Investment Rating - The investment rating for the company is "Outperform the Market" [7][4]. Core Views - The company achieved revenue growth of 8.7% year-on-year to 4.04 billion yuan and a net profit increase of 11.0% to 190 million yuan in the first half of 2025, with a significant 40.1% increase in net profit excluding non-recurring items [1][4]. - The company is expanding its supply chain in Southeast Asia, which is expected to reduce costs and improve efficiency, with 50% of shipments to the U.S. now sourced from Southeast Asia [3][4]. - The company is diversifying its revenue streams, with significant growth in B2B channels, which saw a 36.5% year-on-year increase, while online B2C revenue grew by 4.9% [2][4]. Summary by Sections Revenue and Profit Growth - In H1 2025, the company reported revenue of 4.04 billion yuan, up 8.7%, and a net profit of 190 million yuan, up 11.0%. In Q2 2025, revenue was 1.95 billion yuan, an increase of 3.9%, and net profit was 80 million yuan, up 12.1% [1][4]. Geographic Performance - Revenue contributions from Europe, North America, Japan, and emerging markets were 2.57 billion yuan, 1.37 billion yuan, 29 million yuan, and 41 million yuan, respectively, with year-on-year growth rates of +12.8%, +1.9%, -3.4%, and +86.3% [2][4]. Profitability and Cost Management - The company's gross margin improved to 34.4%, with a net margin of 4.1%. The reduction in financial costs was primarily due to foreign exchange gains [3][4]. Future Earnings Forecast - The company maintains its profit forecast, expecting net profits of 380 million yuan, 540 million yuan, and 710 million yuan for 2025, 2026, and 2027, respectively, representing year-on-year growth of +14.9%, +39.6%, and +32.6% [4][5].
致欧科技（301376）：2025年中报点评：营收利润双增，多元供应链布局有望降本增效