Core Viewpoint - The company reported strong growth in revenue and adjusted net profit for the first half of 2025, indicating robust operational performance and effective cost management strategies [1][2][3] Financial Performance - Revenue for 25H1 reached 2.59 billion yuan, a year-on-year increase of 27.0% - Operating profit at the store level was 380 million yuan, up 28.0% year-on-year, with an operating profit margin of 14.6%, an increase of 0.1 percentage points from 24H1 and 0.2 percentage points from 24H2 - Adjusted net profit was 90 million yuan, a significant year-on-year increase of 79.6%, with an adjusted net profit margin of 3.5%, up 1.0 percentage points from 24H1 and stable compared to 24H2 [1][2] Store Expansion and Operations - The company aims to achieve approximately 98% of its annual store opening target, with a total of 1,198 stores by the end of 25H1, representing a 31.1% year-on-year increase - In 25H1, the company opened 190 new stores, with an additional 43 stores opened by August 15, and 27 stores under construction, aiming for a total of 300 stores by 2025 - By the end of 25H1, the company had entered 48 cities, with 9 new cities added in 25H1 [1][2] Same-Store Sales and Membership - Same-store sales declined by 1.0% in 25H1, primarily due to high base effects from new market stores opened after December 2022 - Revenue from first-tier markets was 1.08 billion yuan, a year-on-year increase of 7.2%, while revenue from non-first-tier markets reached 1.51 billion yuan, up 46.6%, accounting for 58.2% of total revenue, an increase of 8 percentage points year-on-year - Membership numbers reached 30.1 million by the end of 25H1, a 55% year-on-year increase, with membership contributing 66.0% of total revenue, up 2.4 percentage points [2][3] Cost Management - Raw material cost ratio remained stable at 27.3%, while overall employee compensation expense ratio decreased by 1.1 percentage points to 33.8% - Store-level employee cash compensation ratio increased by 0.3 percentage points to 27.7%, while headquarters employee cash compensation ratio decreased by 0.4 percentage points to 5.1% - Rent expense ratio was 10.0%, depreciation expense ratio was 4.8%, and advertising and promotion expense ratio was 5.3%, all remaining relatively stable year-on-year [2]
达势股份(01405.HK)：成熟市场同店维持增长 新市场拓展积极