Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company has shown improvement in inventory management and continues to maintain high dividend payouts, with a proposed cash dividend of 0.02 CNY per share and a special dividend of 0.12 CNY, resulting in a total dividend payout ratio of 135% and a dividend yield of 8.75% [2][5] - The company is facing challenges with a decline in revenue and net profit due to sales pressure and inventory issues, but effective cash flow management has led to a positive operating cash flow [2][4] - The company is strategically optimizing its retail store structure and enhancing online sales through a combination of platform e-commerce, content e-commerce, and private domain operations [3][5] Summary by Sections Financial Overview - For FY2025, the company's revenue, net profit attributable to the parent, and operating cash flow were 270.13 billion CNY, 12.86 billion CNY, and 37.55 billion CNY, respectively, reflecting year-on-year changes of -6.6%, -41.9%, and +20.0% [2] - The gross profit margin decreased by 3.4 percentage points to 38.4%, while the net profit margin fell by 2.9 percentage points to 4.8% [4] Store and Sales Performance - The number of stores decreased by 18.3% to 5020, while the average sales area per store increased by 7.2% [3] - Revenue from the main brand and other brands saw declines of 6.1% and 9.9%, respectively, primarily due to weak consumer demand and reduced foot traffic [3] Online and Offline Strategy - The company has over 500 accounts on Douyin and WeChat video accounts, with more than 2,300 mini-program stores, indicating a strong online presence [3] - The company is focusing on enhancing retail experiences and has partnered with high-end brands to expand its product matrix [5] Future Outlook - Short-term improvements in inventory and online sales are expected to offset declines in offline traffic [5] - The company has adjusted its revenue forecasts for FY26-27 down to 263.85 billion CNY and 279.18 billion CNY, with net profit forecasts adjusted to 12.90 billion CNY and 14.52 billion CNY, respectively [5]

Investment Rating - The investment rating for the company is "Buy" [6] Core Insights - The company reported a total revenue of 27.01 billion, a year-on-year decrease of 6.6%, with a gross margin of 38.4%, down 3.4 percentage points due to inventory clearance and increased promotional efforts [1] - The company achieved a cash dividend ratio of 135%, significantly exceeding expectations, benefiting from proactive inventory management [2] - The company maintains strong partnerships with major brands like Nike and Adidas, with expectations for improvements in the new fiscal year following management changes at Nike [3][4] Financial Summary - For FY2025, the company expects revenue to decline by 6.64% to 27.01 billion, with a projected recovery starting in FY2026 with a revenue increase of 3.82% [5] - The forecasted net profit for FY2026 is expected to rise by 36.03% to 1.75 billion, with further growth projected in subsequent years [5] - The company’s cash flow from operations increased by 20% year-on-year to 3.76 billion, indicating healthy cash flow management [2]

Financial Performance and Key Indicators - Overall revenue declined by 6.6% to RMB27.01 billion, with H2 showing a year-on-year decline of 5.4%, an improvement from the 7.9% drop in H1 [14][10] - Net profit before tax decreased by 43.5%, while net operating cash flow increased by 20% year-on-year to RMB3.76 billion [13][34] - Free cash flow was 2.6 times the net profit for the same period, indicating strong cash generation capacity [37][34] Business Line Performance - Retail business revenue declined by 8.9% in H1 and 4.8% in H2, with improvements attributed to intensified online sales initiatives [15][14] - Sales revenue for key brands declined by 6.1% year-on-year to RMB23.31 billion, while revenue from other brands fell by 9.9% to RMB3.5 billion [15][16] - Gross profit margin decreased by 3.4 percentage points year-on-year to 38.4%, slightly improved from a 3.6 percentage point decline in H1 [16][14] Market Data and Key Indicators - The retail industry faced pressures with total retail sales of consumer goods growing by only 3.5%, lower than economic growth [41] - Consumer behavior showed polarization, with mass markets becoming price-sensitive while specialized sporting lifestyles expanded [43][41] Company Strategy and Industry Competition - The company aims to become a one-stop operational partner across diversified sporting segments in the Chinese market, focusing on omnichannel integration and technological innovation [70][46] - The strategy includes deepening partnerships with brands and exploring new business models to meet evolving consumer needs [70][46] Management's Comments on Operating Environment and Future Outlook - Management maintains a cautious yet optimistic outlook on market development, emphasizing the need for flexible response strategies [8][4] - The company acknowledges the challenges posed by the macroeconomic environment but remains committed to long-term development and sustainable returns to shareholders [5][7] Other Important Information - The company has achieved a cumulative dividend payout of RMB12.96 billion since its IPO, with a payout ratio of 135% for the fiscal year [7][40] - The company received high recognition for its sustainable development efforts, achieving an MSCI ESG rating of AA [76][75] Q&A Session Summary Question: Regarding brand partnerships and long-term strategy - The company is expanding its brand metrics to adapt to changing consumer demands and aims to deepen connections with consumers through diversified brand partnerships [87][85] Question: Insights on key brands and market demand - Key brands remain committed to the Chinese market, with stable support initiatives for distributors, despite uncertainties in demand [88][87] Question: Dividend payout ratio and future forecasts - The company emphasizes its commitment to shareholder returns, with a strong cash performance supporting the high dividend payout ratio [90][89]

