COMIX GROUP(SZ:002301) Changjiang Securities·2025-09-09 13:14Investment Rating - The investment rating for the company is "Accumulate" and maintained [9]. Core Views - The company reported total revenue of 4.773 billion yuan and a net profit attributable to shareholders of 87 million yuan for the first half of 2025, reflecting a year-on-year decline of 4% and 8% respectively. In Q2 2025, total revenue was 2.561 billion yuan, with a net profit of 39 million yuan, showing a year-on-year decrease of 9% and 15% respectively [2][6]. Summary by Sections Financial Performance - In H1 2025, the company's B2B business revenue was 4.756 billion yuan, down 4% year-on-year, accounting for 99.64% of total revenue. The gross margin was 9.04%, a decrease of 0.6 percentage points year-on-year, with a net profit of 85 million yuan, down 41% year-on-year [11]. - The company's Q2 performance was impacted by a slowdown in procurement from major clients, leading to a decline in revenue and profit margins [11]. - The SAAS business showed signs of recovery, with revenue of 17 million yuan in H1 2025, down 37% year-on-year, but achieving a gross margin of 24.58%, an increase of 15.3 percentage points year-on-year [11]. Business Segments - The B2B business is focusing on core clients, with over 60% of revenue coming from 100 central enterprises. The company is leveraging AI to enhance efficiency and reduce costs in its procurement services [11]. - The new brand stationery business is expected to contribute positively, with recent collaborations with quality IPs leading to new product launches [11]. Future Outlook - The company anticipates a gradual recovery in revenue and profitability, with projected net profits of 210 million yuan, 250 million yuan, and 310 million yuan for 2025, 2026, and 2027 respectively, corresponding to PE ratios of 24, 20, and 16 [11].