Financial Performance - For the fiscal year ending December 31, 2024, the company's revenue was RMB 18,453,923, a decrease of 8.0% compared to RMB 20,064,497 in 2023[3] - Gross profit for the same period was RMB 6,308,950, down 6.6% from RMB 6,755,980 in the previous year[3] - Operating profit decreased by 3.6% to RMB 709,226 from RMB 735,861 year-on-year[3] - The profit attributable to the company's owners was RMB 491,497, a slight increase of 0.2% from RMB 490,425 in 2023[3] - Total comprehensive income for the year was RMB 502,318, slightly up from RMB 502,102 in 2023[6] - The company's total revenue for 2024 was RMB 18,453,923,000, a decrease of 8.1% from RMB 20,064,497,000 in 2023[15] - Revenue from sports apparel and footwear sales was RMB 18,342,410,000, down 7.9% from RMB 19,946,875,000 in the previous year[15] - The company reported a net profit of RMB 491,497,000 for 2024, slightly up from RMB 490,425,000 in 2023[25] - The group's operating profit for 2024 decreased by 3.6% to RMB 709.2 million, with a slight increase in operating profit margin by 0.1 percentage points to 3.8%[48] - Financial income for 2024 was RMB 50.0 million, while financing costs decreased by 26.6% to RMB 67.8 million, benefiting from reduced interest expenses on lease liabilities[49] - The net profit for the year was RMB 497.8 million, with profit attributable to the company's owners at RMB 491.5 million, representing a profit margin of 2.7%, an increase of 0.3 percentage points year-on-year[50] Dividends - The company declared an interim dividend of HKD 0.02, an increase of 8.1% from HKD 0.0185 in 2023, while the proposed final dividend decreased by 16.7% to HKD 0.01 from HKD 0.0120[3] - The company declared a total dividend of RMB 243,624,000 for 2024, compared to RMB 87,883,000 in 2023[21] - The company declared an interim dividend of HKD 0.02 per share and a special dividend of HKD 0.02 per share, totaling approximately HKD 213.0 million for the six months ending June 30, 2024, compared to HKD 98.5 million for the same period in 2023[69] - The proposed final dividend for the fiscal year ending December 31, 2024, is HKD 0.01 per share and a special dividend of HKD 0.01 per share, totaling approximately HKD 106.5 million, subject to shareholder approval[69] - The total dividend for the year 2024 will be HKD 0.06 per share, with a payout ratio of 60%, compared to HKD 0.0305 per share and a payout ratio of 30% in 2023[69] Assets and Liabilities - Cash and cash equivalents decreased by 22.4% to RMB 1,419,052 from RMB 1,827,563 in 2023[3] - Inventory increased by 5.1% to RMB 4,946,314 compared to RMB 4,704,713 in the previous year[3] - The company's total assets decreased to RMB 9,407,623 from RMB 9,483,045 in the previous year[7] - The company's accounts receivable (net of provisions) stood at RMB 973,701,000, a slight decrease from RMB 978,919,000 in 2023[27] - Accounts payable decreased to RMB 971,990,000 from RMB 1,252,834,000 in the previous year, reflecting improved cash flow management[28] Market Environment and Strategy - The retail environment in China showed weak foot traffic, with a 0.3% year-on-year growth in retail sales for clothing and footwear, compared to a 3.5% overall retail growth[30] - The company continues to enhance its omnichannel capabilities, with significant growth in B2C public and private traffic channels, particularly a doubling in sales through Douyin live streaming[30] - The company plans to maintain its refined retail strategy and optimize store performance despite the challenging market conditions[30] - Online sales contributed approximately 28% to total sales in 2024, helping to offset the decline in foot traffic in physical stores[37] - The company achieved over 100% year-on-year growth in live-streaming sales, driven by enhanced operations and partnerships with brand partners[37] - The company continues to optimize its store layout and enhance digital capabilities to improve customer experience and operational efficiency[35] - The group plans to enhance its retail