, with losses increasing year-on-year [1] Strategic Developments - The company is making steady progress in reforms under the "high-end cost performance" overall strategy, forming a "D+N" all-channel collaborative system [1] - The company has developed the capability to create cost-effective products [1] Future Outlook - The company plans to continue strengthening distribution channels and exploring its own brand lifestyle stores, which is expected to gradually improve offline weaknesses [1] - Products are transitioning towards differentiation and quality enhancement, which is anticipated to drive profitability improvement [1] - The rating is maintained at "Buy" [1]