Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company is actively expanding its offline channels and is expected to see strong performance from its new youth product series [5] - The company achieved a total revenue of 895 million yuan in the first half of 2025, representing a year-on-year growth of 20.31%, and a net profit attributable to shareholders of 188 million yuan, up 4.16% year-on-year [8] - The company has launched over 40 new or upgraded products in the first half of 2025, focusing on sunscreen products for infants and youth, thereby expanding its product matrix [8] - The gross profit margin for the first half of 2025 increased by 0.4 percentage points to 59.0%, while the net profit margin decreased by 3.2 percentage points to 20.9% [8] - The company is expected to achieve net profits of 330 million yuan, 410 million yuan, and 490 million yuan from 2025 to 2027, with corresponding year-on-year growth rates of 11%, 23%, and 19% [8] Financial Summary - The company’s revenue is projected to grow from 1,318 million yuan in 2024 to 2,302 million yuan in 2027, with growth rates of 27.61%, 24.81%, 20.96%, and 15.68% respectively [7][9] - The net profit attributable to shareholders is forecasted to increase from 300 million yuan in 2024 to 488 million yuan in 2027, with growth rates of 32.80%, 11.13%, 22.61%, and 19.42% respectively [7][9] - The company’s return on equity (ROE) is expected to rise from 14.43% in 2024 to 18.56% in 2027 [7][10]

Core Viewpoint - Runben Co., Ltd. has shown strong revenue growth in the first half of 2025, driven by new product launches and expanded distribution channels, particularly with Sam's Club, leading to a buy rating from Wanlian Securities [1][2]. Financial Performance - In H1 2025, the company achieved revenue of 895 million yuan, a year-on-year increase of 20.31%, and a net profit attributable to shareholders of 188 million yuan, up 4.16% year-on-year [1][2]. - The company plans to distribute a cash dividend of 2.00 yuan per 10 shares (including tax) to all shareholders [1]. Revenue Drivers - Revenue growth is attributed to an enriched product matrix, including new sunscreen and oil-control acne products, and the addition of Sam's Club as a distribution channel, which has led to rapid growth in non-platform sales channels [2][3]. - Online platforms such as Tmall, JD.com, Douyin, and Pinduoduo continue to maintain a high market share [2][3]. Profitability and Cost Structure - The company's gross margin decreased by 0.63 percentage points to 58.01%, and the net profit margin fell by 3.25 percentage points to 20.95%, indicating a decline in profitability [2]. - The sales expense ratio increased by 1.52 percentage points to 30.25%, primarily due to higher promotional expenses and employee compensation [2]. Product Innovation and Market Expansion - In H1 2025, the company launched over 40 new products, including children's sunscreen and acne treatment series, while maintaining strong performance in its mosquito repellent and baby care product lines [3]. - The partnership with Sam's Club has contributed to rapid growth in non-platform sales channels, alongside a strong presence in major e-commerce platforms [3]. Earnings Forecast and Investment Recommendation - The company is recognized as a leading player in the baby care and mosquito repellent market, with ongoing product innovation and channel expansion expected to drive future growth [3]. - Adjusted earnings per share (EPS) forecasts for 2025-2027 are 0.84, 1.00, and 1.19 yuan per share, with corresponding price-to-earnings (PE) ratios of 38, 31, and 27 times based on the closing price on August 18, 2025 [3].

Core Insights - Runben Co., Ltd. (603193.SH) reported a revenue of 895 million yuan for the first half of 2025, representing a year-on-year growth of 20.31% [1] - The net profit attributable to shareholders was 188 million yuan, an increase of 4.16% year-on-year [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 177 million yuan, showing a year-on-year growth of 0.86% [1] - Basic earnings per share were 0.46 yuan [1] Business Strategy - The company adhered to an integrated strategy of research, production, and sales, consolidating its advantages in online channels while further expanding offline channels [1] - In response to summer skincare needs for infants and teenagers, the company launched more sunscreen products and expanded its target audience for skincare products from infants to teenagers, introducing an oil control and acne treatment series for teenagers [1] - The company's brand value has further increased, contributing to steady growth in operational performance [1] Dividend Announcement - The company plans to distribute a cash dividend of 2.00 yuan per 10 shares (including tax) to all shareholders [1]