胜道體育 胜道體育 中期報告 INTERIM REPORT 2025 POU SHENG INTERNATIONAL (HOLDINGS) LIMITED 寶勝國 際（控 股）有限公 司 (Incorporated in Bermuda with limited liability) (於百慕達註冊成立之有限公司) (Stock Code 股份代號:3813) 讓 運 動 融 入 你 的 生 活 讓 運 動 入 融 運 讓 活 生 的 你 動 融 入 你 的 生 活 讓 運 動 融 入 你 的 生 活 INTERIM REPORT 2025 目錄 | 公司資料 | 2 | | --- | --- | | 本集團財務摘要 | 3 | | 中期業績 | | | 簡明綜合財務報表審閱報告 | 4 | | 簡明綜合收益表 | 6 | | 簡明綜合全面收益表 | 7 | | 簡明綜合財務狀況表 | 8 | | 簡明綜合權益變動表 | 10 | | 簡明綜合現金流量表 | 12 | | 簡明綜合財務報表附註 | 14 | | 管理層討論及分析 | 23 | | 其他資料 | 34 | 公司資料 (截至二零二五年八月十一日 ...

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年8月31日 狀態: 新提交 公司名稱: 寶勝國際(控股)有限公司 呈交日期: 2025年9月3日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 03813 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 30,000,000,000 | HKD | | 0.01 | HKD | | 300,000,000 | | 增加 / 減少 (-) | | | 0 | | | | HKD | | | | 本月底結存 | | | 30,000,000,000 | HKD | | 0.01 | HKD | | 300,000,000 | 本月底法定/註冊股本總額： HKD ...

Group 1 - Company experienced an 8.3% year-on-year decline in revenue, totaling 9.16 billion RMB, due to fluctuating store traffic and increased discounts [1] - Gross margin decreased by 0.7 percentage points to 33.5%, while net profit fell by 44% year-on-year to 190 million RMB, resulting in a net profit margin of 2.1% [1] - Inventory levels remained healthy, with inventory days at 146, below the target of 150 days, and old inventory accounting for less than 9% [1] Group 2 - Online sales showed robust growth of 16%, with live streaming sales exceeding 100% growth, contributing to 33% of total revenue [2] - The company maintained its offline store count at 3,408, with a net closure of 40 stores, while same-store sales declined by 10% to 20% [2] - The company plans to optimize its product mix and develop proprietary brands, with short-term revenue contribution from these brands at only 2-3% [2]

Core Viewpoint - Goldman Sachs reports that Yue Yuen Industrial Holdings Limited (00551) and its subsidiary Pou Chen Corporation (03813) exceeded market expectations for net profit in Q2 2025 by 16% and 49% respectively, primarily due to non-operating income and tax benefits exceeding expectations [1][2] Group 1: Financial Performance - Yue Yuen's Q2 2025 net profit increased by 13% year-on-year, surpassing market consensus by 16%, driven by higher-than-expected non-operating income and lower tax expenses [2][5] - The group's total revenue for Q2 2025 was reported at $2.03 billion, a 1% year-on-year increase, with OEM sales growing by 6.5% [4] - Pou Chen's Q2 2025 revenue decreased by 12% year-on-year, aligning with expectations, while net profit fell by 69% year-on-year but exceeded market expectations by 49% [2][6] Group 2: Operational Insights - OEM business sales showed steady growth, but gross margins were under pressure due to uneven production levels and rising labor costs [2][4] - Inventory levels increased by 4.6% year-on-year, with inventory turnover days at 146, up from 138 in Q1 2025 [8] - The company announced a change in CFO, with Chau Chi Ming taking over the position [2][3] Group 3: Market Focus Areas - Investors should focus on the OEM business, including updates on order outlook for H2 2025 and the impact of tariff changes [3] - In the retail segment (Pou Chen), attention should be given to recent sales trends, inventory status, and performance by brand and product category [3]