Group 1 - Nike plans to implement a price increase on a wide range of products, with shoes priced between $100 and $150 increasing by $5, and those over $150 increasing by $10, expected to take effect as early as this week [1] - The People's Bank of China and other departments issued guidelines to enhance financial support for the sports industry, focusing on the financial needs of sports goods manufacturing and service sectors [1] - Morgan Stanley reported a mild improvement in demand for sports apparel in China since the beginning of the year, with expectations of inventory clearance by Q2 2025 leading to a price recovery in the industry [1] Group 2 - Emerging markets have become a new growth engine for the global footwear and apparel market, with domestic brands rapidly gaining market share, particularly in the sports footwear sector [2] - In 2022, China's sports footwear market CR10 increased by 18.6% from 2015 to 36.8%, indicating a concentration of market share among leading brands [2] - Domestic brands are experiencing growth due to changing consumer preferences, while international brands are losing market share [2] Group 3 - Relevant concept stocks in the sports industry include Anta Sports (02020), Li Ning (02331), Xtep International (01368), and Tabo (06110) [3] - The manufacturing partner mentioned is Shenzhou International (02313) [3]

Core Insights - The company, Tmall International Holdings Limited, reported a revenue of 27.01 billion yuan and a net profit of 1.28 billion yuan for the fiscal year ending February 28, 2025, with over 20 partner brands and a user base exceeding 86 million [1][2] - In a challenging consumer market, the company focused on inventory management, cash flow, and expanding its brand ecosystem, achieving a 32.3% year-on-year increase in cash and cash equivalents to 2.59 billion yuan [1] - The company maintained a high dividend payout ratio of 135.0%, leading the industry [1] Inventory Management - The company implemented comprehensive inventory management strategies, resulting in a 4.5% year-on-year decrease in inventory value and improved inventory turnover days [1] - The second half of the fiscal year showed significant improvements in inventory management due to intensified adjustment efforts [1] Business Operations - Tmall International has optimized its store layout and enhanced its omnichannel retail operations, with approximately 5,000 physical stores and around 2,300 mini-program stores by the end of the fiscal year [2] - The company achieved top sales performance on platforms like Douyin and ranked first in the Tencent WeChat popular mini-programs for sports and outdoor categories [2] User Engagement - The company’s membership program contributed 93.2% to in-store retail sales, with repeat members accounting for about 70% of overall consumption [2] - High-value members, despite being a small percentage, contributed nearly 40% of total sales, indicating strong consumer potential and loyalty [2] Brand Partnerships - Tmall International expanded its brand partnership matrix, becoming the exclusive operator for high-end outdoor brand Norr na and top running brand Soar in China [3] - The company also secured exclusive operational rights for Canadian high-end trail running brand Norda, which has seen accelerated online and offline growth [3] Sustainability Efforts - The company has made significant strides in sustainable development, receiving an AA rating from MSCI ESG, leading the industry in this area [3]

