Ge Long Hui·2025-07-12 19:19Group 1 - The core viewpoint is that the company is expected to experience a revenue growth of 2% and a decline in net profit attributable to shareholders of 16% in the first half of 2025, indicating a challenging market environment [1][2] - The company maintains a "buy" rating and has raised the target price by 5% to HKD 19.30, corresponding to an 18 times P/E ratio for 2026 [1][2] - The company's revenue for 1H25 is projected to reach approximately 14.63 billion yuan, with a gross margin decline of 0.5 percentage points to 49.9% [1][2] Group 2 - The company has expanded its product width significantly in the previous year, but the risk-reward ratio may decrease this year due to higher bases and increased inventory management challenges [2] - The company plans to enhance its outdoor product lines, particularly in light outdoor categories, with an expected introduction of around 5,000 stores by the end of the year [2] - The forecast for 2025-2027 revenue remains unchanged, with expected revenues of 28.69 billion, 29.25 billion, and 29.79 billion yuan respectively, while net profit estimates have been reduced by 6% to 7% for the same period [2]