Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance in the near term [6]. Core Insights - The company has demonstrated consistent profit growth exceeding revenue growth for eight consecutive years, showcasing its operational excellence and resilience [6]. - For the first half of FY2025/26, the company reported a revenue increase of 1.4% to 8.93 billion RMB and a net profit increase of 5.3% to 1.19 billion RMB, aligning with expectations [6][10]. - The company continues to focus on its core business of down jackets, with the main brand experiencing an 8.3% revenue growth, contributing significantly to total revenue [6]. - The company is actively expanding its retail network, with a net increase of 88 stores, bringing the total to 3,558 [6]. Financial Data and Profit Forecast - Revenue projections for FY2024 to FY2028 are as follows: - FY2024: 23.214 billion RMB - FY2025: 25.902 billion RMB - FY2026E: 28.465 billion RMB - FY2027E: 31.272 billion RMB - FY2028E: 34.210 billion RMB - The expected net profit for the same period is: - FY2024: 3.074 billion RMB - FY2025: 3.514 billion RMB - FY2026E: 3.899 billion RMB - FY2027E: 4.340 billion RMB - FY2028E: 4.754 billion RMB - The company’s gross margin is projected to remain stable, with slight fluctuations, and the net profit margin is expected to improve gradually [5][15].