Financial Performance - Revenue decreased by 6.6% YoY to RMB 27.01 billion[29] - Gross profit margin fell by 3.4 percentage points YoY to 38.4%[29] - Profit margin attributable to equity holders fell by 2.8 percentage points YoY to 4.8%[29] - Net cash generated from operating activities increased by 20.0% YoY to RMB 3.76 billion[29] - Free cash flow increased by 24.1% YoY to RMB 3.38 billion[29] - Annual dividend payout ratio was 135.0%, higher than the previous year's 100.9%[29] Operational Strategies - Directly-operated stores decreased by 18.3% YoY[69] - Gross selling area decreased by 12.4% YoY[38] - Total rental expense decreased by 15.7% YoY[38] User Operations - The company has 86 million users, including members and potential members[90, 91]

智通财经5月21日电，滔搏2024年营收270.1亿元人民币，预估267亿元人民币。 ...

Financial Performance - Total revenue for the year ended February 28, 2025, was RMB 27,012.9 million, a decrease of 6.6% from RMB 28,933.2 million in the previous year[3]. - Gross profit for the same period was RMB 10,383.4 million, down 14.1% from RMB 12,080.8 million, resulting in a gross margin of 38.4% compared to 41.8%[3][4]. - Operating profit decreased to RMB 1,592.7 million, representing a decline of 42.9% from RMB 2,786.5 million, with an operating margin of 5.9% versus 9.6% in the prior year[3][4]. - Profit attributable to equity holders was RMB 1,286.0 million, down 41.8% from RMB 2,213.0 million, leading to basic and diluted earnings per share of RMB 20.74, compared to RMB 35.69[3][4]. - Total expenses for the year ended February 28, 2025, amounted to RMB 25,568.8 million, a decrease of 2.9% from RMB 26,323.8 million for the year ended February 29, 2024[23]. - Basic earnings per share for the year ended February 28, 2025, were RMB 20.74, a decrease of 41.9% from RMB 35.69 for the year ended February 29, 2024[28]. Dividends - The company proposed a final dividend of RMB 2.00 per share and a special dividend of RMB 12.00 per share, down from RMB 5.00 and RMB 15.00 respectively in the previous year[3]. - The company paid RMB 2,108.5 million in dividends, a decrease of 5.5% from RMB 2,232.5 million in the previous year[8]. - The total amount for the proposed special dividend is RMB 744.1 million for the year ended February 28, 2025, compared to RMB 930.2 million in 2024[78]. Liquidity and Cash Flow - The current ratio decreased to 2.4 from 3.2, indicating a decline in short-term liquidity[3]. - For the fiscal year ending February 28, 2025, the net cash generated from operating activities was RMB 3,755.3 million, an increase of 20.0% from RMB 3,129.0 million in the previous year[8]. - The company reported a net cash increase of RMB 631.4 million for the fiscal year ending February 28, 2025, compared to a decrease of RMB 401.4 million in the previous year[8]. - The company's cash and cash equivalents at the end of the fiscal year were RMB 2,587.4 million, up from RMB 1,956.0 million at the beginning of the year[8]. - As of February 28, 2025, the company maintained a net cash position of RMB 1,454.1 million, an increase from RMB 1,362.0 million in 2024[73]. Inventory and Receivables - Inventory turnover period improved slightly to 134.9 days from 136.1 days, while trade receivables turnover period decreased to 14.1 days from 15.1 days[3]. - The company's inventory cost for the year ended February 28, 2025, was RMB 16,582.3 million, a slight decrease from RMB 16,816.2 million for the year ended February 29, 2024[31]. - Trade receivables as of February 28, 2025, were RMB 758.6 million, down 43% from RMB 1,334.7 million as of February 29, 2024[33]. - The group’s inventory decreased by 4.5% year-on-year to RMB 6,004.0 million as of February 28, 2025, compared to RMB 6,283.8 million as of February 29, 2024[63]. Market and Strategy - The company continues to focus on market expansion and new product development strategies to enhance future growth prospects[4]. - The overall market environment is characterized by a shift towards price sensitivity among consumers, alongside a growing demand for diverse experiences in niche sports[36]. - The retail strategy focuses on efficiency and ecosystem interaction, aiming to create a more comprehensive and flexible retail network[40]. - The company is actively expanding its brand collaboration matrix, particularly in professional running and outdoor experiences[37]. Corporate Governance - The company has adopted the corporate governance code as its own governance guidelines and believes it has complied with all applicable provisions for the year ending February 28, 2025, except for provision C.2.1[82]. - The audit committee, composed of three independent non-executive directors, has reviewed the audited consolidated financial statements for the year ending February 28, 2025[84]. - The auditors confirmed that the preliminary performance announcement aligns with the audited financial statements for the year ending February 28, 2025[85]. - The board includes executive and independent non-executive directors, ensuring a balance of power and independent oversight[92]. Sustainability and ESG - The MSCI ESG rating improved by two levels to "AA," leading the Chinese consumer goods industry, with significant advancements in privacy, chemical safety, and corporate governance[55]. - The company aims to achieve a ten-year carbon reduction target in response to the UN Sustainable Development Goals and national carbon neutrality objectives[55]. - The company is committed to creating a sustainable ecosystem and becoming a leader in green consumption, with ongoing efforts in environmental and social governance[55].

