Core Viewpoint - Anhui Kairun Co., Ltd. reported a mixed performance for the first half of 2025, with significant revenue growth but a decline in net profit due to a high base effect from the previous year [2][3]. Group 1: Financial Performance - In the first half of 2025, the company achieved operating revenue of 2,427.34 million yuan, representing a year-on-year increase of 32.53% [2]. - The net profit attributable to shareholders was 186.68 million yuan, a decrease of 24.77% year-on-year, primarily due to a one-time investment gain from acquiring control of Shanghai Jiale in the previous year [2]. - The net profit excluding non-recurring gains was 180.68 million yuan, reflecting a year-on-year growth of 13.98% [2]. Group 2: Business Segments - The OEM manufacturing business generated revenue of 2,097.57 million yuan, up 37.22% year-on-year, driven by a core strategy focused on major clients and digital transformation [3]. - The brand management segment saw improvements, with the Xiaomi brand gaining momentum through crowdfunding initiatives and enhanced collaboration with Xiaomi's promotional channels [3]. - Shanghai Jiale, after its acquisition, reported revenue of 685 million yuan and a net profit of 34.75 million yuan, with a net profit margin of 5.08%, an increase of 1.79 percentage points year-on-year [3]. Group 3: Dividend Plan - The company's board proposed a cash dividend of 1.57 yuan per 10 shares, totaling 37.35 million yuan, subject to approval at the upcoming extraordinary general meeting [3].

Group 1: Financial Performance - In the first half of 2025, the company achieved operating revenue of 242,733.63 million RMB, a year-on-year increase of 32.53% [2] - The net profit attributable to shareholders was 18,667.70 million RMB, a year-on-year decrease of 24.77% due to a high base from the previous year [2] - The net profit excluding non-recurring gains and losses was 18,068.38 million RMB, reflecting a year-on-year growth of 13.98% [2] Group 2: Business Growth Drivers - The OEM manufacturing business generated revenue of 209,756.73 million RMB, up 37.22% year-on-year, driven by a core strategy focused on major clients and digital transformation [2][3] - The company maintained strategic communication with top global brands like Nike and Adidas to ensure stable orders and optimize order structure [3] Group 3: Brand Management - The company launched several new products under the Xiaomi brand, enhancing brand visibility and contributing to growth in brand management [3] - The self-owned brand "90 Points" improved operational efficiency in traditional online channels and expanded into new distribution channels, including overseas markets [3] Group 4: Shanghai Jiale Integration - After acquiring Shanghai Jiale, the company reported revenue of 685 million RMB and a net profit of 34.75 million RMB in the first half of 2025, with a net profit margin of 5.08%, an increase of 1.79 percentage points year-on-year [3] Group 5: Dividend Plan - The board proposed a cash dividend of 1.57 RMB per 10 shares, totaling 37,351,532.13 RMB, pending approval at the upcoming shareholder meeting [4]

Core Insights - In the first half of 2025, KaiRun Co., Ltd. achieved a main business revenue of 2403.93 million RMB, a year-on-year increase of 32.81%, while the net profit attributable to shareholders decreased by 24.77% to 186.68 million RMB due to a high base from a one-time investment gain last year [1] - The company plans to distribute a cash dividend of 1.57 RMB per 10 shares, totaling 37.35 million RMB [1] Group 1: Business Performance - The OEM manufacturing business of KaiRun is focused on a core strategy of major clients and is accelerating data-driven lean production and digital transformation, significantly enhancing operational efficiency [2] - The company has leveraged its global production capacity in China, Indonesia, and India to strengthen its leading position in the bag manufacturing sector and enhance its competitive edge in apparel manufacturing [2] - The bag manufacturing segment generated revenue of 1418.76 million RMB, a year-on-year increase of 13.03%, while the apparel manufacturing segment saw revenue rise by 148.25% to 678.81 million RMB [2] Group 2: Strategic Developments - Following the acquisition of Shanghai Jiale, the company is integrating its operations to enhance efficiency, with Shanghai Jiale reporting a revenue of 685 million RMB and a net profit of 34.75 million RMB in the first half of 2025 [3] - The company is investing in automation and digitalization, launching a self-developed Product Lifecycle Management (PLM) system to improve management efficiency and delivery quality [3] Group 3: Brand Management - In brand management, the company has launched several new products in collaboration with Xiaomi, enhancing the visibility and influence of its bag category [4] - The self-owned brand "90 Points" is optimizing its online channel operations while expanding into overseas distribution channels and offline markets [4] - During the 2025 "618" e-commerce event, Xiaomi's luggage and backpacks achieved top sales and revenue rankings on JD.com [4]