Investment Rating - The investment rating for the company is "Outperform the Market" [5][20]. Core Insights - The company achieved a 43% year-on-year increase in net profit attributable to shareholders for the first half of 2025, with total revenue reaching 148.7 billion yuan, a 39.3% increase [1][8]. - The company is focusing on improving operational quality in Southeast Asia while continuing to expand its store presence in domestic markets, with a total of 53,014 stores by mid-2025 [1][10]. - The subsidiary brand, Lucky Coffee, is entering a growth phase, with over 7,800 stores and significant new product launches contributing to revenue growth [3][16]. Financial Performance - For the first half of 2025, the company reported a gross margin of 31.6%, with a net profit margin of 18.1%, reflecting effective cost control and a decrease in the tax rate [3][12]. - The company plans to increase its adjusted net profit forecasts for 2025-2027 to 60.3 billion, 74.5 billion, and 92.2 billion yuan, respectively, indicating a positive outlook for future earnings [3][16]. - The projected earnings per share for 2025 is 15.88 yuan, with a price-to-earnings ratio of 26.5 [4][17]. Store Expansion and Market Strategy - The company added 7,721 franchise stores in the first half of 2025, with a net increase of 6,534 stores, demonstrating strong franchise growth [1][10]. - The geographical distribution of stores shows a focus on mainland China, with 48,281 stores, while also exploring opportunities in Central Asia and the Americas [2][10]. - The company is seeing a faster growth rate in lower-tier cities, with 57.6% of its stores located in tier-three and below cities [2][10].

Investment Rating - The investment rating for the company is "Neutral" [5] Core Views - The company's asset quality has improved more than expected, leading to an upward revision of profit forecasts. The projected net profit for 2025-2027 is 495/543/600 billion yuan, with year-on-year growth rates of 9.5%/9.7%/10.4% [3] - The company achieved an operating income of 90.6 billion yuan in the first half of 2025, a year-on-year increase of 2.6%, and a net profit attributable to shareholders of 29.7 billion yuan, up 10.2% year-on-year [1][2] - The annualized weighted average ROE for the first half of 2025 is 8.6%, reflecting a year-on-year increase of 0.3 percentage points [1] Financial Performance Summary - Total assets reached 9.65 trillion yuan at the end of Q2 2025, a year-on-year increase of 4.2% [1] - Deposits increased by 8.7% year-on-year to 5.67 trillion yuan, while total loans grew by 4.5% to 5.63 trillion yuan [1] - The non-performing loan ratio decreased to 1.31%, down 0.05 percentage points from the beginning of the year, indicating improved asset quality [2] Earnings Forecast and Financial Indicators - The projected earnings per share (EPS) for 2025 is 1.46 yuan, with corresponding price-to-earnings (PE) ratios of 9.6, 8.7, and 7.8 for 2025-2027 [3][4] - The projected dividend per share (DPS) for 2025 is 0.44 yuan, with a dividend yield of 3.1% [4] - The core Tier 1 capital adequacy ratio is 8.91%, remaining stable compared to the beginning of the year [1][4]

Investment Rating - The investment rating for the company is "Outperform the Market" [5][40]. Core Views - The company is expected to achieve double-digit growth in both revenue and core profit in the first half of 2025, driven by its brand matrix [1][7]. - The management remains confident in the company's development and has updated the guidance for 2025, indicating continued growth potential [3][37]. - The acquisition of JACK WOLFSKIN is expected to enhance the outdoor brand matrix and contribute positively to future growth [30]. Revenue and Profitability - In the first half of 2025, the company's revenue increased by 14.3% year-on-year to 38.54 billion RMB, while the net profit attributable to shareholders rose by 14.5% to 7.03 billion RMB [1][7]. - The revenue breakdown by brand shows Anta at 16.95 billion RMB (up 5.4%), FILA at 14.18 billion RMB (up 8.6%), and other brands at 7.41 billion RMB (up 61.1%) [2][7]. - The overall gross margin decreased by 0.7 percentage points to 63.4%, while the operating profit margin improved by 0.6 percentage points to 26.3% due to effective cost control [1][8]. Brand Performance - Anta brand's revenue growth is attributed to refined operations and a push for globalization, with a gross margin of 54.9% [25]. - FILA brand focuses on high-end sports fashion and professional breakthroughs, achieving a revenue of 14.18 billion RMB with a gross margin of 68.0% [29]. - Other brands, including DESCENTE and KOLON SPORT, saw significant growth, with a revenue increase of 61.1% and a gross margin of 73.9% [30]. Financial Forecasts - The company forecasts net profits of 13.48 billion RMB, 15.46 billion RMB, and 17.36 billion RMB for 2025, 2026, and 2027 respectively, with corresponding growth rates of 13.0%, 14.6%, and 12.3% [3][40]. - The reasonable valuation has been adjusted to 119-124 HKD, corresponding to a PE ratio of 23-24x for 2025 [3][40]. Cash Flow and Financial Health - The net cash position is reported at 31.54 billion RMB, indicating a strong financial condition [1][22]. - The company declared an interim dividend of 1.37 HKD per share, with a payout ratio of 50.2% [1][22].

