Fangzheng Securities Research Report pointed out that the overall business performance of Shiyuan 26Q2 is improving, and the inflection point signal is faster than expected. 26H1 achieved net profit of 2,082 billion yuan, or -6.6% year-on-year; of these, 25Q2 achieved net profit to mother of 697 million yuan, +19.2% year-on-year. In the second quarter, the company's overall product line picked up. Among them, the 100-300 yuan special A products recorded positive growth in the first half of the year. As a popular price, Danya Guoyuan had outstanding resilience. The company's “Guoyuan V Series” product hierarchical operation strategy of “Guoyuan V Series is deeply involved in high-end, locks in the mainstream price band, and elegant continues to expand” showed strong coordination and adaptation under the current consumer classification trend. The Huai'an and Central Jiangsu regions of the province improved month-on-month, and continued growth was maintained outside the province. As of 26Q2, the total number of the company's dealers was 1,465, a net increase of 74 compared to 26Q1. Among them, the number of dealers within and outside the province was +27/+47, respectively. The decline within the province went hand in hand with development outside the province. The company's 2026-2028 revenue is expected to be 106.00/111.14/11.813 billion yuan, +4.1% /+4.9/ +6.3% year-on-year; net profit to mother is estimated to be 26.55/28.03/3,072 billion yuan, +2.0%/+5.6% YoY, maintaining the “recommended” rating.

Fangzheng Securities Research Report pointed out that the overall business performance of Shiyuan 26Q2 is improving, and the inflection point signal is faster than expected. 26H1 achieved net profit of 2,082 billion yuan, or -6.6% year-on-year; of these, 25Q2 achieved net profit to mother of 697 million yuan, +19.2% year-on-year. In the second quarter, the company's overall product line picked up. Among them, the 100-300 yuan special A products recorded positive growth in the first half of the year. As a popular price, Danya Guoyuan had outstanding resilience. The company's “Guoyuan V Series” product hierarchical operation strategy of “Guoyuan V Series is deeply involved in high-end, locks in the mainstream price band, and elegant continues to expand” showed strong coordination and adaptation under the current consumer classification trend. The Huai'an and Central Jiangsu regions of the province improved month-on-month, and continued growth was maintained outside the province. As of 26Q2, the total number of the company's dealers was 1,465, a net increase of 74 compared to 26Q1. Among them, the number of dealers within and outside the province was +27/+47, respectively. The decline within the province went hand in hand with development outside the province. The company's 2026-2028 revenue is expected to be 106.00/111.14/11.813 billion yuan, +4.1% /+4.9/ +6.3% year-on-year; net profit to mother is estimated to be 26.55/28.03/3,072 billion yuan, +2.0%/+5.6% YoY, maintaining the “recommended” rating.