本报讯 （记者梁傲男）8月25日，中国领先的体育用品品牌361°宣布与美团闪购、美团团购达成合作， 全国千家门店正式上线美团，加速布局即时零售，为消费者提供更加便捷、实惠的购物体验。 即日起，全国消费者均可在附近361°门店"闪购下单"，30分钟即买即用361°运动装备。美团闪购将为 361°消费者提供限时优惠券与配送优惠，帮助消费者获得"又快又便宜"的闪购运动装备体验。此外，消 费者可以在美团、大众点评App购买361°团购优惠券，到店核销、领取超值满减或爆品组合等补贴，获 得"逛361°门店，用团购券更具性价比"的实惠体验。 361°方面表示，此次携手美团，是361°在数字化零售转型道路上的又一步探索。美团庞大的用户基数和 高效的本地即时配送体系，有助于激活361°遍布全国的实体门店网络优势、有效拓展门店覆盖半径和服 务时效。与美团团购合作构建起的"线上引流+线下核销"完整闭环，能够为361°门店带来更多客流与更 强活力。未来，双方将在会员运营、数据洞察等方面开展更深合作，共同探索全新的运动消费生态。 （文章来源：证券日报） "美团闪购、团购多场景生态助力，是此次合作的突出特点。"美团相关负责人表示，随着 ...

H A 美國跑 - 100 PANAGE (FFF 100 T 2010 19 with and 202 -200 - unt ( RE t T 3 11:40 - 2014 - 11:00 - 1 the PE V iti r 1 000 0173 r 1984 30分钟速达，满足运动多元消费场景 在消费者对购物效率与便捷性需求日益提升的当下，361度携手美团充分发挥各自领域优势，赋能运动装备购物体验变革。依托美团闪购成熟且快捷的配送 网络，用户在美团APP搜索"361"并下单后，订单将由最近的361度线下门店直接发货，实现平均30分钟极速送达。为了提供更具吸引力的购物体验，美团闪 购还为361度消费者提供了限时现金券与配送优惠，进一步降低获取门槛，让运动热情不再因时间而等待。这为运动爱好者创造了全新的生活方式——随心 情更换训练穿搭、为即兴的户外活动添置新装备、或是在城市探索中随时升级运动装备，都变得触手可及。 近日，中国领先体育用品品牌361度宣布与美团闪购、美团团购达成双业务合作，全国千家门店已于8月25日正式上线美团平台，开启运动品牌即时零售新篇 章。此次合作旨在通过数字化渠道创新，为消费者提供更加 ...

家用电器 2025 年 08 月 24 日 行 业 研 究 家用电器 大行科工招股书梳理：国内折叠自行车行业龙头 ——25W34 周观点 投资要点： 大行科工招股书梳理：国内折叠自行车行业龙头 行 业 定 期 报 告 大行科工为国内折叠自行车行业龙头。大行品牌由韩德玮博士于 1982 年创立。凭借逾 40 年的发展，大行品牌在技术实力、创新精神、 匠心工艺、对卓越性能和产品质量的追求方面享负盛名。根据招股书 援引的灼识咨询数据，2024 年公司在中国内地折叠自行车行业销量市 占率达 26.3%，销售额市占率为达 36.5%，均位列行业第一，拥有强大 的品牌影响力和行业地位。近年来公司实现快速增长，2024 年公司自 行车销量为 22.95 万辆，2022-2024 年 CAGR 为 24%，2024 年实现营 收 4.51 亿元，同比+50%，2022-2024 年 CAGR 为 33%，2024 年公司 实现净利润 0.52 亿元，同比+50%，2022-2024 年 CAGR 为 30%。 行情数据 本周家电板块涨跌幅+1.5%，其中白电/黑电/小家电/厨电板块涨跌 幅分别-0.3%/+9.1%/+0.8 ...

行 业 及 产 业 纺织服饰 2025 年 08 月 24 日 中报密集披露，运动板块业绩催化下表现活跃 看好 ——纺织服装行业周报 20250824 相关研究 《361 度中报收入双位数增长，关注运动 板块业绩催化——纺织服装行业周报 20250817》 2025/08/17 《国际品牌供应链下单偏谨慎，订单趋势 仍须观察——纺织服装行业周报 20250810》 2025/08/10 证券分析师 王立平 A0230511040052 wanglp@swsresearch.com 求佳峰 A0230523060001 qiujf@swsresearch.com 刘佩 A0230523070002 liupei@swsresearch.com 联系人 刘佩 (8621)23297818× liupei@swsresearch.com 本期投资提示： 证 券 研 究 报 请务必仔细阅读正文之后的各项信息披露与声明 本研究报告仅通过邮件提供给 中庚基金 使用。1 行 业 研 究 / 行 业 点 评 告 ⚫ 本周纺织服饰板块表现弱于市场。8 月 15~22 日，SW 纺织服饰指数上涨 2.5%，跑输 SW 全 A 指 ...

