Financial PerformanceOverseas revenue rose 36% YoY, with distributors and direct-to-consumer markets up 15% and 60% YoY, respectively.
Market PositioningReiterate Buy on market share gain, potential brand upgrade & UE optimization in overseas markets, and ability to leverage China's world-factory prestige and gradually increase overseas local sourcing to mitigate trade tension.
Shareholder ReturnsThe company announced 50% interim dividend payout and HK$2bn buyback program, which is approximately 5% of its market cap.