事件： 公司发布2025 年中报，1H2025 实现营收43.2 亿元，同比+9.4%，实现归母净利润1.1 亿元，同比 +117.8%；其中1Q/2Q2025 实现营收20.4/22.7 亿元，同比+12.3%/+6.8% ， 1Q/2Q2025 实现归母净利润 5872/5583 万元， 同比+196.3%/+70.4%。 点评： 国内收入加速扩张，北美地区逆势下延续增长： 1H2025 公司内、外销收入分别为7.5/34.2 亿元，同比 +11.7%/+8.1%。国内部分，梦百合自主品牌实现营收5.5 亿元，同比+4.0%。进一步对梦百合自主品牌 进行细分，直营/经销/线上/酒店渠道分别实现营收1.0/1.7/1.8/0.9 亿元，分别同比 +6.0%/+5.8%/+16.0%/-18.0%。海外部分，分区域看，北美/欧洲分别实现营收21.8/9.6 亿元，同比 +7.6%/+6.1%；分业务看，海外直营/线上/代工分别实现营收9.8/9.9/14.5 亿元，同比 +1.0%/+68.3%/-9.7%。 2Q2025 公司内外销收入分别为4.4/17.5 亿元，同比+17.7%/+2.8%。国内部分，梦 ...

Investment Rating - The report maintains a "Buy" rating for the company [1]. Core Views - The company achieved a revenue of 4.32 billion yuan in the first half of 2025, representing a year-on-year increase of 9.4%, and a net profit attributable to shareholders of 110 million yuan, up 117.8% year-on-year [4][5]. - Domestic sales are accelerating, while North American operations continue to grow against the trend, with domestic and foreign sales revenue reaching 750 million yuan and 3.42 billion yuan respectively in the first half of 2025 [5]. - The company is focusing on expanding its online business, which has led to an increase in sales expenses [10][12]. Summary by Sections Financial Performance - In 1H2025, the company reported a gross margin of 39.2%, an increase of 1.1 percentage points year-on-year, with domestic gross margin at 51.1%, up 6.7 percentage points [8][9]. - The company’s revenue for 2025 is projected to be 9.463 billion yuan, with a net profit forecast of 282 million yuan, reflecting a significant recovery from previous losses [12][14]. Sales Channels - The company’s domestic brand achieved a revenue of 550 million yuan in 1H2025, with online sales growing by 16% year-on-year [5]. - The number of direct and dealer stores decreased slightly, but the company is accelerating new store recruitment and optimizing product structure [6][7]. Market Outlook - The report highlights a positive outlook for the company due to expected domestic market growth and favorable overseas conditions, including potential tariff changes that may benefit local production [11][12]. - The company is expected to see improved profitability as it completes store upgrades and stabilizes its overseas online business [12].

Core Viewpoint - The company benefits from improved profitability in cross-border e-commerce, with strong profit performance and potential for further expansion of overseas factory advantages [1] Investment Highlights - The company raises its earnings forecast and maintains a "Buy" rating, adjusting the 2025-2026 earnings expectations to EPS of 0.49/0.57 yuan (previously 0.41/0.49 yuan), and introducing a 2027 earnings forecast of 0.77 yuan. The target price is raised to 9.84 yuan based on a 20x PE for 2025, reflecting the valuation premium from the company's diversified overseas factory layout [2] - The company reports a revenue of 2.043 billion yuan in Q1 2025, a year-on-year increase of 12.31%. North American revenue reached 1.02 billion yuan, up 10.04%, with positive results in new customer development after ceasing cooperation with a major client. European revenue was 513 million yuan, growing 17.36% [2][3] - The company's proprietary brand, Mengbaihe, saw offline and online sales increase by 3.45% and 6.43% respectively, with improved losses in Shanghai Mengbaihe. Overseas online revenue surged by 64.46%, and excluding specific online businesses, the organic overseas e-commerce revenue grew over 70% [3] Cost Reduction and Efficiency Improvement - The company achieved a net profit of 58.72 million yuan in Q1 2025, a year-on-year increase of 196.22%, with a non-recurring net profit of 58.22 million yuan, up 206.80%. The gross margin was 39.37%, an increase of 0.84 percentage points, while the management expense ratio decreased to 5.96% from 7.59% in 2022. Interest expenses also fell by 23.93% [3] Overseas Capacity Advantage - The company's global capacity layout has matured, enabling localized supply and a robust channel structure overseas. The operational status of factories in the U.S. is strong, with the West Coast factory under construction and sufficient production capacity in the U.S. The trade tensions have provided opportunities for the company to enhance its market share in the U.S. [3]