Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company reported a revenue of 5.8 billion yuan and a net profit attributable to shareholders of 868 million yuan for the first half of 2025, representing year-on-year growth of 11.0% and 8.6% respectively. After deducting impairment losses, other income, and investment income, the net profit attributable to shareholders was 718 million yuan, reflecting a year-on-year increase of 14.5% [2] - The company plans to distribute an interim dividend of 0.204 HKD per share, with a payout ratio of 45%, corresponding to a dividend yield of 6.5% [2] Revenue and Profit Analysis - The company's main brand, children's clothing, international, and e-commerce segments all experienced growth. Offline retail revenue remained stable at 3.888 billion yuan, with a slight decrease in store count by 0.7%. The e-commerce segment saw a significant increase in revenue of 45.0% to 1.817 billion yuan [3] - The main brand's revenue was 4.356 billion yuan, up 10.7%, while the children's brand revenue grew by 11.4% to 1.261 billion yuan. The international business line generated 88 million yuan, a year-on-year increase of 19.7% [3] - The average selling prices for various product categories showed mixed results, with footwear prices increasing by 5.2% and children's clothing prices decreasing by 6.3% [3] Margin and Cost Analysis - The gross margin improved to 41.5%, a year-on-year increase of 0.2 percentage points, while the net margin decreased to 15.0%, down 0.4 percentage points. This was primarily due to a decrease in the proportion of other income and an increase in selling expense ratios [4] - The company experienced a decline in inventory levels, with inventory at 1.888 billion yuan, a year-on-year increase of 29.6% but a quarter-on-quarter decrease of 10.5% [5] Investment Recommendations - The company is expected to benefit from the trend of consumer downgrade, particularly in the running shoe segment, with new product launches anticipated to drive sales. The expansion of the super brand store format is also expected to enhance overall store performance [6] - Revenue forecasts for 2025, 2026, and 2027 are projected at 11.616 billion yuan, 13.353 billion yuan, and 15.317 billion yuan respectively, with net profits of 1.394 billion yuan, 1.630 billion yuan, and 1.873 billion yuan respectively [6] - The estimated earnings per share for 2025, 2026, and 2027 are 0.67 yuan, 0.79 yuan, and 0.91 yuan respectively, with corresponding price-to-earnings ratios of 8.5, 7.3, and 6.3 [6]
361度（01361）：线上业务高增，扣除拨备、其他收益影响后净利增14.5%