NHD(SZ:002946) Western Securities·2025-08-28 07:56Investment Rating - The investment rating for the company is "Buy" [5][2] Core Insights - The company reported a revenue of 5.526 billion yuan and a net profit attributable to shareholders of 397 million yuan for the first half of 2025, reflecting a year-on-year growth of 3.0% and 33.8% respectively [1][2] - The "Fresh Cube" strategy has been effectively implemented, leading to significant improvements in profitability, with the gross profit margin increasing by 0.8 percentage points in H1 2025 [2] - Direct-to-consumer (DTC) sales model has driven growth, with DTC revenue increasing by 23.0% to 3.39 billion yuan in H1 2025, accounting for 66.3% of total revenue [1][2] Summary by Sections Financial Performance - In H1 2025, the company achieved a revenue of 5.526 billion yuan, with a net profit of 397 million yuan, and a net profit excluding non-recurring items of 411 million yuan, showing increases of 3.0%, 33.8%, and 31.2% respectively [1][5] - For Q2 2025, the revenue was 2.9 billion yuan, with a net profit of 260 million yuan and a net profit excluding non-recurring items of 270 million yuan, reflecting growth rates of 5.5%, 27.4%, and 26.9% respectively [1][5] Strategic Initiatives - The company has focused on its "Fresh Cube" strategy, resulting in over 10% year-on-year growth in low-temperature product sales, with high-end fresh milk and "Today's Fresh Milk Shop" both achieving double-digit growth [1][2] - The "Active Moist" series has seen over 40% growth due to product innovation and market expansion [1] Market and Channel Development - The company has adopted a strategy of "distributed operations and regional deep cultivation," achieving revenue growth in key markets such as Southwest and East China, with respective growth rates of 5.1% and 6.8% [1][2] - E-commerce revenue increased by 15.4% to 590 million yuan in H1 2025, indicating a strong integration of online and offline channels [1][2]