Core Viewpoint - Goldman Sachs reports that Yue Yuen Industrial Holdings Limited (00551) and its subsidiary Pou Chen Corporation (03813) exceeded market expectations for net profit in Q2 2025 by 16% and 49% respectively, primarily due to non-operating income and tax benefits exceeding expectations [1][2] Group 1: Financial Performance - Yue Yuen's Q2 2025 net profit increased by 13% year-on-year, surpassing market consensus by 16%, driven mainly by higher-than-expected non-operating income and lower tax expenses [2][5] - The group's total revenue for Q2 2025 was pre-announced at $2.03 billion, reflecting a 1% year-on-year growth, with OEM sales growing by 6.5% [4] - Pou Chen's Q2 2025 revenue was reported at 4.1 billion RMB, a 12% year-on-year decline, while net profit fell by 69% year-on-year but exceeded market expectations by 49% [6][7] Group 2: Operational Insights - The OEM business's gross profit margin was reported at 17.8%, slightly below market expectations of 18.1%, while the retail business's gross profit margin was approximately 34.5%, exceeding expectations of 33.5% [4][6] - Inventory levels increased by 4.6% year-on-year, with inventory turnover days at 146 days, up from 138 days in Q1 2025 [8] - The company announced a change in CFO, with Chau Chi Ming taking over the position [2][3] Group 3: Strategic Focus Areas - Investors should focus on the OEM business, particularly on order visibility and the impact of tariff changes on production efficiency and pricing [3] - In the retail segment, attention should be given to recent sales trends, inventory management, and the performance of brands and product categories [3]

香港股市创下自五月初以来的最佳单日表现。 主要推动因素包括：1. 延续昨日的利息补贴政策利好；2. 地缘政治局势逐步改善（关税休战虽已提前敲 定但基本符合预期）；3. 科技巨头财报季前的风险偏好升温。 南下资金净卖出 10 亿美元，而恒生指数大幅上涨，印证了本地市场风险情绪正在积聚动能。 港股成交额环比暴增 32%，南下交易占比从本周稍早的 30% 回落至 27%，再次表明外资买入是主要推 手。做空比例最高的股票仅上涨 2.7%，未呈现显著超额收益，说明即便存在轧空规模有限。 资金流向上 —— 高盛的交易平台买入呈现 1.2 倍净卖出状态。消费和科技板块是平台最活跃的主题 （双向交易并存，但消费股更适合卖出而科技股更宜买入）。消费板块呈现双向流动，餐饮类股遭遇部 分抛售，而普拉达等零售股则买卖交投活跃。科技板块中，持续在硬科技领域获得买单，但对腾讯音乐 等冲高个股转为卖出。网易也获得较大力度买入。医疗保健 / 制药板块更受青睐 —— 翰森制药虽呈双 向交易但买方更占优势。 从行业板块来看，医疗保健、科技和消费板块领涨 —— 在中国政府宣布对符合条件的个人消费贷款实 施贴息计划后，国内零售商与消费医疗企业的股价 ...

Investment Rating - The investment rating for the company is "Outperform the Market" [4][6][34] Core Views - The company experienced an 8.3% year-on-year decline in revenue to 9.16 billion RMB in the first half of the year, primarily due to increased discounts and a drop in customer traffic [1][4] - The gross profit margin decreased by 0.7 percentage points to 33.5%, leading to a 44.0% year-on-year decline in net profit to 190 million RMB [1][4] - The company maintains a healthy inventory level with an average inventory turnover of 146 days, keeping within the target of 150 days [1][4] - Online sales showed a robust growth of 16%, with live streaming sales exceeding 100% growth, contributing to 33% of total revenue [3][4] - The company plans to optimize its product mix and develop its own brands to enhance sales performance [3][4] Summary by Sections Financial Performance - Revenue for the first half of the year decreased by 8.3% to 9.16 billion RMB, with a net profit decline of 44.0% to 190 million RMB [1][4] - In the second quarter, revenue fell by 11.6% to 4.05 billion RMB, but the gross margin improved by 1.8 percentage points quarter-on-quarter to 34.5% [2][4] - The company has a stable cash level of 2.7 billion RMB and plans to distribute an interim and special dividend of 0.23 HKD per share, with a payout ratio of 60% [1][4] Channel Performance - Online channels showed a 16% increase in revenue, while offline store sales were negatively impacted by reduced customer traffic, with same-store sales down by 10% to 20% [3][4] - The company closed 40 stores, bringing the total to 3,408, a 2.0% year-on-year decrease [3][4] Future Outlook - The company expects to stabilize profitability despite current revenue pressures, with a forecasted net profit of 390 million RMB in 2025, down 21% year-on-year, but projected to recover by 21% in 2026 and 11% in 2027 [4][32] - The target price is maintained at 0.59 to 0.69 HKD, corresponding to a 6-7x PE for 2026 [4][32]

