Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance in the near term [6]. Core Views - The company has demonstrated stable performance with a revenue of 3.1 billion and a net profit of 290 million for the first half of 2025, reflecting a year-on-year change of -6% and +2% respectively [1]. - The company is positioned as a leading player in the domestic mid-to-high-end women's fashion market, with expectations for continued growth driven by product efficiency improvements [4]. Financial Performance - For the first half of 2025, the company's gross margin increased by 0.1 percentage points to 76.4%, while the net profit margin rose by 0.8 percentage points to 9.3% [1]. - The company's revenue from its main brands showed mixed results, with La Koradior growing by 10% to 280 million, while NAERSI declined by 11% to 650 million [2]. - The company's inventory increased by 17% year-on-year to 1.49 billion, with inventory turnover days rising by 97 days to 376 days, indicating a slowdown in inventory turnover efficiency [3]. Future Outlook - The company anticipates a stable growth in net profit for the full year of 2025, despite a potential decline in revenue due to current consumer traffic environment changes [4]. - The projected net profits for 2025, 2026, and 2027 are estimated at 497 million, 559 million, and 624 million respectively, with a corresponding PE ratio of 10 times for 2025 [5].

Investment Rating - The investment rating for the company is "Outperform" (maintained) [3] Core Views - The company's mid-year performance for 2025 met expectations, with a revenue of 3.104 billion RMB, a year-on-year decrease of 6.1%, and a net profit attributable to shareholders of 289 million RMB, a year-on-year increase of 2.2% [7] - The company aims to build a Chinese luxury brand management group, showcasing strong multi-brand operational capabilities, and is expected to exhibit stronger growth momentum under new positioning and management upgrades [7] Financial Data and Profit Forecast - Revenue and profit forecasts for the company are as follows: - FY2023: Revenue 6,912 million RMB, Net Profit 838 million RMB - FY2024: Revenue 6,589 million RMB, Net Profit 469 million RMB - FY2025E: Revenue 6,360 million RMB, Net Profit 510 million RMB - FY2026E: Revenue 6,678 million RMB, Net Profit 550 million RMB - FY2027E: Revenue 6,999 million RMB, Net Profit 590 million RMB - The company’s revenue growth rates are projected to be -5% for FY2024 and -3% for FY2025E, with a recovery expected in FY2026 and FY2027 at 5% [7][20] Brand Performance - The performance of various brands showed divergence: - Koradior: Revenue of 1.04 billion RMB, down 1.2% year-on-year - NAERSI: Revenue of 655 million RMB, down 10.9% year-on-year - NEXY.CO: Revenue of 484 million RMB, down 4.0% year-on-year - La Koradior: Revenue of 280 million RMB, up 9.7% year-on-year [17] Channel Analysis - E-commerce maintained growth for 12 consecutive years, with online sales increasing by 8.9% to 595 million RMB, accounting for 19.2% of total revenue [7] - Offline store optimization led to a net closure of 74 stores, with a focus on shopping centers, resulting in a 7.7% decrease in direct retail revenue to 2.431 billion RMB [7] Cost Control and Profitability - The company achieved significant cost control, with a stable gross margin of 76.4% and a decrease in selling and administrative expenses [7] - The net cash flow from operating activities for the first half of 2025 was 896 million RMB, a substantial increase of 98.3% year-on-year [7] Valuation Comparison - The company is compared with peers such as Jiangnan Buyi and Jin Hong Group, with an expected PE ratio of 10 times for 2025, indicating a potential upside of 13% from the current market value [7][11]

