八方股份(603489)：业绩短期承压 海外布局持续深化

Core Insights - The company reported a decline in revenue and net profit for the first half of 2025, with total revenue of 643 million yuan, down 5.68% year-on-year, and a net profit of 32 million yuan, down 36.44% year-on-year [1] - The electric bicycle business is under pressure, leading to a significant drop in gross margin, which fell to 21.85%, a decrease of 5.86 percentage points year-on-year [2] - Despite short-term performance challenges, the company continues to invest in R&D, with R&D expenses of 27 million yuan in H1 2025 and multiple new patents filed and granted [2] - The company is enhancing localized services and deepening its European presence, having established a European headquarters in the Netherlands and expanded its service network across eight European countries [3] - The company maintains its profit forecast for 2025-2027, expecting net profits of 110 million, 142 million, and 179 million yuan respectively, with a current price-to-earnings ratio of 57, 44, and 35 times for those years [3] Financial Performance - In H1 2025, the company achieved operating revenue of 643 million yuan, a year-on-year decrease of 5.68% [1] - The net profit attributable to shareholders was 32 million yuan, down 36.44% year-on-year, while the net profit after deducting non-recurring gains and losses was 23 million yuan, down 49.72% [1] - In Q2 2025, the company reported operating revenue of 343 million yuan, a decline of 11.32% year-on-year, and a net profit of 10 million yuan, down 69.67% year-on-year [1] Business Strategy - The company is focusing on product innovation and technology development, with a notable award for its GVT gear transmission technology platform [2] - The company has strengthened its "product + service" dual-drive development model, enhancing its brand influence in the UK market through partnerships [3] - The company has successfully passed multiple product certifications in compliance with EU regulations, demonstrating its commitment to supply chain sustainability [3]