Ge Long Hui·2025-09-22 07:37Core Viewpoint - The report from Zheshang Securities indicates that Fuanna's net profit attributable to shareholders for H1 2025 is 106 million yuan, a year-on-year decrease of 51.3%, with a non-recurring net profit of 93 million yuan, down 52.0% year-on-year, primarily due to inventory clearance by franchisees and increased sales expenses [1] Financial Performance - H1 performance is under pressure, with Q2 continuing the adjustment trend observed in Q1 [1] - The company plans to balance inventory clearance and gross margin adjustments in the second half of the year [1] Strategic Initiatives - Fuanna aims to enhance online targeted advertising and strictly control inefficient expense spending [1] - The company will focus on a big-ticket item strategy to improve product structure and gross margin [1] Future Outlook - Due to the pressure on H1 performance and the potential ongoing impact of franchisee inventory clearance on revenue, the full-year profit forecast for 2025 has been revised down [1] - There is an expectation for performance recovery in 2026 [1] Investment Rating - The company is noted for its long-term stable development and high dividend attributes, maintaining a "buy" rating [1]