Core Viewpoint - The company maintains its EPS forecast for 2025/26 at 0.61/0.72 HKD, with the current stock price corresponding to 8.9/7.5 times the 2025/26 P/E ratio, and retains an "outperform" rating with a target price of 6.98 HKD, indicating an 18% upside potential from the current price [1] Group 1 - In Q3 2025, the main brand and children's clothing achieved approximately 10% year-on-year growth in offline sales, continuing the positive trend from earlier in the year [2] - The retail environment showed some pressure in September, with retail discounts averaging around 30% and inventory turnover maintained at 4.5-5 times [2] - The company is expanding its super product store format, reaching 93 stores by the end of September, and is collaborating with Meituan to enhance its instant retail business [2] Group 2 - During the National Day holiday, offline sales increased by about 3% year-on-year, demonstrating resilience despite a fluctuating retail environment [3] - The management expresses confidence in the sales performance for Q4 2025, actively preparing for the Double Eleven and Double Twelve sales events [3] Group 3 - The main brand is aligning with the outdoor apparel trend, launching new products such as the "Light Wild" series jackets and "Hiking" outdoor shoes [4] - The company’s Finnish outdoor brand ONEWAY has opened 6 stores in various cities since September, with plans for further brand revitalization [4]
中金：维持361度跑赢行业评级 目标价6.98港元