Investment Rating - The investment rating for the company is "Buy" (maintained) [1][4][12] Core Views - The company reported a 30.7% year-on-year increase in net profit for H1 2025, achieving a revenue of 4.108 billion yuan (up 16.0% year-on-year) [4][5] - The main brand, Han Shu, continues to lead the market, while multiple brands are contributing to long-term growth [4][5] - The company maintains its profit forecast, expecting net profits of 1.006 billion, 1.258 billion, and 1.532 billion yuan for 2025, 2026, and 2027 respectively, with corresponding EPS of 2.53, 3.16, and 3.85 yuan [4][8] Financial Summary - Revenue for 2023 was 4.191 billion yuan, projected to grow to 8.496 billion yuan in 2025, reflecting a year-on-year growth of 25.1% [8] - Net profit for 2023 was 461 million yuan, expected to reach 1.006 billion yuan in 2025, indicating a year-on-year growth of 28.8% [8] - The gross margin is projected to remain stable at around 75.8% in 2025, with a net margin of 12.2% [8] - The company’s P/E ratio is expected to decrease from 33.1 in 2025 to 21.8 by 2027, indicating improving valuation [8]
上美股份（02145）：港股公司信息更新报告：2025H1业绩亮眼，多品牌协同打开成长空间