波司登：逆势维持较快增长，店效大幅提升

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company achieved a revenue of 8.804 billion and a net profit of 1.130 billion for FY24/25H1, representing a year-on-year growth of 17.8% and 23% respectively, driven by successful product category expansions such as sun-protective clothing and lightweight down jackets [1] - The company received government subsidies of 196 million, an increase from 110 million in the same period last year, and reported goodwill impairment losses of 70 million [1] - The company plans to distribute an interim dividend of 0.06 HKD per share [1] Summary by Sections Revenue and Profit Analysis - The revenue breakdown for FY24/25H1 shows down jacket/OEM/women's wear/diversified clothing revenues of 6.063 billion, 2.316 billion, 308 million, and 117 million respectively, with year-on-year growth rates of 22.7%, 13.4%, -21.5%, and 21.3% [2] - The down jacket segment saw revenue contributions from brands such as Bosideng, Xuezhongfei, and Bingjie, with year-on-year growth rates of 19.4%, 47.1%, and 61.5% respectively [2] - Direct sales and wholesale revenues were 2.262 billion and 3.429 billion respectively, with year-on-year growth of 36.7% and 12.6% [2] Margin and Cost Management - The gross margin for FY24/25H1 was stable at 49.9%, with a slight year-on-year decrease of 0.1 percentage points [2] - Operating profit margin (OPM) and net profit margin were 16.7% and 12.8%, reflecting increases of 0.2 and 0.3 percentage points year-on-year [2] - The sales expense ratio decreased by 1.4 percentage points to 25.8%, attributed to improved cost control [2] Inventory and Receivables - Inventory increased by 53.4% year-on-year to 5.939 billion, with raw materials accounting for 35% of the total [2] - The inventory turnover days rose to 189 days, an increase of 29 days year-on-year, indicating a strategic shift in supply chain management [2] Future Outlook - The company is expected to benefit from a flexible supply chain management approach, allowing for timely replenishment based on sales performance [6] - New product launches in sun-protective clothing and lightweight down jackets are anticipated to enhance seasonal product offerings [6] - The company maintains a cautious revenue forecast for FY25-27, projecting revenues of 26.5 billion, 30.1 billion, and 34.2 billion respectively [6]