据证券之星公开数据整理，近期汇洁股份(002763)发布2025年中报。截至本报告期末，公司营业总收入 15.68亿元，同比上升1.37%，归母净利润1.2亿元，同比下降10.84%。按单季度数据看，第二季度营业 总收入7.91亿元，同比上升1.27%，第二季度归母净利润4257.58万元，同比上升10.98%。本报告期汇洁 股份公司应收账款体量较大，当期应收账款占最新年报归母净利润比达253.71%。 本次财报公布的各项数据指标表现一般。其中，毛利率68.91%，同比减0.16%，净利率8.98%，同比减 9.13%，销售费用、管理费用、财务费用总计8.05亿元，三费占营收比51.32%，同比增2.01%，每股净资 产4.86元，同比增0.11%，每股经营性现金流0.16元，同比减56.75%，每股收益0.29元，同比减12.12% | 项目 | 2024年中报 | 2025年中报 | 同比增幅 | | --- | --- | --- | --- | | 营业总收入(元) | 15.47亿 | 15.68亿 | 1.37% 1 | | 归母净利润(元) | 1.34亿 | 1.2亿 | -10.84% | ...

Group 1: Revenue and Channel Strategy - The company's revenue from shopping centers and Douyin in 2024 is projected to exceed 300 million, with year-on-year growth of approximately 21% and 84% respectively [1] - Online channels are expected to account for about 41% of total revenue in 2024, indicating a high penetration rate for a brand that started offline [1] - The focus on quality management in the Tmall channel is emphasized, rather than relying on paid traffic for growth [1] Group 2: Brand Positioning and Target Audience - The core audience for the brand is women aged 25-35, including refined mothers, middle-class consumers, and new white-collar workers [2] - The brand aims for a youthful image through design and promotion, without abandoning its existing customer base [2] Group 3: Profitability and Market Challenges - The profit margin for the Douyin channel is approximately 7%, with a return rate of about 33% calculated based on shipped goods [2] - The understance brand is in a cultivation phase, facing high costs and low scale, with plans to expand its user base and improve profitability [2] - The strategy includes focusing on the lingerie core business and adapting to changing consumer habits and channel diversification [2]