机构：国证国际 研究员：杨怡然 事件：361 度公布2025 年上半年经营情况，收入同比增长11%至57 亿元，归母净利润同比增长9%至8.6 亿元，宣派股息20.4 港仙/股，派息率提升至45%。综合考虑，我们预测2025-2027 年EPS 为 0.60/0.69/0.76 元，目标价6.6 港元，维持"买入"评级。 报告摘要 电商专供品销售亮眼，全年指引维持。近日，361 度公布25H1 业绩表现，集团收入同比增长11%至57 亿元，其中成人同比增长10.9%（鞋/服分别同比增长12.8%/1.6%），童装同比增长11.4%（鞋/服分别同 比增长27.8%/-7.6%），鞋类表现好于服装。电商渠道表现亮眼，同比增长45%，占收入比提升至32%， 其中专供品占比为85%。毛利率稳中有升至41.5%，主要受益于成本管控和产品单价提升，其中成人/童 装毛利率分别为42.5%/41.6%。另外，公司的经营活动现金流大幅提升2.27 倍至5.24 亿元，主要是由于 存货减少和账期改善。 综合影响下，归母净利润同比增长9%至8.6 亿元。此外，公司宣派股息20.4港仙/股，派息率从40%提升 至45%。在消费环境仍 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 6.6 HKD [6]. Core Insights - The company reported a revenue growth of 11% year-on-year to 5.7 billion RMB in the first half of 2025, with a net profit increase of 9% to 860 million RMB [1][2]. - The e-commerce channel showed impressive growth, increasing by 45% and accounting for 32% of total revenue, with exclusive products making up 85% of e-commerce sales [2][3]. - The gross profit margin improved to 41.5%, driven by cost control and higher product prices, with adult and children's clothing margins at 42.5% and 41.6%, respectively [2][3]. - The company has opened 49 "super product" stores and plans to reach 100 by the end of the year, focusing on enhancing store quality and efficiency [3]. Financial Summary - Revenue projections for 2025-2027 are 11.3 billion RMB, 12.5 billion RMB, and 13.8 billion RMB, respectively, with growth rates of 12.1%, 11.1%, and 10.1% [4][9]. - Net profit estimates for the same period are 1.25 billion RMB, 1.42 billion RMB, and 1.58 billion RMB, with growth rates of 8.8%, 13.6%, and 11.2% [4][9]. - The company’s earnings per share (EPS) are projected to be 0.60 RMB, 0.69 RMB, and 0.76 RMB for 2025, 2026, and 2027, respectively [4][9]. - The dividend payout ratio has increased from 40% to 45%, with a dividend of 20.4 HKD cents per share declared [1][2].