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361度(01361):加速品类多元化进程
Tianfeng Securities· 2025-08-19 06:42
Investment Rating - The report maintains a "Buy" rating for the company with a target price not specified [8] Core Insights - The company reported a revenue of 5.7 billion RMB for the first half of 2025, representing an 11% year-on-year increase, and a net profit attributable to shareholders of 858 million RMB, up 8.6% [1] - The gross margin stands at 41.5%, reflecting a 0.2 percentage point increase year-on-year [1] - The company plans to distribute an interim dividend of 20.4 Hong Kong cents, with a payout ratio of 45% [1] - Research and development expenses accounted for 2.8% of revenue, with over 230 new SKUs launched in the first half of 2025, and over 14.6 million units of premium products sold across all channels [2] - The company has expanded its resource matrix by becoming the official sportswear partner for the 20th Asian Games and the 2026-2029 FINA global partner [3] - The professional racing shoe matrix has achieved significant success, contributing to athletes winning 85 medals [4] - The retail network includes 7,026 global sales points, with 5,669 in mainland China and 2,494 dedicated to children's products [5] - The company has opened 49 new stores in the first half of 2025, enhancing its retail presence and creating a differentiated advantage [5] - The company maintains its profit forecasts for 2025-2027, expecting revenues of 11.3 billion RMB, 12.8 billion RMB, and 14.5 billion RMB, with net profits of 1.3 billion RMB, 1.4 billion RMB, and 1.6 billion RMB respectively [6]