Investment Rating - The report maintains a "Buy-B" rating for the company, indicating an expected price increase of over 15% relative to the benchmark index [11]. Core Insights - The company reported a revenue of 3.104 billion yuan for the first half of 2025, a year-on-year decrease of 6.12%, while the net profit attributable to shareholders was 288 million yuan, reflecting a year-on-year increase of 3.19% [5][6]. - Despite a decline in revenue, the company managed to achieve profit growth through effective cost control, with significant reductions in sales and administrative expenses [6][9]. - The online sales channel showed resilience, with a revenue increase of 8.88% year-on-year, contributing to 19.16% of total revenue [8][9]. Financial Performance Summary - For the first half of 2025, the company's gross margin was 76.41%, a slight increase of 0.11 percentage points year-on-year, with the e-commerce channel's gross margin rising by 2.28 percentage points to 63.40% [9]. - The company’s operating cash flow for the first half of 2025 was 896 million yuan, a substantial year-on-year increase of 98.27% [10]. - The company plans to enhance brand strength and product excellence in the second half of 2025, with expectations for slight revenue improvement and profit elasticity due to reduced store numbers and lower incentive costs [11]. Revenue and Profit Forecast - The company’s projected earnings per share (EPS) for 2025-2027 are 0.84, 0.90, and 0.95 yuan, respectively, with corresponding price-to-earnings (P/E) ratios of 8.0, 7.5, and 7.1 [11][13].

Core Viewpoint - Despite a macroeconomic recovery in retail, the apparel industry shows weak growth, with clothing retail sales increasing only 2.5% compared to a 5.0% growth in overall retail sales. High-end apparel consumption is particularly sluggish, with Bain predicting a global luxury goods consumption decline of 2% to 5% and a six-quarter negative growth in the Chinese market. However, the company Yinger Fashion (03709.HK) reported strong mid-year results, demonstrating resilience through a multi-brand strategy and digital transformation [1][2]. Financial Performance - The company achieved revenue of 3.104 billion yuan and a profit of 289 million yuan in the first half of the year, marking a 2.17% year-on-year increase. The overall gross margin improved by 0.11 percentage points to 76.41%, and basic earnings per share rose by 5.2% to 0.426 yuan [1][2]. Brand Strategy - The company's multi-brand strategy features eight brands with differentiated positioning, effectively covering a wide range of consumer needs. High-end brand La Koradior saw a revenue increase of 9.65% to approximately 280 million yuan, while the main brand Koradior experienced a slight decline of 1.22% in revenue, contributing over 30% to total revenue. Other brands maintained stable revenue levels despite market pressures [2]. Product Development - The company focuses on enhancing the quality-to-price ratio by increasing the use of high-quality materials like wool and silk while reducing synthetic fiber usage. This aligns with consumer preferences for quality and sustainability, resulting in improved member repurchase rates and an increase in popular product launches [2]. Channel Strategy - Yinger Fashion has adopted a dual growth strategy of enhancing offline stores while expanding online sales. The company has shifted from blind expansion to a strategy of opening larger stores and improving store efficiency, with significant year-on-year increases in store performance. Online sales grew by 8.88% to 595 million yuan, with notable growth in platforms like Douyin and WeChat [3][4]. Digital Transformation - The company is enhancing its digital infrastructure to improve internal management efficiency. This includes developing predictive models for financial and operational metrics and upgrading its business intelligence systems for smarter inventory management. These digital reforms are expected to boost efficiency across the entire value chain [4]. Market Positioning - As of the mid-year financial report, the company's stock price was 7.34 HKD, corresponding to a TTM P/E ratio of 9.87, significantly lower than the industry average of 23.71. The company is viewed as having a favorable valuation with potential for growth, supported by its multi-brand strategy and digital capabilities [5].

Investment Rating - The investment rating for the company is "Buy" [1][6] Core Views - The company experienced a decline in revenue due to store closures and weak terminal demand, but profit elasticity is expected to improve in the future [2][5] - The company has a strong growth potential in its brands, particularly La Koradior, which has shown significant growth due to its positioning and new store openings [3][5] - The company maintains a positive outlook for revenue stabilization in the second half of the year, supported by cost control and reduced store closures [5][6] Financial Performance Summary - For the first half of 2025, the company reported revenue of 3.104 billion, net profit of 289 million, and operating cash flow of 896 million, with year-on-year changes of -6.12%, +2.17%, and +98.3% respectively [2] - The company closed 74 stores in the first half of 2025, with a total of 147 fewer stores year-on-year [3] - The company's gross margin for the first half of 2025 was 76.4%, a slight increase of 0.1 percentage points year-on-year, while the net profit margin increased by 0.8 percentage points to 9.3% [4] Growth Potential - The company has significant room for expansion with its growth brands, which currently have fewer than 200 stores [5] - The company forecasts revenue growth for 2025-2027, with projected revenues of 6.98 billion, 7.94 billion, and 8.89 billion respectively [8][10] - The earnings per share (EPS) is expected to increase from 0.89 in 2025 to 1.23 in 2027, indicating a positive growth trajectory [8][10]

