Core Viewpoint - The report from Huayuan Securities indicates that Baoxiniang has completed the acquisition of Woolrich in H1 2025, awaiting strategic expenditures to realize long-term benefits [1] Group 1: Company Performance - The company has a solid foundation in men's apparel, having focused on this sector for many years [1] - Multi-brand operations are expanding the customer base, contributing to the company's steady growth [1] Group 2: Growth Drivers - Brands such as Baoxiniang and HAZZYS are expected to maintain steady growth, serving as core growth drivers for the company [1] - Other brands like LAFUMA and Kaimiqie are anticipated to open up growth opportunities for the company's long-term development [1] Group 3: Competitive Advantages - The company benefits from competitive barriers in the multi-brand operation within the men's apparel sector, extensive channel coverage, and a focus on product research and development [1] - The report maintains a "buy" rating based on these strengths [1]