机构：山西证券 研究员：王冯/孙萌 事件描述 8 月12 日，公司公布2025 年半年报。2025H1，公司实现营收57.05 亿元，同比增长11.0%，实现归母净 利润8.58 亿元，同比增长8.6%。公司拟派发中期股息20.4 港仙/股，派息率为45%。 事件点评 2025H1 销售毛利率小幅提升，经营活动现金流显著改善。盈利能力方面，2025H1，公司毛利率同比提 升0.2pct 至41.5%，费用率方面，2025H1，公司销售费用率同比提升0.4pct 至18.2%，其中广告及宣传费 用率同比下滑0.4pct 至10.1%。管理费用率（含研发）同比下滑0.2pct 至5.8%，其中研发费用率2.8%/同 比持平。叠加其它收益下降、应收账款减值下降，2025H1，公司经营利润率同比下滑0.7pct 至19.9%， 归母净利润率为15.0%，同比下滑0.4pct。营运管理方面，2025H1，公司存货周转天数为109 天，同比 增长2 天，应收账款周转天数146 天，同比下降3 天，应付账款周转天数71 天，同比下降17 天。经营活 动现金流方面，2025H1，公司经营活动现金净流入5.24 亿元，同比增长 ...

Investment Rating - The report maintains a "Buy-B" rating for the company, indicating an expected price increase of over 15% relative to the benchmark index [2][7]. Core Insights - In H1 2025, the company achieved revenue of 5.705 billion HKD, a year-on-year increase of 11.0%, and a net profit attributable to shareholders of 858 million HKD, up 8.6% year-on-year. The company plans to distribute an interim dividend of 0.204 HKD per share, with a payout ratio of 45% [2][4]. Revenue Breakdown - E-commerce channel revenue reached 1.82 billion HKD in H1 2025, growing 45.0% year-on-year, accounting for 31.8% of total revenue [4]. - Domestic offline store revenue was 3.80 billion HKD, remaining stable year-on-year, with a net decrease of 81 main brand stores to 5,669 by the end of H1 2025 [4]. - Overseas market revenue was 87.6 million HKD, a 19.7% increase year-on-year, representing 1.5% of total revenue [4]. Profitability and Cash Flow - The gross profit margin slightly increased by 0.2 percentage points to 41.5% in H1 2025. The operating profit margin decreased by 0.7 percentage points to 19.9%, while the net profit margin was 15.0%, down 0.4 percentage points year-on-year [5]. - Operating cash flow significantly improved, with a net inflow of 524 million HKD, a 227% increase year-on-year [5]. Future Projections - The company expects revenues for 2025-2027 to be 11.367 billion, 12.714 billion, and 14.110 billion HKD, with year-on-year growth rates of 12.8%, 11.9%, and 11.0% respectively [6][9]. - Net profits are projected to be 1.285 billion, 1.429 billion, and 1.571 billion HKD for the same period, with growth rates of 11.9%, 11.2%, and 10.0% respectively [7][9].