公司公布2025 年中报：25H1 营收23.91 亿元/yoy-3.58%，归母净利润1.97 亿元/yoy-42.66%，扣非归母 净利润1.62 亿元/yoy-46.61%。营收小幅下滑主因国内消费环境整体较为低迷，净利下滑较多主因公司 为实现高质量、可持续发展的长期战略目标增加战略性费用投入。 毛利率持平略增，费用率提升较多，净利率下滑。1）毛利率：25H1 同比+0.21pct 至68.39%。2）期间 费用率：25H1 同比+5.67pct 至54.41%，其中销售/管理/研发/财务费用率分别同比 +3.66/+2.27/-0.35/+0.09pct 至44.15%/9.44%/1.56%/-0.74%。销售费用率提升主因优化渠道结构、线上推 广费用增多、刚性费用占比较大；管理费用率提升主因公司加强与专业咨询机构合作、品牌收购（户外 品牌Woolrich）导致无形资产摊销及相关交易费用增加、新工业园投入使用导致固定资产折旧摊销增 加。3）归母净利润率：25H1 同比-5.62pct 至8.25%。4）存货：截至25H1 末存货11.38 亿元，较年 初-5.52%，存货控制较好。产成品存货周转天数 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The report highlights a divergence in brand performance, with increased expenses leading to pressure on net profit. The company is focusing on high-quality and sustainable development, which has resulted in strategic investments despite a challenging domestic consumption environment [7][8]. Financial Performance Summary - **Revenue and Profit Forecasts**: - Total revenue for 2023 is projected at 5,254 million, with a decline to 5,068 million in 2025, followed by a recovery to 5,860 million by 2027. - Net profit is expected to decrease from 697.85 million in 2023 to 404.65 million in 2025, before increasing to 541.66 million in 2027 [1][8]. - **Brand Performance**: - Revenue changes for various brands in H1 2025: Baoxini (-9.60%), Haggis (+8.37%), Baonia (-22.53%), Lefeiye (+20.48%), and Kaimiqie & TB (-11.41%). Lefeiye's growth is attributed to its positioning in the outdoor segment [7]. - **Channel Performance**: - Online sales increased by 17.65%, while direct sales grew by 2.33%. However, franchise and group purchase channels saw declines of 16.66% and 20.94%, respectively [7]. - **Profitability Metrics**: - Gross margin remained stable, slightly increasing to 68.39%. However, the expense ratio rose significantly, leading to a net profit margin decline to 8.25% [7][8]. - **Cash Flow and Inventory Management**: - Operating cash flow for H1 2025 was 0.95 billion, down 31.92% year-on-year, primarily due to decreased revenue and increased brand investments. Inventory was well-controlled, with a reduction of 5.52% from the beginning of the year [7]. - **Valuation Metrics**: - The report adjusts the net profit forecasts for 2025 and 2026 down to 4.05 billion and 4.74 billion, respectively, with corresponding P/E ratios of 14 and 12 [7][8].

Group 1 - The core viewpoint of the news is that Baoxiniang (002154.SZ) reported its Q1 2025 results, highlighting the institutional investor holdings and changes in share ownership [1] - As of April 30, 2025, a total of 12 institutional investors disclosed holdings in Baoxiniang A-shares, with a combined holding of 88.01 million shares, representing 6.03% of the total share capital [1] - The top ten institutional investors collectively held 6.02% of the shares, with a decrease of 0.87 percentage points compared to the previous quarter [1] Group 2 - In the public fund sector, one fund, Hai Fu Tong Consumer Preferred Mixed A, increased its holdings, while two funds, including Zhong Ou Value Discovery Mixed A and Southern CSI 1000 ETF, reduced their holdings by 0.74% [2] - Five new public funds were disclosed this quarter, including Zhong Ou Jia Xuan Mixed A and Xi Bu Li De New Power Mixed A [2] - A total of 121 public funds were not disclosed this quarter, including Zhong Ou Potential Value Flexible Allocation Mixed A and Hua Xia CSI 1000 ETF [2] Group 3 - In the insurance fund sector, one pension fund, Great Wall Life Insurance Co., Ltd. - Self-owned funds, was not disclosed this quarter [3] - One foreign fund, Hong Kong Central Clearing Limited, increased its holdings by 1.14% compared to the previous quarter [3]