Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company reported better-than-expected performance in its mid-year results, with revenue and profit both showing double-digit growth. For the first half of 2025, revenue increased by 14.3% to 38.54 billion RMB, and operating profit rose by 17% to 10.13 billion RMB. The net profit attributable to shareholders was 7.03 billion RMB, reflecting a comparable growth of 14.5% after excluding one-time gains from the Amer Sports listing [7][10] - The company plans to distribute an interim dividend of 1.37 HKD per share, with a payout ratio of 50.2% [7] - The multi-brand strategy is showing high growth potential, with the main brand, Anta, maintaining steady growth and an increase in operating profit margin [7] Financial Data and Profit Forecast - Revenue projections for the company are as follows: - 2023: 62.36 billion RMB - 2024: 70.83 billion RMB - 2025E: 80.19 billion RMB - 2026E: 87.14 billion RMB - 2027E: 93.67 billion RMB - The net profit attributable to shareholders is forecasted as: - 2023: 10.24 billion RMB - 2024: 15.60 billion RMB - 2025E: 13.41 billion RMB - 2026E: 14.70 billion RMB - 2027E: 16.01 billion RMB - The company’s earnings per share (EPS) are projected to be: - 2023: 3.61 RMB - 2024: 5.41 RMB - 2025E: 4.65 RMB - 2026E: 5.10 RMB - 2027E: 5.55 RMB - The gross margin is expected to remain stable around 62% [6][17]