Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Views - The company achieved significant growth in H1 2025, with revenue reaching 3.24 billion RMB, a year-on-year increase of 21.6%, and net profit attributable to shareholders of 183 million RMB, up 113% year-on-year [5] - The company is focusing on expanding its 2B and other channel revenues, which grew by 125% in H1 2025, contributing to 17.3% of total revenue [5] - The company is also enhancing its membership base, with over 50 million members and a 37.2% increase in member prepayments [5] - The company plans to distribute a mid-term dividend of 0.0716 RMB per share, totaling approximately 190 million RMB, marking a record high in shareholder returns [5] - The forecast for net profit attributable to shareholders for 2025-2027 is 393 million RMB, 487 million RMB, and 596 million RMB, respectively, with growth rates of 70.7%, 23.7%, and 22.5% [5] Financial Summary - For 2025, the company expects revenue of 7.467 billion RMB, with a year-on-year growth rate of 15.41% [6] - The gross profit margin is projected to be 22.2% in 2025, with a net profit margin of 5.3% [6] - The company’s return on equity (ROE) is expected to improve to 12.55% by 2025 [6]
锅圈（02517）：25H1业绩高增，高分红回报股东