小米业务收入高增，"90 分"拓展渠道提升影响力：品牌经营业务方面，公司25H1 实现营业收入3.11 亿 元，同比增长8.87%，其中以小米为代表的分销渠道收入达2.5 亿，同比增长28.28%。自有品牌"90 分"持续优化传统线上渠道运营效率，线上销售渠道收入约5548.6 万元， 同时逐步深化与沃尔玛、麦德 龙等KA 渠道，增加海外分销渠道，入驻线下商场，开启线上新品众筹多种方式，提升"90 分" 在海外 影响力。 公司发布2025 年中期业绩，营收持续增长：公司2025H1 实现营业收入24.27 亿，同比增长32.53%，归 母净利润1.87 亿，同比减少24.77%，主要受24H1 公司收购嘉乐并表产生投资收益的基数扰动，剔除该 影响，经营性归母净利润同比增速为23.28%，扣非归母净利润1.81 亿， 同比增长13.98%。 单季度来看，Q2 实现营业收入11.94 亿，同比增长29.54%，归母净利润1.01亿，同比减少42.78%，扣非 后净利润0.97 亿元（yoy+21.12%）。 箱包代工经营稳健，新客户助力订单增长：2025H1 公司箱包代工制造业务实现收入14.19 亿元，同比增 ...

Core Viewpoint - The company Kaerun Co., Ltd. has successfully collaborated with various IPs and brands to enhance its own brand "90 Points" through unique product launches, indicating a strategic approach to expand its marketing channels and business opportunities [2] Group 1 - The company has partnered with notable IPs and brands such as Marvel, Tomb Raider, The Wandering Earth, Sesame Street, Renault F1 Team, and Nongfu Spring to create distinctive products [2] - Future plans include exploring more IP collaboration models based on business conditions to further expand the marketing channels for "90 Points" [2]

Group 1: Company Performance - In 2024, the company achieved a main business revenue of 419,163.57 million RMB, a year-on-year increase of 36.54% [9] - The net profit attributable to shareholders reached 38,099.86 million RMB, up 229.52% year-on-year [9] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 29,105.10 million RMB, reflecting a growth of 109.67% [9] Group 2: Market and Industry Outlook - The global luggage market is expected to reach 170.2 billion USD in 2025, growing by 6.1% [6] - The Chinese luggage market is projected to reach 232.7 billion RMB, with a year-on-year growth of 5.9% [6] - The global apparel market is anticipated to reach 1,509.9 billion USD in 2025, with a growth rate of 4.1% [6] Group 3: Strategic Initiatives - The company is focusing on high-quality customer strategies in its manufacturing segment, aiming to expand capacity and explore new production areas [7] - Plans to enhance digitalization, automation, and intelligent manufacturing capabilities are underway to improve operational efficiency [7] - The company aims to strengthen its brand through innovative product design and expanding sales channels [7] Group 4: Shareholder Engagement - The company is considering various methods to enhance investor relations and market recognition, including potential stock buybacks and roadshows for institutional investors [6][7] - There is an ongoing evaluation of shareholder welfare programs, such as customized gifts to enhance engagement and brand recognition [10][12]