Investment Rating - The investment rating for the company is "Outperform the Market" [5][3][11] Core Views - The company achieved a total revenue of 1.38 billion yuan in the first half of 2025, representing a year-on-year growth of 8.39%, and a net profit of 112 million yuan, up 12.14% year-on-year [6][2] - In Q2 2025, the company reported a revenue of 711 million yuan, with a year-on-year increase of 9.54%, and a net profit of 59 million yuan, reflecting a growth of 22.31% year-on-year [6][2] - The company is focusing on product innovation in the C-end market and actively expanding into emerging sales channels, with notable revenue growth in compound seasonings and light cooking solutions [7][2] Financial Performance Summary - The gross margin for Q2 2025 was 24.7%, an increase of 2.6 percentage points year-on-year, primarily due to changes in product structure [2][7] - The company plans to distribute a cash dividend of 56 million yuan for the first half of 2025, with a dividend payout ratio of approximately 48% [2][7] - The company has made significant progress in its supply chain layout, with the Shandong Baoxin food seasoning base officially starting production in the first half of 2025, enhancing capacity in the semi-solid seasoning sector [9][11] Revenue and Profit Forecast - The revenue forecast for 2025-2027 has been slightly adjusted to 2.90 billion, 3.25 billion, and 3.58 billion yuan respectively, with year-on-year growth rates of 9.5%, 11.9%, and 10.1% [3][11] - The net profit forecast for the same period is 270 million, 310 million, and 340 million yuan, with year-on-year growth rates of 14.8%, 15.2%, and 10.8% [3][11] - The earnings per share (EPS) are projected to be 0.67, 0.77, and 0.85 yuan for 2025, 2026, and 2027 respectively [3][11]

证券研究报告 | 2025年08月28日 风险提示：行业竞争加剧、产品价格下降、新项目投产进度低于预期等。 新和成（002001.SZ） 优于大市 营养品量价齐升，上半年业绩大幅增长 毛利率提升叠加费用率下降，上半年公司归母净利润实现高速增长。上半年， 公司实现营业收入 111.01 亿元，同比增长 12.76%；实现归母净利润 36.03 亿元，同比增长 63.46%；销售毛利率 45.89%，同比提升 8.78 pcts，销售净 利率 32.62%，同比提升 10.10 pcts，销售期间费用率 6.69%，同比下降 2.68%。 公司第二季度实现营业收入 56.61 亿元，同比提升 5.89%，环比提升 4.07%， 实现归母净利润 17.23 亿元，同比提升 29.12%，环比下降 8.32%，延续增长 态势。分业务看，营养品业务实现营业收入 72.00 亿元，同比增长 7.78%， 营收占比 64.86%，毛利率 47.79%，同比提升 11.93 pcts；香精香料业务实 现营业收入 21.05 亿元，同比增长 9.35%，营收占比 18.96%，毛利率 54.01%， 同比提升4.32 pcts ...

Economic Overview - The economic growth target for 2023 is around 5%, with the first half achieving a growth rate of 5.3%, the best performance in four years[116] - The GDP growth rate is expected to slow down in the second half, with Q3 projected at 4.8-5% and Q4 at 4.5-4.7%[119] Market Signals - Since 2023, there has been a divergence between economic growth and stock/bond market trends, with economic indicators losing elasticity[12] - The nominal GDP growth rate is stable at over 5%, while the price level has turned positive, indicating a shift in economic dynamics[30] Structural Changes - The economy is transitioning from traditional sectors to new technologies, with significant increases in production capacity for new tech products[35] - The income structure of urban residents has shown a decline in property and transfer income, with property income dropping by 7.8%[75] Policy Implications - The government is focusing on enhancing nominal GDP growth while balancing inflation and exchange rates[31] - Structural reforms are necessary to address supply-demand imbalances and improve income distribution, particularly through urbanization and income redistribution strategies[79] Investment Outlook - The stock market is expected to enter a new equilibrium, with emerging industries gaining more influence on index performance[190] - The bond market is likely to experience fluctuations, with a potential upward shift in the 10-year yield to 1.70-1.75%[184]

Investment Rating - The investment rating for the company is "Outperform the Market" [5][14]. Core Views - The company achieved a robust double-digit growth in revenue and profit in the first half of 2025, with revenue reaching 15.248 billion yuan, up 38.75% year-on-year, and net profit attributable to shareholders at 459 million yuan, up 14.75% year-on-year [2][6]. - The growth in revenue was driven by a significant increase in the sales of gold jewelry and investment products, with the retail business growing by 50.71% in the second quarter [2][9]. - The company is expanding its marketing network, having opened three new stores in the first half of the year, including a flagship store [2][9]. Financial Performance - The company's gross margin for the first half of 2025 was 7.15%, a decrease of 1.92 percentage points year-on-year, primarily due to the higher proportion of low-margin gold investment products [3][9]. - Operating cash flow increased by 38.44% year-on-year, reaching 1.302 billion yuan, indicating strong cash flow conditions [3][9]. - The company has maintained a stable expense ratio, with sales and management expense ratios at 2.04% and 0.34%, respectively, both showing year-on-year improvements [3][9]. Earnings Forecast and Financial Metrics - The company is projected to achieve revenues of 16.55 billion yuan in 2023, growing to 31.01 billion yuan by 2027, with a compound annual growth rate of 11.32% [4][12]. - Net profit is expected to increase from 707 million yuan in 2023 to 989 million yuan in 2027, reflecting a steady growth trajectory [4][12]. - The price-to-earnings (P/E) ratio is forecasted to decrease from 16.68 in 2023 to 11.92 in 2027, indicating potential valuation improvement [4][12].