strategy by expanding its multi-brand outlet "Victory Warehouse" and improving customer experience through digital initiatives[59] - The group aims to expand its product categories and market segments, including opening new single-brand stores for Crocs and Saucony, and enhancing online and offline operations for the Korean yoga brand XEXYMIX[61] - The group anticipates the sports industry in the Greater China region to reach a market value of RMB 5 trillion by 2025, driven by government support and upcoming major sporting events[62] Employee and Governance - As of December 31, 2024, the group has approximately 20,000 employees, offering competitive compensation packages based on current market levels and individual performance[64] - The total number of shares granted under the share incentive plan is 133,721,810 shares, accounting for approximately 2.51% of the issued shares, with an additional 79,325,374 shares available for further grants, representing about 1.49% of the issued shares[65] - For the fiscal year ending December 31, 2024, a total of 22,000,000 incentive shares were granted, with 435,800 shares having lapsed or been canceled, and 4,711,400 shares having vested[66] - The board has applied the principles of the Corporate Governance Code and complied with all applicable code provisions and recommended best practices throughout the fiscal year[76] - The independent auditor, Deloitte, has reviewed the consolidated financial statements for the year ending December 31, 2024, confirming alignment with the figures approved by the board[75] - The board of directors includes executive directors Yu Huan Zhang (Chairman), Hu Jia He, and Chen Li Jie (CFO)[82] Operational Improvements - The implementation of a new SAP ERP system has strengthened the company's operational management and data analysis capabilities[41] - The company is focusing on strategic partnerships and digital member integration to enhance customer engagement and drive sales growth[38] - Capital expenditures increased to RMB 371.4 million in 2024 from RMB 344.2 million in 2023, focusing on new store openings and digital transformation strategies[55]

Investment Rating - The investment rating for the company is "Outperform the Market" [5][17][29]. Core Views - The report highlights a short-term improvement in profitability and sustained long-term growth momentum despite a weak retail environment affecting revenue growth. The company has managed to improve its profitability through strict discount control and healthy inventory management [2][17]. - The company’s online channel has shown robust growth, with a 13% increase in revenue, particularly driven by the Douyin platform, which saw a 100% year-on-year revenue increase [1][17]. - The company is strategically closing underperforming stores and upgrading others to enhance efficiency, resulting in a 14% decline in revenue from physical stores [1][17]. Summary by Sections Financial Performance - In Q3, the company's revenue decreased by 10.8% year-on-year to 4.0 billion CNY, while net profit attributable to shareholders increased by 40.0% to 0.1 billion CNY. The gross margin improved by 1.5 percentage points to 33.5% due to strict discount control [1][17]. - The company’s total sales and management expenses decreased by 7.8% year-on-year to 1.37 billion CNY, although the fixed cost ratio increased due to declining revenue [1][17]. - The company’s inventory increased by 12% year-on-year to 5.5 billion CNY, with inventory turnover days rising by 7 days to 152 days [1][17]. Future Outlook - The company expects a positive sales growth in October, with a 4.7% year-on-year increase in operating income to 1.72 billion CNY, attributed to the early Double Eleven promotional activities [1][17]. - The report projects net profits for 2024-2026 to be 4.9 billion CNY, 6.2 billion CNY, and 7.6 billion CNY, reflecting a slight downward adjustment from previous estimates [2][17]. - The target price has been adjusted to 0.59-0.69 HKD, corresponding to a 6-7x PE for 2024 [2][17].

