Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company reported a steady growth in Q2 2025, with retail sales for the main brand and children's clothing both increasing by approximately 10%, and e-commerce sales growing by about 20% year-on-year [2] - Despite a slight slowdown in growth rates compared to Q1 2025, the company demonstrated robust online operational capabilities, achieving a 20% growth in e-commerce sales against a high base from the previous year [3] - The company continues to innovate its product offerings, focusing on technology-driven upgrades and targeting diverse market demands, with new launches in running, basketball, and lifestyle segments [4] - Brand building efforts include sponsorship of major events and collaborations with sports personalities, enhancing brand visibility and consumer engagement [5] Summary by Sections Financial Performance - The company forecasts revenues of 11.62 billion, 13.35 billion, and 15.32 billion yuan for 2025, 2026, and 2027 respectively, with net profits projected at 1.39 billion, 1.63 billion, and 1.87 billion yuan for the same years [7][9] - The expected earnings per share (EPS) for 2025, 2026, and 2027 are 0.67, 0.79, and 0.91 yuan respectively, with corresponding price-to-earnings (PE) ratios of 6.7, 5.7, and 5.0 [7][9] Product and Brand Strategy - The company is enhancing its product innovation strategy by launching new products across various categories, including running shoes and basketball shoes, aimed at meeting the needs of different consumer segments [4][6] - The company has opened 49 new premium stores as of June 2025, with plans for continued expansion, which is expected to drive overall sales growth [6][7] Market Positioning - The company is benefiting from a trend of consumer downgrading, with strong sales performance in its running shoe segment and increased brand recognition through strategic endorsements [6][7]
361度（01361）：二季度稳健增长，超品店加速开店