罗莱生活（002293）：业绩短期波动，稳定高派息

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The company achieved a revenue of 2.18 billion yuan in H1 2025, representing a year-on-year increase of 3.6%. The net profit attributable to the parent company was 190 million yuan, up 17.0% year-on-year, while the net profit excluding non-recurring items was 150 million yuan, an increase of 9.8% year-on-year. In Q2 alone, revenue reached 1.09 billion yuan, a 6.8% increase year-on-year, with a net profit of 70 million yuan, up 4.9% year-on-year, and a net profit excluding non-recurring items of 50 million yuan, down 10.3% year-on-year. The company plans to distribute a dividend of 0.2 yuan per share, with a payout ratio of 90% [2][4]. Summary by Sections Revenue and Profitability - The domestic home textile business revenue increased by 6% year-on-year to 1.79 billion yuan, with direct sales, group purchases, and e-commerce revenues growing by 5%, 20%, and 18% respectively. However, franchise channel revenue decreased by 9% due to weak pickup intentions. The Lexington business in the U.S. saw a revenue decline of 8%, primarily due to high loan rates affecting furniture sales [9]. Margin and Costs - The gross margin improved by 1.1 percentage points to 47.8%, benefiting from product mix adjustments that enhanced margins in direct sales and e-commerce channels. However, increased sales expenses, particularly in advertising and promotions, along with a nearly 40 million yuan rise in management expenses, negatively impacted overall performance [9]. Future Outlook - The new factory in Nantong is expected to support quick response capabilities. If terminal sales accelerate, franchise replenishment could contribute to performance elasticity. The company forecasts net profits attributable to the parent company of 480 million yuan, 530 million yuan, and 580 million yuan for 2025, 2026, and 2027 respectively, with corresponding valuations of 15X, 13X, and 12X. Additionally, a dividend of 0.6 yuan per share is anticipated for 2025, yielding a dividend rate of approximately 7% [9].