半年26亿营收亏692万，跨境通要靠进口母婴业务破局？

Core Viewpoint - The company, Kuaijingtong, reported a slight revenue decline and reduced losses in its 2025 semi-annual report, with a focus on its core maternal and infant business as a key driver for recovery [1][2]. Group 1: Financial Performance - In the first half of 2025, Kuaijingtong achieved a revenue of 2.631 billion yuan, a year-on-year decrease of 9.88%, while the net profit attributable to shareholders was a loss of 6.9242 million yuan, representing a significant reduction in losses by 71.07% [1]. - The net profit margin improved to -0.22%, an increase of 0.17 percentage points compared to the same period last year, indicating enhanced capital efficiency [1]. - In Q2, revenue fell to 1.377 billion yuan, with a year-on-year decline of 16.18%, and the net profit attributable to shareholders dropped by 133.1% [2]. Group 2: Business Composition - The maternal and infant segment accounted for 92.33% of total revenue, generating 2.428 billion yuan, significantly outperforming the apparel and home categories, which only contributed 7.67% [3]. - The company has established a robust supply chain and channel resources through the operation of well-known brands like "Aptamil" and "Nutricia" [3]. Group 3: Inventory and Profitability - Kuaijingtong's inventory decreased by 57.91% compared to the end of the previous year, improving inventory turnover efficiency, which is closely related to the fast turnover characteristics of the maternal and infant category [3]. - The overall gross margin increased to 11.91%, up by 0.26 percentage points year-on-year, with Q2 gross margin reaching 12.30% [3]. Group 4: Future Growth Potential - Contract liabilities increased by 31.42%, indicating future revenue potential primarily from maternal and infant product orders [4]. - The company aims to deepen supply chain advantages, optimize channel layouts, and expand its product matrix to enhance customer value [7]. Group 5: Cost Management and Risks - Despite showing resilience in the maternal and infant business, Kuaijingtong faces challenges in achieving profitability, with a period expense of 291 million yuan, a decrease of 21.21 million yuan year-on-year, but the expense ratio rose to 11.06% [5]. - The company’s goodwill reached 1.178 billion yuan, 1.37 times its net assets, indicating potential impairment risks if subsidiary performance does not meet expectations [6].