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 [11]. Core Insights - The company reported a revenue of 3.104 billion yuan for the first half of 2025, a year-on-year decrease of 6.12%, while the net profit attributable to shareholders was 288 million yuan, reflecting a year-on-year increase of 3.19% [5][6]. - Despite a decline in revenue, the company managed to achieve profit growth through effective cost control, with significant reductions in sales and administrative expenses [6][9]. - The online sales channel showed resilience, with a revenue increase of 8.88% year-on-year, contributing to 19.16% of total revenue [8][9]. Financial Performance Summary - For the first half of 2025, the company's gross margin was 76.41%, a slight increase of 0.11 percentage points year-on-year, with the e-commerce channel's gross margin rising by 2.28 percentage points to 63.40% [9]. - The company’s operating cash flow for the first half of 2025 was 896 million yuan, a substantial year-on-year increase of 98.27% [10]. - The company plans to enhance brand strength and product excellence in the second half of 2025, with expectations for slight revenue improvement and profit elasticity due to reduced store numbers and lower incentive costs [11]. Revenue and Profit Forecast - The company’s projected earnings per share (EPS) for 2025-2027 are 0.84, 0.90, and 0.95 yuan, respectively, with corresponding price-to-earnings (P/E) ratios of 8.0, 7.5, and 7.1 [11][13].
赢家时尚（03709）：2025H1业绩稳健增长，电商渠道表现领先