Ge Long Hui·2026-03-21 15:21Core Viewpoint - Company reported a revenue of 29.6 billion RMB for 2025, representing a year-on-year growth of 3.2%, while net profit attributable to shareholders decreased by 2.6% to 2.94 billion RMB, indicating better-than-expected profit performance [1] Financial Performance - The company plans to distribute a cash dividend of 0.23 RMB per share, with a total payout ratio of 50.1% for the year [1] - Gross margin for 2025 decreased by 0.4 percentage points to 49%, while operating profit margin increased by 0.4 percentage points to 13.2% [3] - Net profit margin decreased by 0.6 percentage points to 9.9%, remaining in the high single-digit range as per previous guidance [1][3] Revenue Breakdown - Revenue from distribution, e-commerce, and direct sales grew by 6.3%, 5.3%, and declined by 3.3% respectively, with total store count increasing mainly from the YOUNG sub-brand [2] - In terms of product categories, footwear, apparel, and equipment accounted for 49.5%, 41.6%, and 8.9% of revenue respectively, with year-on-year growth rates of 2.4%, 2.3%, and 12.7% [1][2] Channel Performance - By channel, revenue distribution for 2025 was 46.5% from distribution, 22.5% from direct stores, and 29.5% from e-commerce, with respective year-on-year changes of +1.3%, -1.5%, and +0.6 percentage points [2] - The total number of sales outlets at the end of 2025 was 7,609, a net increase of 24 outlets from the beginning of the year [2] Inventory and Receivables - Inventory at the end of 2025 increased by 3.7% to 2.69 billion RMB, with inventory turnover days remaining stable at 64 days [4] - Accounts receivable increased by 38.2% to 1.39 billion RMB, with turnover days increasing by 1 day to 15 days [4] Future Outlook - The company expects revenue growth to accelerate in 2026, targeting high single-digit growth in revenue and net profit margin [5] - The company is focusing on enhancing product strength and expanding its professional product matrix, with professional products accounting for over 56% of revenue [4][5] - The company has adjusted its profit forecasts for 2026-2028, expecting net profits of 2.91 billion, 3.34 billion, and 3.67 billion RMB respectively [6]