Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company achieved a revenue growth of 14% year-on-year in H1 2025, driven by its multi-brand strategy, which is expected to support long-term performance growth [5][7] - The company reported a net profit of 70.31 billion RMB in H1 2025, reflecting a year-on-year increase of 14.5%, with a net profit margin of 18.2% [7] - The multi-brand strategy remains the core focus of the company, with significant contributions from various brands, including Anta and FILA, and a strong performance from other brands [7] Financial Performance Summary - Revenue for 2023 is projected at 62.36 billion RMB, with a year-on-year growth rate of 16.23% [6] - The company expects revenue to reach 78.99 billion RMB in 2025, with a growth rate of 11.53% [6] - The net profit for 2025 is estimated at 13.81 billion RMB, showing a decline of 11.43% compared to the previous year [6] - The earnings per share (EPS) for 2025 is projected to be 4.92 RMB, with a return on equity (ROE) of 18.31% [6] Brand Performance - Anta's main brand revenue grew by 5.4% to 16.95 billion RMB in H1 2025, while FILA's revenue increased by 8.6% to 14.18 billion RMB [7] - Other brands saw a significant revenue increase of 61.1% to 7.41 billion RMB, contributing to 19.2% of total revenue [7] Channel Performance - Online sales grew by 17.6%, accounting for 34.8% of total revenue, while the company continues to expand its offline presence with new store formats [7]