Investment Rating - The investment rating for the company is "Maintain Buy" [7] Core Views - The company achieved a revenue of 2.04 billion yuan in H1 2025, representing a year-on-year increase of 2.6%, and a net profit attributable to shareholders of 160 million yuan, up 4.3% year-on-year [1] - The company has made significant breakthroughs in the new consumption market, with revenue from new consumption customers growing over 40% year-on-year, now accounting for 50% of total revenue [2] - The company is expected to accelerate growth in the Chinese market in H2 2025, while overseas markets are anticipated to maintain rapid expansion [4] Financial Performance - In H1 2025, the company's internal business generated revenue of 1.58 billion yuan, up 2.6% year-on-year, and a net profit of 220 million yuan, an increase of 11.1% year-on-year, with an internal business net profit margin rising by 1.1 percentage points to 14.1% [3] - The company reported a gross margin of 33.3% in Q2 2025, a slight decrease of 0.1 percentage points year-on-year, primarily due to fluctuations in the gross margin of Best Formulations [3] - The company has adjusted its profit forecast slightly due to short-term losses from Best Formulations, projecting net profits of 370 million, 470 million, and 560 million yuan for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 14.7%, 25.9%, and 18.3% [4] Market Segmentation - Revenue from different regions in H1 2025 was as follows: China 820 million yuan (down 1.6% year-on-year), Americas 760 million yuan (up 4.3%), Europe 360 million yuan (up 22.0%), and other regions 100 million yuan (down 22.9%) [2] - The company has successfully implemented a big product strategy, promoting 10 major products and reserving 25 products, achieving significant breakthroughs in probiotics and anti-aging sectors [2] Valuation Metrics - The current stock price corresponds to a price-to-earnings (P/E) ratio of 21x for 2025, 17x for 2026, and 14x for 2027 [4] - The projected earnings per share (EPS) for 2025 is 1.21 yuan, with a net asset return rate of 13.5% [6]
仙乐健康(300791):新消费市场突破,内生净利率再提升