huasi(SZ:002494) Zheng Quan Shi Bao·2025-09-10 03:01Core Viewpoint - 华斯股份 is undergoing structural adjustments while maintaining strong growth in its core business, particularly in high-value fur clothing, which has seen significant revenue increases despite overall revenue challenges [1][2]. Financial Data and Business Structure Optimization - In the reporting period, 华斯股份 achieved operating revenue of 155 million yuan, reflecting a phase of structural adjustment and proactive business optimization [2]. - The fur clothing business generated revenue of 71.5 million yuan, marking a year-on-year increase of 43.88%, showcasing its market competitiveness [2]. - The OBM (Own Brand Management) model contributed 119 million yuan in revenue, up 18.71% year-on-year, with its share of total revenue reaching 76.88%, indicating a successful transition to a brand-centric operational model [2]. Core Competitiveness Amidst Adversity - 华斯股份's core business experienced growth despite market challenges, with significant breakthroughs in online sales channels, particularly through Douyin, which saw sales revenue of 3.83 million yuan, a staggering increase of 2236.69% [3]. - The establishment of a wholly-owned subsidiary in Xinjiang aims to expand market presence in the northwest region, enhancing brand influence [3]. - The company maintains a comprehensive supply chain from raw material procurement to brand operation, ensuring strong cost control and quality assurance [3]. - R&D investment reached 4.09 million yuan, a 6.95% increase, supporting ongoing innovation and technological leadership [3]. Strategic Layout for Future Development - The brands under 华斯, including HERAS, 怡嘉琦, and 伊尚迪, have clear positioning, with 怡嘉琦 recognized as a "Chinese Famous Trademark," contributing to stable growth [4]. - The company emphasizes value management and investor relations, as evidenced by the approval of a market value management system [4]. - The company received high-tech enterprise certification, allowing for a 15% corporate income tax rate, optimizing tax costs and reflecting its innovation capabilities [4]. - The offline direct sales system operates efficiently, with 12 stores covering 8,439 square meters and the top five stores generating a combined revenue of 16.9 million yuan, demonstrating effective channel operations [4].