Investment Rating - The investment rating for the company is "Buy" and is maintained [8]. Core Insights - The retail data for the company remains stable, with the main brand's revenue showing low single-digit growth year-on-year. Discounts range from 7% to 75%, and the inventory turnover ratio is healthy at 4 to 4.5 months. The subsidiary brand, Saucony, has seen revenue growth exceeding 20% year-on-year [2][6]. - The main brand's growth is primarily driven by the running category, while Saucony is expected to return to high growth after a short-term adjustment. Offline channels are anticipated to maintain high growth, while e-commerce growth is slightly weaker due to the company's strategy of reducing low-priced products. Future growth for Saucony is expected to accelerate as the company focuses on opening stores in key urban areas and enhancing brand presence [8]. - Overall, the running trend supports steady growth for the main brand, and despite short-term adjustments for Saucony, the long-term growth potential remains strong. The company is projected to achieve net profits of 1.41 billion, 1.58 billion, and 1.75 billion yuan for the years 2025 to 2027, corresponding to price-to-earnings ratios of 10, 9, and 8 times respectively [8][10]. Summary by Sections Retail Performance - The main brand's revenue growth is low single-digit year-on-year, with a stable discount range and healthy inventory turnover [2][6]. Saucony Brand Performance - Saucony's revenue growth exceeds 20% year-on-year, with expectations for future acceleration in growth as the brand focuses on key urban markets [8]. Financial Projections - Projected net profits for 2025, 2026, and 2027 are 1.41 billion, 1.58 billion, and 1.75 billion yuan, with corresponding P/E ratios of 10, 9, and 8 times [10].

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Insights - The main brand of the company continues to show steady growth, with retail performance remaining stable. In Q2 2025, the main brand's revenue saw a low single-digit year-on-year growth, with discounts ranging from 7% to 75%. The inventory turnover ratio is healthy at 4 to 4.5 months [8]. - The performance of the subsidiary brand, Saucony, has experienced a short-term slowdown, but is expected to return to high growth. In Q2 2025, Saucony's revenue grew over 20%, and for H1 2025, it grew over 30%. The slowdown is attributed to the company's strategic decision to lower prices on certain products, impacting short-term revenue. Future plans include accelerating store openings in high-tier cities and orderly adjustments in e-commerce operations, which are expected to drive Saucony back to rapid growth [8]. - Overall, the main brand is benefiting from the running trend, maintaining robust growth, while Saucony is undergoing a temporary adjustment without altering its long-term growth potential. The company is projected to achieve net profits of 1.41 billion, 1.60 billion, and 1.82 billion yuan for the years 2025 to 2027, corresponding to P/E ratios of 10, 8, and 7 times, respectively [8][10]. Summary by Sections - **Retail Performance**: The main brand's revenue in Q2 2025 showed low single-digit growth year-on-year, with a healthy inventory turnover ratio of 4 to 4.5 months [4][8]. - **Saucony's Performance**: Saucony's revenue growth in Q2 2025 exceeded 20%, with H1 2025 growth over 30%. The brand is expected to regain high growth through strategic adjustments [4][8]. - **Financial Projections**: The company is expected to achieve net profits of 1.41 billion, 1.60 billion, and 1.82 billion yuan from 2025 to 2027, with corresponding P/E ratios of 10, 8, and 7 times [10].