BIYI(SH:603215) Shenwan Hongyuan Securities·2025-08-26 07:13Investment Rating - The investment rating for the company is "Outperform" (maintained) [2] Core Insights - The company's Q2 performance met expectations, with H1 2025 revenue of 1.157 billion yuan, a year-on-year increase of 35%, while net profit attributable to shareholders decreased by 21% to 54 million yuan [5][8] - The company is expanding its product categories, particularly in air fryers and coffee machines, which contributed to revenue growth [8] - The profitability is expected to improve as new products gain traction, with a projected increase in gross margin [8] Financial Data and Earnings Forecast - Total revenue for 2025 is estimated at 2.441 billion yuan, with a year-on-year growth rate of 18.6% [7] - The net profit attributable to shareholders for 2025 is forecasted to be 178 million yuan, reflecting a year-on-year increase of 27.7% [7] - The company’s gross margin is projected to improve to 15.2% in 2025, with a return on equity (ROE) of 13.8% [7][8]