Mid-term revenue reaches a new high, comprehensive capabilities continue to evolve, ZIBUYU (02420) financial report reveals strong value signals.

On August 26, ZIBUYU (02420) officially released its interim report for 2025, which is a comprehensive validation of the company's operational adjustments leading to a stronger foundation and more robust development momentum. According to the financial report, ZIBUYU achieved a revenue of 19.6 billion yuan, a strong increase of 34.1% year-on-year; net profit attributable to shareholders reached 1.1 billion yuan, also increasing by 15.9% year-on-year, showing a sharp upward trend in core financial data. Despite the continued pressure in the external environment in the first half of the year and the uncertainty added to the global economic and trade market by the tariff storm initiated by the Trump administration in the United States, ZIBUYU's revenue and profit increased significantly. This contrast not only represents a new challenge in financial numbers, but also reflects a profound strategic transformation that the company is undergoing. In the view of GMTEight, the reason why ZIBUYU is able to march into a new stage of development is due to the comprehensive self-innovation initiated from top to bottom by the company since last year. After laying the foundation last year, the transformation of ZIBUYU officially entered "deep waters" in the first half of this year. The innovation is first reflected in the branding aspect. After establishing a brand business unit for the first time last year, in the first half of this year, ZIBUYU comprehensively upgraded its brand strength through organizational structure, brand visuals, product design, brand marketing, and other dimensions, helping the brand to build continuous growth momentum. After the "renewal", ZIBUYU established a department structure oriented towards the brand; the main brand comprehensively upgraded its visual system, conveying aesthetic value through a more recognizable design language; at the same time, the efficiency of product development has significantly increased, and the performance of new products in the market is impressive. In addition, the company also cooperated with top overseas KOLs to carry out social media marketing to promote the transition from "product going abroad" to "brand going abroad". Reflecting on the results, the total revenue of the company's top ten core brands exceeded 1 billion yuan during the period, accounting for over 50% for the first time; recently, relying on the strong brand strength, the company was awarded the "Top 50 Brands for Innovative Products Going Abroad" by Amazon. The construction of an omni-channel has also entered a good stage. In the first half of the year, while consolidating its base on Amazon, ZIBUYU strategically increased resource investment in non-Amazon channels represented by TikTok and Temu, and at the same time strengthened its efforts to build its own network. Data shows that the revenue from TikTok and Temu platforms for ZIBUYU in the reporting period both increased significantly year-on-year, driving the proportion of revenue from non-Amazon channels to increase to 7.4%. Thanks to the continuous efforts of the RQ brand towards the high-end market, the revenue contribution from independent sites has also increased. In addition, the establishment of nine major independent Amazon brand sites in the first half of the year further promoted the expansion of off-site revenue scale. 2025 is also the first year of ZIBUYU's "capacity going abroad" strategy. The company's overseas supply chain first settled in Vietnam, and has successively opened up supply chains in Myanmar, Malaysia, Cambodia and other Southeast Asian countries. In the second half of this year, ZIBUYU will strategically enter the Turkish market, accelerating the global layout of its production capacity. At the same time, ZIBUYU has also begun to implement a centralized procurement strategy, effectively reducing procurement costs and shortening production cycles. In conclusion, in the first half of the year, ZIBUYU achieved accelerated growth, and the underlying logic behind this is the company's strengthened organizational capacity development, allowing it to push forward operational adjustments and business innovations with stronger execution and efficiency. The newly disclosed financial report of the company is the best evidence of the results of ZIBUYU's strategic transformation. Looking ahead, considering ZIBUYU's mid-term revenue reaching a historical high and profit indicators approaching a new high, the company's full-year performance is promising. After completing the strategic transformation, ZIBUYU's growth visibility and sustainability are also expected to undergo a "qualitative change", indicating a potential reevaluation of the company's investment value is imminent.