Core Viewpoint - Zhejiang Securities maintains a "Buy" rating for Non-Fan Lingyue (00933) with a target price of HKD 0.98, indicating a potential upside of 40% [1] Group 1: Company Performance - Non-Fan Lingyue reported a revenue of HKD 4.81 billion for 25H1, a year-on-year decrease of 5.7%, while the net profit attributable to shareholders was HKD 180 million, reflecting a year-on-year increase of 60.9% [1] - The company is recognized as an excellent international brand operator, managing brands such as Clarks, Bossini, and Testoni, and has established a joint venture to operate the outdoor brand Haglofs in Greater China [1] Group 2: Clarks Brand Developments - Clarks, a globally recognized footwear brand, holds a 14.6% market share in the UK and 1.8% in the US, with over 500 direct stores and 3,000 wholesale customers across more than 80 countries [2] - For 2025H1, Clarks achieved a revenue of HKD 4.15 billion, accounting for 85.7% of total revenue, with a gross margin of 48.7%, despite a year-on-year decline of 5.3% due to weak demand from US tariff policies and strategic product optimization [2] Group 3: Online Sales Expansion - Clarks is actively expanding its online sales network, launching its first self-operated UK e-commerce platform, clarks.com, in early 2026, and entering various platforms in Europe and the Americas [3] - Online revenue for Clarks in 25H1 increased by 9.7% year-on-year to HKD 630 million, with online sales accounting for 15.2% of total revenue, up 2.1 percentage points year-on-year [3] Group 4: Leadership Changes - Victor Herrero was appointed as the co-CEO and CEO of Clarks in June 2025, bringing extensive management experience from previous roles in companies like Lovisa and Guess, and has successfully led the company to profitability with a 60.9% increase in net profit for 25H1 [4] Group 5: Outdoor Brand Strategy - The company has partnered with Ryan Capital to establish a joint venture for the outdoor brand Haglofs in Greater China, planning to open over 20 direct stores by 2025 and launching the first global VASA flagship store in Shanghai [5]