Financial Performance - Revenue for the year ended February 28, 2023, was RMB 27,073.2 million, a decrease of 15.5% from RMB 31,876.5 million in 2022[6] - Gross profit for the same period was RMB 11,284.2 million, down 18.4% from RMB 13,824.4 million, resulting in a gross margin of 41.7% compared to 43.4% in the previous year[6] - Operating profit decreased to RMB 2,430.9 million, a decline of 29.2% from RMB 3,430.1 million, leading to an operating profit margin of 9.0%[6] - Profit attributable to equity holders was RMB 1,836.6 million, down 25.0% from RMB 2,446.5 million, with a profit margin of 6.8%[6] - Basic and diluted earnings per share were RMB 29.62, down from RMB 39.45 in the previous year[6] - Total revenue decreased by 15.1% year-on-year to RMB 27,073.2 million[11] - The group’s revenue decreased by 15.1% from RMB 31,876.5 million for the year ended February 28, 2022, to RMB 27,073.2 million for the year ended February 28, 2023[38] - Revenue from the main brands (Nike and Adidas) was RMB 23,324.0 million, accounting for 86.2% of total revenue, down 15.4% from RMB 27,569.3 million in the previous year[38] - The group's operating profit fell by 29.1% to RMB 2,430.9 million for the year ended February 28, 2023, while profit attributable to equity holders decreased by 24.9% to RMB 1,836.6 million[42] - Gross profit declined by 18.4% to RMB 11,284.2 million, with a gross margin of 41.7%, down from 43.4% in the previous year[43][44] Cash Flow and Liquidity - Free cash flow reached RMB 3,995.5 million, demonstrating strong cash generation capabilities[12] - The company generated a net cash inflow from operating activities of RMB 4,350.7 million, with free cash flow reaching RMB 3,995.5 million[30] - As of February 28, 2023, the company's bank balance and cash amounted to RMB 2,357.4 million, a year-on-year increase of 34.5%[30] - The net cash generated from operations decreased from RMB 6,592.3 million for the year ended February 28, 2022, to RMB 5,241.5 million for the year ended February 28, 2023, a reduction of RMB 1,350.8 million[52] - The net cash used in investing activities was RMB 305.6 million for the year ended February 28, 2023, compared to RMB 671.3 million in the previous year[52] - The net cash used in financing activities was RMB 3,440.3 million for the year ended February 28, 2023, down from RMB 4,494.4 million in 2022[53] Inventory and Receivables Management - The average trade receivables turnover period improved to 14.6 days from 18.8 days, while the average inventory turnover period increased to 149.5 days from 130.4 days[6] - Inventory amount decreased by 6.6% year-on-year, and cash and bank balances increased by 34.5% to RMB 2,357.4 million[12] - The company aims to optimize inventory structure and maintain inventory efficiency as a top priority[11] - Inventory value decreased by 6.6% compared to February 28, 2022, and by 2.4% compared to August 31, 2022, aligning with changes in total sales area[24] Store Operations and Network - As of February 28, 2023, the company operated 6,565 directly operated stores, a year-on-year decrease of 14.7%, with total sales area down 6.8%[22] - The average sales area per store increased by 9.2% year-on-year, indicating improved efficiency in store operations despite a reduction in total store count[22] - The company closed 1,559 stores during the fiscal year, while opening only 429 new stores, resulting in a net decrease of 1,130 stores[24] - The company focused on optimizing its store network, leading to a significant advantage in store efficiency metrics for newly opened stores compared to closed ones[22] Strategic Initiatives and Future Outlook - The company plans to optimize its physical store network and enhance online presence to adapt to changing consumer behaviors[8][9] - The company remains confident in the long-term growth potential of the sports footwear and apparel industry despite current market challenges[9] - The company aims to improve operational efficiency by refining its retail capabilities and optimizing organizational structure[9] - The company is optimistic about the recovery of the sports footwear and apparel industry, citing strong demand potential[13] - Future strategies include refining user operations and transitioning from traffic-focused to user value-oriented thinking[36] - The company is expanding its market presence in Southeast Asia, targeting a 25% market share by 2025[135] Shareholder and Corporate Governance - The board proposed a total dividend of RMB 0.33 per share, with a payout ratio of 111.4%[12] - The board consists of two executive directors, four non-executive directors, and three independent non-executive directors as of February 28, 2023[145] - The company has adopted the corporate governance code as its own governance code, ensuring compliance with the updated regulations effective from January 1, 2022[144] - The company has established three board committees: audit committee, remuneration committee, and nomination committee to oversee various aspects of governance[145] - The company has mechanisms in place to ensure the board receives independent opinions and advice[155] - The company has implemented a shareholder communication policy to facilitate active engagement and ensure shareholders can exercise their rights with full information[196] Employee and Social Responsibility - The total employee cost for the year ended February 28, 2023, was RMB 2,890.5 million, accounting for 10.7% of the group's revenue, compared to 10.9% in the previous year[61] - The company employed a total of 30,978 staff as of February 28, 2023, down from 40,913 in the previous year[61] - The company is committed to actively practicing corporate social responsibility and building long-term sustainable development[36] - The board of directors emphasized the importance of sustainability initiatives, aiming for a 50% reduction in carbon footprint by 2030[134] Risk Management and Compliance - The board is responsible for establishing and reviewing the effectiveness of the risk management and internal control systems[178] - The group has identified significant risks affecting its strategic objectives, considering environmental, social, and governance (ESG) factors in its annual risk assessment[179] - The internal audit department has been established to review operational, financial, compliance, and risk management controls, identifying deficiencies and suggesting improvements[180] - The board conducted a comprehensive review of the risk management and internal control systems for the fiscal year ending February 28, 2023, and deemed them effective and sufficient[182]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完整性亦不發表任何聲明，並明確表 示，概不對因本公告全部或任何部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 TOPSPORTS INTERNATIONAL HOLDINGS LIMITED 滔搏國際控股有限公司 (於開曼群島註冊成立的有限公司) (股份代號：6110) 截至 2023 年 2 月 28 日止年度 全年業績公告 財務摘要 | --- | --- | --- | --- | |-----------------------------------------|---------------------|---------------------------------------------|------------------------------------| | | | 截至 \n2 月 28 日止年度 \n2023 年 | 2 月 28 日止年度 \n2022 年 | | | | | | | 收入 | 人民幣百萬元 | 27,073.2 | 31,876.5 | | 毛利 | 人民幣百萬元 ...

