Zhejiang Merchants Securities: Maintains "Buy" rating on SANFO OUTDOOR, optimistic outlook for the autumn and winter peak season

Zhejiang Merchants Securities research report pointed out that SANFO OUTDOOR achieved a net profit attributable to the parent company of 16.82 million yuan in the first half of 2025, with a net profit of 4.15 million yuan in Q2. The revenue in the first half of 2025 saw double-digit growth, and profitability improved. With the launch of new products for autumn and winter, continuous expansion of new image stores, and the growth of the franchise scale, the growth rate of X-BIONIC and exclusive agency brands is expected to accelerate or remain stable in the second half of the year. After the completion of the company's private placement, it will focus on market marketing to further enhance the brand awareness of X-BIONIC. The company is fully transforming into brand operation, with X-BIONIC showing strong momentum and exclusive agency brands blooming in multiple areas; at the same time, it is gradually shrinking and accelerating the cleanup of outdoor service businesses, which is expected to reduce profit drag. The outdoor footwear and apparel sector is highly prosperous, and the company's brand scarcity is strong, with revenue growth expected to gradually release profits, maintaining a "buy" rating