森马服饰（002563）：儿童服饰业务保持增长，中国大陆境外业务加速拓展

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The children's clothing business continues to grow, and the company's overseas operations in mainland China are accelerating [5] - The company focuses on long-term development with a consumer-centric approach, emphasizing retail transformation, refined brand management, and overseas expansion [7] - The company has a strong dividend payout ratio of 124%, indicating a robust willingness to distribute profits to shareholders [7] Financial Performance Summary - For the first half of 2025, the company achieved revenue of 6.149 billion yuan, a year-on-year increase of 3.26%, while the net profit attributable to shareholders was 325 million yuan, a decrease of 41.17% [7] - The gross margin and net margin for the first half of 2025 were 46.79% and 5.29%, respectively, with the gross margin increasing by 0.62 percentage points year-on-year [7] - The company opened 540 new stores and closed 629 stores, resulting in a total of 8,236 stores as of June 30, 2025 [7] Revenue and Profit Forecast - Revenue projections for 2025-2027 are as follows: 15.707 billion yuan in 2025, 16.884 billion yuan in 2026, and 18.097 billion yuan in 2027, with year-on-year growth rates of 7.39%, 7.49%, and 7.19% respectively [6] - The net profit attributable to shareholders is forecasted to be 992 million yuan in 2025, 1.181 billion yuan in 2026, and 1.427 billion yuan in 2027, with year-on-year growth rates of -12.76%, 18.99%, and 20.85% respectively [6] Business Segment Performance - The children's clothing segment achieved revenue of 4.313 billion yuan in the first half of 2025, a year-on-year increase of 5.97%, while the leisure clothing segment generated revenue of 1.723 billion yuan, a decrease of 4.98% [7] - The gross margins for the children's and leisure clothing segments were 48.21% and 43.22%, respectively, with the leisure segment showing an improvement year-on-year [7] Market Expansion - The company's overseas business in mainland China generated revenue of 52 million yuan in the first half of 2025, a year-on-year increase of 79.19%, indicating rapid growth in this area [7]