Investment Rating - The report maintains a "Buy" rating for the company with a target price not specified [4] Core Insights - The company reported a revenue of 6.8 billion RMB for H1 2025, representing a year-on-year increase of 7%, with the main brand contributing 6.1 billion RMB (+5% YoY) and the professional sports segment achieving 790 million RMB (+33% YoY) [1] - Operating profit for continuing operations reached 1.3 billion RMB, up 9% YoY, while the professional sports segment saw a significant increase in operating profit to 80 million RMB, a 237% growth YoY [1] - The company reported a net profit attributable to ordinary shareholders of 900 million RMB for H1 2025, reflecting a 21.5% increase YoY [1] - The balance sheet remains robust with cash and cash equivalents netting 1.9 billion RMB, a 94% increase YoY [1] - The board declared an interim dividend of 0.18 HKD, with a payout ratio of 50% [1] Summary by Sections Brand Development - The company has launched several running shoe models, including the "160X" championship series and "360X 2.0" carbon plate shoes, contributing to athletes' success in marathons [2] - It has strengthened its event sponsorship matrix by partnering with 27 marathon and road running events in China, including several gold standard events [2] - The company showcased its technological prowess by being the official partner and exclusive sports equipment sponsor for the 13th Versailles Royal Run, featuring humanoid robots wearing its high-performance running shoes [2] Market Expansion - The company is seizing opportunities in the outdoor sports market by expanding its product matrix with high-performance products like the "Flying Stone" hiking shoes and "Mountain Cat" trail running shoes [3] - In the basketball sector, the brand ambassador Jeremy Lin has been actively promoting the brand through various events, including store openings and interactive basketball competitions [3] Financial Forecast - The report adjusts the profit forecast for the company, expecting revenues of 14.6 billion RMB, 15.4 billion RMB, and 16.5 billion RMB for 2025-2027, respectively [4] - The net profit attributable to shareholders is projected to be 1.4 billion RMB, 1.52 billion RMB, and 1.7 billion RMB for the same period [4]
特步国际（01368）：索康尼进入高势能成长通道