值得买中报收入下滑，实控人及高管接连减持

Core Viewpoint - The e-commerce guide platform ZhiDeMai (300785.SZ) is facing a dilemma of increasing profits without revenue growth, with a year-on-year revenue decline of 18.7% in the first half of 2025 [2][3]. Group 1: Platform Attractiveness - ZhiDeMai's core business revolves around its website and app, aiming to enhance connections between e-commerce, brands, and users through content, marketing, and data [3]. - In the first half of 2025, the company reported revenue of 582 million yuan, down 18.7% year-on-year, while net profit increased by 65.75% to 12.69 million yuan, indicating a profit without revenue growth scenario [3][4]. - Despite a significant increase in content production driven by the "comprehensive AI" strategy, user engagement metrics such as daily app usage and average session duration have declined, reflecting a decrease in platform attractiveness [6][7]. Group 2: Revenue Decline and Customer Loss - The company's GMV reached 8.784 billion yuan in the first half of 2025, with a corresponding order volume of 8.872 million, both showing declines of 4.32% and 9.52% year-on-year, respectively [8]. - Revenue from e-commerce and brand clients fell by 8.97% and 24.88%, respectively, indicating a loss of direct and agency clients, with direct clients decreasing by 134 [8][9]. - All five major business lines of ZhiDeMai experienced revenue declines, with information promotion and internet marketing down by 22.32% and 0.96%, respectively [9]. Group 3: Shareholder Actions - The company's actual controller, Sui Guodong, recently reduced his holdings by 1.5638 million shares, amounting to approximately 42.22 million yuan, raising concerns about the company's future [10]. - Other executives, including Liu Feng and Liu Chao, also sold shares earlier in 2025, further indicating a lack of confidence in the company's prospects [11].