Investment Rating - The report maintains a "Buy" rating for the company [1]. Core Views - The company experienced a decline in profit due to the ramp-up of new factories, but continues to expand its customer base and production capacity [11]. - In the first half of 2025, the company achieved a revenue of 12.66 billion yuan, a year-on-year increase of 10.4%, while the net profit attributable to shareholders decreased by 11.1% to 1.67 billion yuan [5][6]. - The company is actively diversifying its customer structure and expanding production capacity, with new factories in Sichuan and Indonesia contributing to revenue growth despite some pressure from existing customers [11]. Financial Performance - The company's gross profit margin decreased by 6.4 percentage points to 21.8% in the first half of 2025, primarily due to many new factories being in the ramp-up phase [9]. - The net profit margin for the first half of 2025 was 13.2%, down 3.2 percentage points year-on-year [6]. - The company plans to distribute a cash dividend of 1.0 yuan per share, with a payout ratio of approximately 70% [5]. Production and Sales - The company sold 115 million pairs of sports shoes in the first half of 2025, with a year-on-year sales volume increase of 6.1% and an average price increase of approximately 3.6% [7]. - The production capacity utilization rate was 95.8%, with total production capacity at 120 million pairs [8]. - The revenue contribution from the top five customers accounted for 71.9%, a decrease of 4.7 percentage points year-on-year, indicating a shift towards new customer orders [7]. Future Outlook - The company has adjusted its profit forecasts for 2025-2027, lowering the net profit estimates by 18%, 17%, and 15% respectively, with projected net profits of 3.57 billion, 4.17 billion, and 4.84 billion yuan [11]. - The expected earnings per share (EPS) for 2025-2027 are 3.06 yuan, 3.57 yuan, and 4.15 yuan, respectively [11].
华利集团（300979）：2025 年中报点评：新工厂爬坡致利润下滑，龙头持续拓客户、扩产能