Guosheng Securities: Maintains a "buy" rating on Jinshiyuan, with a decrease in revenue in the first half of the year but still seeing an increase in market share.

Guosheng Securities research report pointed out that in the first half of 2025, although the revenue of Jiu Shi Yuan decreased, the market share still increased, and the Q2 financial report relieved pressure, with stable prepayments. Performance in other provinces and central Jiangsu was relatively better. The revenue in the first half of 2025 from within/outside the province was 63/6 billion yuan, a year-on-year change of -6%/+5%; revenue in Q2 of 2025 decreased by -32%/-18% year-on-year. In terms of revenue within the province, the revenue in the first half of 2025 of Huai'an/Nanjing/South Jiangsu/Central Jiangsu/Yancheng/Huaihai was 12/18/7/11/8/7 billion yuan, respectively, with year-on-year changes of -4%/-8%/-11%/-0.2%/-6%/-7%; revenue in Q2 of 2025 decreased by -30%/-34%/-39%/-19%/-39%/-45% year-on-year. The company has made breakthroughs in selling products in Jiangsu in recent years, and plans to focus on overseas markets. Considering the overall pressure on sales volume, the bank has lowered its profit forecasts for 2025-2027, expecting the company's diluted EPS for 2025-2027 to be 2.43/2.58/2.85 yuan per share, with current corresponding PEs of 18/17/16x, maintaining a "buy" rating.