公司发布2025Q2 经营数据：1）流水：主品牌线下/童装线下/电商流水分别同比增长约10%/约10%/约 20%。2）折扣：约为7.1 折，保持相对平稳。3）库存：24Q4 库销比4.5-5 倍，保持平稳表现。 新业态超品店顺利快速开店。2024 年12 月公司推出全新业态"361 度超品店"，截至25H1 合计新开49 家，全年目标开设80-100 家。超品店单店面积900-1000 平，SKU 数量700-800 个，较常规店铺均有大幅 提升。以当前开设的超品店分布情况来看，一线城市/二线城市/三线及以下城市占比分别为 6%/40%/54%，百货购物中心/奥莱/街铺占比分别为55%/25%/20%，相较常规店铺增加了一二线城市及 非街铺业态布局，我们预计客流量、客单价、连带率等指标有望显著提升。上半年虽然常规店铺数量减 少，但整体面积和单店面积提升。 跑步、篮球品类均保持较快增长，积极布局更多细分领域。跑步品类中飞燃系列引领增长，25Q2 新推 出专业竞速跑鞋"飞飙future2"，注碳训练跑鞋"千行1.0"，堆量训练跑鞋"疾风Q 弹超6 代"等新品，同时 通过赞助青岛马拉松赛事及在多地举办品牌IP"三 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is successfully expanding its "super premium store" format, maintaining its leading position in the market [8] - The company has achieved significant revenue growth, with total revenue projected to reach RMB 10,074 million in 2024, representing a year-on-year increase of 18.26% [1] - The company is focusing on high-quality and cost-effective new products, which is expected to drive continued industry-leading growth [8] Financial Projections - Total revenue (in million RMB) is forecasted as follows: - 2023: 8,518 - 2024: 10,074 (20.24% YoY) - 2025: 11,377 (18.26% YoY) - 2026: 12,653 (12.94% YoY) - 2027: 13,990 (10.57% YoY) [1] - Net profit attributable to the parent company (in million RMB) is projected as follows: - 2023: 961.43 - 2024: 1,148.62 (28.68% YoY) - 2025: 1,304.14 (19.47% YoY) - 2026: 1,457.57 (13.54% YoY) - 2027: 1,616.25 (10.89% YoY) [1] - The latest diluted EPS (in RMB) is expected to be: - 2023: 0.46 - 2024: 0.56 - 2025: 0.63 - 2026: 0.70 - 2027: 0.78 [1] - The P/E ratio is projected as follows: - 2023: 9.67 - 2024: 8.09 - 2025: 7.13 - 2026: 6.38 - 2027: 5.75 [1] Business Development - The company has opened 49 new "super premium stores" in the first half of 2025, with a target of 80-100 for the entire year [8] - The new store format has a significantly larger area (900-1000 square meters) and a higher SKU count (700-800) compared to regular stores, which is expected to enhance customer traffic and sales metrics [8] - The company is actively expanding in niche markets such as running and basketball, with new product launches and sponsorships to enhance brand image [8]