Investment Rating - The report maintains a "Buy-B" rating for the company, indicating an expected price increase of over 15% relative to the benchmark index [2][7]. Core Insights - In H1 2025, the company achieved revenue of 5.705 billion HKD, a year-on-year increase of 11.0%, and a net profit attributable to shareholders of 858 million HKD, up 8.6% year-on-year. The company plans to distribute an interim dividend of 0.204 HKD per share, with a payout ratio of 45% [2][4]. Revenue Breakdown - E-commerce channel revenue reached 1.82 billion HKD in H1 2025, growing 45.0% year-on-year, accounting for 31.8% of total revenue [4]. - Domestic offline store revenue was 3.80 billion HKD, remaining stable year-on-year, with a net decrease of 81 main brand stores to 5,669 by the end of H1 2025 [4]. - Overseas market revenue was 87.6 million HKD, a 19.7% increase year-on-year, representing 1.5% of total revenue [4]. Profitability and Cash Flow - The gross profit margin slightly increased by 0.2 percentage points to 41.5% in H1 2025. The operating profit margin decreased by 0.7 percentage points to 19.9%, while the net profit margin was 15.0%, down 0.4 percentage points year-on-year [5]. - Operating cash flow significantly improved, with a net inflow of 524 million HKD, a 227% increase year-on-year [5]. Future Projections - The company expects revenues for 2025-2027 to be 11.367 billion, 12.714 billion, and 14.110 billion HKD, with year-on-year growth rates of 12.8%, 11.9%, and 11.0% respectively [6][9]. - Net profits are projected to be 1.285 billion, 1.429 billion, and 1.571 billion HKD for the same period, with growth rates of 11.9%, 11.2%, and 10.0% respectively [7][9].
361度（01361）：2025H1电商渠道增长亮眼，中期派息率45%