01 中国银联联合国家体育总局发布《2025-2027年金融支持体育消费活动方案》 据中国银联官网消息，近日，国家体育总局在深圳举办"全民全运"文体商旅融合促消费活动。活动中， 中国银联执行副总裁胡浩中代表国家体育总局和中国银联，发布由双方联合制定的《2025-2027年金融 支持体育消费活动方案》。文化和旅游部、体育消费和赛事经济试点单位、全国体育部门相关负责同志 及媒体代表现场见证。 根据《2025-2027年金融支持体育消费活动方案》，中国银联将积极推进三方面的工作： 一方面，加深"平台化"政银企联动，加大体育消费惠民力度。中国银联将深入联动地方体育主管部门、 商业银行，结合体育场景实际需求开展"银联优惠日"等折扣、积分兑换、消费券多样活动，打造政、 银、企多重优惠体系，共同提升促消费、惠民生效果。 361度与机器人公司斯坦德达成战略合作 据财经网消息，近日，361度与机器人公司斯坦德达成战略合作，双方将围绕AI智能与运动产业融合展 开深度合作。根据协议，双方将成立专注于AI智能领域的合资公司，并建立"未来运动探索实验室"，共 同研发适用于机器人穿戴的服装、鞋类、配饰等装备，在具身智能机器人材料领域形成 ...

Core Viewpoint - Li Ning Company reported a 3.3% year-on-year revenue growth to 14.817 billion RMB for the first half of 2025, but net profit decreased by 11% to 1.737 billion RMB, resulting in a net profit margin of 11.7% [2] Group 1: Financial Performance - Revenue from footwear reached 8.231 billion RMB, up 4.9%, accounting for 55.6% of total revenue; apparel revenue was 5.193 billion RMB, down 3.4%, making up 35%; equipment and accessories revenue grew by 23.7% to 1.393 billion RMB [4] - The overall revenue for Li Ning in 2024 was projected to grow by 3.9% to 28.676 billion RMB, with a net profit of 3.013 billion RMB and a net profit margin of 10.5% [2] Group 2: Market Position and Competition - Major competitors in the domestic sportswear market, such as Xtep and 361 Degrees, reported higher growth rates, with Xtep's revenue increasing by 7.1% to 6.838 billion RMB and 361 Degrees' revenue up by 11% to 5.705 billion RMB [8] - Anta Group's core brand showed mid-single-digit growth, while FILA recorded high single-digit growth, indicating stronger performance compared to Li Ning [9] Group 3: Strategic Initiatives - Li Ning's CEO acknowledged challenges due to a decrease in offline foot traffic and is focusing on optimizing offline channels, closing inefficient stores, and expanding quality store coverage [9] - The company plans to enhance its presence in emerging categories such as women's sports, outdoor gear, and youth sports products [9] - Li Ning has become the official apparel partner for the Chinese Olympic Committee for 2025-2028, with plans to launch winter Olympic-themed marketing campaigns [9][10] Group 4: Shareholder Activity - Non-Fan Lingyue announced a further acquisition of Li Ning shares for approximately 455 million HKD, representing about 1.11% of the total issued shares, aimed at enhancing Li Ning's competitiveness in the sportswear market [12]

阅文与王者荣耀联动，关注 IP 衍生品行 业势能 ——轻工纺服行业周报（20250811-0815） 一、行情回顾：本周（2025.08.11-2025.08.15），A股 SW纺织服饰行 业指数下滑 1.37%，轻工制造行业上涨 1.56%，而沪深 300 上涨 2.37%，上证指数上涨 1.70%。纺织服装在申万 31 个一级行业中涨幅 排名第 29 位，轻工制造在申万 31 个一级行业中涨幅排名第 16 位。 二、核心逻辑： 1）轻工行业：①我们认为潮玩谷子行业需求快速增长，Z 世代引领新 消费趋势，盲盒等产品触及情绪价值深层需求。伴随泡泡玛特、国谷 等产品走向世界，中国 IP 文化加速渗透。②DeepSeek 等 AI 新技术 与轻工制造有望深度融合，伴随以旧换新政策延续、财政持续发力、 国家推动房地产市场止跌回稳等，轻工内需有望逐步企稳，实现估值 修复。 潮玩谷子：阅文集团与王者荣耀联动，深耕 IP 衍生品市场。根据北京 商报网，近日阅文集团与王者荣耀启动了"国创内容战略合作计划"， 同步发布并上线了《诡秘之主》与王者荣耀联动，本次两大世界级 IP 联动，系双方深度合作以来，首次实现周边和皮肤同步上 ...

