Core Insights - The company reported a strong performance in H1 2025, with revenue of 2.535 billion yuan (+18.94%) and a net profit of 205 million yuan (+27.32%) [1] - The second quarter of 2025 saw a significant recovery in profits, with Q2 revenue reaching 1.215 billion yuan (+29.58%) and net profit soaring to 75 million yuan (+641.50%) [1] - The company’s overseas business showed remarkable growth, with H1 revenue from international markets increasing by 138.84% to 412 million yuan [1] Financial Performance - In H1 2025, the company’s revenue from various segments included kitchen small appliances at 1.673 billion yuan (+5.02%), personal care appliances at 324 million yuan (+415.99%), and maternal and infant appliances at 145 million yuan (+40.54%) [1] - The gross profit margin for Q2 2025 improved to 37.60% (+3.21 percentage points), driven by an increase in average transaction value and a higher proportion of high-margin products [2] - The net profit margin for Q2 2025 reached 6.76% (+5.68 percentage points), benefiting from optimized expense ratios across various categories [2] Business Strategy - The company is enhancing the operational quality of its kitchen small appliances by establishing a dedicated kitchen division and optimizing product strategies to increase average transaction values [3] - The company is advancing its "Roman Smart" strategy to secure high-value orders and improve market penetration through participation in international exhibitions and the introduction of innovative products [3] Industry Outlook - The kitchen small appliance industry is experiencing a structural upgrade trend, driven by government subsidies and increasing consumer interest in mid-to-high-end products [4] - The company’s kitchen small appliance segment is expected to drive growth, with personal care and maternal-infant appliances emerging as new growth drivers [4] - The company is projected to achieve net profits of 414 million yuan, 480 million yuan, and 546 million yuan for the years 2025, 2026, and 2027, respectively, with corresponding EPS of 2.64, 3.06, and 3.48 yuan [4]