Core Viewpoint - Traditional sports brand distributors are facing significant challenges due to the dual pressures of direct retail and e-commerce, leading to declining sales and profitability [1][2][3] Group 1: Company Performance - Baosheng International (03813.HK) reported a projected revenue of approximately RMB 91.59 billion for the six months ending June 30, 2025, a decrease of about 8.3% year-on-year, with a profit attributable to shareholders of approximately RMB 1.88 billion, down 44.1% [1] - For the fiscal year 2024, Baosheng International's revenue was approximately RMB 184.54 billion, a decline of 8% year-on-year, while profit attributable to shareholders increased by 0.2% to RMB 4.91 billion [1] - Tmall (06110.HK) announced a total revenue decline of 6.64% to RMB 270.13 billion for the fiscal year 2024/25, with net profit dropping by 41.89% to RMB 12.86 billion [2] Group 2: Market Challenges - Both Baosheng International and Tmall are experiencing store closures, attributed to their reliance on traditional distribution channels, which are becoming less viable in a rapidly changing market [2] - The shift in strategy from some international brands towards direct retail and factory outlet stores has further squeezed the margins and customer base of traditional distributors [2] Group 3: Strategic Adjustments - Baosheng International has begun to seek transformation by partnering with new brands, such as Dynafit and XEXYMIX, to diversify its offerings and enter new market segments like yoga apparel and outdoor sports [3] - Tmall is also pursuing diversification by introducing partnerships with niche brands like norda and Mitchell & Ness, as well as outdoor brands like Norrøna [3] - Despite these efforts, the new brands lack the recognition and market scale of established names like Nike and Adidas, posing a challenge for growth [3] Group 4: Market Dynamics - The commercial real estate sector is witnessing a surge in international sports brands opening new stores in China, indicating a competitive landscape where new brands are eager to establish a presence in high-end commercial projects [4]

致：香港交易及結算所有限公司 公司名稱: 寶勝國際(控股)有限公司 呈交日期: 2025年8月4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7月31日 狀態: 新提交 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 ...

宝胜国际(3813.HK)现跌5.56%至0.51港元，最新市值27亿港元。宝胜国际公布，集团预期截至2025年6月30日止六个月将录得营业收入约人民币91.594亿元及 公司拥有人应占溢利约人民币1.876亿元，分别较去年同期减少约8.3%及44.1%。(格隆汇) ...

Group 1 - The core viewpoint of the article indicates that Baoshan International (03813) has issued a profit warning, leading to a decline of over 7% in its stock price, which is currently down 5.56% at HKD 0.51 with a trading volume of HKD 1.8409 million [1] - The company anticipates a revenue of approximately RMB 9.159 billion and a profit attributable to shareholders of about RMB 188 million for the six months ending June 30, 2025, representing a year-on-year decrease of approximately 8.3% and 44.1% respectively [1] - The announcement highlights that the group is facing a rapidly changing consumer landscape, with weak consumer confidence in mainland China and high inventory levels, resulting in sluggish foot traffic and intense price competition [1] Group 2 - The sales momentum of the retail network has further slowed down, leading to a same-store sales decline of 10% to 20% [1] - Lower-tier cities are also experiencing weak foot traffic, significantly impacting the performance of the group's franchise channels [1] - Despite stringent cost control measures, the decline in sales scale has resulted in operational leverage, compounded by increased discounting in a promotional environment, which has adversely affected the company's profitability [1]

Core Viewpoint - Baoshan International (03813) issued a profit warning, leading to a decline of over 7% in its stock price, which is currently down 5.56% at HKD 0.51, with a trading volume of HKD 1.8409 million [1] Financial Performance - The company expects to achieve a revenue of approximately RMB 9.159 billion and a profit attributable to shareholders of about RMB 188 million for the six months ending June 30, 2025, representing a year-on-year decrease of approximately 8.3% and 44.1% respectively [1] Market Conditions - The group is facing a rapidly changing consumer landscape, with weak consumer confidence in mainland China and high inventory levels, resulting in sluggish foot traffic and intense price competition [1] - The sales momentum of the retail network has further slowed, leading to a same-store sales decline of 10% to 20% [1] - Lower-tier cities are also experiencing weak foot traffic, significantly impacting the performance of the group's franchise channels [1] Operational Challenges - Despite ongoing stringent cost control measures, the decline in sales scale has resulted in operational leverage issues, compounded by increased discounting in a promotional environment, which has adversely affected the company's profitability [1]

