Core Viewpoint - The company reported a revenue of 38.544 billion yuan for the first half of 2025, representing a year-on-year growth of 14.3%, while the net profit attributable to shareholders decreased by 8.9% to 7.031 billion yuan. Excluding one-time gains from the Amer listing, net profit actually increased by 14.5% [1][4]. Group 1: Company Performance - In H1 2025, the company's revenue reached 38.544 billion yuan, with a year-on-year increase of 14.3%. The e-commerce channel revenue grew by 17.6%, accounting for 34.8% of total revenue, an increase of 1.0 percentage points [1]. - The company's net profit attributable to shareholders was 7.031 billion yuan, down 8.9% year-on-year. However, excluding the one-time gain from the Amer listing, net profit increased by 14.5% [1][4]. - The overall gross profit margin decreased by 0.7 percentage points to 63.4%, primarily due to the lower margins from e-commerce and increased contributions from footwear products [4]. Group 2: Brand Performance - Anta brand revenue grew by 5.4% to 16.95 billion yuan in H1 2025, with direct-to-consumer (DTC) and e-commerce channels showing growth of 5.3% and 10.1%, respectively [2]. - FILA brand achieved a revenue of 14.18 billion yuan, up 8.6% year-on-year, but experienced a decline in gross margin by 2.2 percentage points to 68.0% due to increased costs from enhancing product functionality [3]. - Other brands, including Descente and KOLON SPORTS, saw a significant revenue increase of 61.1% to 7.41 billion yuan, with gross margin improving by 1.2 percentage points to 73.9% [3]. Group 3: Financial Metrics - The company proposed an interim dividend of 1.37 HKD per share, with a payout ratio of 50.2% [1]. - The average inventory turnover days increased by 22 days to 136 days in H1 2025, indicating a potential challenge in inventory management [4]. - The net cash balance at the end of H1 2025 was 31.539 billion yuan, reflecting a strong liquidity position [4].