比音勒芬（002832）：2025Q2收入高增长，电商表现领跑行业

Investment Rating - The report maintains a "Buy" rating for the company, with a target price based on a projected PE of 13 times for 2025 [7]. Core Views - The company demonstrated resilience in brand development, with a revenue increase of 9% year-on-year in H1 2025, despite a 14% decline in net profit [1]. - E-commerce performance is leading the industry, with a significant revenue growth of 72% in H1 2025, contributing to a high gross margin of 78% [3]. - The company is actively expanding its offline store presence, with a net addition of over 30 stores in H1 2025, indicating a robust growth strategy [3]. Financial Performance - In H1 2025, the company's revenue reached 2.1 billion yuan, while net profit was 410 million yuan, reflecting a decline in profitability due to increased costs [1]. - For Q2 2025, revenue was 820 million yuan, up 22% year-on-year, but net profit fell by 29% to 80 million yuan, indicating pressure on margins [2]. - The gross margin for Q2 2025 decreased by 4.6 percentage points to 76.7%, with net margin dropping by 7.4 percentage points to 10.1% [2]. Business Segments - E-commerce sales in H1 2025 were 2.14 billion yuan, with a year-on-year growth of 72%, while offline direct sales grew by 11% [3]. - The company is enhancing its brand appeal through collaborations with high-profile IPs and expanding its product range to meet diverse consumer needs [4]. Cash Flow and Inventory - As of H1 2025, the company had a strong cash position with 2.47 billion yuan in cash and financial assets, supporting its business expansion [5]. - The company is actively managing inventory levels, with a year-on-year increase in stock to support its growth strategy [5]. Future Outlook - The company expects continued revenue growth of over 10% for the full year 2025, driven by its main brand and ongoing expansion efforts [5]. - Projected net profits for 2025 to 2027 are estimated at 707 million, 797 million, and 890 million yuan, respectively, indicating a recovery in profitability [6].