King's Luck(SH:603369) Changjiang Securities·2025-09-14 04:45Investment Rating - The investment rating for the company is "Buy" and is maintained [8] Core Views - The company reported a total revenue of 6.951 billion yuan for H1 2025, a year-on-year decrease of 4.84%. The net profit attributable to shareholders was 2.229 billion yuan, down 9.46% year-on-year, while the net profit excluding non-recurring items was 2.224 billion yuan, a decrease of 9.08% year-on-year [2][6] - In Q2 2025, the company generated total revenue of 1.852 billion yuan, reflecting a significant year-on-year decline of 29.69%. The net profit attributable to shareholders for the quarter was 585 million yuan, down 37.06% year-on-year, with the net profit excluding non-recurring items also at 585 million yuan, a decrease of 36.47% year-on-year [2][6] Summary by Sections Revenue and Profitability - The company's revenue for Q2 2025 was 1.852 billion yuan, with product performance showing that Special A+ and Special A categories generated revenues of 1.142 billion yuan and 583 million yuan respectively, both experiencing declines of 32.07% and 28.1% year-on-year [12] - The company's net profit margin for Q2 2025 decreased by 3.69 percentage points to 31.57%, while the gross profit margin fell by 0.21 percentage points to 72.81% [12] Market Performance - The company has adjusted its strategies to alleviate channel pressures and maintain product competitiveness, which is expected to support its market position in the future [12] - The estimated EPS for 2025 and 2026 is projected to be 2.55 yuan and 2.69 yuan respectively, corresponding to a PE ratio of 17 and 16 times [12] Financial Data - The current stock price is 42.45 yuan, with a total share capital of 124.68 million shares. The highest and lowest prices in the last 12 months were 57.36 yuan and 35.35 yuan respectively [9]