MYL(SH:600993) Changjiang Securities·2025-09-09 08:59Investment Rating - The investment rating for the company is "Buy" and is maintained [7] Core Views - The company reported a revenue of 1.949 billion yuan for the first half of 2025, representing a year-on-year growth of 1.11%. The net profit attributable to shareholders was 343 million yuan, up 10.04% year-on-year [2][4] - In Q2 2025, the company achieved a revenue of 980 million yuan, with a year-on-year increase of 0.74%, and a net profit of 140 million yuan, reflecting a significant growth of 22.24% year-on-year [2][4] - The company is experiencing robust growth in its health sector, with a notable increase in sales of its core products, particularly in the treatment of hemorrhoids, which saw a revenue growth of over 7% [10] Financial Performance - The company's gross profit margin for H1 2025 was 49.58%, an increase of 1.23 percentage points year-on-year, while the net profit margin was 17.61%, up 1.43 percentage points year-on-year [10] - The company’s operating income is projected to reach 4.267 billion yuan in 2025, with net profits expected to be 637 million yuan, 729 million yuan, and 837 million yuan for 2025, 2026, and 2027 respectively [10] Market Position and Strategy - The company is focusing on enhancing its retail capabilities and expanding into new health product categories, including functional probiotics and eye care products, which are expected to drive future growth [10] - The company has been actively investing in marketing and promotional activities to boost sales and has introduced several new products in the health sector [10]