波司登：经营保持稳健，业绩略超预期

Investment Rating - The investment rating for the company is "Buy" and is maintained [5]. Core Views - The company reported FY2025H1 results with revenue of 8.8 billion HKD, a year-on-year increase of 18%, and a net profit attributable to shareholders of 1.13 billion HKD, up 23%, slightly exceeding expectations [5]. - The expansion of product categories has been effective, with notable performance from the Xuezhongfei brand. Revenue from the Bosideng and Xuezhongfei brands increased by 19% and 47% respectively, reaching 5.28 billion HKD and 390 million HKD [5][6]. - The improvement in expenses and tax rates is significant, although there was a goodwill impairment in women's wear affecting profits. The gross margin for the Bosideng brand slightly increased by 0.9 percentage points, while the overall group gross margin decreased by 0.1 percentage points to 61.1% [6]. - The company maintained stable operations with a relatively stable dividend, distributing 0.06 HKD per share, a 20% increase year-on-year [6][7]. - Overall, despite challenges such as store closures and goodwill impairment, the company achieved favorable revenue and profit growth, indicating effective multi-category expansion and stable operations [7]. Summary by Sections Financial Performance - For FY2025H1, the company achieved revenue of 8.8 billion HKD, a year-on-year increase of 18%, and a net profit of 1.13 billion HKD, up 23% [5]. - The revenue from the Bosideng brand increased by 19% to 5.28 billion HKD, while Xuezhongfei saw a 47% increase to 390 million HKD [5][6]. Operational Efficiency - The gross margin for the Bosideng brand improved by 0.9 percentage points, while the overall group gross margin slightly decreased by 0.1 percentage points to 61.1% [6]. - The company reported a decrease in sales expense ratio by 1.4 percentage points to 25.8%, although management expenses increased by 0.9 percentage points to 8.7% due to higher employee option expenses [6]. Future Outlook - The company is expected to achieve net profits of 3.6 billion HKD, 4.2 billion HKD, and 4.7 billion HKD for FY2025, FY2026, and FY2027 respectively, with corresponding P/E ratios of 11, 10, and 9 [7].