Core Insights - The company reported a revenue increase of 11% year-on-year for H1 2025, driven by strong growth in e-commerce and a focus on professional sports branding [1][2][3] - The company has shown a consistent increase in dividend payout ratio, reaching 45% in H1 2025, reflecting a commitment to returning value to shareholders [1] - The company has improved its operational cash flow significantly, with a 227% year-on-year increase in operating cash flow for H1 2025, attributed to better accounts receivable management [3] Revenue Performance - Total revenue for H1 2025 reached 5.7 billion yuan, with e-commerce contributing 1.82 billion yuan, marking a 45% increase and accounting for 31.8% of total revenue [1] - Adult business revenue was 4.44 billion yuan, up 10.8%, while children's business revenue was 1.26 billion yuan, up 11.4% [2] - Footwear and accessories saw significant growth, with revenues of 3.29 billion yuan and 0.3 billion yuan, respectively, reflecting increases of 15.7% and 83.2% [2] Store Expansion and Cash Flow - The company operated 7,026 retail outlets as of mid-2025, with 5,669 located in mainland China, and an average store area increase to 156 square meters [3] - The new "super premium store" format has opened 49 locations, expected to drive further growth due to its diverse product offerings [3] - Operating cash flow for H1 2025 was 520 million yuan, showing a substantial improvement in operational efficiency [3] Profit Forecast - The company forecasts net profits of 1.315 billion yuan, 1.493 billion yuan, and 1.688 billion yuan for 2025, 2026, and 2027, respectively, indicating year-on-year growth rates of 14.5%, 13.49%, and 13.1% [3]
361度(01361.HK)：“超品店”开店符合预期 经营性现金流大幅改善