Investment Rating - The report assigns a "Buy" rating for the company, marking the first coverage of the stock [1]. Core Insights - The company is focusing on optimizing and upgrading its stores, which is expected to enhance efficiency and profitability [1]. - The company reported a total revenue of 1.015 billion yuan for the first half of 2025, a decrease of 4% year-on-year, while the net profit attributable to the parent company increased by 30% to 75 million yuan [6]. - The gross profit margin improved by 3 percentage points to 51.99% in the first half of 2025, driven by efficiency upgrades in new factories and process improvements [7]. - The company is exploring new channels while optimizing traditional store formats, with a 3% decrease in revenue from pure bird's nest products to 899 million yuan [8]. - The company is expanding its online presence and international market, opening stores in locations such as New York and Singapore [8]. - The earnings per share (EPS) for 2025-2027 are projected to be 0.37, 0.42, and 0.48 yuan, respectively, with corresponding price-to-earnings (PE) ratios of 19, 17, and 15 times [9]. Summary by Sections Basic Data - Current stock price is 7.54 HKD, with a total market capitalization of 35.1 billion HKD and total shares outstanding of 465.5 million [2]. Financial Performance - The company reported a net profit margin increase of 2 percentage points to 7.42% in the first half of 2025 [7]. - The sales and management expense ratios were 32.87% and 6.56%, respectively, showing a decrease and increase compared to the previous year [7]. Revenue Forecast - Projected revenues for 2024 to 2027 are 2.05 billion, 2.04 billion, 2.13 billion, and 2.26 billion yuan, with year-on-year growth rates of 4.37%, -0.69%, 4.67%, and 6.28% [12]. - Net profit projections for the same period are 156.3 million, 172.8 million, 195.45 million, and 224.08 million yuan, with corresponding year-on-year growth rates of -22.33%, 10.56%, 13.11%, and 14.65% [12].

Core Viewpoint - 中金下调燕之屋2025/26年盈利预测，维持目标价7.7港币，当前股价对应19.7/17.0市盈率，目标价与当前股价基本持平，因公司核心优势不变，具备稀缺性，维持跑赢行业评级 [1] Financial Performance - 1H25总营收10.15亿元，同比减少4.22%，归母净利润7526.1万元，同比增长29.58%，收入符合预期，利润超预期，主要因去年同期利润基数偏低及费用控制 [1][2] - 1H25线上渠道收入6.32亿元，同比-1.3%，线下渠道收入3.82亿元，同比-8.8%，线下渠道受宏观消费力疲软影响 [1] - 1H25毛利率稳中略升3.5个百分点，销售费用率同比下降1.6个百分点，税率从23.0%同比增长6.6个百分点至29.6% [2] Channel Performance - 线上渠道表现相对稳健，线下渠道受消费力等因素影响略承压，线上渠道占比持续提升 [1] - 纯燕窝产品1H25收入8.97亿元，同比-3.2%，燕窝+及燕窝产品收入1.11亿元，同比-11%，燕窝粥产品销售额4382万元，同比+6.3% [1] Strategic Outlook - 公司通过多路径巩固其领先优势，积极进行线下业务调整，长期看有望受益于宏观消费力修复 [2]