Investment Rating - The investment rating for the company is "Buy" [1][6] Core Views - The company experienced a decline in revenue due to store closures and weak terminal demand, but profit elasticity is expected to improve in the future [2][5] - The company has a strong growth potential in its brands, particularly La Koradior, which has shown significant growth due to its positioning and new store openings [3][5] - The company maintains a positive outlook for revenue stabilization in the second half of the year, supported by cost control and reduced store closures [5][6] Financial Performance Summary - For the first half of 2025, the company reported revenue of 3.104 billion, net profit of 289 million, and operating cash flow of 896 million, with year-on-year changes of -6.12%, +2.17%, and +98.3% respectively [2] - The company closed 74 stores in the first half of 2025, with a total of 147 fewer stores year-on-year [3] - The company's gross margin for the first half of 2025 was 76.4%, a slight increase of 0.1 percentage points year-on-year, while the net profit margin increased by 0.8 percentage points to 9.3% [4] Growth Potential - The company has significant room for expansion with its growth brands, which currently have fewer than 200 stores [5] - The company forecasts revenue growth for 2025-2027, with projected revenues of 6.98 billion, 7.94 billion, and 8.89 billion respectively [8][10] - The earnings per share (EPS) is expected to increase from 0.89 in 2025 to 1.23 in 2027, indicating a positive growth trajectory [8][10]
赢家时尚（03709）：上半年净关店，未来利润弹性仍旧可期