Haoyue Care(SH:605009) Changjiang Securities·2025-09-08 14:43Investment Rating - The investment rating for the company is "Buy" and is maintained [8] Core Views - The company's revenue for H1 2025 is 1.76 billion, with a year-on-year growth of 34%, while net profit attributable to the parent company is 148 million, showing a decline of 23% [2][6] - The second quarter of 2025 saw revenue of 849 million, a 26% increase year-on-year, but net profit decreased by 47% [2][6] - The company anticipates recovery in H2 2025, with orders from major clients like Da Wang and Procter & Gamble expected to contribute to growth [2][6] - The company is optimizing its product structure and focusing on cost control while enhancing its market share in the domestic market [2][6] Summary by Sections Financial Performance - H1 2025 revenue is 1.76 billion, with a 34% increase year-on-year; net profit attributable to the parent company is 148 million, down 23% [2][6] - Q2 2025 revenue is 849 million, a 26% increase year-on-year, while net profit decreased by 47% [2][6] - The company’s internal profit margin for H1 is approximately 10.3%, reflecting a decline due to price reductions and increased sales expenses [2][6] Business Development - The company plans to establish overseas production capacities in Peru and Tanzania, targeting emerging markets in Latin America and Africa [2][6] - The company is focusing on enhancing its market share in the domestic baby diaper market, with an estimated market share of 9.3% in 2024, up from 4.2% in 2019 [2][6] Product and Brand Strategy - The company is launching new products under the Jie Ting brand and optimizing channel operations to enhance brand performance [2][6] - The company is leveraging its strong product capabilities to maintain and expand partnerships with leading brands [2][6]