Investment Rating - The investment rating for the company is "Outperform" (maintained) [3] Core Views - The company's mid-year performance for 2025 met expectations, with a revenue of 3.104 billion RMB, a year-on-year decrease of 6.1%, and a net profit attributable to shareholders of 289 million RMB, a year-on-year increase of 2.2% [7] - The company aims to build a Chinese luxury brand management group, showcasing strong multi-brand operational capabilities, and is expected to exhibit stronger growth momentum under new positioning and management upgrades [7] Financial Data and Profit Forecast - Revenue and profit forecasts for the company are as follows: - FY2023: Revenue 6,912 million RMB, Net Profit 838 million RMB - FY2024: Revenue 6,589 million RMB, Net Profit 469 million RMB - FY2025E: Revenue 6,360 million RMB, Net Profit 510 million RMB - FY2026E: Revenue 6,678 million RMB, Net Profit 550 million RMB - FY2027E: Revenue 6,999 million RMB, Net Profit 590 million RMB - The company’s revenue growth rates are projected to be -5% for FY2024 and -3% for FY2025E, with a recovery expected in FY2026 and FY2027 at 5% [7][20] Brand Performance - The performance of various brands showed divergence: - Koradior: Revenue of 1.04 billion RMB, down 1.2% year-on-year - NAERSI: Revenue of 655 million RMB, down 10.9% year-on-year - NEXY.CO: Revenue of 484 million RMB, down 4.0% year-on-year - La Koradior: Revenue of 280 million RMB, up 9.7% year-on-year [17] Channel Analysis - E-commerce maintained growth for 12 consecutive years, with online sales increasing by 8.9% to 595 million RMB, accounting for 19.2% of total revenue [7] - Offline store optimization led to a net closure of 74 stores, with a focus on shopping centers, resulting in a 7.7% decrease in direct retail revenue to 2.431 billion RMB [7] Cost Control and Profitability - The company achieved significant cost control, with a stable gross margin of 76.4% and a decrease in selling and administrative expenses [7] - The net cash flow from operating activities for the first half of 2025 was 896 million RMB, a substantial increase of 98.3% year-on-year [7] Valuation Comparison - The company is compared with peers such as Jiangnan Buyi and Jin Hong Group, with an expected PE ratio of 10 times for 2025, indicating a potential upside of 13% from the current market value [7][11]
赢家时尚（03709）：业绩表现符合预期，盈利能力提升，资产质量稳健