NORTHEAST SECURITIES·2026-03-23 08:12Investment Rating - The report maintains a "Buy" rating for the company, expecting a price increase exceeding 15% over the next six months [9]. Core Insights - The company reported a 3.2% year-on-year increase in revenue for 2025, reaching 29.6 billion RMB, while net profit attributable to shareholders decreased by 2.6% to 2.94 billion RMB [2][4]. - Revenue growth was steady, with footwear, apparel, and equipment & accessories categories showing year-on-year increases of 2.4%, 2.3%, and 12.7% respectively [3]. - The company continues to optimize its store strategy, with a net decrease of 26 sales points to 6091, while maintaining a focus on single-store optimization [3]. Financial Summary - The gross profit margin slightly declined by 0.4 percentage points to 49%, attributed to a decrease in direct sales channel revenue proportion and increased discounts in a volatile consumer environment [4]. - The company plans to distribute a dividend of 0.5695 RMB per share, maintaining a payout ratio of 50% [4]. - Forecasts for 2026-2028 indicate expected revenue growth of 7.6%, 6.1%, and 5.7% respectively, with net profit growth of 4.6%, 11.3%, and 10% [4][10].