Q2 收入稳健增长，利润承压。2025Q2 公司收入为73.08 亿元，同比增长9.0%，归母净利为9.02 亿元， 同比下降17.3%，毛利率为21.08%，同比下降7.05pct，净利率为12.34%，同比下降3.9pct。 新客户为核心增长动力。按客户总部所在地划分，H1 北美/欧洲/其他收入分别同 比-0.43%/+88.94%/+45.87%。按产品划分，H1 运动休闲鞋/户外靴鞋/运动凉鞋拖鞋及其他收入分别同比 +10.78%/-57.31%/+74.35%。客户方面，2025H1 客户订单表现分化，部分老客户订单有所下滑，但新客 户订单量同比大幅增长，On 和New Balance跻身公司前五大客户行列，2025H1 公司CR5 为71.88%，同 比下降4.73pct。 本报告导读： H1 新客户驱动增长，新工厂Q2 毛利率环比Q1 改善，关注后续终端销售及新工厂爬坡进度。 投资要点： 投资建议：我们维持2025-2027年EPS预测为3.02/3.57/4.27元。考虑到公司目前处于产能快速扩张期，给 予2025 年高于行业平均水平的22 倍PE，维持目标价至66.5 元，维持"增持"评级。 ...

Core Viewpoint - The company reported a revenue of 12.661 billion yuan for H1 2025, reflecting a year-on-year growth of 10.36%, while the net profit attributable to shareholders decreased by 11.42% to 1.664 billion yuan, indicating a mixed performance due to new factory ramp-up effects [1] Group 1: Performance Overview - In H1 2025, the company achieved a revenue of 12.661 billion yuan, up 10.36% year-on-year, but the net profit attributable to shareholders fell by 11.42% to 1.664 billion yuan [1] - The company plans to distribute a mid-term dividend of 1.167 billion yuan, with a payout ratio of 70% [1] Group 2: Operational Analysis - In Q2 2025, the company recorded a revenue of 7.408 billion yuan, a year-on-year increase of 10.45%, while the net profit attributable to shareholders decreased by 17.32% to 0.902 billion yuan [2] - The company sold 115 million pairs of sports shoes in H1 2025, marking a 6.14% increase year-on-year, with an increase in average selling price (ASP) contributing to order growth [2] - New customer orders significantly increased, compensating for declines from some existing clients, with a notable partnership with Adidas starting in Q4 2025 [2] - The company is accelerating the construction and production ramp-up of new factories in Vietnam, Indonesia, and China to meet growing order demands [2] - The net profit margin in Q2 2025 was 12.18%, down 4.09 percentage points year-on-year, impacted by new factory efficiency and fluctuations in existing customer orders [2] Group 3: Long-term Growth Outlook - Short-term performance may be affected by tariffs, but the company is expected to benefit from new customer orders, which can quickly fill any order gaps [3] - The company is well-positioned to increase market share as the industry undergoes potential consolidation due to tariffs [3] - The company’s ability to attract new clients, particularly Adidas, is expected to drive growth despite challenges from larger clients like Nike [3] Group 4: Profit Forecast and Valuation - The company is projected to achieve net profits of 3.537 billion yuan, 4.287 billion yuan, and 5.186 billion yuan for the years 2025, 2026, and 2027, respectively, with corresponding price-to-earnings (PE) ratios of 17, 14, and 12 times [4]