Financial Performance - For the nine months ended September 30, 2024, the company reported unaudited consolidated profit attributable to owners of approximately RMB 343.0 million, an increase of 10.4% compared to RMB 310.6 million in the same period last year [2][5]. - The company's operating revenue for the same period was RMB 13,984.2 million, a decrease of 9.5% from RMB 15,443.7 million year-on-year [2][5]. - Operating profit for the nine months was RMB 513.6 million, a slight decrease of 0.4% from RMB 515.7 million in the previous year [2][5]. - Other comprehensive income for the period totaled RMB 3.85 million, compared to RMB 0.87 million in the previous year [3]. Profitability Metrics - The gross profit margin improved to 34.0%, up 0.9 percentage points from 33.1% in the previous year, primarily due to effective discount control and efficient inventory management [5]. - The net profit margin increased to 2.5%, up 0.4 percentage points from 2.1% in the previous year, reflecting improved cost management [5]. Financial Position - The company maintained a strong financial position with good net cash status as of September 30, 2024 [5]. Operational Strategy - The company continues to optimize store efficiency while enhancing the sales conversion rate of direct-operated physical stores amid challenging consumer traffic in mainland China [5]. - The company is advancing its digital transformation strategy, maintaining a relatively stable omnichannel sales performance [5]. Compliance and Reporting - The company has applied revised Hong Kong Financial Reporting Standards, which did not have a significant impact on the current or prior periods' unaudited consolidated results [4].

Financial Performance - Revenue for the six months ended June 30, 2024, was RMB 9,983,269 thousand, a decrease of 8.9% compared to RMB 10,960,001 thousand in 2023[4] - Gross profit for the same period was RMB 3,415,700 thousand, down 6.9% from RMB 3,670,684 thousand[4] - Operating profit increased by 2.1% to RMB 482,555 thousand, compared to RMB 472,818 thousand in the previous year[4] - Profit attributable to owners of the company rose by 9.9% to RMB 335,722 thousand, up from RMB 305,465 thousand[4] - The gross profit margin improved to 34.2%, an increase of 0.7 percentage points from 33.5%[4] - The operating profit margin also increased to 4.8%, up by 0.5 percentage points from 4.3%[4] - Basic earnings per share were RMB 6.48, reflecting a 9.8% increase from RMB 5.90[4] - Total comprehensive income for the period was RMB 342,575 thousand, compared to RMB 316,979 thousand in the previous year, reflecting an increase of 8.1%[12] - The net profit attributable to the owners of the company was RMB 335,722 thousand, up from RMB 305,465 thousand, representing an increase of 9.9%[11] - The net profit for the period was RMB 338.0 million, with a profit margin of 3.4%, an increase of 0.6 percentage points year-on-year[59] Cash Flow and Assets - For the six months ended June 30, 2024, the net cash generated from operating activities was RMB 873,308,000, a decrease from RMB 2,020,955,000 in the same period of 2023[19] - The net cash used in investing activities was RMB (754,500,000), compared to RMB (200,000,000) in the previous year[19] - The net cash used in financing activities totaled RMB (482,483,000), down from RMB (853,312,000) in the prior year[19] - Cash and cash equivalents decreased by 11.8% to RMB 1,611,830 thousand from RMB 1,827,563 thousand[5] - Non-current assets as of June 30, 2024, totaled RMB 3,843,575 thousand, up from RMB 3,774,628 thousand at the end of 2023[13] - Current assets decreased slightly to RMB 9,345,291 thousand from RMB 9,483,045 thousand, indicating a reduction of 1.5%[13] - The company's total assets as of June 30, 2024, were RMB 8,802,317,000, compared to RMB 8,894,587,000 at the end of the previous period[20] Dividends and Shareholder Information - The interim dividend declared was HKD 0.02, an increase of 8.1% from HKD 0.0185 in the previous year[4] - A special dividend of HKD 0.02 per share has also been declared, which was not paid in the previous period, bringing the total dividend to HKD 0.04 per share with a payout ratio of 60%[67] - The total number of issued shares as of June 30, 2024, is 5,326,179,615 shares[70] - The total number of shares held by the directors and key executives includes 19,523,000 shares by Cai Peijun, representing 0.37% of the issued shares[70] - The company will suspend the registration of shareholders from September 11, 2024, to September 13, 2024, for the purpose of dividend distribution[68] Operational Efficiency and Strategy - The company plans to continue its