Core Viewpoint - Baoshan International (03813) issued a profit warning, leading to a decline of over 7% in its stock price, currently trading at HKD 0.51 with a trading volume of HKD 1.8409 million [1] Financial Performance - The company expects to achieve a revenue of approximately RMB 9.159 billion and a net profit attributable to shareholders of about RMB 188 million for the six months ending June 30, 2025, representing a decrease of approximately 8.3% and 44.1% compared to the same period last year [1] Market Conditions - The group is facing a rapidly changing consumer landscape, with weak consumer confidence in mainland China and high inventory levels, resulting in sluggish foot traffic and intense price competition [1] - The sales momentum of the retail network has further slowed, leading to a same-store sales decline of 10% to 20% [1] - Lower-tier cities are also experiencing weak foot traffic, significantly impacting the performance of the group's franchise channels [1] Operational Challenges - Despite stringent cost control measures, the decline in sales scale has resulted in operational leverage, compounded by increased discounting in a promotional environment, which has adversely affected the company's profitability [1]

Group 1 - Heartway Medical-B (06609.HK) expects a net profit of no less than RMB 40 million for the six months ending June 30, 2025, a significant turnaround from a net loss of approximately RMB 5.1 million for the corresponding period ending June 30, 2024 [1] - The anticipated profit and performance improvement are primarily due to business growth, leading to increased revenue and a decrease in overall expenditure ratio compared to the corresponding period [1] Group 2 - Baoshan International (03813.HK) expects a mid-term net profit of approximately RMB 187.6 million, a year-on-year decrease of 44.1% [2] - Baio Family Interaction (02100.HK) anticipates a mid-term profit increase of approximately 134.9% to 141.6% [2] - Skyworth Group (00751.HK) warns of an expected mid-term post-tax profit decline of about 50% year-on-year [2] Group 3 - China CNR Corporation (01766.HK) recently signed a significant contract worth approximately RMB 32.92 billion [2] - China Power (02380.HK) reported a total electricity sales volume of 11.299 million megawatt-hours in June, a year-on-year decrease of 5.04% [2]

Core Viewpoint - Baoshan International (3813.HK) expects a mid-term profit attributable to shareholders of approximately 188 million yuan for the period ending June, representing a year-on-year decline of 44.1% [1] Financial Performance - The company anticipates a mid-term profit of 336 million yuan for the fiscal year 2024, with earnings per share of 6.48 cents [1] - Same-store sales are projected to decline between 10% to 20% due to various adverse factors [1] Market Conditions - Consumer confidence in mainland China remains low, leading to high inventory levels and weak customer traffic [1] - Intense price competition has further exacerbated the sales momentum of the retail network [1] Operational Challenges - The performance of the franchise channels has been significantly impacted by weak customer traffic in lower-tier cities [1] - Despite stringent cost control measures, the decline in sales scale has resulted in operational leverage issues, alongside increased discounting in a promotional environment, affecting the company's profitability [1]

Core Viewpoint - The company anticipates a decline in revenue and profit for the upcoming six months, reflecting challenges in the retail environment and consumer confidence in the Chinese market [1] Financial Performance - Expected revenue for the six months ending June 30, 2025, is approximately RMB 9.159 billion, representing a decrease of about 8.3% compared to the same period last year [1] - The profit attributable to the company's owners is projected to be around RMB 188 million, down approximately 44.1% year-on-year [1] Market Conditions - The company faces a rapidly changing consumer landscape, with low consumer confidence in mainland China and high inventory levels leading to weak foot traffic and intense price competition [1] - Same-store sales are expected to decline by 10% to 20%, indicating a significant slowdown in sales momentum across the retail network [1] - Lower-tier cities are also experiencing weak foot traffic, adversely affecting the performance of the company's franchise channels [1] Operational Challenges - Despite stringent cost control measures, the decline in sales volume has resulted in operational deleveraging, compounded by increased discounting in a promotional environment, which negatively impacts profitability [1]

于该期间，集团面对瞬息万变的消费格局，中国大陆市场消费信心低迷而库存水平偏高，以致客流量疲 软，折价竞争严峻。在诸多不利因素下，其零售网络的销售动能进一步放缓，导致同店销售录得10%到 20%的中段跌幅。低线城市亦客流不振，大幅影响集团加盟渠道的表现。尽管持续严谨控管费用，销售 规模下降导致经营反杠杆，加之促销环境下折扣幅度加大，进而影响集团的盈利能力。 在行业高度竞争的电商环境下，集团不断提升其全渠道实力，并秉持高度敏捷灵活的决策模式。尽管经 济环境不明，集团净现金强劲，维持稳健的财务状况。 格隆汇7月29日丨宝胜国际(03813.HK)公布，集团预期截至2025年6月30日止六个月将录得营业收入约人 民币91.594亿元及公司拥有人应占溢利约人民币1.876亿元，分别较去年同期减少约8.3%及44.1%。 ...