公司作为卓越的国际化品牌运营商，旗下鞋服品牌包括英国百年鞋履品牌Clarks、香港知名休闲服装品 牌Bossini、及意大利奢侈皮具品牌Testoni等，并成立合营公司于大中华区经营北欧户外品牌Haglofs。 25H1营业收入48.1亿港元(同比-5.7%),归母净利润1.8亿港元(同比+60.9%)。 浙商证券发布研报称，维持非凡领越(00933)"买入"评级，目标价0.98港币，25H1利润扭亏释放积极信 号，新任CEO经验丰富管理能力优秀，主要增长驱动clarks线上线下齐发力，多品牌鞋服业务减亏已逐 渐步入向上阶段，考虑经验丰富管理层带领下，主要品牌Clarks有望重启成长、利润率持续修复，该行 预计26年clarks贡献归母净利润3.1亿港币，并持股李宁公司14.3%股份，非凡领越目标市值97亿港币， 股价空间40%。 非凡领越：优秀国际化品牌运营商，触底向上未来可期 浙商证券主要观点如下： Clarks推出全新概念店，并启动多个全球电商平台 Clarks为200年全球知名鞋履品牌，于英国市占率达14.6%(排名第一)，于美国市占率达1.8%(排名第 八)，于超80个国家拥有超500家直营店和30 ...

公司作为卓越的国际化品牌运营商，旗下鞋服品牌包括英国百年鞋履品牌Clarks、香港知名休闲服装品 牌Bossini、及意大利奢侈皮具品牌Testoni等，并成立合营公司于大中华区经营北欧户外品牌Haglofs。 25H1营业收入48.1亿港元(同比-5.7%),归母净利润1.8亿港元(同比+60.9%)。 Clarks推出全新概念店，并启动多个全球电商平台 Clarks为200年全球知名鞋履品牌，于英国市占率达14.6%(排名第一)，于美国市占率达1.8%(排名第 八)，于超80个国家拥有超500家直营店和3000家批发商客户。2025H1Clarks品牌实现收入41.5亿港元(同 比-5.3%)，占总营收85.7%，毛利率48.7%(同比+0.1pct)，主要系美国关税政策下需求疲软，以及品牌策 略性优化产品组合并减少折扣。 2025年线下线上齐发力，线下在全球积极开设全新概念店，以设计创新的全新门店亮相，2025年于马来 西亚和美国开设3家Cloudstepper独立概念店，预计将于2026年在亚洲和美国新增超10家;2025年11月重 返伦敦核心商业区Tottenham Court Road，开设规模更 ...

Investment Rating - The report maintains a "Buy" rating for the company [7] Core Insights - The company is recognized as an excellent international brand operator with a promising future, having a diverse portfolio that includes Clarks, Bossini, and Testoni, among others. In the first half of 2025, the company reported a revenue of HK$48.1 billion, a year-on-year decrease of 5.7%, while the net profit attributable to shareholders increased by 60.9% to HK$1.8 billion [1][4] - Clarks, a well-known global footwear brand, holds a market share of 14.6% in the UK and 1.8% in the US. The brand's revenue for the first half of 2025 was HK$41.5 billion, down 5.3% year-on-year, with a gross margin of 48.7% [2] - The new co-CEO, Victor Herrero, has extensive management experience and has successfully led the company to profitability, with a significant increase in net profit in the first half of 2025 [4] Revenue and Profit Forecast - The company is expected to achieve net profits of HK$2.1 billion, HK$5.1 billion, and HK$5.7 billion for the years 2025, 2026, and 2027, respectively, indicating a recovery and growth trajectory [6] - The projected revenue for 2025 is HK$10.47 billion, with a slight increase expected in subsequent years [11] Online and Offline Expansion - Clarks is actively expanding its online sales network, with a projected online revenue increase of 9.7% to HK$630 million in the first half of 2025, accounting for 15.2% of total revenue [3] - The company plans to open new concept stores globally, including three independent Cloudstepper™ stores in Malaysia and the US by 2025, and a larger Canvas retail concept store in London's Tottenham Court Road [2][3] Strategic Initiatives - The company is enhancing its outdoor brand presence by establishing a joint venture to operate the Haglöfs brand in Greater China, with plans to open over 20 stores by 2025 [5] - The company is also leveraging social media platforms for targeted marketing to boost brand recognition [5]