Core Viewpoint - The financial results of Youquhui (02177) for the first half of 2025 show a revenue of 580 million yuan and a net profit of 11.2 million yuan, indicating a "zero growth" appearance. However, excluding non-recurring items and terminated brand collaborations, revenue increased by 2.5% year-on-year, and net profit remained stable. The gross margin improved by 4.6 percentage points to 34.6% [1] Group 1: "Subtraction" Strategy - Youquhui has consistently focused on actively divesting low-margin brands and channels, which has led to improved profitability despite short-term revenue fluctuations. The gross margin has shown a significant upward trend, increasing from 23.9% in 2022 to 34.6% in the first half of 2025 [2] - The company terminated collaborations with low-margin brands in the personal care and beauty sectors, as well as ceased certain stagnant e-commerce operations, which has contributed to the enhancement of its gross margin [2] Group 2: "Addition" Strategy - Youquhui has identified the health sector as a key area for diversification, with a 42.9% revenue growth in its health segment in the first half of 2025. The self-owned brand Vanpearl generated 14 million yuan in revenue, driven by the successful launch of the ERGO-VITALIS capsule [3][4] - The company is expanding its portfolio by introducing new health brands and optimizing product selection strategies, leading to significant sales increases and breakthroughs in B2B channels [4] Group 3: Future Growth Potential - Youquhui's mid-term report indicates a clear long-term growth trajectory, with a focus on overseas expansion, particularly in Southeast Asia and North America. The company plans to enhance brand presence and penetration through localized compliance and collaboration with local KOLs [5][6] - The company has shifted its investment strategy to prioritize acquisitions and partnerships in the health and beauty sectors, signaling a proactive approach to seizing growth opportunities [6]
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