Core Viewpoint - The company demonstrates steady growth in overall performance with a stable dividend payout ratio, achieving a revenue of 5.705 billion and a net profit of 858 million in the first half of 2025, reflecting year-on-year increases of 11.0% and 8.6% respectively [1] Financial Performance - The company reported a gross margin of 41.5% and a net profit margin of 15.0% in 2025H1, with a slight increase in gross margin by 0.2 percentage points and a decrease in net profit margin by 0.4 percentage points [1] - The interim dividend declared is 0.204 HKD, with a dividend payout ratio of 45% [1] Product Performance - Strong growth in footwear products is noted, with adult and children's footwear revenues increasing by 12.8% and 27.8% respectively, while adult and children's apparel saw revenue changes of +1.6% and -7.6% [2] - The average wholesale price for adult and children's apparel decreased by 4.5% and 6.3%, respectively, enhancing the price-performance ratio and driving overall sales growth of 4.2% [2] Channel Performance - Online sales surged by 45% to 1.82 billion, while international business grew by 19.7% to 88 million [2] - The company continues to expand its offline presence with 49 new super stores opened by the end of 2025H1, aiming to enhance brand competitiveness and drive offline sales growth [2] Operational Efficiency - The company improved its operational efficiency, with a significant increase in operating cash flow, reporting a net inflow of 524 million, a year-on-year increase of 227% [2] - The structure of accounts receivable has improved, with a decrease in long-term receivables [2] Investment Outlook - The company is positioned in the mass market with a strong price-performance advantage, and is expected to maintain steady growth through channel innovation and product upgrades [3] - Forecasted net profits for 2025-2027 are 1.31 billion, 1.46 billion, and 1.61 billion respectively, with year-on-year growth rates of 13.9%, 11.3%, and 10.4% [3]
361度(01361.HK):线上业务高增 经营性现金流大幅改善