ZJHM(SH:600987) CMS·2025-08-13 09:02Investment Rating - The report maintains a strong buy rating for the company [4][7]. Core Views - The company demonstrates resilience in its dual main businesses of dyeing and gold, with profit margins improving across various operations. Despite industry pressures, the dyeing business has seen a slight decline in revenue but an increase in profit margins, while the gold business has maintained stable income and profit despite a decrease in sales volume [1][2][3]. Summary by Sections Revenue and Profit Performance - In Q2 2025, the company's revenue grew by 0.91% year-on-year to 2.493 billion yuan, and net profit increased by 5.00% to 179 million yuan. For the first half of 2025, total revenue was 5.442 billion yuan, a decrease of 2.78%, while net profit rose by 5.51% to 315 million yuan [1][3]. Dyeing Business - The dyeing segment faced challenges from tariffs and intensified competition, resulting in a revenue of 1.769 billion yuan in H1 2025, down 8.58% year-on-year. However, the total profit for this segment was 236 million yuan, only a slight decrease of 1.36%, with a sales profit margin of 13.35%, an increase of 0.98 percentage points [2][3]. Gold Business - The gold segment managed to retain market share despite high gold prices and cautious consumer sentiment. In H1 2025, gold jewelry sales volume decreased by 17.34% to 27.244 tons, but revenue increased by 0.47% to 3.440 billion yuan, with total profit rising by 2.60% to 97 million yuan. The calculated sales profit margin was 2.81%, up by 0.06 percentage points [2][3]. Cost Control and Profit Margins - The company effectively controlled various expense ratios, leading to an increase in net profit margin. In H1 2025, the gross margin rose by 2.94 percentage points to 18.96%, while the net profit margin increased by 0.47 percentage points to 6.62%. In Q2 2025, the gross margin decreased by 2.10 percentage points to 15.40%, but the net profit margin still improved by 0.13 percentage points to 8.13% [3][4]. Financial Forecasts - The company is projected to achieve net profits of 726 million yuan, 770 million yuan, and 812 million yuan for the years 2025, 2026, and 2027, respectively, with corresponding growth rates of 1%, 6%, and 6%. The revenue forecasts for the same years are 11.530 billion yuan, 12.223 billion yuan, and 12.862 billion yuan, with growth rates of 1%, 6%, and 5% [1][8].