Investment Rating - The investment rating for the company is "Buy" with a maintained rating for the next six months [7]. Core Views - The company reported a revenue of 7.3 billion yuan in Q2 2025, representing an 8% year-on-year increase, while the net profit attributable to shareholders was 900 million yuan, down 17% year-on-year, resulting in a net profit margin of 12%, a decrease of 4 percentage points [1]. - For the first half of 2025, the company achieved a revenue of 12.7 billion yuan, a 10% year-on-year increase, with a net profit of 1.7 billion yuan, down 11% year-on-year, and a net profit margin of 13%, down 3 percentage points [1]. - The company plans to distribute a cash dividend of 10 yuan per 10 shares (including tax), resulting in a mid-term dividend payout ratio of 70% [1]. Financial Performance - The company’s sales volume reached 115 million pairs, an increase of 6% year-on-year, with an average selling price (ASP) up by 4% year-on-year [1]. - The company is experiencing short-term pressure on gross margins due to the ramp-up phase of several new factories and capacity allocation arrangements [1]. - The revenue forecast for 2025-2027 has been adjusted to 26.3 billion yuan, 28.8 billion yuan, and 31.9 billion yuan, respectively, with net profits projected at 4 billion yuan, 4.4 billion yuan, and 4.7 billion yuan [11]. Market Position and Customer Insights - The company has seen significant growth in new customer orders, indicating a strong market position despite challenges faced by core customers like NIKE, which reported a revenue decline of 11% year-on-year in FY25Q4 [2]. - Other key customers such as Deckers have shown international market growth, with a revenue increase of 16% year-on-year in FY26Q1, while PUMA is undergoing a bottom adjustment with a revenue decline of 2% year-on-year in FY25Q2 [3][5]. - ON has demonstrated strong growth, raising its full-year guidance with a projected revenue increase of at least 31% for FY25 [6].
华利集团（300979）：新客贡献增量订单，中期分红70%