Bonree(SH:688229) China Post Securities·2025-09-04 09:34Investment Rating - The report initiates coverage with a "Buy" rating for the company [10] Core Insights - The company has entered a growth phase with its new product Bonree ONE, which has shown significant revenue acceleration in Q2 2025, achieving a revenue of 33.99 million yuan, a year-on-year increase of 16.84% [5][6] - The company is focusing on upgrading its main business and reducing losses through cost-cutting measures, with a notable decrease in sales, management, and R&D expenses [6] - The company is strategically expanding internationally, having launched Bonree ONE's overseas version and established subsidiaries in Hong Kong and Singapore to tap into regional markets [8] Financial Performance - In H1 2025, the company reported a revenue of 70.20 million yuan, a year-on-year increase of 5.19%, while the net profit attributable to shareholders was -26.19 million yuan, an improvement of 46.75% [5][6] - The company expects revenues for 2025-2027 to be 173 million yuan, 235 million yuan, and 302 million yuan, representing growth rates of 22.78%, 36.11%, and 28.54% respectively [9][12] - The projected net profit for the same period is expected to improve significantly, moving from -3.02 million yuan in 2025 to 6.20 million yuan in 2027, indicating a substantial recovery [10][12]