研报掘金丨国盛证券：维持报喜鸟“买入”评级，坚持品宣投入与渠道建设

Group 1 - The core viewpoint of the report indicates that Baoxiniang's revenue for H1 2025 has decreased by 4% year-on-year, and the net profit attributable to the parent company has dropped by 43%, highlighting short-term performance pressure despite ongoing investment in brand promotion and channel development [1] - Quarterly analysis shows that both Q1 and Q2 brand sales are estimated to decline year-on-year, with revenue performance expected to continue lagging behind sales volume since 2025 [1] - The company has optimized its main brand channel structure, with the number of brand stores decreasing by 4 to 817 by the end of H1 2025, comprising 239 direct-operated stores and 578 franchised stores [1] Group 2 - The company is recognized as a leading domestic mid-to-high-end men's clothing group [1] - Based on operational conditions, the profit forecast has been adjusted, with net profits expected to be 322 million, 399 million, and 476 million yuan for 2025, 2026, and 2027 respectively, corresponding to a PE ratio of 17.5 times for 2025 [1] - The report maintains a "buy" rating for the company's stock [1]