Group 1 - The company reported a revenue of RMB 3.104 billion for the first half of 2025, with a net profit of RMB 289 million, representing a year-on-year increase of 2.17% and a net profit margin rise from 8.55% in the first half of 2024 to 9.31% [1] - Revenue from e-commerce platforms increased by 8.88% year-on-year to RMB 595 million, with specific contributions from Tmall (RMB 129 million), Vipshop (RMB 245 million), Douyin (RMB 116 million, up 14.25%), and WeChat Video Account (RMB 55.66 million, up 136.45%) [1] - The growth in e-commerce revenue is attributed to the company's comprehensive upgrade strategy aimed at adapting to changing consumer online shopping habits and expanding its e-commerce team [1] Group 2 - In the second half of the year, the company plans to implement reform measures across various fields to enhance its capabilities as a "light luxury brand management group" and support multi-brand development [2] - The core goal for brand promotion in 2025 is to "shape a clear brand power," focusing on improving brand tone, building consumer perception, accelerating brand expansion, and driving content commercialization [2] - Strategies include enhancing brand tone through luxury imagery, unique strong categories, relaxed promotional content, and strong product pairings, with a focus on fashion shows and collaborations with well-known IPs to increase brand awareness and reputation [2]

智通财经APP讯，赢家时尚(03709)发布截至2025年6月30日止6个月中期业绩，该集团取得收益31.04亿 元，同比减少6.12%;母公司拥有人应占溢利2.88亿元，同比增加3.2%;每股基本盈利42.6分。 下半年，我们将进一步落实各领域的改革措施，强化"轻奢品牌管理集团"的专业能力与协作效能，高效 支持多品牌发展，全力达成年度业务目标。 ...

下半年，我们将进一步落实各领域的改革措施，强化"轻奢品牌管理集团"的专业能力与协作效能，高效 支持多品牌发展，全力达成年度业务目标。 赢家时尚(03709)发布截至2025年6月30日止6个月中期业绩，该集团取得收益31.04亿元，同比减少 6.12%;母公司拥有人应占溢利2.88亿元，同比增加3.2%;每股基本盈利42.6分。 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責， 對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任 何部分內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 EEKA Fashion Holdings Limited 贏家時尚控股有限公司 （於開曼群島註冊成立之有限公司） （股份代號：3709） 截至二零二五年六月三十日止六個月 中期業績公告 概要 1 • 截至二零二五年六月三十日止六個月的收益為人民幣3,104.02百萬元，較截 至二零二四年六月三十日止六個月的人民幣3,306.37百萬元減少6.12% 或人 民幣202.35百萬元。 • 截至二零二五年六月三十日止六個月的純利為人民幣288.99百萬元，較截至 二零二四年六月三十日止六個月的人民幣282.85百萬元增加2.17%或人民幣 6.14百萬元。 • 截至二零二五年六月三十日止六個月，經營活動產生的現金流入淨額為人 民幣895.86百萬元（截至二零二四年六月三十日止六個月：人民幣451.83百 萬元）。 • 截至二零二五年六月三十日止六個月的每股基本盈利為人民幣0.43元（截 至二零二四年六月三十 ...

（於開曼群島註冊成立之有限公司） （股份代號：3709） 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責， 對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任 何部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 EEKA Fashion Holdings Limited 贏家時尚控股有限公司 董事會會議日期 金明 香港，二零二五年八月七日 於本公告日期，董事會包括執行董事金明先生、賀紅梅女士及金瑞先生；及獨立非 執行董事鐘鳴先生、周曉宇先生及張國東先生。 贏家時尚控股有限公司（「本公司」）董事會（「董事會」）謹此宣佈，本公司之董事 會會議將於二零二五年八月二十二日（星期五）舉行，藉以（其中包括）批准本公 司及其附屬公司截至二零二五年六月三十日止六個月之中期業績及其發佈，以及 考慮派發中期股息（如有）。 承董事會命 贏家時尚控股有限公司 主席、行政總裁兼執行董事 ...