编者按 "诗和远方"不仅在您的手机里，更在您抬步走出去的每一刻。哪条老街咖啡飘香，哪场展览期待已久，哪片山水风景正当时……即日起，每逢周 五或节日，本报"乐享行动派"将发出这份新鲜热乎的文旅"情报"，期待您即刻出发，在烟火街巷与山水远方，做自己生活的探险家，也做这座城 市消费新活力的见证者。 这不仅是一份指南，更是一份邀请，我们期待您的声音——想去哪里探店？想了解哪类活动、哪些宝藏游玩目的地？欢迎说出您的周末心愿。 这个冬天，京城最火爆的"商业新面孔"非"湾里"莫属！新年伊始，"乐享行动派"带您沉浸式逛逛这个位于城市副中心的商业"巨无霸"。 在王府井WellTown，可选择的美食、娱乐太多了。这里约四成空间都是餐饮娱乐品牌，既有烟火气十足的美食，还有各种特色主理人店，逛累了 吃吃喝喝、拍照打卡一条龙搞定。 ◆逛够了看展览 穹宇之境所在区域的五层，5000平方米的湾里当代艺术中心里，《最是一年春好处——游于园林行于山水》展出49件艺术品，汇聚了齐白石、徐 悲鸿、黄永玉等32位近现代艺术大师的真迹。通过"湾里当代艺术中心"公众号预约即可免费参观。 ◆逛累了看美景 从王府井WellTown一号门出来，抬头就能看见北 ...

Investment Rating - The report assigns a "Buy" rating to the company with a current price of HKD 15.97 and a fair value of HKD 19.99 [4]. Core Insights - The company is the world's largest sports shoe manufacturer, driven by both manufacturing and retail operations, with a potential performance turnaround expected [1][9]. - The manufacturing business is expected to see revenue and profitability improvements due to various factors, including a recovery in order placements from brand clients and a favorable market environment in 2026 [9]. - The retail business is actively pursuing multi-channel and refined operations, which are anticipated to lead to a performance rebound [9]. Summary by Sections Company Overview - The company is the largest sports shoe manufacturer globally, with a market share based on annual production [14]. - It has a significant workforce of 285,500 employees, with 265,500 in manufacturing and 20,700 in retail [14]. - The company achieved a revenue of USD 8.182 billion in FY2024, reflecting a year-on-year growth of 3.7% [2][14]. Manufacturing Business - The manufacturing segment contributed 68.7% of total revenue and 85.2% of profit in FY2024, with revenues of USD 5.621 billion, up 11.1% year-on-year [17]. - The average selling price (ASP) for shoes was USD 20.25, down 5.1% year-on-year due to a higher concentration of high-end products in previous years [17]. - The company has a diversified production base across several countries, with significant output from Indonesia, Vietnam, and China [15][17]. Retail Business - The retail segment, operated through the subsidiary BaoSheng International, generated USD 2.561 billion in FY2024, a decrease of 9.5% year-on-year [24]. - The company is optimizing its store network, reducing the number of direct-operated stores to 3,448 while improving average store size [24]. - The retail business is expected to benefit from improved discount rates and effective inventory management [9]. Financial Projections - The company forecasts earnings per share (EPS) of USD 0.23, USD 0.26, and USD 0.28 for FY2025, FY2026, and FY2027, respectively [9]. - The report estimates a fair value of HKD 19.99 per share based on a sum-of-the-parts valuation method [9]. Market Performance - The company's stock price has shown significant volatility, with a historical increase of 2044.24% since its listing in 1992, although it has faced challenges in recent years due to external market conditions [46]. - The company’s price-to-earnings (P/E) ratio has fluctuated between 7 and 18 times, indicating a relatively low valuation compared to historical levels [46].