Investment Rating - The report maintains a "Buy" rating for the company, indicating a strong performance relative to the market with an expected upside of 22% from the current market value [5]. Core Views - The company has demonstrated strong cash flow performance due to improved receivables collection, leading to a high cash dividend payout ratio of 61% [5]. - The revenue for the first half of 2025 was reported at 1.171 billion yuan, showing a slight year-on-year increase of 0.2%, while the net profit attributable to the parent company decreased by 14.5% to 142 million yuan [5][10]. - The company is positioned as a dual-driven sports knitting manufacturer with a focus on cotton socks and seamless products, maintaining competitive advantages in the cotton socks segment and showing growth potential in the seamless segment [5]. Financial Data and Earnings Forecast - Total revenue projections for 2025 are estimated at 2.606 billion yuan, with a year-on-year growth rate of 1.3% [4]. - The net profit attributable to the parent company is forecasted to be 321 million yuan for 2025, reflecting a slight decrease of 1.3% compared to the previous year [4]. - The earnings per share (EPS) is expected to be 0.91 yuan for 2025, with a projected return on equity (ROE) of 12.2% [4]. - The gross margin is anticipated to be 28.3% for 2025, with a net profit margin of 12.1% for the first half of 2025 [5][12]. Business Segments - The cotton socks business benefits from strong partnerships with international brands and effective order management, while the seamless business is expanding through technology upgrades and new customer acquisitions in the European and American markets [5]. - The company plans to enhance its production capabilities and maintain a focus on high-quality, low-cost, and short delivery times to strengthen its core competitiveness [5].