华源证券：给予报喜鸟买入评级

Group 1 - The core viewpoint of the report is that the strategic expenditures have impacted the company's profit margins, but long-term benefits are expected as the strategy is implemented [1][3] - In H1 2025, the company reported revenue of 2.391 billion yuan, a year-on-year decrease of 3.58%, and a net profit attributable to shareholders of 197 million yuan, down 42.66% year-on-year, primarily due to increased expenses for long-term strategic goals and external costs related to production upgrades [1][3] - The company’s sales expenses in H1 2025 were 1.056 billion yuan, up 5.15% year-on-year, while management expenses rose to 226 million yuan, an increase of 26.87% year-on-year, attributed to enhanced collaboration with consulting firms and costs associated with the Woolrich acquisition [1][3] Group 2 - The domestic market remains the core market for the company, with H1 2025 domestic sales revenue of 2.378 billion yuan, a decrease of 3.51% year-on-year, accounting for 99.45% of total revenue [2] - In terms of product categories, jackets and shoes showed good growth, with revenues of 229 million yuan and 50 million yuan respectively, reflecting year-on-year increases of 15.72% and 16.61% [2] - The company added a net of 8 franchise stores in H1 2025, with a total of 837 direct-operated stores and 578 franchise stores as of mid-2025 [2] Group 3 - The company is expected to maintain steady growth in its core menswear business, with projected net profits of 401 million yuan, 448 million yuan, and 508 million yuan for 2025, 2026, and 2027 respectively, reflecting year-on-year changes of -18.99%, +11.78%, and +13.45% [3] - The multi-brand strategy is anticipated to enhance customer reach and support stable development, with brands like Baoxini and HAZZYS expected to drive core growth [3] - The company’s competitive advantages include a strong multi-brand operation in the menswear sector, extensive channel coverage, and a focus on product development, leading to a maintained "buy" rating [3]