KORRUN(SZ:300577) Xin Lang Cai Jing·2025-09-03 04:50Group 1 - The company reported a revenue of 2.427 billion in H1 2025, representing a year-on-year growth of 32.53%, while the net profit attributable to shareholders was 187 million, a decrease of 24.77% due to the impact of investment income from the acquisition of Jiale in H1 2024 [1] - The operational net profit growth rate, excluding the aforementioned impact, was 23.28%, with a non-recurring net profit of 181 million, an increase of 13.98% year-on-year [1] - In Q2 2025, the company achieved a revenue of 1.194 billion, a year-on-year increase of 29.54%, while the net profit attributable to shareholders was 101 million, a decrease of 42.78% [1] Group 2 - The bag manufacturing business generated a revenue of 1.419 billion in H1 2025, reflecting a year-on-year growth of 13.03%, supported by a core strategy targeting major clients [1] - The company’s production capacity for bags reached 22.0733 million units, a year-on-year increase of 3.55%, with a capacity utilization rate of 93.39%, up 2.15 percentage points [1] - The company has established a global supply chain advantage with clients including Nike, ADIDAS, Uniqlo, and others, with approximately 71% of production capacity located overseas, mainly in Indonesia and India [1] Group 3 - The apparel manufacturing segment reported a revenue of 678 million, a significant year-on-year increase of 148.25%, indicating effective implementation of the vertical integration strategy [2] - The subsidiary Shanghai Jiale achieved a revenue of 685 million in H1 2025, with a net profit margin of 5.08%, an increase of 1.8 percentage points year-on-year [2] - The company’s clothing production capacity was 30.0143 million units, with a utilization rate of 50.73%, and approximately 80% of production capacity located overseas, primarily in Indonesia [2] Group 4 - The brand management business generated a revenue of 311 million in H1 2025, a year-on-year increase of 8.87%, with distribution channel revenue from Xiaomi reaching 250 million, up 28.28% [2] - The self-owned brand "90 Points" has optimized its online channel operations, with online sales revenue of approximately 55.486 million, while also expanding into offline channels [2] Group 5 - The overall gross margin for H1 2025 was 24.66%, an increase of 0.72 percentage points, primarily due to improvements in the gross margin of the OEM business [3] - The company reported a significant increase in operating cash flow, reaching 239 million, a year-on-year growth of 3843%, indicating improved operational quality [3] - Inventory amounted to 861 million, a year-on-year increase of 19.33%, with an inventory turnover period of 85 days, an increase of 6 days year-on-year [3]