Investment Rating - The investment rating for the company is downgraded to Neutral with a target price of HKD 3.06, indicating a potential upside of 14.1% from the current closing price of HKD 2.68 [1][4][3]. Core Insights - The company experienced a decline in both revenue and net profit for the first half of the fiscal year 2025, with revenue dropping by 7.9% year-on-year to RMB 13.05 billion, slightly below market expectations. The gross margin decreased by 3.6 percentage points to 41.1%, primarily due to increased discount rates and a higher proportion of lower-margin wholesale channels [1][3]. - The company maintained a high dividend payout ratio, with an interim dividend of RMB 0.14 per share, resulting in a payout ratio of 99.4%, and an average payout ratio exceeding 100% over the past three years [1][5]. - The total number of stores decreased by 396 year-on-year to 5,813, with a 1.9% decline in total sales area compared to the previous year. However, the average sales area per store increased by 4.8% [2]. - The company has enhanced its membership quality, with a total membership count reaching 81 million, reflecting a 10.8% year-on-year growth. The contribution of repeat members to overall sales remains stable at 60-70% [2]. Financial Summary - For the fiscal years ending February 29, the projected revenues are as follows: RMB 26.58 billion for 2025E (down 8.1% year-on-year), RMB 27.57 billion for 2026E (up 3.7%), and RMB 29.11 billion for 2027E (up 5.6%) [5][9]. - The net profit is expected to be RMB 1.47 billion for 2025E (down 33.4% year-on-year), RMB 1.67 billion for 2026E (up 13.6%), and RMB 1.85 billion for 2027E (up 10.6%) [5][9]. - The earnings per share (EPS) forecast for 2025E is RMB 0.24, with a significant downward adjustment of 42.2% from previous estimates [5][9].

%% %% 丨证券研究报告丨 港股研究丨公司点评丨滔搏（6110.HK） [Table_Title] 强控费能力，经营质量稳健 | --- | --- | --- | --- | |----------|-------|-------|-------| | | | | | | 报告要点 | | | | 分析师及联系人 [Table_Author] 于旭辉 柯睿 SAC：S0490518020002 SFC：BUU942 请阅读最后评级说明和重要声明 [Table_BaseData] 当前股价（HKD） 2.62 注：股价为 2024 年 10 月 30 日收盘价 [Table_Title2] 强控费能力，经营质量稳健港股研究丨公司点评 [Table_Rank]投资评级 买入丨维持 [Table_Summary2] 事件描述 滔搏发布 FY2025H1 业绩公告，收入同比-8%至 131 亿元，归母净利润同比-35%至 8.7 亿元， 公司中期派息率为 99.4%。 事件评论 ⚫ 终端折扣承压，维持强控费能力。FY2025H1 公司归母净利率同比-2.7pct 至 6.7%，主因 毛利率同比-3.7pct 至 ...

核心观点 ⚫ 公司披露 FY25H1 财报，实现营业收入 130.55 亿，同比下降 7.9%，实现归母净利 润 8.7 亿，同比下降 34.6%，低于市场预期。中期拟现金分红金额为 8.6 亿，分红 率为 97.85%。分品牌看，FY25H1 主力品牌和其他品牌收入分别同比下滑 8.1%和 6.5%，分业务来看，FY25H1 零售和批发业务收入分别同比下滑 8.9%和 2.2%。 ⚫ 单店销售面积增加，深耕门店直播业务。截至 FY25H1，公司门店数量为 5,813 家，相比财年初净减少 331 家，总销售面积同比减少 1.9%，单店销售面积同比增加 4.8%。公司持续深耕门店直播业务，加强线下门店的线上镜像店布局，截至 FY25H1，公司小程序店铺数超 2,500 家，同比大幅增长，店铺直播账号超 300 个，同比约翻倍。 ⚫ FY25H1 毛利率承压，费用率保持稳定。FY25H1 毛利率下滑 3.7pct 至 41.1%，原 因包括：1）销售不振带来的短期存货上升，公司相应加大促销力度；2）线上零售 折扣率比线下更深，而公司的线上销售占比同比上升；3）存货减值增加、批发和零 售业务占比的变化；4）批发业 ...

干源证券 商贸零售/专业连锁Ⅱ 滔搏（06110.HK） 2024 年 10 月 28 日 FY2025H1 折扣及负经营杠杆致利润承压，控费能力优异 ——港股公司信息更新报告 吕明（分析师） 张霜凝（分析师） 投资评级：买入（维持） | --- | --- | |-------------------------|-------------| | 日期 | 2024/10/25 | | 当前股价 ( 港元 ) | 2.810 | | 一年最高最低 ( 港元 ) | 6.960/2.110 | | 总市值 ( 亿港元 ) | 174.25 | | 流通市值 ( 亿港元 ) | 174.25 | | 总股本 ( 亿股 ) | 62.01 | | 流通港股 ( 亿股 ) | 62.01 | | 近 3 个月换手率 (%) | 27.8 | 股价走势图 -90% -60% -30% 0% 30% 60% 2023-10 2024-02 2024-06 滔搏 恒生指数 数据来源：聚源 相关研究报告 《弱需求下经营负杠杆、折扣加深致 盈利预警，坚定高分红—港股公司信 息更新报告》-2024.9.11 《Q1 线下客流承 ...

