机构：华泰证券 研究员：樊俊豪/张霜凝 361 度公布上半年业绩：收入57.0 亿元，同比+11.0%；归母净利润8.6 亿元，同比+8.6%。公司中期派 息20.4 港仙/股，分红率维持45.0%。我们认为公司质价比心智不断巩固，产品力升级（跑步/篮球科技 鞋款驱动增长）、渠道优化（线下超品店新店型提效+电商领跑）及多引擎布局（童装/海外/Oneway） 共筑增长韧性，叠加分红比率稳定、经营性现金流逐步改善，维持"买入"评级。 营销赋能鞋类增长，线上专供品高增、线下超品店开店加速提振店效分品类看，跑步与篮球品类通过科 技赋能产品升级（如"飞燃4X4"跑鞋、"DVD3"签名鞋），叠加赛事营销（赞助马拉松、"触地即燃"篮 球赛），驱动成人鞋类收入同比+12.8%至25.7 亿元。儿童品牌定位"青少年运动专家"，深化跳绳、篮 球细分场景，营收同比+11.4%至12.6 亿元（占总收入22.1%），主要受益于教育政策对体育运动的重视 度加强以及校园体考产品线拓展（如新增羽毛球品类）。分渠道看，线上电商营收同比+45.0%至18.2亿 元（占比31.8%），主因IP 联名款（海绵宝宝等）及"618"大促尖货拉动销售。 ...

Group 1 - The core viewpoint of the article highlights the sales growth driven by new and updated vehicle models, with total sales reaching 313,000 units in Q2, representing a 21.87% increase quarter-on-quarter [1] - Haval brand sales reached 176,800 units, an increase of 32,200 units, primarily due to the launch of the Menglong fuel version and the new Xiaolong [1] - Tank brand sales were 61,700 units, up by 19,700 units, driven by the introduction of the new Tank 300 and accelerated overseas expansion [1] - Weipai sales totaled 21,200 units, an increase of 7,800 units, supported by the launch of the Gaoshan series and a recovery in sales of the Lanshan model in Q2 [1] Group 2 - The company received approximately 2.5 billion yuan in Q2 from the previously unaccounted Russian scrappage tax refund, with expectations for this to normalize into quarterly receipts [2] - Looking ahead, the Weipai Lanshan will undergo product upgrades, while the Gaoshan 7 launch is expected to boost monthly sales of the Gaoshan series to over 10,000 units [2] - The Tank 400, 500, and 700 intelligent driving versions, along with the Hi4-Z version, will significantly expand the target user base [2] - Ora plans to launch two new models, including a compact hatchback and an A-class SUV, while new and updated Haval models are also anticipated [2]

Core Viewpoint - The article discusses the current trends in the real estate market, focusing on second-hand housing prices, sales stabilization, land supply, and product evaluation in the industry [4][5][7][10]. Group 1: Second-Hand Housing Market - Second-hand housing prices are showing signs of bottoming out, with average negotiation space reaching a new low [4]. - In major cities like Beijing, Shanghai, Shenzhen, and Hangzhou, the demand for newly modified housing is declining, while the concentration of first-time buyers is increasing [4]. - The short-term outlook for the second-hand housing market in these cities is expected to remain stable with a slight decline [4]. Group 2: Industry Data and Sales Trends - The real estate market is experiencing a stabilization in sales and a faster pace of inventory reduction, with price declines narrowing and construction activity remaining low [5]. - In June, the market showed signs of recovery, with new home transaction expectations stabilizing after a period of decline [5]. Group 3: Land Supply and Transactions - Land supply is decreasing while transaction volumes are recovering, with a notable drop in the average premium rate for land sales, which reached a new low of 0.8% [7]. - In the 24th week, the monitored land supply in key cities fell to 3.79 million square meters, a 40% decrease from the previous period, while transaction volume increased by 120% to 3.25 million square meters [7]. - High-quality residential land remains in demand, with some areas like Chengdu and Xi'an setting new price records [7]. Group 4: Product Evaluation and Innovation - The "2025 Mid-Year China Real Estate Product Evaluation" has commenced, showcasing outstanding projects and emphasizing the importance of product quality in the market [10][12]. - The real estate market in Xi'an is entering a phase focused on product innovation, with companies enhancing living value through various upgrades and innovations in design and public spaces [18].