Market Overview - The textile and apparel sector has shown a performance in line with the broader market since August, with textile manufacturing outperforming branded apparel, recording increases of 4.2% and 3.4% respectively [13][19] - Key companies leading the upward trend include Xtep International (+9.4%), Bosideng (+8.5%), and Li Ning (+8.1%) [13][19] Brand Apparel Insights - In July, the retail sales of clothing grew by 1.8% year-on-year, reflecting a slight deceleration compared to the previous month [21] - E-commerce sales saw a significant rebound, particularly in outdoor apparel, with growth rates of 26% for outdoor clothing and 11% for sportswear [21][28] - Notable brands with double-digit growth include Descente (+63%), Puma (+41%), and Lululemon (+39%) [21] Textile Manufacturing Insights - Vietnam's textile exports accelerated in July, with a month-on-month growth of 16.7%, while China's textile exports showed a modest increase of 0.5% [2] - The PMI for Vietnam, Indonesia, and India rose by 3.5, 2.3, and 0.7 respectively, indicating improved manufacturing conditions [2] - The cotton prices have shown slight fluctuations, with domestic prices decreasing by 0.7% and international prices increasing by 1.8% since August [2] Company Performance and Forecasts - Non-sport apparel brands have generally faced challenges due to macroeconomic conditions, leading to a decline in revenue and increased inventory impairment [4] - Sports apparel brands have maintained robust fundamentals, with management teams optimistic about meeting annual performance targets despite a slowdown in growth [4] - Companies like Shenzhou International and Huayi Group are expected to show significant earnings resilience post the current low point in Q2 and Q3 [4][7] Investment Recommendations - Focus on companies with strong fundamentals and low valuations, particularly those with high performance in mid-year reports [3][7] - Recommended stocks include Anta Sports, Xtep International, and Li Ning for branded apparel, and Shenzhou International and Huayi Group for textile manufacturing [7][8]

[Financial Highlights](index=3&type=section&id=Financial%20Highlights) [Profitability and Operating Data](index=3&type=section&id=Profitability%20and%20Operating%20Data) For the six months ended June 30, 2025, the company's profitability steadily improved, with revenue increasing by 11.0% to RMB 5.705 billion and profit attributable to equity holders growing by 8.6% to RMB 858 million, while gross profit margin slightly rose by 0.2 percentage points to 41.5% Profitability Data for the Six Months Ended June 30, 2025 | Indicator | 2025 (Unaudited) | 2024 (Unaudited) | Change | | :--- | :--- | :--- | :--- | | **Revenue** | RMB 5,704.8 million | RMB 5,141.3 million | +11.0% | | **Gross Profit** | RMB 2,366.5 million | RMB 2,125.0 million | +11.4% | | **Operating Profit** | RMB 1,137.3 million | RMB 1,060.4 million | +7.2% | | **Profit Attributable to Equity Holders** | RMB 857.7 million | RMB 789.7 million | +8.6% | | **Basic Earnings Per Share** | RMB 41.5 cents | RMB 38.2 cents | +8.6% | | **Gross Profit Margin** | 41.5% | 41.3% | +0.2 percentage points | | **Operating Profit Margin** | 19.9% | 20.6% | -0.7 percentage points | [Balance Sheet and Cash Flow Data](index=4&type=section&id=Balance%20Sheet%20and%20Cash%20Flow%20Data) As of June 30, 2025, the company maintained a healthy asset position and ample liquidity, with net cash inflow from operating activities significantly increasing by 227.2% to RMB 524 million and net cash growing by 7.5% to RMB 4.301 billion Asset and Liquidity Data as of June 30, 2025 | Indicator | As of June 30, 2025 | As of December 31, 2024 | Change | | :--- | :--- | :--- | :--- | | **Equity Attributable to Equity Holders** | RMB 10,048.8 million | RMB 9,375.2 million | +7.2% | | **Net Cash Inflow from Operating Activities** | RMB 523.8 million | RMB 160.1 million | +227.2% | | **Net Cash** | RMB 4,300.7 million | RMB 4,001.7 million | +7.5% | | **Current Ratio** | 3.8 | 3.6 | +0.2 | | **Inventory Turnover Days** | 109 days | 107 days | +2 days | | **Trade Receivables and Bills Receivable Turnover Days** | 146 days | 149 days | -3 days | | **Trade Payables and Bills Payable Turnover Days** | 71 days | 88 days | -17 days | [Interim Results Overview](index=5&type=section&id=Interim%20Results%20Overview) [Performance and Store Network Summary](index=5&type=section&id=Performance%20and%20Store%20Network%20Summary) In the first half of 2025, the company achieved significant growth across all business segments, with total revenue increasing by 11.0% to RMB 5.70 billion and profit attributable to equity holders growing by 8.6% to RMB 858 million - Revenue increased by **11.0%** to **RMB 5.70 billion**, with profit attributable to equity holders growing by **8.6%** to **RMB 858 million**[10](index=10&type=chunk)[11](index=11&type=chunk) - E-commerce business showed strong performance, with revenue significantly increasing by **45.0%** year-on-year to **RMB 1.82 billion**[14](index=14&type=chunk) - 361º Children's business achieved steady growth, with revenue increasing by **11.4%** year-on-year to **RMB 1.26 billion**[12](index=12&type=chunk) - The Board recommended an interim dividend of **20.4 HK cents** per share, with a payout ratio of **45.0%**[15](index=15&type=chunk) - As of the end of the period, the company operated **5,669 361° stores** and **2,494 361° Children sales outlets** in mainland China, along with **1,357 sales outlets** in overseas markets[17](index=17&type=chunk) [Chairman's Statement](index=7&type=section&id=Chairman's%20Statement) [Overall Performance and Brand Strategy](index=7&type=section&id=Overall%20Performance%20and%20Brand%20Strategy) In