来源：Gangtise投研

中国动向（03818.HK）2024/2025财年中期业绩发布投资者会议：公司在财务上表现稳定，业务收入中电商和其他业务占比上升，服装占比略有增加，鞋类下降，配件上升，整体毛利率微降。广告和销售费用增加，研发投入提升。库存净值余额增长，应收账款余额上升，现金循环周期延长。投资收益显著，股息分配率达88%。品牌方面，线上线下渠道表现良好，新品占比提升，电商增长显著。菲尼克斯品牌在线上线下均取得优异成绩。未来将聚焦中国市场，深耕品牌力，优化渠道结构，加大研发投入，应对行业风险，推动主营业务和投资板块发展。

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