Xin Lang Cai Jing·2025-09-02 10:30Core Viewpoint - The company reported strong financial performance in H1 2025, with revenue and net profit exceeding expectations, driven by domestic sales benefiting from national subsidies and resilient contributions from emerging markets [1][2][7]. Financial Performance - Q2 revenue reached 77.376 billion yuan, a year-on-year increase of 10.39%, with net profit attributable to shareholders at 6.546 billion yuan, up 16.02% year-on-year [1]. - H1 revenue totaled 156.494 billion yuan, reflecting a 10.22% year-on-year growth, while net profit attributable to shareholders was 12.033 billion yuan, increasing by 15.59% year-on-year [1]. Revenue Analysis - Domestic sales grew by 9% and international sales by 12% in H1, with Q2 showing domestic sales up 10% and international sales up 11% [2]. - By region, H1 revenue growth in North America, Europe, South Asia, Southeast Asia, and the Middle East/Africa was 2%, 24%, 32%, 18%, and 65% respectively, indicating strong performance in emerging markets [2]. - By product, revenue growth in H1 was 4% for the refrigeration industry, 13% for air energy solutions, 2% for kitchen appliances, 8% for personal care, and 21% for water industry, with air energy solutions and water industry leading the growth [2]. Profitability Analysis - Q2 gross margin was 28.4%, up 0.1 percentage points year-on-year, and net margin was 8.9%, up 0.5 percentage points year-on-year [4]. - The company benefited from cost reduction and efficiency improvements through digital transformation, optimizing gross margin and sales expense ratio [4]. Other Key Points - As of the end of the reporting period, contract liabilities stood at 5.711 billion yuan, indicating sufficient remaining resources [5]. - The company announced its first interim dividend, proposing a payout of 2.69 yuan per 10 shares, corresponding to a dividend rate of approximately 20.8% [6]. Investment Outlook - The company is expected to continue benefiting from domestic subsidies and resilient contributions from emerging markets, with digital transformation enhancing cost efficiency [7]. - Revenue forecasts for 2025-2027 are adjusted to 306.945 billion yuan, 322.677 billion yuan, and 336.352 billion yuan, with year-on-year growth rates of 7.3%, 5.1%, and 4.2% respectively [7]. - Net profit forecasts for the same period are 21.401 billion yuan, 23.837 billion yuan, and 25.597 billion yuan, with year-on-year growth rates of 14.2%, 11.4%, and 7.4% respectively [7].