the first half of 2025, the Group achieved a 11.0% year-on-year revenue increase to RMB 5.7 billion and an 8.6% growth in profit attributable to equity holders to RMB 858 million, while consistently enhancing its professional and international brand image through strategic sponsorships and product innovations H1 2025 Performance Summary | Indicator | Amount | Year-on-Year Growth | | :--- | :--- | :--- | | Revenue | RMB 5.7 billion | 11.0% | | Profit Attributable to Equity Holders | RMB 858 million | 8.6% | - The Board recommended an interim dividend of **20.4 HK cents** per share, with a payout ratio of **45.0%**[20](index=20&type=chunk) - The core brand strategy focuses on "professionalization, youthfulness, and internationalization," strengthening its professional image through sponsoring major events like the Asian Winter Games and collaborating with international sports organizations such as World Aquatics[21](index=21&type=chunk)[25](index=25&type=chunk) - The company launched the first signature shoe "JOKER1 GT" for global brand ambassador Nikola Jokić and successfully held his first "China Tour" event, enhancing the brand's international recognition[28](index=28&type=chunk) [Children's Business and Channel Expansion](index=10&type=section&id=Children's%20Business%20and%20Channel%20Expansion) The 361º Children's business, positioned as a "Youth Sports Expert," continues to drive high-quality growth with 2,494 sales outlets, while the Group expands its omnichannel retail presence, including 49 "Super Stores" and 1,357 overseas sales outlets - 361º Children's business is positioned as a "Youth Sports Expert" and is one of the core engines for the Group's steady growth[31](index=31&type=chunk) - As of the end of the period, the number of 361º Children's sales outlets reached **2,494**, with continuous upgrades to store image[35](index=35&type=chunk) - The new retail format "Super Stores" has accumulated **49 locations** as of June 30, 2025[39](index=39&type=chunk) - Accelerated international expansion includes **1,357 offline sales outlets** across the Americas, Europe, and Belt and Road markets, with the first overseas direct-operated store opened in Kuala Lumpur, Malaysia[39](index=39&type=chunk) [Sustainable Development and Outlook](index=12&type=section&id=Sustainable%20Development%20and%20Outlook) The Group integrates sustainable development into its corporate strategy, focusing on green production, product R&D, and social welfare, while aiming to deepen its brand positioning and expand its business ecosystem globally - Integrating sustainable development (ESG) concepts into corporate strategy, promoting deep integration of green technology and product R&D[40](index=40&type=chunk) - Actively fulfilling social responsibility, for example, by promptly donating supplies to disaster areas after the Tibet earthquake in January 2025[40](index=40&type=chunk) - Looking ahead, the Group will continue to deepen its brand positioning, expand its business ecosystem, and achieve more breakthroughs and value accumulation on the global stage[41](index=41&type=chunk) [Management Discussion and Analysis](index=13&type=section&id=Management%20Discussion%20and%20Analysis) [Industry Review](index=13&type=section&id=Industry%20Review) In the first half of 2025, China's economy demonstrated resilience with 5.3% GDP growth, while the domestic consumer market, particularly sports consumption, saw accelerated transformation driven by supportive policies and technological innovation - In the first half of 2025, China's GDP grew by **5.3%** year-on-year, with the domestic consumer market showing diversified, digitalized, and refined development trends[44](index=44&type=chunk)[45](index=45&type=chunk) - The state has issued multiple policies to support the development of the sports industry, focusing on the ice and snow economy, event economy, outdoor economy, and upgrading of sports goods[45](index=45&type=chunk)[46](index=46&type=chunk) - Technological innovation continues to stimulate new momentum in the sports goods industry, while various sports events (e.g., Asian Winter Games, "Cun Chao") have strong带动 effects[48](index=48&type=chunk) - The domestic children's sportswear market has significant long-term growth potential amid upgraded birth support policies and changing parenting concepts[51](index=51&type=chunk) [Business Review](index=16&type=section&id=Business%20Review) The Group maintained its "professionalization, youthfulness, and internationalization" brand positioning, optimizing its retail network to 5,669 core brand stores and 49 "Super Stores," while achieving strong growth in children's, international, and e-commerce businesses, with e-commerce revenue share increasing to 31.8% [Brand, Positioning and Business Model](index=16&type=section&id=Brand%2C%20Positioning%20and%20Business%20Model) 361º Group, a leading comprehensive sports goods company in China, maintains a "professional, youthful, and international" brand positioning, focusing on the mass professional sports market through an efficient distribution business model - Brand positioning is "professional, youthful, and international," providing consumers with high-value mass professional sports products[55](index=55&type=chunk) - Adopts a distribution business model where first-tier distributors exclusively distribute products in their respective regions, allowing the company to focus on brand management and product R&D[56](index=56&type=chunk) - Holds four ordering fairs annually, typically six months before new product launches, to ensure production delivery times and effectively enhance the certainty of sales revenue[58](index=58&type=chunk) [Retail