波司登和雪中飞品牌收入高增，25H1净利润+23%

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 4.90, which corresponds to a PE ratio of approximately 14 times for FY25E [6][17]. Core Insights - The company reported a revenue growth of 17.8% and a net profit growth of 23% for the first half of FY25, with total revenue reaching CNY 8.804 billion and net profit at CNY 1.130 billion [8][9]. - The main brands, Bosideng and Xuezhongfei, contributed nearly 90% of the business growth, while the women's clothing segment experienced a decline due to the consumer environment [4][9]. - The company has successfully expanded its self-operated channel for down jackets, achieving a growth of 36.7% [5][11]. - The inventory turnover days increased by 29 days to 189 days, reflecting the company's strategy to slow down the supply to distributors amid market uncertainties [13]. Summary by Sections Financial Performance - For the first half of FY25, the company achieved a gross profit of CNY 4.391 billion, with a gross margin of 49.9%, slightly down by 0.1 percentage points year-on-year [8][10]. - The net profit margin improved to 12.8%, up by 0.5 percentage points year-on-year [8]. Revenue Breakdown - The down jacket business recorded revenue of CNY 6.063 billion, a year-on-year increase of 22.7%, accounting for 68.9% of total revenue [9][10]. - The OEM processing business generated CNY 2.316 billion, up 13.4%, while the women's clothing segment saw a decline of 21.5% to CNY 308 million [9]. Cost and Margin Analysis - The overall gross margin remained stable, with the main brands' margins improving, but the women's clothing and other brands' margins declining [10]. - Distribution expenses as a percentage of revenue decreased, contributing positively to net profit [10]. Strategic Initiatives - The company has invested in the Canadian luxury down jacket brand Moose Knuckles, enhancing its multi-brand matrix [15]. - New product lines, including sun protection clothing and multi-functional down jackets, have been introduced to capture off-season sales potential [14]. Future Outlook - Revenue projections for FY25E to FY27E are CNY 26.398 billion, CNY 29.856 billion, and CNY 33.477 billion, with expected growth rates of 13.7%, 13.1%, and 12.1% respectively [17]. - The company aims to maintain its growth trajectory through flexible supply chain management and strong marketing capabilities [16].