Investment Rating - The report suggests maintaining attention on the company due to its solid fundamentals and clear strategic planning [2]. Core Insights - The company's revenue for the first half of 2024 was 5.037 billion RMB, a year-on-year decrease of 1.7%, while gross profit increased by 3.2% to 1.915 billion RMB, and net profit decreased by 4.8% to 683 million RMB [1]. - The self-owned brand (APV) business saw significant growth, contributing 1.12 billion RMB in revenue, a year-on-year increase of 71.9%, with notable growth in Europe and other markets at 88% and the US market at 20.6% [1]. - The company is focusing on cost management, with distribution and sales, administrative, and R&D expense ratios at 7.4%, 6.7%, and 15.1% respectively, showing changes of +3.3pp, -2.4pp, and +3.1pp year-on-year [1]. - The ODM segment aimed at enterprise clients reported revenue of 3.92 billion RMB, with a decline in Europe by 16% and in the US by 9.8%, while China saw an increase of 41.4% [1]. - The company is actively innovating, launching the MOYAL brand in the beauty aerosol field and developing devices for asthma and COPD medication delivery [2]. Summary by Sections Revenue Performance - Total revenue for the first half of 2024 was 5.037 billion RMB, down 1.7% year-on-year [1]. - Gross profit reached 1.915 billion RMB, up 3.2% year-on-year [1]. - Net profit was 683 million RMB, a decrease of 4.8% year-on-year [1]. Self-Owned Brand Growth - Revenue from self-owned brands (APV) was 1.12 billion RMB, increasing by 71.9% year-on-year [1]. - Growth in Europe and other markets was 88%, while the US market grew by 20.6% [1]. Cost Management - Distribution and sales expenses increased, with ratios at 7.4%, while administrative expenses were at 6.7% and R&D expenses at 15.1% [1]. - Year-on-year changes in expense ratios were +3.3pp for distribution and sales, -2.4pp for administrative, and +3.1pp for R&D [1]. ODM Segment Performance - Revenue from the ODM segment was 3.92 billion RMB, with a 16% decline in Europe and a 9.8% decline in the US, while China saw a 41.4% increase [1]. Innovation and Product Development - The company launched the MOYAL brand in the beauty aerosol sector and developed devices for asthma and COPD medication delivery [2].
思摩尔国际：毛利率改善，自有品牌（APV）营收贡献增长