Network](index=17&type=section&id=Retail%20Network) As of June 30, 2025, the Group operated 5,669 361º core brand stores in China, with an optimized store structure and an average area of 156 square meters, while successfully launching 49 "Super Stores" as a new retail format - As of June 30, 2025, the Group had **5,669 361º brand stores**, with an average single-store area of **156 square meters**[60](index=60&type=chunk) - The new retail format "Super Stores" has accumulated **49 locations**, including **4 dedicated children's Super Stores**, effectively enhancing the shopping experience and brand image[61](index=61&type=chunk) 361º Core Brand Authorized Retail Stores by Region | Region | Number of Stores (As of June 30, 2025) | % of Total | | :--- | :--- | :--- | | East | 1,141 | 20.1% | | South | 684 | 12.1% | | West | 1,252 | 22.1% | | North | 2,592 | 45.7% | | **Total** | **5,669** | **100.0%** | [Brand Promotion and Marketing](index=19&type=section&id=Brand%20Promotion%20and%20Marketing) The Group built a rich brand resource matrix by sponsoring major sports events, professional teams, and elite athletes, significantly enhancing its international influence and professional image in running and basketball through strategic partnerships and IP collaborations - Continuously served as an official partner of the Olympic Council of Asia for **16 years**, becoming the first sports brand to sponsor both the Asian Games and Asian Winter Games simultaneously[70](index=70&type=chunk) - Signed a new partnership with World Aquatics, becoming a global partner for 2026–2029, expanding the brand's overseas presence[70](index=70&type=chunk) - In the running sector, launched its proprietary IP "Track No. 3 10KM Speed Series"; in basketball, its proprietary event "Touchdown and Ignite" has achieved global expansion and entered Japan[71](index=71&type=chunk)[78](index=78&type=chunk) - Successfully broke into younger consumer segments by collaborating with popular IPs such as Xiaoliuya and Peppa Pig to launch co-branded products[81](index=81&type=chunk) [361º Children Business](index=31&type=section&id=361%C2%BA%20Children%20Business) The 361º Children's business, positioned as a "Youth Sports Expert," recorded revenue of RMB 1.261 billion, a 11.4% year-on-year increase, accounting for 22.1% of the Group's total revenue, with 2,494 sales outlets and continuous channel image upgrades 361º Children Business Performance | Indicator | Amount/Quantity | Year-on-Year Growth | | :--- | :--- | :--- | | Revenue | RMB 1,260.8 million | +11.4% | | % of Group's Total Revenue | 22.1% | - | | Number of Sales Outlets | 2,494 | - | - Product lines expanded upwards to the **16-year-old age group**, introducing innovative technologies like FLASH technology and arch adaptive system technology to enhance product performance[105](index=105&type=chunk) - Channel image continues to upgrade, with fourth-generation and fifth-generation concept stores collectively accounting for **90.9%**[107](index=107&type=chunk) [361º International Business](index=34&type=section&id=361%C2%BA%20International%20Business) During the review period, the Group's international business achieved steady growth, with revenue of RMB 87.6 million, a 19.7% year-on-year increase, accounting for 1.5% of total revenue, supported by 1,357 overseas sales outlets and the opening of its first direct-operated store in Malaysia 361º International Business Performance | Indicator | Amount/Quantity | Year-on-Year Growth | | :--- | :--- | :--- | | Revenue | RMB 87.6 million | +19.7% | | % of Group's Total Revenue | 1.5% | - | | Number of Overseas Sales Outlets | 1,357 | - | - In January 2025, the first overseas direct-operated store was opened in Kuala Lumpur, Malaysia, with good operational performance[118](index=118&type=chunk) [E-commerce Business](index=34&type=section&id=E-commerce%20Business) The Group's e-commerce business demonstrated strong growth momentum, with revenue reaching RMB 1.817 billion, a significant 45.0% year-on-year increase, and its contribution to total revenue rising from 24.4% to 31.8% E-commerce Business Performance | Indicator | Amount | Year-on-Year Growth | | :--- | :--- | :--- | | Revenue | RMB 1,816.9 million | +45.0% | | % of Group's Total Revenue | 31.8% | - | - E-commerce business has become one of the key drivers of the Group's business growth, primarily selling through platforms such as Tmall, Taobao, JD.com, and Vipshop[119](index=119&type=chunk)[122](index=122&type=chunk) - In Q1 and Q2 2025, e-commerce omnichannel GMV achieved year-on-year growth of **35%-40%** and **20%**, respectively[122](index=122&type=chunk) [Production and Research & Development](index=35&type=section&id=Production%20and%20Research%20%26%20Development) The Group employs a flexible production model combining in-house manufacturing and OEM outsourcing, with R&D expenses accounting for 2.8% of total revenue in H1, continuously launching professional products with new technologies and holding 870 patents - Adopts a production model combining in-house manufacturing and OEM outsourcing, with approximately **33.0%** of footwear products and **19.0%** of apparel being self-produced[124](index=124&type=chunk)[126](index=126&type=chunk) - R&D expenses accounted for **2.8%** of total revenue in the first half, with an estimated full-year range of **3% to 4%**[127](index=127&type=chunk)[6](index=6&type=chunk) - Continuously launches new technology products, such as "Feibiao FUTURE2" and "Qianhang 1.0" running shoes, "DVD3" and "JOKER1 GT" basketball shoes, and expands into categories like badminton, cycling, and women's training[132](index=132&type=chunk)[134](index=134&type=chunk)[135](index=135&type=chunk) - As of