智通财经网·2026-01-09 06:10Core Viewpoint - Despite the overall pressure on discretionary consumption in 2025, the company is expected to achieve slightly better-than-expected operational results, with significant potential for recovery in consumer demand [1]. Group 1: New Store and Product Launch - The company launched a new store format and product line, marking the beginning of a new Olympic cycle with the opening of the first "Dragon Store" in Beijing's Sanlitun Taikoo Li and the release of the new Honor Gold Label product series [2]. - The "Dragon Store" is designed around three themes: "Award Moments," "Competition Moments," and "Life Moments," aiming to enhance consumer experience and brand identity [2]. - The new Honor Gold Label series differentiates itself from existing products by integrating professional sports technology with minimalist design, catering to urban middle-class needs across various scenarios [2]. Group 2: Financial Performance and Forecast - In a challenging environment for discretionary consumption, the company is projected to see slight revenue growth driven by categories like badminton, with improved expense ratios expected in the second half of 2025 [3]. - The company maintains a strong inventory structure, with 82% of mid-year inventory being new products within six months, and a channel sell-through ratio of only four months [3]. - The major shareholder has increased their stake from 10.53% at the end of 2024 to 14.27% by the end of 2025, reflecting confidence in the company's long-term development [4]. Group 3: Earnings Predictions and Investment Recommendations - The earnings per share (EPS) forecasts for 2025-2027 have been slightly adjusted to 0.95, 1.07, and 1.22 yuan respectively, with a target price set at 25.41 HKD based on a 24x valuation for 2025 [5]. - The company maintains a "Buy" rating, indicating a positive outlook based on competitive dynamics and business tracking [5].