2026 上半财年销售仍然承压，但精细化控费效果明显：公司2026 上半财年营业收入为123.0 亿元（人民 币，下同），同比降5.8%，主要受运动品消费需求及线下客流波动影响。虽面临运营压力，公司上半 财年毛利率和费用率控制相对较好，毛利率同比微降0.1 个百分点至41.0%，受到折扣变化、线上收入 占比提升拖累，但零售业务贡献度上升及品牌方支持部分抵消了负面影响。公司上半财年经营费用率微 增0.1 个百分点至33.2%，受益于租金结构和运营团队优化；净利率同比下降0.3 个百分点至6.4%，净利 润同比降9.8%至7.9 亿元，大致符合预期。管理层维持全年净利润同比持平、净利润率改善的指引，并 表示近期销售趋势与2 季度相若，折扣仍然同比有所加深。我们期待下半财年出现更加明确的修复信 号，目前保持盈利预测和目标价不变，维持中性评级。公司中期派息率为102%，接近7%的预期股息率 将为公司股价提供下行保护。 主力品牌表现具韧性，积极优化品牌结构：分品牌看，主力品牌/其他品牌分别同比降4.8%/12.2%，主 力品牌跌幅优于其他品牌及整体表现。公司表示目前正积极与主力品牌合作完善线上线下渠道管理、改 善整体折 ...

Investment Rating - The report maintains a "Neutral" rating for the company, with a target price of HKD 2.98, indicating a potential downside of 14.4% from the current price of HKD 3.48 [1][2][11]. Core Insights - The company is experiencing sales pressure in the first half of the 2026 fiscal year, with a revenue of RMB 12.3 billion, reflecting a year-on-year decline of 5.8%. This decline is attributed to fluctuations in consumer demand for sports products and foot traffic in physical stores [6]. - Despite operational challenges, the company has managed to control gross margin and expense ratios effectively, with a gross margin of 41.0% and a net profit margin of 6.4% for the first half of the fiscal year [6]. - The management has set guidance for the full year, aiming for net profit to remain flat year-on-year, with expectations for improved net profit margins [6]. Financial Overview - Revenue projections show a decline from RMB 28,933 million in 2024 to RMB 25,856 million in 2026E, with a year-on-year growth rate of -6.6% in 2025 [5][13]. - Net profit is expected to recover slightly from RMB 1,285 million in 2025 to RMB 1,299 million in 2026E, with a net profit margin of 5.0% [5][14]. - The company has a dividend yield of 6.6% for 2026E, which is expected to provide some downside protection for the stock price [6]. Brand Performance and Strategy - The main brand's performance has shown resilience, with a decline of 4.8% compared to a 12.2% drop in other brands. The company is focusing on optimizing brand structure and enhancing online and offline channel management [6]. - The company plans to deepen its focus on running and outdoor segments, with new brand developments and the opening of the first ektos running store [6]. Store and Online Strategy - The company continues to adjust its store structure, with a net reduction of 332 direct stores to 4,688 as of August 2025, and a total sales area decrease of 14.1% [6]. - Online retail business has seen double-digit growth year-on-year, indicating a shift towards a more integrated retail model combining offline and online strategies [6].