3、家清个护+宠物布局强化打开中长期成长空间，关注公司现金价值及股东回报。我们认为，1）家清 个护：公司持续推进产品高端化升级，高端天然家居护理等新品有望支撑后续成长，渠道端有望在巩固 线下分销渠道的领先地位的同时，快速发展抖音等内容电商，线上运营提效实现高质量发展；2）宠物 业务：公司于宠物用品、宠物食品、终端门店等维度布局完善，有望充分受益于我国宠物行业扩容及国 货崛起红利，拓店节奏及门店服务范围延伸下宠物门店收入有望持续快增，提质经营及自有品牌销售提 升有望带动单店盈利能力改善，倔强的嘴巴等自主品牌亦有望加速培育；3）此外，公司当前现金价值 凸显，截至6 月30 日，公司账上净现金26.5 亿元，且分红率近年来持续高位，股东回报力度较大。 盈利预测与估值 维持盈利预测不变，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3.65 港元不变，对 应2025/26 年20/19 倍P/E，对应46%上行空间。 1H25 业绩符合我们预期 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%，符合我们预期。公 司宣布中期派息每股人民币0.05 ...

Core Viewpoint - The report from CICC maintains the earnings forecast for Chaoyun Group (06601) unchanged, with the current stock price corresponding to 14/13 times P/E for 2025/26, and a target price of HKD 3.65, indicating a 46% upside potential [1] Group 1: Financial Performance - In 1H25, the company reported revenue of RMB 1.34 billion, a year-on-year increase of 7.2%, and a net profit attributable to shareholders of RMB 170 million, a decrease of 3.3%, which aligns with CICC's expectations [1] - The company declared an interim dividend of RMB 0.0521 per share (equivalent to HKD 0.0571), with a payout ratio of 40%, indicating strong shareholder returns [1] Group 2: Revenue Breakdown - In 1H25, pet revenue doubled, while home care revenue grew steadily; specifically, home care product revenue increased by 4.3% to RMB 1.21 billion, driven by strong growth in mosquito repellent new products, and pet products revenue surged by 101.4% to RMB 96 million, with offline stores expanding to 77 [2] - Online revenue grew by 27.4% to RMB 520 million, accounting for 38.6% of total revenue, while offline revenue decreased by 2.6% to RMB 820 million, supported by brand reputation and distribution networks [2] Group 3: Margin Improvement and Strategic Focus - The company's gross margin improved by 2.9 percentage points to 49.3% in 1H25, with home care and pet product margins increasing by 2.7 and 8.6 percentage points to 49.1% and 58.1%, respectively [3] - The company is focusing on high-end product upgrades in home care and personal care, with new high-end natural home care products expected to support future growth, while also enhancing online operations through platforms like Douyin [3] - The company has a strong cash position, with net cash of RMB 2.65 billion as of June 30, and has maintained a high dividend payout ratio in recent years, reflecting substantial shareholder returns [3]