Financial Performance - Revenue for the six months ended August 31, 2022, was RMB 13,218.0 million, a decrease of 15.2% from RMB 15,573.4 million in 2021[5] - Gross profit was RMB 6,030.7 million, down from RMB 6,923.5 million, resulting in a gross margin of 45.6%, compared to 44.5% in the previous year[5] - Operating profit decreased to RMB 1,580.5 million, with an operating margin of 12.0%, down from 13.2% in the prior year[5] - Profit attributable to equity holders was RMB 1,145.4 million, a decline from RMB 1,430.8 million, leading to a profit margin of 8.7% compared to 9.2%[5] - Basic and diluted earnings per share were RMB 18.47, down from RMB 23.07 in the previous year[5] - Total revenue for the first half of the fiscal year ending February 28, 2023, decreased by 15.1% year-on-year to RMB 13,218.0 million[11] - Profit attributable to equity holders decreased by 19.9% to RMB 1,145.4 million for the six months ended August 31, 2022, down from RMB 1,432.0 million in the same period last year[27] - Basic earnings per share fell by 19.9% to RMB 18.47 from RMB 23.07 in the same period last year[33] - The total comprehensive income for the period was RMB 1,174.5 million, with a profit of RMB 1,145.4 million contributing to this figure[56] Operational Efficiency - The average trade receivables turnover period improved to 16.4 days from 19.4 days, while the average payables turnover period also improved to 16.4 days from 21.2 days[5] - The average inventory turnover period increased to 167.6 days, compared to 147.8 days in the previous year[5] - Inventory as of August 31, 2022, decreased by 16.6% compared to August 31, 2021, and by 4.2% compared to February 28, 2022, indicating effective inventory management[11] - Selling and distribution expenses were RMB 4,090.8 million, accounting for 30.9% of revenue, up from 29.2% in the prior year[30] - General and administrative expenses decreased to RMB 574.3 million, representing 4.3% of revenue, compared to 4.1% in the previous year[30] Market Environment - The retail environment remains challenging, with a 0.7% year-on-year decline in total retail sales of consumer goods, contrasting with a 23.0% increase in the previous year[8] - The national fitness plan (2021-2025) is expected to generate RMB 5 trillion in revenue for the sports goods industry, supported by various government policies[8] - The company continues to see an increase in public health awareness, leading to a growing participation in sports and fitness activities despite the challenging consumption environment[8] Digital and Online Sales - Online sales in the retail business saw significant growth, particularly community-driven private domain sales, which doubled their contribution to total sales compared to the previous year[12] - The contribution of online private domain sales to total sales doubled year-on-year, effectively compensating for the decline in offline foot traffic due to the pandemic[16] - The company continues to enhance its digital tools for better consumer interaction and operational efficiency, adapting to changing retail environments[12] Store Operations - The number of direct-operated stores decreased by 767 compared to February 28, 2022, totaling 6,928 stores as of August 31, 2022, with a gross sales area reduction of 5.1%[12] - The proportion of large stores (over 300 square meters) increased to 14.9% as of August 31, 2022, up 2.0 percentage points from February 28, 2022[13] Membership and Community Engagement - Cumulative registered members reached 60.2 million as of August 31, 2022, representing a 28% year-on-year increase, while community friends exceeded 9 million, nearly doubling year-on-year[15] - Cumulative registered members increased from 50.9 million in November 2021 to 60.2 million by August 31, 2022, with member sales contributing 93.6% of total in-store retail sales[17] Dividend and Shareholder Returns - The interim dividend declared for the fiscal year ending February 28, 2023, is RMB 0.13 per share, with a payout ratio of 70.4%[11] - The company declared an interim dividend of RMB 0.13 per share, totaling RMB 806.2 million, to be paid around December 15, 2022[41] Financial Position - Total assets as of August 31, 2022, amounted to RMB 17,688.9 million, a slight decrease from RMB 17,796.3 million as of February 28, 2022[51] - Total liabilities increased to RMB 7,793.3 million from RMB 7,214.8 million, with current liabilities rising significantly due to short-term borrowings of RMB 2,028.0 million[51] - Net assets decreased to RMB 9,895.6 million from RMB 10,581.5 million, reflecting a decline in retained earnings[53] - Cash and cash equivalents at the end of the period stood at RMB 1,676.6 million, a decrease from RMB 1,752.6 million at the beginning of the period[58] Employee and Operational Costs - The group employed a total of 32,745 employees as of August 31, 2022, down from 40,913 employees as of February 28, 2022[38] - Total employee costs for the six months ended August 31, 2022, amounted to RMB 1,488.0 million, representing 11.3% of the group's revenue, compared to 10.4% for the same period in 2021[38] Risk Management and Governance - The group has not reported any significant changes in its risk management policies since February 28, 2022[64] - The company has adopted the corporate governance code as its own governance code and has complied with all applicable provisions[109] - The audit committee consists of three independent non-executive directors and has reviewed the financial information for the six months ended August 31, 2022[111]