Ge Long Hui·2025-08-29 03:02Core Viewpoint - The company reported a revenue of 385.44 billion CNY and a net profit of 65.97 billion CNY for the first half of 2025, showing year-on-year growth of 14.3% and 7.1% respectively, with a significant increase in operating cash flow [1] Financial Performance - The adjusted net profit attributable to shareholders, excluding non-cash accounting gains, was 70.31 billion CNY, up 14.5% year-on-year, while the net profit after excluding other income and one-time impacts was 67.25 billion CNY, reflecting an 11.8% increase [1] - The company declared an interim dividend of 1.37 HKD per share, with a payout ratio of 50.2%, resulting in a dividend yield of 2.65% [1] - Gross margin decreased to 63.4%, down 0.7 percentage points year-on-year, with the main brand's gross margin at 54.9% [4] - Operating profit margin (OPM) improved to 26.3%, up 0.6 percentage points year-on-year, despite a decline in net profit margin to 18.2% [4] Brand and Market Performance - Revenue from the main brand, Anta, was 169.5 billion CNY, with a growth of 5.4%, while FILA and other brands saw revenues of 141.82 billion CNY and 74.12 billion CNY, growing by 8.6% and 61.1% respectively [2] - The company continues to expand its retail network, with a focus on Southeast Asia and new markets in the Middle East and Africa [2] - Online sales accounted for 34.8% of total revenue, with a year-on-year growth of 17.6% [2] Strategic Initiatives - The company formed a joint venture with the Korean e-commerce platform Musinsa, holding a 40% stake, to explore the integration of sports and fashion in the Chinese market [1][7] - The company is leveraging AI technology to enhance product design efficiency, achieving a reduction in design time from a month to four days [3] Inventory and Receivables - Inventory increased by 29.9% year-on-year to 104.12 billion CNY, with a notable rise in finished goods [5] - Accounts receivable rose by 8.03% to 36.33 billion CNY, maintaining a turnover period of 19 days [5] Future Outlook - The company anticipates unit sales growth for its main brand and expects KOLON and DESCENTE to achieve a 40% growth rate [6] - The company maintains revenue forecasts of 770 billion CNY for 2025, with net profit predictions of 138.74 billion CNY [7]