Core Viewpoint - The company reported a decline in revenue for the first half of 2025, but managed to achieve profit growth through effective cost control measures [1][2]. Revenue Performance - In H1 2025, the company achieved revenue of 3.104 billion yuan, a year-on-year decrease of 6.12%, primarily due to adjustments in offline store channels and overall domestic consumption pressure [1]. - The La Koradior brand saw revenue growth of 9.65% to 280 million yuan, while the main brand Koradior experienced a slight decline of 1.22% to 1.044 billion yuan [1]. - The company’s online channel revenue grew by 8.88% to 595 million yuan, accounting for 19.16% of total revenue, indicating resilience in online sales [1][2]. Profitability and Cost Management - The gross margin for H1 2025 was 76.41%, a slight increase of 0.11 percentage points, with the e-commerce channel gross margin rising by 2.28 percentage points to 63.40% [2]. - The company’s net profit for H1 2025 was 288 million yuan, a year-on-year increase of 3.19%, with a net profit margin of 9.26%, up 0.84 percentage points [2]. - Significant reductions in sales and administrative expenses contributed to improved profitability, with administrative expenses dropping from 99.48 million yuan to 5.34 million yuan due to decreased stock incentive costs [1][2]. Future Outlook - The company plans to deepen reforms focusing on "shaping clear brand power" and "excellent product power," expecting slight revenue improvement and profit elasticity in the second half of 2025 [3]. - EPS forecasts for 2025-2027 are projected at 0.84, 0.90, and 0.95 yuan, with corresponding PE ratios of 8.0, 7.5, and 7.1 times based on the closing price on August 22 [3].
赢家时尚(03709.HK)：2025H1业绩稳健增长 电商渠道表现领先