滔搏：期待下半年表现

Investment Rating - The report assigns a rating of "Accumulate (downgraded)" for the company [1] Core Views - The company reported a revenue of 13.1 billion RMB for FY25H1, a decrease of 8% year-on-year, with the main brand contributing 11.4 billion RMB, also down 8% [1] - The retail revenue accounted for 10.9 billion RMB, representing 84% of total revenue, down 9% year-on-year [1] - The net profit attributable to shareholders was 870 million RMB, a decline of 35% year-on-year [1] - The company continues to enhance its online presence through live streaming and social media, with significant growth in sales on platforms like Douyin [1][3] - The company is expanding its brand partnerships and diversifying its product offerings, particularly in the outdoor sports segment [3][4] Summary by Sections Financial Performance - For FY25H1, the company reported total revenue of 13.1 billion RMB, down 8% year-on-year, with net profit of 870 million RMB, down 35% [1] - The company plans to adjust its revenue forecasts for FY25-27 to 26.9 billion RMB, 30.5 billion RMB, and 33.8 billion RMB respectively [4] Retail Strategy - The company is focusing on optimizing its store network by closing underperforming stores and enhancing the efficiency of existing ones [2] - As of FY25H1, the company had 5,813 stores, a reduction of 331 stores compared to the previous period [1] Brand Expansion - The company has initiated partnerships with brands like HOKA ONE ONE and KAILAS, and is the exclusive operator for the Canadian brand norda in China [3] - The collaboration with Fanatics aims to expand the commercialization of sports IP in the Greater China region [4]