Investment Rating - The report does not provide a specific investment rating for the company [4]. Core Insights - The company achieved a revenue of 5.14 billion RMB in 1H24, representing a year-on-year growth of 19.2%, driven by a high cost-performance strategy [2]. - The main brand contributed 3.94 billion RMB, with an 18.1% increase, while the children's brand saw a 24.2% growth to 1.13 billion RMB [2]. - The overall gross margin slightly decreased to 41.5%, with a net profit of 790 million RMB, up 12.2% year-on-year, resulting in a net profit margin of 15.4% [2]. - The company announced an interim dividend of 0.165 HKD per share, a 154% increase, with a payout ratio of 40.3% [2]. Financial Performance - The company reported a gross margin of 41.5%, a slight decline of 0.2 percentage points year-on-year, while the gross margin for footwear products decreased to 42.8% [2]. - The advertising expenses increased by 42.4% to 540 million RMB, reflecting a focus on enhancing store image and sponsoring sports events [3]. - The company aims for a net profit growth target of 10%-12% for the full year, maintaining a dividend payout ratio of 40% [4]. - The forecast for revenue growth in the 2024 ordering session is set at 15%-20% year-on-year [4]. Market Position and Strategy - The company’s product categories show that running products account for 52% of revenue with over 40% growth, while basketball products represent 8% with a growth rate of about 20% [3]. - E-commerce sales reached 1.25 billion RMB, making up 24.4% of total revenue, with a year-on-year growth of 16.1% [3]. - The company has 5,740 offline stores, with a net increase of 6 stores since the end of 2023, and offline retail sales grew by over 10% year-on-year [3].
361度：收入、利润逆市双位数增长