Ge Long Hui·2026-01-10 14:20Core Viewpoint - The company has launched a new store format and product line, marking a significant event in its partnership with the Chinese Olympic Committee, with the opening of the first "Dragon Store" and the release of the new Honor Gold product series [1] Group 1: New Store and Product Launch - The "Dragon Store" is themed around "Award Moments," "Competition Moments," and "Life Moments," aimed at creating exclusive products and experiences for consumers [1] - The Honor Gold series significantly differs from the brand's previous product styles, integrating professional sports technology with minimalist design to cater to urban middle-class needs [1] Group 2: Financial Performance and Market Outlook - Despite overall pressure on discretionary consumption in 2025, the company is expected to achieve slightly better-than-expected performance, driven by categories like badminton [2] - The company maintains a strong inventory structure, with 82% of mid-2025 inventory being new products with a sales ratio of only four months [2] - Continuous share buybacks by the major shareholder reflect confidence in the company's long-term development, increasing their stake from 10.53% to 14.27% by the end of 2025 [2] Group 3: Earnings Forecast and Investment Recommendation - 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 of 25.41 HKD based on a 24x valuation for 2025 [2]