June 30, 2025, the Group had obtained **870 patents** and had **832 technical personnel** involved in product R&D[140](index=140&type=chunk) [Awards and Sustainable Development](index=40&type=section&id=Awards%20and%20Sustainable%20Development) During the review period, the Group received multiple accolades, including "Best IR Hong Kong Stock Company," while actively integrating ESG principles into its operations through eco-friendly materials, green procurement, social responsibility, and enhanced corporate governance - Awarded "8th New Fortune Best IR Hong Kong Stock Company (H-share)" and "16th Tianma Award for Investor Relations Management of Hong Kong Listed Companies," among other capital market awards[142](index=142&type=chunk) - Widely applies environmentally friendly materials in products, such as the "Feibiao FUTURE2" running shoes, which use **30%** eco-friendly yarn[145](index=145&type=chunk) - Actively fulfills social responsibility, for example, by promptly donating **RMB 8 million** worth of winter supplies to the disaster area after the Tibet earthquake in January 2025[146](index=146&type=chunk) [Financial Review](index=42&type=section&id=Financial%20Review) In the first half, the Group's financial performance was robust, with revenue increasing by 11.0% to RMB 5.705 billion, driven by strong growth in adult and children's footwear, while gross profit margin slightly rose to 41.5% and operating cash inflow remained strong [Revenue Analysis](index=42&type=section&id=Revenue%20Analysis) During the review period, the Group's revenue increased by 11.0% to RMB 5.705 billion, primarily driven by strong growth in adult and children's footwear, while apparel categories adjusted average selling prices to boost sales Revenue Breakdown by Product Category (RMB thousands) | Product Category | H1 2025 | % of Total | H1 2024 | % of Total | Change | | :--- | :--- | :--- | :--- | :--- | :--- | | **Adult Footwear** | 2,574,949 | 45.1% | 2,283,242 | 44.4% | +12.8% | | **Adult Apparel** | 1,601,482 | 28.1% | 1,575,714 | 30.7% | +1.6% | | **Children's Footwear** | 711,620 | 12.5% | 556,627 | 10.8% | +27.8% | | **Children's Apparel** | 521,850 | 9.1% | 564,668 | 11.0% | -7.6% | | **Others** | 294,929 | 5.2% | 161,033 | 3.1% | +83.2% | | **Total** | **5,704,830** | **100.0%** | **5,141,284** | **100.0%** | **+11.0%** | - The average wholesale selling prices for adult and children's apparel were reduced by **4.5%** and **6.3%** respectively, to enhance value-for-money and boost sales volume[152](index=152&type=chunk)[155](index=155&type=chunk) [Cost, Gross Profit and Expense Analysis](index=45&type=section&id=Cost%2C%20Gross%20Profit%20and%20Expense%20Analysis) In the first half, cost of sales increased by 10.7% to RMB 3.338 billion, in line with revenue growth, leading to an 11.4% increase in gross profit to RMB 2.366 billion and a slight rise in gross profit margin to 41.5%, while selling and distribution expenses increased due to higher advertising and e-commerce platform fees - The Group's overall gross profit margin slightly increased from **41.3%** to **41.5%**, with adult footwear and apparel gross profit margins improving by **0.5** and **1.1 percentage points** respectively[161](index=161&type=chunk)[162](index=162&type=chunk) - Selling and distribution expenses increased by **13.2%** year-on-year to **RMB 1.037 billion**, with advertising and promotion expenses at **RMB 577 million**, accounting for **10.1%** of revenue[168](index=168&type=chunk) - R&D expenses within administrative expenses increased by **12.1%** year-on-year to **RMB 160 million**, accounting for **2.8%** of total revenue[171](index=171&type=chunk)[172](index=172&type=chunk) [Liquidity, Capital Structure and Working Capital](index=49&type=section&id=Liquidity%2C%20Capital%20Structure%20and%20Working%20Capital) As of the period end, the Group maintained a healthy cash position with RMB 4.612 billion in cash and cash equivalents and a low debt-to-asset ratio of 2.2%, while working capital turnover days increased to 184 days primarily due to a significant reduction in trade payables turnover days - Net cash inflow from operating activities was **RMB 524 million**, primarily contributed by profit before tax[178](index=178&type=chunk) - The debt-to-asset ratio (total bank borrowings/total assets) was **2.2%**, indicating a very healthy financial position[184](index=184&type=chunk) Working Capital Turnover Days | Indicator | As of June 30, 2025 | As of December 31, 2024 | Change | | :--- | :--- | :--- | :--- | | Inventory Turnover Days | 109 | 107 | +2 | | Trade Receivables and Bills Receivable Turnover Days | 146 | 149 | -3 | | Trade Payables and Bills Payable Turnover Days | 71 | 88 | -17 | | **Working Capital Turnover Days** | **184** | **168** | **+16** | [Dividends](index=53&type=section&id=Dividends) The Board resolved to declare an interim dividend of 20.4 HK cents per share, an increase from the previous year, with the payout ratio rising to 45.0% and return on equity improving to 8.8%, reflecting enhanced profitability and commitment to shareholder returns - Declared an interim dividend of **20.4 HK cents** per share, higher than **16.5 HK cents** in the same period last year[194](index=194&type=chunk) - The payout ratio reached **45.0%**, a steady increase from **40.3%** in the first half of 2024[194](index=194&type=chunk) - Return on equity (ROE) rose to **8.8%**, showing continuous improvement for three consecutive reporting periods[194](index=194&type=chunk) [Outlook](index=54&type=section&id=Outlook) Looking ahead to H2 2025, the Group will continue to prioritize consumer-centricity, strengthen its "professional, youthful, and international" brand positioning, and