机构：华泰证券 研究员：樊俊豪/张霜凝 361 度公布上半年业绩：收入57.0 亿元，同比+11.0%；归母净利润8.6 亿元，同比+8.6%。公司中期派 息20.4 港仙/股，分红率维持45.0%。我们认为公司质价比心智不断巩固，产品力升级（跑步/篮球科技 鞋款驱动增长）、渠道优化（线下超品店新店型提效+电商领跑）及多引擎布局（童装/海外/Oneway） 共筑增长韧性，叠加分红比率稳定、经营性现金流逐步改善，维持"买入"评级。 营销赋能鞋类增长，线上专供品高增、线下超品店开店加速提振店效分品类看，跑步与篮球品类通过科 技赋能产品升级（如"飞燃4X4"跑鞋、"DVD3"签名鞋），叠加赛事营销（赞助马拉松、"触地即燃"篮 球赛），驱动成人鞋类收入同比+12.8%至25.7 亿元。儿童品牌定位"青少年运动专家"，深化跳绳、篮 球细分场景，营收同比+11.4%至12.6 亿元（占总收入22.1%），主要受益于教育政策对体育运动的重视 度加强以及校园体考产品线拓展（如新增羽毛球品类）。分渠道看，线上电商营收同比+45.0%至18.2亿 元（占比31.8%），主因IP 联名款（海绵宝宝等）及"618"大促尖货拉动销售。 ...

Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of HKD 8.00 [1][2][10] Core Views - The company reported a revenue of HKD 5.7 billion for the first half of the year, representing a year-on-year increase of 11.0%, and a net profit attributable to shareholders of HKD 860 million, up 8.6% year-on-year. The interim dividend is set at HKD 0.204 per share, maintaining a payout ratio of 45.0% [6][10] - The company is strengthening its brand value and product capabilities through upgrades in technology-driven products, optimizing channels with new store formats, and expanding into children's wear and overseas markets, which collectively enhance growth resilience [6][10] Summary by Sections Financial Performance - Revenue for the first half of 2025 was HKD 5.7 billion, with a net profit of HKD 860 million. The interim dividend is HKD 0.204 per share, with a payout ratio of 45.0% [6][10] - The company expects revenue growth to continue, with projected revenues of RMB 10,074 million, RMB 11,366 million, RMB 12,709 million, and RMB 14,019 million for the years 2024 to 2027, respectively [5][10] Market Position and Strategy - The company is focusing on product upgrades in running and basketball categories, which have driven a 12.8% increase in adult footwear revenue to HKD 2.57 billion. The children's brand has also seen an 11.4% revenue increase to HKD 1.26 billion, benefiting from increased emphasis on sports in education [7][10] - Online sales have surged by 45.0% to HKD 1.82 billion, driven by IP collaborations and promotional events [7][10] Profitability and Cash Flow - The gross margin improved by 0.2 percentage points to 41.5%, with adult footwear and apparel margins increasing to 43.3% and 41.3%, respectively [8][10] - Operating cash flow for the first half of 2025 was HKD 520 million, a significant increase of 227%, attributed to improved inventory and accounts receivable management [9][10] Valuation and Forecast - The company maintains a net profit forecast of RMB 1.31 billion, RMB 1.49 billion, and RMB 1.66 billion for 2025 to 2027, respectively. The target PE ratio for 2025 is set at 11.6x, leading to an updated target price of HKD 8.00, reflecting a 33% increase [10][10]