market expansion strategy, focusing on enhancing its product offerings and technological advancements[18] - The company has initiated a new strategy for mergers and acquisitions to strengthen its market position and diversify its portfolio[18] - The company's cash flow from operating activities indicates a need for improved operational efficiency to enhance profitability moving forward[19] - The group aims to enhance profitability through efficient measures, diversifying channel combinations, and rigorous cost control[43] - The company continues to invest in optimizing store layouts and enhancing digital transformation to improve customer experience and maintain a stable average transaction value[46] - The company upgraded its ERP system, implementing multiple SAP modules to integrate business and financial functions, enhancing operational efficiency[49] Market and Retail Environment - The retail environment in mainland China showed a 1.3% year-on-year increase in retail sales of clothing, footwear, and textiles, while total retail sales of consumer goods grew by 3.7%[43] - The group reported a 16.5% year-on-year increase in B2C public traffic channels, partially offsetting pressures faced in retail channels[43] - The sports industry in the Greater China region is projected to reach a market value of RMB 5 trillion by 2025, indicating significant growth potential despite short-term macroeconomic challenges[65] Share Incentive Plan - The company has a share incentive plan that was adopted on May 9, 2014, and has been extended for another ten years until May 8, 2034[76] - The total number of shares granted under the share incentive plan cannot exceed 4% of the total issued shares as of the grant date, which is 213,047,184 shares[78] - The total number of shares vested during the period is 3,507,400 shares[79] - The maximum number of shares that can be granted to each selected participant is limited to 1% of the issued shares, which is 53,261,796 shares[78] Compliance and Governance - The company has adhered to the principles of the Corporate Governance Code and complied with all applicable code provisions and recommended best practices during the reporting period[85] - The board has confirmed compliance with the standard code of conduct for securities trading throughout the six months ended June 30, 2024[86] - The audit committee has reviewed the unaudited condensed consolidated financial information for the six months ended June 30, 2024, discussing risk management, internal controls, and financial reporting matters[87] - The independent auditor has reviewed the group's unaudited financial information in accordance with the relevant standards[87]

Investment Rating - The report maintains a "Buy" rating for the company, with a target price adjusted to HKD 1.01, reflecting a potential upside of 59.5% from the current price of HKD 0.63 [2][5]. Core Insights - The company experienced a 10.2% year-on-year increase in net profit for the first half of 2024, despite an 8.9% decline in sales revenue to RMB 9.983 billion. This was attributed to effective discount management, which improved gross and operating profit margins [1][2]. - The company has initiated a special dividend of HKD 0.02 per share, alongside a regular interim dividend of HKD 0.02 per share, resulting in a total payout ratio of 63% [1][2]. - High-line city foot traffic has been under pressure, leading to expectations that the revenue performance in the second half of the year will mirror that of the first half [1][2]. Summary by Sections Financial Performance - For the first half of 2024, the company reported a sales revenue decline of 8.9% to RMB 9.983 billion, while net profit rose by 10.2% to RMB 335 million, with profit margins improving [1][6]. - The company’s gross margin increased by 0.7 percentage points to 34.2%, and operating margin improved by 0.5 percentage points to 4.8% [1][6]. Market Conditions - Foot traffic in high-line cities fell by over 30%, while lower-tier cities showed more stable performance. The same-store sales declined by approximately 16.4% in the first half of 2024 [1][2]. - The company is focusing on improving inventory management and sales efficiency, particularly in lower-tier cities, to stabilize profits [1][2]. Strategic Initiatives - The company has implemented strict discount controls, resulting in a low single-digit improvement in overall discount rates, which is expected to help maintain gross margins in the second half of the year [1][2]. - The company plans to diversify its B2C channels, particularly through platforms like WeChat and Douyin, which currently contribute 15.1% to offline sales [1][2].

