According to the Zheshang Securities Research Report, Blum Oriental 26H1 has flexible performance and excellent cash flow, and high Q3 profit growth is expected to continue. 26H1 achieved revenue of 4.27 billion yuan, of which the yarn business revenue was 3.96 billion yuan. Expected sales growth is the leading factor in revenue growth. Low-cost cotton inventory carry-over led 26H1 gross profit margin of 16.4%, and the absolute value of gross profit increased by about 160 million yuan over the same period last year, which is the main contributor to performance elasticity. Increased revenue volume+transfer of low-cost inventory increased gross margin+effective control of expense ratios+increased investment income, which together drove 26H1 net profit of 560 million yuan and net profit of non-return to mother of 530 million yuan, which is at the center of performance forecasting; the subsidiary Blum Vietnam achieved revenue of 3.3 billion yuan and net profit of 420 million yuan, which is still the company's core source of profit. According to the 91% dividend ratio estimate, the 26-year dividend rate was 7.3%. The implementation of the mid-term dividend plan further strengthened shareholder returns, high performance flexibility combined with high dividends, and maintained a “buy” rating.

According to the Zheshang Securities Research Report, Blum Oriental 26H1 has flexible performance and excellent cash flow, and high Q3 profit growth is expected to continue. 26H1 achieved revenue of 4.27 billion yuan, of which the yarn business revenue was 3.96 billion yuan. Expected sales growth is the leading factor in revenue growth. Low-cost cotton inventory carry-over led 26H1 gross profit margin of 16.4%, and the absolute value of gross profit increased by about 160 million yuan over the same period last year, which is the main contributor to performance elasticity. Increased revenue volume+transfer of low-cost inventory increased gross margin+effective control of expense ratios+increased investment income, which together drove 26H1 net profit of 560 million yuan and net profit of non-return to mother of 530 million yuan, which is at the center of performance forecasting; the subsidiary Blum Vietnam achieved revenue of 3.3 billion yuan and net profit of 420 million yuan, which is still the company's core source of profit. According to the 91% dividend ratio estimate, the 26-year dividend rate was 7.3%. The implementation of the mid-term dividend plan further strengthened shareholder returns, high performance flexibility combined with high dividends, and maintained a “buy” rating.