2）分渠道：25H1 电商收入增长 7%至 43 亿（占比29%），电商直营流水实现高单位数增长。线下直营 收入下滑 3%至 34 亿元（占比23%），加盟收入增长 4%至 69 亿元（占比47%）。 机构：招商证券 研究员：刘丽/王梓旭 25H1 公司收入增长3%，利润下滑11%；其中跑步品类保持良好增长，公司会持续优化渠道结构，坚定 对奥运等营销资源的投入，管理层保持2025 年收入持平，净利润率高单位数指引；预计2025-2027 年净 利润规模分别为23.8 亿元、25.3 亿元、27.2 亿元，同比增速为-21%、7%、7%，当前股价对应 25PE20X，维持强烈推荐评级。 收入稳健，利润下滑：公司收入同比增长3.3%至148.17 亿元，净利润同比下降11%至17.37 亿元；业绩 表现相对稳健，董事会建议宣派中期股息每股33.59 分，派息率50%。 1）分品类：25H1 跑步和综训流水均取得 15%的增长，专业跑鞋在上半年销量突破 1400 万双，超轻、 赤兔、飞电三大核心 IP 销量突破 526 万双。篮球下跌 20%。细分领域中羽毛球收入占比已达 7%左 右，同时积极拓展匹克球、网球等品类 ...

Summary of Conference Call Industry Overview - The conference call discusses the Chinese economy, focusing on export data and macroeconomic indicators, particularly in the context of trade relations with the United States [1][2]. Key Points and Arguments - **Export Growth**: In June, exports exceeded expectations with a year-on-year growth of 5.8%, significantly faster than May. The trade surplus reached the second-highest historical level, with overall export growth for the first half of the year at a historic 7.2% [1]. - **GDP Projections**: Although specific GDP data is not yet released, it is anticipated that the GDP growth for the first half of the year could reach between 5.2% and 5.3%, indicating a strong performance against the annual target of 5% [2]. - **Market Sentiment**: Despite positive macroeconomic data, market reactions have been muted, reflecting a tendency for markets to operate in reverse to expectations. This is attributed to the belief that good macro data may not lead to aggressive economic stimulus policies [2][3]. - **Policy Focus**: The upcoming policy meeting at the end of July is expected to focus on targeted measures rather than broad economic stimulus, emphasizing capacity reduction and technological upgrades [3][4]. - **Industry Capacity Reduction**: Various industry associations, including the China Coal Transportation and Marketing Association, are actively working on capacity reduction to ensure sustainable development. This includes collaboration with other countries, such as discussions with Australia regarding steel industry capacity [4]. - **Technology Sector Potential**: The technology sector is still seen as having significant potential, with expectations for a policy cycle that has not yet concluded. Market sentiment has been a limiting factor, but recent advancements in the sector may lead to a resurgence [5][6]. - **Competition in Technology**: The competitive landscape in technology, particularly in AI, is intensifying. Companies like NVIDIA are feeling pressure from Chinese advancements, prompting them to engage more with the Chinese market [6]. - **Strategic Resource Competition**: There is a growing competition for strategic resources, including rare earth elements and nuclear-related resources. China's rare earth exports reached a new high in June, reflecting the importance of these materials in global supply chains [7]. Additional Important Content - The call emphasizes the importance of focusing on specific sectors such as capacity reduction and technology, suggesting that these areas will be less affected by market pressures [8]. - The discussion highlights the interconnectedness of global markets, particularly how U.S. policies and actions impact Chinese companies and vice versa [6][7].

Group 1 - The Hang Seng Index opened higher on June 10, with the dividend sector showing strength, as evidenced by the Hong Kong Dividend Low Volatility ETF (520550) rising 0.36% and aiming for a nine-week winning streak [1] - The fund has seen a 106.43% increase in shares this year and a 133.48% growth in scale, both reaching historical highs [1] - CICC's report highlights that Hong Kong stocks offer advantages in dividends and structural opportunities, particularly appealing to tax-exempt investors like mainland insurance funds due to the declining yield of Chinese bonds [1] Group 2 - Haitong Securities notes that the Hong Kong market has strategic allocation value in the medium to long term, fulfilling three key roles: facilitating companies' overseas expansion, enabling capital repatriation, and promoting the internationalization of the Renminbi [1] - The main drivers for the Hong Kong market in the second half of the year are expected to come from profit growth, with high dividend sectors and essential consumer goods recommended as core holdings [1] - The report suggests increasing allocations in technology, consumption, and large financial sectors, particularly in local and Chinese stocks, as part of a bottom-line strategy [1] Group 3 - The Hong Kong Dividend Low Volatility ETF (520550) features the lowest overall fee rate in the market at 0.2%, which reduces holding costs and enhances capital efficiency through its monthly dividend mechanism and T+0 trading characteristics [2] - The ETF's holding structure includes mature industries like finance and energy to provide a safety net, while a 5% weight limit on individual stocks helps to diversify risk and avoid "dividend yield traps" by excluding stocks with significant declines [2]