Core Viewpoint - The company reported a revenue of 5.7 billion RMB for the first half of 2025, representing an 11% year-on-year increase, with a net profit of 858 million RMB, up 8.6% year-on-year [1][2] Financial Performance - The gross profit margin stood at 41.5%, reflecting a 0.2 percentage point increase year-on-year [1] - The company plans to distribute an interim dividend of 20.4 Hong Kong cents, with a payout ratio of 45.0% [1] Product Development - Research and development expenditure accounted for 2.8% of revenue, with over 230 new SKUs of high-quality products launched in the first half of 2025 [1] - The company achieved sales of over 14.6 million units of its premium products across all channels [1] Brand and Market Expansion - The company officially launched the official sports apparel for the 20th Asian Games and is a partner for the 2025 Harbin Winter Games, showcasing its commitment to supporting sports in China [1] - The company has become a global partner of FINA for the 2026-2029 period, promoting water sports worldwide [1] New Category Development - The professional racing shoe lineup has achieved significant success, helping athletes reach the podium 85 times [1] - The company is expanding into popular sports categories such as skateboarding, badminton, and cycling to meet diverse market demands [1] Retail Innovation - The company operates 7,026 global sales outlets, with 5,669 located in mainland China and 2,494 dedicated to children's products [1] - The company opened 49 new stores in the first half of the year, enhancing its retail presence and creating a differentiated advantage in the market [2] Profit Forecast - The company maintains its profit forecast for 2025-2027, expecting revenues of 11.3 billion RMB, 12.8 billion RMB, and 14.5 billion RMB, with net profits of 1.3 billion RMB, 1.4 billion RMB, and 1.6 billion RMB respectively [2] - Corresponding EPS is projected to be 0.61 RMB, 0.69 RMB, and 0.79 RMB, with PE ratios of 9x, 8x, and 7x [2]
361度(01361.HK)：加速品类多元化进程