Core Viewpoint - The report from CMB International downgrades the target price of Baoshan International (03813) to HKD 0.74 while maintaining a "Buy" rating, indicating that the current stock price reflects performance pressures and offers sufficient downside protection with an expected dividend yield exceeding 8% [1] Company Summary - Baoshan International's revenue and net profit for the first half of 2025 showed a decline, with revenue at RMB 9.16 billion and net profit at RMB 190 million, representing year-on-year decreases of 8.3% and 44.1% respectively, primarily due to reduced foot traffic in physical stores [1] - The company is expected to face continued revenue pressure, with a projected decline of 4.5% year-on-year for the second half of 2025, leading to a revenue forecast adjustment of 7%-8% for 2025-2027, bringing the expected revenue to RMB 17.3-18.9 billion [1] - The gross margin decreased by 0.7 percentage points to 33.5%, and the operating profit margin fell by 1.7 percentage points to 3.1% due to discount pressures [1] - Despite short-term performance challenges, there are positive signals emerging in Q2, including a slight improvement in discount levels and inventory management, which may support future recovery [1] Industry Summary - The industry is expected to remain competitive in the short term, with ongoing pressure on discounts likely to continue into the second half of the year [1] - The negative operating leverage effect has led to a downward revision of net profit forecasts for the next three years by 6%-24%, estimating net profits to be between RMB 410 million and RMB 600 million [1]

宝胜国际2025上半年业绩延续下滑，第2季有积极信号浮现：上半年公司实现收入/归母净利润91.6 亿/1.9亿元，同比分别下滑8.3%/44.1%，主要受线下客流拖累(同店销售下滑10-20%中段)。折扣压力 下，毛利率同比减0.7个百分点至33.5%;经营利润率下滑1.7个百分点至3.1%。尽管短期业绩承压，但该 行看到第2季度运营端有积极信号浮现，为后续复苏奠定基础：第2季度折扣水平环比第1季改善低单位 数，带动单季毛利率回升;库存水平亦出现环比改善，体现出公司营运韧性。 该行指,短期来看，行业竞争仍将激烈，下半年行业折扣或持续面临压力。考虑到公司上半年业绩和行 业趋势，下调公司2025-2027年收入预测7%-8%，至173-189亿元人民币(下同)，对应公司2025下半年收 入仍将处于下降区间(同比减4.5%)。考虑到负经营杠杆效应，同时下调未来三年净利润预测6%-24%至 4.1-6亿元。 交银国际发布研报称，下调宝胜国际(03813)目标价至0.74港元,维持"买入"评级。该行认为,目前股价已 充分反映业绩压力，超过8%的预期股息率提供充分的股价下行保护。 ...

Group 1 - The core viewpoint of the report indicates that both Yue Yuen Industrial Holdings Limited (00551) and Pou Chen Corporation (03813) reported second-quarter results that were generally in line with the expectations of the firm, but more than 10% lower than market consensus, attributed to pressure on the profitability of their OEM businesses [1] - The firm has lowered the target prices for Yue Yuen and Pou Chen to HKD 7.4 and HKD 0.84 respectively, assigning "Underperform" and "Buy" ratings, expressing concerns about potentially weak order conditions over the next six months [1] - Management attributed the lower-than-expected OEM profit margins to uneven order allocation and rising labor costs, while noting an improvement in capacity utilization during the period [1] Group 2 - The company has a cautious outlook for order prospects in the second half of the year, indicating that the third quarter is traditionally a slow season, with expected year-on-year shipment volume declines reaching high single-digit percentages [1] - The decline in gross margin is expected to be more pronounced compared to the first half of the year, with uncertainties surrounding fourth-quarter orders primarily due to delays in order placements from brand clients [1] - Earnings per share estimates for Yue Yuen for 2026 have been reduced by 5% to RMB 0.18, while earnings per share estimates for Pou Chen for the next two years have been cut by 30% and 18% to RMB 0.07 and RMB 0.09 respectively [1]