Investment Rating - The investment rating for the company is "Outperform the Market" [5][10]. Core Views - The company experienced a revenue decline of 8.9% year-on-year to 9.98 billion HKD in the first half of the year, influenced by a weak domestic retail environment. However, the gross profit margin improved slightly due to strict discount control, resulting in a net profit increase of 10% year-on-year to 340 million HKD [1][10]. - The company is focusing on maintaining profitability by controlling discounts, which has led to a slight improvement in gross margin by 0.7 percentage points to 34.2% and a net margin increase of 0.5 percentage points to 3.4% [1][10]. - Inventory turnover efficiency has improved, with inventory days decreasing by 3 days year-on-year and inventory value declining by 0.5% to 470 million HKD [1][10]. - The company has implemented a strategy of closing inefficient stores, resulting in a net reduction of 45 stores to 3,478, with same-store sales declining by 16.4% due to reduced foot traffic [1][10]. Summary by Sections Financial Performance - Revenue for the first half of the year was 9.98 billion HKD, down 8.9% year-on-year. The net profit was 340 million HKD, up 10% year-on-year [1][10]. - For the second quarter, revenue decreased by 10.5% to 4.58 billion HKD, while gross margin improved by 2.0 percentage points to 35.4% [1][10]. - The company expects net profits for 2024-2026 to be 530 million, 665 million, and 811 million HKD, respectively, reflecting year-on-year growth of 8%, 26%, and 22% [2][10]. Operational Strategy - The company is focusing on online public domain platforms, achieving a 10% growth in overall channel revenue, with Douyin platform revenue doubling year-on-year [1][10]. - The strategy includes closing low-efficiency stores and optimizing the store network, which has led to a reduction in the number of stores and a focus on improving sales efficiency [1][10]. Valuation - The target price has been adjusted to 0.65-0.76 HKD, corresponding to a price-to-earnings ratio of 6-7x for 2024 [2][10]. - The company maintains a healthy cash level, with cash increasing by 240 million HKD to 3.11 billion HKD compared to the end of 2023 [1][10].

Investment Rating - The report maintains a "Buy" rating for the company, Baosheng (3813.HK), with a target price of HKD 0.73, indicating a potential upside of 15.9% from the current price of HKD 0.63 [2][4]. Core Insights - Despite a significant revenue decline of 9% in 1H24, Baosheng achieved a 10% year-on-year increase in net profit attributable to shareholders through cost reduction and efficiency improvements, showcasing strong operational management [2][9]. - The company’s ability to expand its operating profit margin amidst declining revenues reflects effective cost control and operational efficiency enhancements [2][9]. - The second half of 2024 will largely depend on revenue performance, but the benefits of cost-cutting measures are expected to continue [2][9]. Financial Performance Summary - **Revenue**: The company reported a revenue of RMB 18,514 million for 2024E, reflecting an 8% decline year-on-year [3][11]. - **Net Profit**: The net profit attributable to shareholders is projected to be RMB 516 million for 2024E, a 5% increase compared to the previous year [3][11]. - **Profit Margins**: The operating profit margin is expected to remain stable, with a slight increase anticipated in 2024 [2][9]. - **Earnings Per Share**: The diluted earnings per share is projected to be HKD 0.10 for 2024, with a dividend payout ratio close to 55%, leading to a dividend yield of 9.5% based on current stock price [2][9][10]. Operational Efficiency - The company has successfully reduced overall operating expenses by 9% year-on-year, attributed to the closure of inefficient stores and optimization of rental costs [2][9]. - The gross profit margin improved by 2.0 percentage points in 2Q24, driven by better retail discount management and a shift in channel structure due to a decline in wholesale revenue [2][9]. Market Outlook - The demand in the international brand retail market remains weak, and Baosheng is expected to focus on maintaining healthy inventory levels and improving retail discounts in the second half of 2024 [2][9]. - The company may increase the scale of its wholesale business to compensate for the decline in direct store sales, which could positively impact channel structure and gross margins [2][9].

