Western Securities: Maintains Bull Group's "buy" rating, overseas market continues to break through.

The research report of West Securities pointed out that Bulls Group recently released a stock buyback implementation result announcement. As of September 18, 2025, the company has completed the buyback, showing the company's long-term development confidence. In the first half of 2025, the company's new energy business achieved a revenue of 386 million yuan, a year-on-year increase of +33.52%, demonstrating better growth compared to the industry. The company continues to promote product innovation to enhance competitiveness and attaches importance to expanding overseas market channels. Bulls brand truly began to go international from last year, and currently its business covers more than 40 countries. In the home decoration category, with an effective large customer and product co-creation model, the company is expanding from emerging countries to markets in Europe, the Middle East, and Latin America, with products rapidly penetrating into all categories from converters, wall switches, to lighting. Considering the company's continued breakthrough in overseas markets, the "buy" rating is maintained.