expand its global market reach through omnichannel development and cross-border e-commerce - Will continue to solidify the "professional, youthful, and international" brand positioning, focusing on technological innovation and brand building[201](index=201&type=chunk) - The children's brand will extend its product matrix around structural changes in demand, strengthening its positioning as a "Youth Sports Expert"[201](index=201&type=chunk) - Channel development will fully promote online-offline integration, expanding global market coverage through dual empowerment of cross-border e-commerce and overseas offline outlets[201](index=201&type=chunk) [Condensed Consolidated Financial Statements](index=55&type=section&id=Condensed%20Consolidated%20Financial%20Statements) [Condensed Consolidated Statement of Profit or Loss](index=55&type=section&id=Condensed%20Consolidated%20Statement%20of%20Profit%20or%20Loss) This statement presents the income, costs, expenses, and profit for the six months ended June 30, 2025, showing revenue of RMB 5.705 billion, operating profit of RMB 1.137 billion, and profit attributable to equity holders of RMB 858 million Condensed Consolidated Statement of Profit or Loss (For the six months ended June 30) | Item (RMB thousands) | 2025 (Unaudited) | 2024 (Unaudited) | | :--- | :--- | :--- | | **Revenue** | **5,704,830** | **5,141,284** | | Cost of sales | (3,338,380) | (3,016,287) | | **Gross Profit** | **2,366,450** | **2,124,997** | | Operating profit | 1,137,251 | 1,060,445 | | Profit before income tax | 1,131,854 | 1,052,282 | | **Profit for the period** | **872,396** | **821,709** | | **Profit attributable to equity holders of the Company** | **857,690** | **789,703** | | **Basic and diluted earnings per share (RMB cents)** | **41.48** | **38.19** | [Condensed Consolidated Statement of Financial Position](index=57&type=section&id=Condensed%20Consolidated%20Statement%20of%20Financial%20Position) This statement reflects the assets, liabilities, and equity as of June 30, 2025, with total assets of RMB 14.129 billion, total liabilities of RMB 3.612 billion, and net assets of RMB 10.517 billion, indicating a strong short-term solvency position Condensed Consolidated Statement of Financial Position Summary (As of reporting period end) | Item (RMB thousands) | As of June 30, 2025 (Unaudited) | As of December 31, 2024 (Audited) | | :--- | :--- | :--- | | **Non-current assets** | 1,335,978 | 1,355,479 | | **Current assets** | 12,793,009 | 12,058,073 | | **Total assets** | **14,128,987** | **13,413,552** | | **Current liabilities** | 3,396,808 | 3,362,734 | | **Non-current liabilities** | 214,826 | 221,690 | | **Total liabilities** | **3,611,634** | **3,584,424** | | **Net assets** | **10,517,353** | **9,829,128** | | **Total equity attributable to equity holders of the Company** | 10,048,761 | 9,375,242 | [Condensed Consolidated Statement of Cash Flows](index=60&type=section&id=Condensed%20Consolidated%20Statement%20of%20Cash%20Flows) This statement details cash inflows and outflows for the period, with net cash generated from operating activities of RMB 524 million, net cash used in investing activities of RMB 36 million, and net cash used in financing activities of RMB 149 million, resulting in a net increase of RMB 348 million in cash and cash equivalents to RMB 4.603 billion Condensed Consolidated Statement of Cash Flows (For the six months ended June 30) | Item (RMB thousands) | 2025 (Unaudited) | 2024 (Unaudited) | | :--- | :--- | :--- | | **Net cash generated from operating activities** | **523,764** | **160,093** | | **Net cash used in investing activities** | **(35,918)** | **(104,181)** | | **Net cash used in financing activities** | **(149,174)** | **(241,440)** | | Net increase/(decrease) in cash and cash equivalents | 338,672 | (185,528) | | Cash and cash equivalents at January 1 | 4,254,236 | 3,596,489 | | **Cash and cash equivalents at June 30** | **4,602,802** | **3,410,468** | [Notes to the Condensed Consolidated Interim Financial Statements](index=61&type=section&id=Notes%20to%20the%20Condensed%20Consolidated%20Interim%20Financial%20Statements) These notes provide detailed explanations and supplementary information for the financial statements, covering key aspects such as basis of preparation, accounting policy changes, revenue and segment reporting, expense breakdowns, taxation, earnings per share calculation, balance sheet item details, dividend policy, related party transactions, and fair value of financial instruments - Revenue is divided into two reportable segments: adult and children's apparel, with the adult segment contributing **RMB 4.445 billion** and the children's segment contributing **RMB 1.260 billion**[225](index=225&type=chunk)[226](index=226&type=chunk) - As of the end of the reporting period, total trade receivables and bills receivable amounted to **RMB 4.744 billion**, with **92.7%** aged within **180 days**, indicating an improved aging structure[190](index=190&type=chunk)[242](index=242&type=chunk) - The Board declared an interim dividend of **20.4 HK cents** per ordinary share, totaling approximately **RMB 386 million**; the final dividend for the year ended December 31, 2024 (10.0 HK cents per share, totaling approximately RMB 191 million) was paid during the period[254](index=254&type=chunk)[255](index=255&type=chunk) [Corporate Governance and Other Information](index=77&type=section&id=Corporate%20Governance%20and%20Other%20Information) [Corporate Governance and Shareholder Interests](index=77&type=section&id=Corporate%20Governance%20and%20Shareholder%20Interests) During this reporting period, the company complied with the Corporate Governance Code, disclosing detailed