浦银国际研究 公司研究 | 消费行业 浦银国际 公司研究 ： 1H24 业绩超预期； 降本增效抵御经营负杠杆， 保障稳健的利润率 宝胜（3813.HK）：1H24 业绩超预期；降本 增效抵御经营负杠杆，保障稳健的利润率 维持"买入"：宝胜在 1H24 收入大幅度下滑 9%的情况下，通过降本 增效实现了经营利润率同比扩张，归母净利润最终录得 10%同比增 长，大幅好于我们预期。众所周知，运动服饰零售企业具有较大的经 营杠杆，而宝胜 1H24 在收入大幅下滑的情况下，能够抵御负杠杆的 影响，实现利润率的扩张，也体现了公司上半年在管控运营成本，提 升经营效率上做出了极大的努力。尽管 2H24 的经营利润率很大程度 上取决于收入的表现，但公司降本增效的效果有望在 2H24 持续释放。 基于未来 12 个月 6.0 倍的动态 P/E，我们下调宝胜目标价至 0.73 港 元。维持"买入"评级。 2Q24 业绩如何做到大超预期？在收入大幅下滑 10.5%的情况下， 2Q24 归母净利润同比大增 89%，主要是由于毛利率同比大幅提升以 及运营费用同比大幅下降。其中，2Q24 毛利率同比扩张 2.0ppt 主要 归功于零售折扣 ...

Financial Performance - Revenue for the six months ended June 30, 2024, was RMB 9,983,269, a decrease of 8.9% compared to RMB 10,960,001 for the same period in 2023[2] - Gross profit for the same period was RMB 3,415,700, down 6.9% from RMB 3,670,684 in 2023[2] - Operating profit increased by 2.1% to RMB 482,555 from RMB 472,818 year-on-year[2] - Profit attributable to owners of the company rose by 9.9% to RMB 335,722 compared to RMB 305,465 in the previous year[2] - Basic earnings per share increased to RMB 6.48, up 9.8% from RMB 5.90[2] - The total revenue for the group for the six months ended June 30, 2024, was RMB 9,983,269 thousand, down from RMB 10,960,001 thousand in the previous year, representing a decline of 8.88%[14] - The net profit attributable to the owners of the company for the six months ended June 30, 2024, was RMB 335,722 thousand, an increase of 9.88% compared to RMB 305,465 thousand for the same period in 2023[18] - Net profit attributable to the company's owners was RMB 335.7 million, with a net profit margin of 3.4%, up 0.6 percentage points year-on-year[37] Dividends - The company declared an interim dividend of HKD 0.02, an increase of 8.1% from HKD 0.0185 in 2023[2] - The company declared an interim dividend of HKD 0.02 per share for the six months ended June 30, 2024, compared to HKD 0.0185 per share for the same period in 2023[17] - The board has declared an interim dividend of HKD 0.02 per share, an increase from HKD 0.0185 per share in the previous period, along with a special dividend of HKD 0.02 per share[47] - The total dividend payout for the period amounts to HKD 0.04 per share, with a payout ratio of 60%[47] Assets and Liabilities - Inventory as of June 30, 2024, was RMB 4,649,992, a decrease of 1.2% from RMB 4,704,713 at the end of 2023[6] - Cash and cash equivalents decreased by 11.8% to RMB 1,611,830 from RMB 1,827,563[6] - Total assets as of June 30, 2024, were RMB 9,345,291, down from RMB 9,483,045 at the end of 2023[6] - Net assets attributable to owners of the company increased to RMB 8,802,317 from RMB 8,518,131 at the end of 2023[7] - The accounts receivable as of June 30, 2024, amounted to RMB 1,028,487 thousand, an increase from RMB 978,919 thousand as of December 31, 2023[22] - The accounts payable as of June 30, 2024, totaled RMB 1,089,804 thousand, a decrease from RMB 1,252,834 thousand as of December 31, 2023[23] Operational Efficiency - The total financing costs for the six months ended June 30, 2024, were RMB 35,380 thousand, a decrease of 28.54% from RMB 49,513 thousand in the same period of 2023[16] - The company reported a decrease in employee costs to RMB 1,092,906 thousand for the six months ended June 30, 2024, down from RMB 1,193,904 thousand in the previous year, reflecting a reduction of 8.45%[16] - The average inventory turnover period improved to 130 days, with inventory value decreasing from RMB 4,704.7 million to RMB 4,650.0 million[38] - The group aims to strengthen profit margins through operational excellence and digital transformation strategies[43] - The group is focusing on strategic partnerships and enhancing member integration plans to drive