Core Insights - Adidas and Nike are reassessing their market strategies, particularly after Nike's CEO change, with expectations for performance improvements [2] - Tmall is positioning itself to create growth opportunities by signing exclusive partnerships with niche brands in the running and outdoor segments [2][3] - The running and outdoor markets are identified as significant growth areas within the sports goods sector, with a notable preference for running among young consumers [2][3][8] Market Trends - Running has become a popular lifestyle choice in China, evolving from a fitness activity to a representation of elite status, while outdoor activities are also gaining mainstream appeal [8] - The outdoor segment, including activities like skiing and cycling, is increasingly favored by young consumers, with skiing being the most popular outdoor activity according to Tmall's research [3][8] Strategic Partnerships - Tmall has signed exclusive agreements with the UK running brand Soar and the Norwegian outdoor brand Norrøna to manage their operations in China [2][3] - Norrøna is recognized for its high-end outdoor products and has a strong brand heritage, which Tmall aims to leverage in the Chinese market [8][9] Retail Strategy - Tmall plans to establish single-brand stores for Norrøna, creating immersive brand experiences for consumers, marking the brand's first store in the Asia-Pacific region [10] - The company is also focusing on online flagship stores and enhancing private domain operations to reach consumers effectively [10] Operational Insights - Tmall's approach to retail is evolving from a channel-centric model to a more integrated platform that combines online and offline experiences [11] - The company emphasizes the importance of understanding and conveying the essence of high-end brands to consumers, adapting to their preferences and behaviors [11][15] Consumer Engagement - Tmall's strategy includes engaging with professional sports communities through events and activities to better connect with niche consumer segments [15] - The company recognizes the need for differentiated value in high-end brands, which requires a unique operational capability to effectively communicate this to consumers [14][15]

Core Insights - The Chinese sports retail market is experiencing significant growth, with a market size of 4,926 billion yuan in 2023, projected to reach 5,989 billion yuan by 2025 [4] - Tmall and Xiaohongshu are becoming key online platforms for new brands entering the Chinese market, as seen with the brand norda™ [2][3] - The trend of consumers favoring specialized and functional sports brands is driving the entry of international brands into China [5] Company Developments - Tabo has recently partnered with two niche sports brands, Norrøna and soar, to expand its portfolio in the Chinese market [1][2] - The company is also focusing on diversifying its brand partnerships to reduce reliance on major brands like Nike and Adidas, which have been volatile in performance [2] - Tabo's strategy includes opening physical stores for Norrøna in major cities like Beijing and Shanghai, while also exploring collective store formats for norda™ and soar [3] Market Trends - There is a growing consumer preference for sportswear, with nearly 30% of consumers favoring sports apparel in daily scenarios and over 60% prioritizing comfort when purchasing [4] - The influx of international niche brands is reshaping the competitive landscape, as these brands emphasize functionality and cater to specific sports [5] - Retail operators are increasingly seeking to attract these new brands to their shopping centers, recognizing their potential to drive foot traffic and enhance brand positioning [5] Retail Strategy - Tabo is adopting a cautious approach to store expansion, focusing on the development stage and positioning of different brands [5] - The company is shifting its retail strategy from merely increasing store numbers to creating a balanced and efficient omnichannel network [6] - The evolving consumer demand for unique and differentiated products presents opportunities for companies in the sports retail sector [6]