Investment Rating - The investment rating for the company is "Outperform the Market" [6][4][17] Core Views - The company reported a total revenue of 2.927 billion CNY for the first half of 2025, a slight decrease of 0.25% year-on-year, while the net profit attributable to shareholders was 309 million CNY, reflecting a growth of 0.39% year-on-year [9][4] - The performance of third-party sales remained robust, with third-party revenue reaching 2.06 billion CNY, an increase of 6.5% year-on-year, while related party revenue decreased by 12.7% [2][11] - The company plans to continue its mid-term dividend policy, proposing a dividend of 0.3107 HKD per share, totaling 293 million CNY, which corresponds to a dividend payout ratio of 95% [15][3] Summary by Sections Financial Performance - In the first half of 2025, the company achieved a gross margin of 29.5%, down 0.5 percentage points year-on-year, primarily due to the decline in gross margin from related party operations [3][12] - The company’s net profit margin for the first half of 2025 was 10.6%, remaining stable year-on-year, supported by government subsidies and foreign exchange gains [3][12] Revenue Breakdown - For the first half of 2025, related party revenue was 860 million CNY, down 12.7% year-on-year, while third-party revenue was 2.06 billion CNY, up 6.5% year-on-year [2][11] - The third-party segment saw significant growth in specific product categories, with revenue from beef oil base, dipping sauce, and fish seasoning increasing by 20.5%, 12.6%, and 15.1% respectively [2][11] Future Outlook - The company has adjusted its revenue forecasts for 2025-2027, now expecting total revenues of 6.87 billion CNY, 7.41 billion CNY, and 7.89 billion CNY respectively, reflecting a year-on-year growth of 5.0%, 7.9%, and 6.5% [4][16] - The earnings per share (EPS) are projected to be 0.75 CNY, 0.83 CNY, and 0.90 CNY for 2025, 2026, and 2027 respectively [4][16]
颐海国际（01579）：第三方销量表现稳健，海外渠道进展顺利