member growth and seasonal sales[30] - The group aims to streamline operations to improve labor efficiency, cost competitiveness, and shorten sales cycles, positioning itself for long-term growth opportunities[31] Market and Sales Performance - For the six months ended June 30, 2024, the revenue from sports apparel and footwear sales was RMB 9,924,029 thousand, a decrease of 8.93% compared to RMB 10,897,233 thousand for the same period in 2023[14] - For the six months ended June 30, 2024, the group's sales momentum slowed due to weak foot traffic in mainland China, with a year-on-year retail sales growth of only 1.3% in clothing, footwear, and textiles compared to a 3.7% increase in total retail sales[24] - The average selling price increased, partially offsetting the negative trend in same-store sales, while foot traffic in high-tier cities dropped by over 30% year-on-year[25] - The group's B2C public domain traffic channels saw a 16.5% year-on-year increase, helping to mitigate pressures faced by retail channels[24] - Online sales contributed approximately 26% to the total sales during the period, driven by public domain traffic channels[29] Store Operations - The number of directly operated stores decreased from 3,523 to 3,478, representing a net reduction of 45 stores during the period[27] - The number of stores with a sales area of 300 square meters or less accounted for 79.0% of total stores as of June 30, 2024, down from 80.3% the previous year[28] - The group continues to invest in optimizing store layouts and accelerating digital transformation to enhance consumer experience and maintain a stable average transaction value[28] - The group plans to open multiple new single-brand stores for Saucony, Hoka, Pony, and the Korean yoga brand XEXYMIX, which has an exclusive distribution agreement in mainland China[43] Technology and Innovation - The group has successfully implemented multiple SAP modules for its ERP system, enhancing operational efficiency and integrating business financial functions[31] - The group is expanding its SAP system for financial integration and optimization, enhancing operational efficiency through digital tools like an upgraded AI scheduling system[44] Employee and Governance - The group has approximately 20,700 employees as of June 30, 2024, offering competitive compensation packages and employee benefits[45] - The board of directors includes executive directors and independent non-executive directors, ensuring a diverse governance structure[54] - The company expresses gratitude to customers, suppliers, shareholders, and employees for their support and contributions during the reporting period[53] Future Outlook - The anticipated market value of the sports industry in the Greater China region is expected to reach RMB 5 trillion by 2025, highlighting growth potential[44] - The company will publish its mid-term report for 2024 according to the listing rules, which will be available on its website and the Hong Kong Stock Exchange website[53] - No purchases, sales, or redemptions of listed securities were made by the company or its subsidiaries during the six months ending June 30, 2024[49]

证券研究报告 | 2024年05月15日 宝胜国际（03813.HK） 买入 一季度收入下滑 7.5%，存货周转率提升 核心观点 公司研究·海外公司财报点评 第一季度收入下滑7.5%，毛利率基本持平。2024年第一季度受线下客流疲 纺织服饰·服装家纺 软影响，收入同比-7.5%至54.0亿元；归母净利润同比-20.9%至1.7亿元。 证券分析师：丁诗洁 证券分析师：刘佳琪 毛利率同比下降0.3个百分点至33.2%，负面因素主要因渠道结构变化，毛 0755-81981391 010-88005446 dingshijie@guosen.com.cnliujiaqi@guosen.com.cn 利率较低的加盟渠道占比提升,但另一方面直营店折扣同比改善低单位数， S0980520040004 S0980523070003 一定程度抵消渠道组合对毛利率的不利因素影响。基于费用管控得当，精简 基础数据 低效门店，雇员成本和租金开支下降，总人数同比下降14%，销售、管理费 投资评级 买入(维持) 用率分别同比持平和+0.2百分点，归母净利率仅下滑0.6百分点。 合理估值 0.77 - 0.88港元 收盘价 0.67港元 ...