Ge Long Hui·2025-09-09 04:26Core Insights - The company reported a revenue of 14.8 billion RMB for H1 2025, a year-on-year increase of 3.3%, while the net profit attributable to shareholders was 1.7 billion RMB, a decrease of 11% [1] - The gross margin was 50%, slightly down year-on-year, and the net profit margin was 11.7%, down by 1.9 percentage points [1] - The company announced an interim dividend of 0.336 RMB per share, with a payout ratio of 50% [1] Segment Performance - Running Category: Retail sales increased by 15%, accounting for 34% of total retail sales. The company sold over 14 million pairs of professional running shoes, with key series achieving over 5.26 million pairs sold [1][2] - Basketball Category: Retail sales decreased by 20%, making up 17% of total retail sales. Despite the decline, the company continued to invest heavily, signing new athletes and launching new products [1][2] - Comprehensive Training Category: Retail sales increased by 15%, representing 16% of total retail sales [2] - Sports Leisure Category: Retail sales decreased by 7%, accounting for 29% of total retail sales [2] - Others (including Outdoor): This category accounted for 4% of total retail sales [2] Channel Performance - Offline Sales: Revenue from authorized dealers accounted for 46.5%, an increase of 0.5 percentage points year-on-year, while direct sales accounted for 22.8%, a decrease of 1.6 percentage points [2] - E-commerce: Revenue from e-commerce accounted for 29%, an increase of 1.1 percentage points year-on-year [2] Profit Forecast Adjustments - The company adjusted its profit forecasts for 2025-2027, expecting revenues of 29.1 billion RMB, 30 billion RMB, and 31.1 billion RMB, respectively [2] - The net profit attributable to shareholders is projected to be 2.5 billion RMB, 2.7 billion RMB, and 2.9 billion RMB for the same years [2] - Earnings per share (EPS) are expected to be 0.98 RMB, 1.06 RMB, and 1.14 RMB, respectively [2]