Investment Rating - The investment rating for the company is "Accumulate" with a target price not specified [5] Core Views - The company has established a differentiated high-end multi-brand matrix, including brands that cater to various styles such as commuting, socializing, leisure, business, and street fashion [2] - The company reported a revenue of 700 million yuan in Q2 2025, a decrease of 3% year-on-year, while the net profit attributable to the parent company increased by 50% to 40 million yuan [1] - The company is actively promoting cost reduction and efficiency improvement, leading to a steady recovery in profitability [4] Financial Performance - For the first half of 2025, the company's revenue was 1.4 billion yuan, down 5% year-on-year, while the net profit attributable to the parent company increased by 45% to 90 million yuan [1] - The revenue forecast for 2025-2027 is adjusted to 3.1 billion, 3.3 billion, and 3.5 billion yuan respectively, with net profits expected to be 170 million, 230 million, and 280 million yuan [4] - The company has a total market capitalization of approximately 3.02 billion yuan [6] Brand Matrix and Market Strategy - The company owns global rights to brands ELLASSAY, Laurel, and IRO, and has rights for self-portrait and nobis in specific regions [2] - The brand styles are distinctly differentiated, targeting consumers aged 20 to 50, which enhances market reach [2] - The company leverages a mature sales network and an efficient digital system to replicate its successful high-end brand operation experience across its multi-brand matrix [2][3] Operational Efficiency - The company focuses on enhancing terminal store growth through improved management systems and effective customer management strategies [3] - ELLASSAY brand has achieved leading single-store efficiency in the industry, and best practices are being shared across other brands to improve their operational effectiveness [3]

Investment Rating - The investment rating for the company is "Accumulate" [4] Core Views - The company has established a differentiated high-end multi-brand matrix, which is showing significant synergy effects. The brands cover various styles including commuting, social, leisure, business, and street fashion, appealing to a wide consumer demographic aged 20 to 50 [2][3] - The company is experiencing good growth trends in its international brands, with market share continuously increasing. In the first half of 2025, the company achieved a revenue of 5.42 billion CNY from the ELLASSAY brand, 2.15 billion CNY from Laurèl (up 9.6% YoY), 1.52 billion CNY from IRO (up 16.2% YoY), and 2.85 billion CNY from self-portrait (up 20.6% YoY) [3][8] Financial Summary - The company's revenue for 2023 is projected at 29.15 billion CNY, with a YoY growth rate of 21.7%. However, a slight decline is expected in 2025 with revenue estimated at 30.89 billion CNY, reflecting a growth rate of only 1.7% [1] - The net profit attributable to the parent company is expected to recover significantly, with projections of 1.82 billion CNY in 2025, up 158.8% YoY, and further growth to 2.49 billion CNY in 2026 [1][8] - The company's EPS is projected to be 0.49 CNY in 2025, 0.68 CNY in 2026, and 0.83 CNY in 2027, with corresponding P/E ratios of 16.8X, 12.3X, and 10.0X respectively [1][8]

Group 1 - The core viewpoint is that Geli Si (603808.SH) has shown strong performance in Q1 2025, with optimistic profit expectations from multiple institutions [1][2] - The company achieved a revenue of 690 million yuan and a net profit attributable to shareholders of 40 million yuan, representing a year-on-year growth of 40% [1] - Shenwan Hongyuan noted that the performance recovery in Q1 2025 exceeded expectations, driven by stable domestic profits, accelerated overseas business handling, and effective cost reduction [1] Group 2 - Tianfeng Securities indicated that after excluding EdHardy from the consolidated financial statements, the comparable revenue growth was 1.5%, with domestic market revenue increasing by 8.1% year-on-year [1][2] - The company is focusing on a differentiated high-end multi-brand matrix, enhancing channel resource expansion and brand channel operational efficiency [1] - Guosheng Securities expects the company's core domestic brands to continue leading the industry, with the removal of EdHardy alleviating performance pressure [2]