Investment Rating - The investment rating for the company is "Neutral" [5] Core Views - The company reported a decrease in revenue but an increase in net profit for the first half of 2025, with total revenue of 35.4 billion yuan, down 5.4% year-on-year, and a net profit attributable to shareholders of 2.3 billion yuan, up 5.8% year-on-year [1][2] - The total assets of the company slightly increased to 1.68 trillion yuan by the end of Q2 2025, reflecting a growth of 2.6% from the beginning of the year and 6.2% year-on-year [1] - The company experienced a mixed performance across different business segments, with the non-performing asset management segment's revenue growing by 0.3% due to investment gains from Shanghai Pudong Development Bank, while the financial services segment saw a revenue decline of 5.2% [2] - The credit cost ratio for the first half of 2025 was 4.9%, an increase of 3.0 percentage points year-on-year, primarily due to pressure on asset quality in subsidiaries [2] Financial Forecasts - The company has adjusted its profit forecasts slightly, expecting net profits for ordinary shareholders to be 3.0 billion yuan, 3.2 billion yuan, and 3.6 billion yuan for 2025, 2026, and 2027 respectively, reflecting year-on-year growth of 99%, 8%, and 12% [2][4] - The earnings per share (EPS) are projected to be 0.08 yuan, 0.08 yuan, and 0.09 yuan for the years 2025, 2026, and 2027, with corresponding price-to-earnings (PE) ratios of 18, 17, and 15 [2][4] - The return on equity (ROE) for the first half of 2025 was reported at 2.2% [1]

公司披露的上半年净息差 1.35%，同比收窄 7bps，较 2024 年下降 6bps。资 产端收益率降幅较大，上半年贷款收益率 3.77%，同比下降 58bps，主要受 受 LPR 下降、存量贷款到期重定价以及政府债务置换等因素冲击；负债端， 受益于存款挂牌利率调降，上半年存款利率同比下降 28bps 至 1.80%。 其他非息收入延续下降态势拖累营收，但降幅收窄。上半年非息收入同比收 窄 5.0%，占营收比重为 34.9%。其中，手续费净收入同比增长 10.8%，其他 非息收入同比下降 11.3%，主要是由于交易性金融资产公允价值变动亏损， 不过二季度单季其他非息收入降幅已收窄至 5.2%。 资产质量优质，拨备覆盖率下降但依然处在同业前列。期末不良率 0.76%， 较 3 月持平。其中，对公不良率 0.65%，较年初下降 10bps；个人贷款不良 率 1.02%，较年初提升 25bps，零售信贷资产质量依然承压。公司加大处置 力度，上半年公司核销处置 25.3 亿元，同比提升了 42.9%，加回核销处置后 的不良贷款生成率 0.66%，同比提升 4bps，依然在低位。期末关注率 0.51%， 较 3 月末 ...

Investment Rating - The investment rating for the company is "Neutral" [5] Core Views - The company's asset quality has improved more than expected, leading to an upward revision of profit forecasts. The projected net profit for 2025-2027 is 495/543/600 billion yuan, with year-on-year growth rates of 9.5%/9.7%/10.4% [3] - The company achieved an operating income of 906 billion yuan in the first half of 2025, a year-on-year increase of 2.6%, and a net profit attributable to shareholders of 297 billion yuan, up 10.2% year-on-year [1][2] - The average annualized return on equity (ROE) for the first half of 2025 was 8.6%, reflecting a year-on-year increase of 0.3 percentage points [1] Financial Performance Summary - Total assets reached 9.65 trillion yuan at the end of Q2 2025, a year-on-year increase of 4.2% [1] - Deposits grew by 8.7% year-on-year to 5.67 trillion yuan, while total loans increased by 4.5% to 5.63 trillion yuan [1] - The non-performing loan (NPL) ratio decreased to 1.31%, down 0.05 percentage points from the beginning of the year, indicating a continued improvement in asset quality [2] Profitability Metrics - The net interest margin (NIM) for the first half of 2025 was 1.41%, a decrease of 7 basis points year-on-year, primarily due to a decline in market interest rates [2] - Non-interest income increased by 6.8% year-on-year, with other non-interest income rising by 12.1% due to increased investment gains from bond disposals [2] Valuation Metrics - The projected diluted earnings per share (EPS) for 2025 is 1.46 yuan, with corresponding price-to-earnings (PE) ratios of 9.6/8.7/7.8 for 2025-2027 [3] - The price-to-book (PB) ratios are projected to be 0.61/0.58/0.55 for the same period [3]