SPZP(SZ:300616) Changjiang Securities·2025-09-08 02:34Investment Rating - The investment rating for the company is "Accumulate" and maintained [8] Core Views - The company reported a revenue of 1.552 billion yuan in H1 2025, a decrease of 9% year-on-year, with a net profit attributable to shareholders of -81 million yuan [2][6] - In Q2 2025, the revenue was 810 million yuan, down 13% year-on-year, with a net profit attributable to shareholders of -42 million yuan [2][6] - The company is focusing on enhancing its traditional advantages in customization and supporting products, while also pushing for efficiency improvements across the entire channel [2] Revenue Summary - H1 2025 revenue decreased by 9%, with customized furniture and supporting home products down 8% and 16% respectively [12] - Revenue decline in Q2 2025 was more pronounced at 13% [12] - Regional performance showed a 46% increase in South China, while East China and Central China saw declines of 35% and 1% respectively [12] Profitability Summary - Q2 2025 saw a slight increase in gross margin by 0.4 percentage points, attributed to ongoing cost reduction and efficiency improvement efforts [12] - The company implemented a strategy to optimize personnel structure, resulting in a 12% reduction in employee count by the end of H1 2025 [12] Channel Optimization - The company is innovating its channel strategy, reducing the number of self-operated stores to 21 and increasing the number of franchise stores to 1,823 [12] - The new channel model includes a combination of direct sales and franchise operations to enhance market coverage [12] International Expansion - The company is actively expanding its Sunpina brand internationally, focusing on regions such as the Middle East, Southeast Asia, and Africa [12] - Successful franchise stores have been established in countries including Malaysia, Australia, Brunei, Vietnam, and Saudi Arabia [12] AI Technology Integration - The company is leveraging AI technology to enhance various operational aspects, including marketing, design, production, and logistics [12] - Applications such as AI drawing and AIGC VR are being utilized to improve user experience and internal efficiency [12] Future Profit Forecast - The company expects net profits attributable to shareholders to be approximately 0.0, 0.50, and 1.0 billion yuan for 2025, 2026, and 2027 respectively [12]