shareholdings of directors and major shareholders, with the Audit Committee reviewing the interim financial statements - The company has complied with the code provisions of the Corporate Governance Code as set out in the Listing Rules for the six months ended June 30, 2025[269](index=269&type=chunk) - Major shareholders and executive directors Ding Wuhou, Ding Huihuang, Ding Huirong, and others collectively hold over **60%** of the company's shares through discretionary trusts[270](index=270&type=chunk)[282](index=282&type=chunk) - The company adopted a new share option scheme in April 2023, but no share options have been granted, exercised, cancelled, or lapsed since its adoption[275](index=275&type=chunk)[280](index=280&type=chunk) - The Audit Committee has reviewed the Group's unaudited interim financial statements for the six months ended June 30, 2025[288](index=288&type=chunk) [Shareholder Information](index=82&type=section&id=Shareholder%20Information) [Dividend and Registration Information](index=82&type=section&id=Dividend%20and%20Registration%20Information) This section provides key dates and shareholder registration information for the interim dividend payment, which is 20.4 HK cents per share, with an ex-dividend date of September 10, 2025, and payment around September 25 Interim Dividend Timetable | Event | Date | | :--- | :--- | | Interim Results Announcement | August 12, 2025 | | Ex-dividend Date for Interim Dividend | September 10, 2025 | | Book Closure Period | September 12 to September 16, 2025 | | Record Date | September 16, 2025 | | Interim Dividend Payment Date | On or about September 25, 2025 | - The Board resolved to declare an interim dividend of **20.4 HK cents** per share[290](index=290&type=chunk) [Company Information](index=83&type=section&id=Company%20Information) [Basic Company Information](index=83&type=section&id=Basic%20Company%20Information) This section lists the company's core information, including board members, committee compositions, company secretary, registered office, principal place of business, auditors, legal advisors, and principal bankers, with the company's stock code being 01361 - Executive Directors include Ding Wuhou, Ding Huihuang (Chairman), Ding Huirong, and Wang Jiabi[296](index=296&type=chunk) - The company's auditors are UHY CPA Limited[295](index=295&type=chunk) - The company's stock code is **01361**, and its website is www.361sport.com[295](index=295&type=chunk)[296](index=296&type=chunk)

Group 1: Macro Strategy and Market Overview - The A-share market saw significant gains, with the ChiNext Index rising by 8.58% and the CSI 500 and Shenzhen Component Index both increasing over 3.5% [1] - The central bank injected a net of 85.1 billion yuan into the market, maintaining stable liquidity [1][28] - The U.S. dollar index fell to 97.84, down 0.43% week-on-week, while the RMB remained stable at 7.19 [1][29] - The report anticipates continued policy stability and flexibility in the second half of the year, with a focus on gold and convertible bonds [1][30] Group 2: Fixed Income Market Insights - The current market shows a divergence between stock and bond performance, driven by policy expectations and market sentiment [2][31] - The central bank's timely interventions have provided support to the bond market, especially during periods of rising interest rates [2][33] - The report suggests that the 10-year government bond yield may reach a temporary peak around 1.80% [2][34] Group 3: Banking Sector Analysis - The banking sector is experiencing a trend of "credit pre-positioning," with a focus on early-year lending [4] - There is a notable divergence in credit growth between large state-owned banks and smaller banks, with the latter facing negative growth [4] - The report indicates that 2025 may see the smallest decline in loan rates since the LPR reform, with corporate and mortgage rates stabilizing around 3.2% and 3.1% respectively [4] Group 4: Cement Industry Overview - The necessity for "anti-involution" in the cement industry remains, with average prices down 43.7 yuan/ton year-on-year [7] - The previous supply-side reforms have led to a significant recovery in industry profits, with profits rising from 51.8 billion yuan in 2016 to 186.7 billion yuan in 2019 [7] - The report anticipates a continued decline in cement demand, with a potential drop of 18%-34% from 2024 levels [7] Group 5: Oil and Gas Sector Insights - The IEA has revised down its oil demand growth forecast by 350,000 barrels per day for the year, citing weak consumer confidence [8] - The IEA has increased its supply growth forecast for 2025 by 370,000 barrels per day, driven by OPEC's easing of production cuts [8] - Oil inventories have risen for five consecutive months, reaching a 46-month high of 783.6 million barrels [8] Group 6: Semiconductor Industry Trends - The "storage instead of computing" approach is expected to significantly enhance AI inference efficiency, driving rapid growth in SSD demand [17] - The semiconductor industry is experiencing stable growth in equipment and materials, with improved orders in wafer foundries and packaging [17] - The report maintains an optimistic outlook for global semiconductor growth driven by AI applications [17] Group 7: Home Appliance Sector Performance - Ecovacs reported a revenue of 8.68 billion yuan for H1 2025, a year-on-year increase of 24.4%, with a net profit of 980 million yuan, up 60.8% [35] - The company has seen strong growth in both domestic and overseas markets, particularly in Europe, where revenue increased by 66.6% [35][36] - The report highlights the company's strategic focus on optimizing its marketing investment model to improve profitability [36]