West Securities: Maintain GONEO "Buy" rating, overseas market continues to break through

West Securities research report pointed out that GONEO recently announced the results of its share repurchase implementation. As of September 18, 2025, the company has completed the repurchase, demonstrating the company's long-term development confidence. In the first half of 2025, the company's new energy business achieved revenue of 386 million yuan, a year-on-year increase of 33.52%, showing better growth compared to the industry. The company continues to promote product innovation to enhance competitiveness and emphasizes the expansion of overseas market channels. The GONEO brand has truly gone overseas since last year, with its business now covering more than 40 countries. In the home decoration category, it is expanding from emerging countries to markets in Europe, the Middle East, and Latin America through effective large customer and product co-creation models, with products rapidly penetrating from converters and wall switches to a full range of categories. Considering the company's continuous breakthroughs in overseas markets, the rating is maintained at "Overweight."