智通财经APP获悉，中金发布研报称，维持朝云集团(06601)盈利预测不变，当前股价对应2025/26年 14/13倍P/E。维持跑赢行业评级和目标价3.65港元不变，对应2025/26年20/19倍P/E，对应46%上行空 间。公司公布1H25业绩，收入13.4亿元，同增7.2%，归母净利润1.7亿元，同降3.3%，符合该行预期。 公司宣布中期派息每股人民币0.0521元(即每股0.0571港元)，派息率为40%，股东回报力度较大。 中金主要观点如下： 1、1H25宠物营收翻倍，线上助力家居护理营收稳健成长 1H25营收具体看，1)分品类：家居护理产品收入同增4.3%至12.1亿元，驱蚊类新品成长向好;宠物及宠 物产品收入同增101.4%至0.96亿元，线下门店扩展至77家，自有品牌规模亦快速成长;个人护理产品收 入同降25.8%至0.26亿元;2)分渠道：公司线上收入同增27.4%至5.2亿元，收入占比同增6.1ppt至38.6%， 公司线上聚焦便携驱蚊、家居清洁等强势单品，抖音等新电商渠道快速发展;线下收入同降2.6%至8.2亿 元，品牌口碑及分销网络支撑下，公司于线下经销及KA渠道积累深厚。 公司1H ...

Core Insights - Chaoyun Group (6601.HK) reported a 7.2% year-on-year increase in revenue to RMB 1.339 billion for the mid-year 2025, with a 5.3% increase in profit before tax to RMB 232 million and a gross margin increase of 2.9 percentage points to 49.3% [1] - The company achieved continuous growth in revenue, gross margin, and profit before tax for five consecutive half-year periods [1] - Online channel revenue surged by 27.4% to RMB 517 million, while offline channels maintained steady growth [1] Revenue Breakdown - The home care product category generated revenue of RMB 1.214 billion, reflecting a 4.3% year-on-year growth [1] - The pet product category saw significant growth, with revenue reaching RMB 96 million, a remarkable increase of 101.4% [1] Financial Position - The company maintains a strong cash reserve, with total cash, cash equivalents, and bank deposits amounting to RMB 2.65 billion [1] - The company declared a high interim dividend of 40% [1]