NHD(SZ:002946)2025-08-28 15:08Financial Performance - In the first half of 2025, the company achieved a revenue of CNY 5.526 billion, representing a year-on-year growth of 3.01% [1] - The net profit attributable to shareholders was CNY 397 million, with a year-on-year increase of 33.76% [1] - The net profit after deducting non-recurring items was CNY 411 million, up 31.17% year-on-year [1] - The net profit margin was 7.40%, an increase of over 1.72 percentage points compared to the previous year [1] - The debt-to-asset ratio stood at 62.53%, a decrease of 2.08 percentage points from the beginning of the period [1] Channel Development - The DTC (Direct-to-Consumer) channel showed strong growth in the first half of 2025, with the company focusing on core channels for breakthroughs and adjustments [1] - Emerging channels, such as membership stores and snack wholesale channels, were prioritized for development, contributing positively to overall direct sales growth [1] Gross Margin Improvement - The overall gross margin improved significantly in the first half of 2025, primarily driven by product structure optimization [2] - The impact of milk prices on gross margin growth was relatively small when combined with selling prices and promotions [2] - Sales revenue from low-temperature products grew by over 10% year-on-year, with internal structural optimization being a key driver for gross margin improvement [2] Subsidiary Performance - Sichuan Dairy's revenue increased compared to the same period last year due to management adjustments and the exploration of new channels [2] - The company actively promoted excellent new products to achieve positive changes in performance [2] Brand Marketing Strategy - Brand marketing expenses saw a significant increase in the first half of the year, reflecting the importance of brand building in the company's 2023-2027 strategic plan [2] - The focus is on enhancing consumer interaction through better experiences and closer engagement, aiming to resonate more with consumers [2] Regional Expansion Plans - The company reported good growth momentum in the South China region, particularly in Shenzhen, and plans to continue expanding in key cities like Shenzhen and Beijing [2] Asset Management - The company indicated that the disposal losses of biological assets are at a normal level, with a moderate increase in cattle inventory [2] - Efforts will continue to improve livestock management and optimize operational indicators in the second half of the year [2]