Core Viewpoint - The company is experiencing steady revenue growth in H1 2025, driven by strong performance in e-commerce and steady growth in children's clothing, with an optimistic outlook for the full year [1][2] Group 1: Financial Performance - H1 2025 revenue increased by 11% year-on-year, with a gross margin improvement of 0.2 percentage points to 41.5%, primarily due to product mix optimization [1] - The gross margin for adult apparel and footwear categories improved by 0.5 and 1.1 percentage points, while children's apparel and footwear saw a gross margin change of 0.3 and -0.8 percentage points respectively [1] - The company plans to maintain a dividend of 0.204 HKD per share for H1 2025, with a payout ratio of 45% [1] Group 2: E-commerce and Channel Optimization - E-commerce revenue in H1 2025 grew by 45% year-on-year to 1.82 billion RMB, with Q1 and Q2 growth rates of 35-40% and 20% respectively [2] - Children's clothing revenue increased by 11% year-on-year to 1.26 billion RMB, with offline growth rates of 10-15% in Q1 and 10% in Q2 [2] - The company is actively expanding its large store formats and upgrading its image stores, with the number of super stores reaching 49 by the end of H1 2025 [2] Group 3: Future Outlook - The company maintains a revenue growth guidance of 10-15% for 2025, primarily driven by same-store sales growth [2] - Continuous optimization of channel layout and expansion of new super store formats are expected to enhance operational efficiency, supporting steady growth for the full year [2]