Zheshang Securities: Maintains a "buy" rating on Sanfu Outdoor, optimistic outlook for the autumn and winter peak season.

According to the research report of Zhejiang Merchants Securities, Sanfu Outdoor achieved a net profit of 16.82 million yuan in 25H1, and a net profit of 4.15 million yuan in Q2. The income of 25H1 showed a double-digit growth, and the profitability improved. With the launch of new products in autumn and winter, the continuous expansion of new image stores, and the expansion of franchise volume, the growth rate of X-BIONIC and exclusive agent brands is expected to accelerate or remain stable in the second half of the year. After the completion of the targeted additional offering, the company will focus on market marketing to further enhance the brand awareness of X-BIONIC. The company is fully transforming its brand operation, with X-BIONIC showing strong momentum and multiple exclusive agent brands achieving success. Furthermore, the outdoor footwear and apparel industry is in a high-growth phase, and the company's scarce brand portfolio is expected to drive profit growth as revenue volume expands. The rating remains "Buy".