JINHUI(SH:603919) Cai Jing Wang·2025-10-09 03:46Core Viewpoint - The company reported a decrease in sales expenses for the first half of 2025, attributed to more precise marketing strategies and reduced promotional costs [1] Sales Expenses - In the first half of 2025, the company's sales expense ratio was 18.96%, a year-on-year decrease of 0.20 percentage points [1] Inventory Management - The company has established a comprehensive dealer management system, including sales target management, inventory management, pricing management, channel management, training management, and assessment management [1] - The management employs regular on-site checks, random inspections, and digital methods to assess, train, and manage dealers, enhancing their operational capabilities [1] - Currently, dealer inventory is developing positively, with strict inventory management stabilizing the company's pricing and reflecting the product's value [1] Contract Liabilities - As of the first half of 2025, the company's contract liabilities amounted to 598 million yuan, representing a year-on-year increase of 23.88% [1] - Contract liabilities are viewed as a "water reservoir" for the company's performance, indicating that dealers are optimistic about the company and willing to make advance payments, serving as a "ballast" and "leading indicator" for performance growth [1]