Crystal International: Major Alpha Positive, Beta Market Style Favorable, Inflection Point Arrived, Suggest Key Attention~

English summary

Alpha side: 1H26 earnings guidance raised, net profit expected to grow double digits (previously expected mid-to-high single digits); H2 expected double-digit growth in both revenue and profit with low base support; Sportswear customer orders exceeded expectations, product structure continuously optimizing: Adidas order growth 20%+ (revenue share 6%), Nike growth 30%+ (revenue share 3%), Decathlon growth 60%+ (revenue share 4%), The North Face orders high growth; Beta side: Since late July, H-share consumer/high-dividend style has clearly repaired, with peers Shenzhou International and Stella International continuously rising, while Crystal International has better earnings, making catch-up gains highly likely. Moreover, the company's stock corresponds to only about 8.5x PE for 2026, with dividend yield around 8%. If H2 market style is not significantly suppressed, we see the stock recovering to its previous high (around HKD 7-7.5), continuously tracking~