Investment Rating - The report maintains a "Buy" investment rating for Xinbao Co., Ltd. (002705) [6] Core Insights - Xinbao Co., Ltd. reported better-than-expected performance in H1 2025, with total revenue reaching 7.802 billion yuan, a year-on-year increase of 1%, and net profit attributable to shareholders of 543 million yuan, up 23% year-on-year [6] - The company continues to see growth in overseas orders despite challenges from tariffs in North America, with foreign sales reaching 6.07 billion yuan, a 2% increase year-on-year [6] - The company is expanding its product lines into commercial appliances and personal care products, which are expected to drive future growth [6] Financial Data and Earnings Forecast - Total revenue forecast for 2025 is 17.851 billion yuan, with a year-on-year growth rate of 6.1% [5] - Net profit attributable to shareholders is projected to be 1.146 billion yuan in 2025, reflecting an 8.8% year-on-year increase [5] - The company’s gross margin for H1 2025 was stable at 21.49%, with a slight increase of 0.06 percentage points year-on-year [6] - Earnings per share for 2025 is estimated at 1.41 yuan, with a projected price-to-earnings ratio of 12 times [6]
新宝股份（002705）：2025年中报点评：业绩超过预期，外销订单延续增长