28 Oct 2024 收益汇总 CMB 国际全球市场 | 股票研究 | 公司更新 Topsports(6110 香港) 尽管收益率诱人 ， 但仍需要更多时间 1H25 的业绩与盈利预警相符，但基础状况比我们先前认为的更加脆弱。鉴于 2 H25E 的前景进一步恶化，以及耐克可能需要一年到两年时间来扭转局面，我 们将 Topsports 的评级下调为"持有"，尽管其 FY2/25E 的股息收益率为 8%。 Topsports(6110 HK) 报告了上半年的内联业绩。 Topsports 销售额同比下 降8%，至人民币131亿元，净利润同比下降35%，至人民币8.74亿元，与预先 发布的盈利预警完全一致。具体来说，这些不理想的业绩主要归因于：1）线下 流量大幅下降，导致经营杠杆减弱；2）毛利率下降，主要是由于零售折扣增加 和低毛利电商销售占比上升。然而，毛利率降至41.1%（下降3.6个百分点）， 降幅超出预期，但被超出预期的成本控制所抵消（可能是因为门店关闭数量超 出预期）。另一方面，经营活动产生的净现金流入同比增长3%，每股派息人民 币1.6元，意味着接近100%的派息率（相比之下，去年为74%）。 我们认 ...

28 Oct 2024 Earnings Summary CMB International Global Markets | Equity Research | Company Update Topsports (6110 HK) More time is needed despite the attractive yield 1H25 results were inline with the profit warning, but the underlying was more fragile than we previously thought. Given the worsening outlook in 2H25E and time Nike may take to turn around (might be 1 to 2 years), we downgrade Topsports' rating to HOLD, even though it has a 8% FY2/25E yield. Topsports (6110 HK) reported inline 1H25 results. Top ...

证券研究报告·海外公司点评·专业零售(HS) 滔搏（06110.HK） FY25H1 业绩点评：需求疲软致业绩承压， 延续高分红 2024 年 10 月 27 日 买入（维持） | --- | --- | --- | --- | --- | --- | |------------------------------|---------|---------|---------|---------|---------| | [Table_EPS] 盈利预测与估值 | FY2023A | FY2024A | FY2025E | FY2026E | FY2027E | | 营业总收入（百万元） | 27074 | 28950 | 26209 | 27813 | 29502 | | 同比 (%) | (15.07) | 6.93 | (9.47) | 6.12 | 6.07 | | 归母净利润（百万元） | 1837 | 2213 | 1330 | 1636 | 1907 | | 同比 (%) | (24.93) | 20.49 | (39.91) | 23.00 | 16.57 | | EPS- 最新摊薄（元 / 股 ...

港股公司报告 | 公司点评 | --- | --- | --- | --- | |----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------------------------------------|-------------------------------------------------------------------------------------|------------------------------------------------------------- ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for medium to long-term growth driven by strong retail operational capabilities [1][3]. Core Insights - The company is expected to achieve healthy and steady growth in the medium to long term, despite a downward adjustment in net profit forecasts for FY2025-FY2027 due to the current domestic apparel consumption environment [1]. - For FY2025H1, the company's revenue was 13.05 billion RMB, a year-on-year decline of 8%, and net profit was 870 million RMB, down 35% year-on-year, which was in line with expectations [1][2]. - The gross margin for FY2025H1 was 41.1%, a decrease of 3.6 percentage points year-on-year, influenced by deeper discounts and changes in channel mix [1]. - The company plans to distribute an interim dividend of 0.14 RMB per share, maintaining a high dividend payout ratio of 100%, which is an increase from 74.2% in the same period of 2023 [1][2]. Financial Summary - The financial summary indicates a decline in revenue from 36.01 billion RMB in FY2021 to an estimated 26.55 billion RMB in FY2025, reflecting a compound annual growth rate (CAGR) of -8.3% [2]. - Net profit is projected to decrease from 2.77 billion RMB in FY2021 to 1.39 billion RMB in FY2025, representing a significant decline of 37.1% [2]. - The price-to-earnings (PE) ratio is expected to decrease from 18.9 in FY2022 to 11.3 in FY2025, indicating a more attractive valuation over time [2]. Market Performance - The company's stock is currently priced at 2.76 HKD, with a market capitalization of 17.115 billion HKD [5]. - The stock has experienced a 52-week price range between 2.23 and 6.74 HKD, indicating significant volatility [5].

上 市 公 司 证 券 研 究 报 告 商业贸易 公 司 点 评 / 公 司 点 评 报告原因：有业绩公布需要点评 | --- | --- | |--------------------------|-------------------------------| | 市场数据： | 2024 年 10 月 24 日 | | 收盘价（港币） | 2.76 | | 恒生中国企业指数 | 7359.14 | | 52 周最高/最低（港币） | 6.96/2.11 | | H 股市值（亿港币） | 171.15 | | 流通 H 股（百万股） | 6,201.22 | | 汇率（人民币/港币） | 1.0899 | 一年内股价与基准指数对比走势： -51% -1% 49% HSCEI 滔搏 资料来源：Bloomberg 证券分析师 王立平 A0230511040052 wanglp@swsresearch.com 刘佩 A0230523070002 liupei@swsresearch.com 研究支持 刘佩 A0230523070002 liupei@swsresearch.com 联系人 刘佩 (8621)23 ...