Revenue and Profit Performance - Revenue for the six months ended August 31, 2024, was RMB 13,054.7 million, a decrease of 7.9% compared to RMB 14,176.5 million in the same period in 2023[1][2] - Net profit attributable to equity holders was RMB 873.8 million, a 34.7% decrease from RMB 1,337.2 million in 2023, with a net profit margin of 6.7%, compared to 9.4% in 2023[1][2] - Total revenue for the first six months of 2024 was RMB 13,054.7 million, a decrease from RMB 14,176.5 million in the same period of 2023[13] - Company revenue declined 7.9% year-on-year to RMB 13,054.7 million, with gross margin down 3.6 percentage points to 41.1%[29] - Net profit attributable to equity holders decreased 34.7% year-on-year to RMB 873.8 million, with profit margin down 2.7 percentage points to 6.7%[29] - The company's revenue for the six months ended August 31, 2024, was RMB 13,054.7 million, a decrease of 7.9% compared to the same period in 2023[42] - Operating profit for the six months ended August 31, 2024, was RMB 1,120.9 million, a decrease of 35.1% year-on-year[42] - Net profit attributable to equity holders for the six months ended August 31, 2024, was RMB 873.8 million, a decrease of 34.7% compared to the same period in 2023[42] - Total revenue decreased by 7.9% to RMB 13,054.7 million[44] - Operating profit decreased by 35.1% to RMB 1,120.9 million[45] - Net profit attributable to equity holders decreased by 34.7% to RMB 873.8 million[45] Gross Profit and Margin - Gross profit for the period was RMB 5,362.4 million, down 15.4% from RMB 6,340.8 million in 2023, with a gross margin of 41.1%, compared to 44.7% in 2023[1][2] - Gross profit decreased by 15.4% to RMB 5,362.4 million, with gross margin dropping to 41.1% from 44.7%[46] Operating Profit and Margin - Operating profit decreased to RMB 1,120.9 million, a 35.1% decline from RMB 1,725.9 million in 2023, with an operating profit margin of 8.6%, down from 12.2%[1][2] Earnings Per Share - Basic and diluted earnings per share were RMB 14.09 cents, down from RMB 21.56 cents in 2023[1][2] - Basic earnings per share were RMB 14.09 cents, a decline from RMB 21.56 cents in the same period last year[19] - Basic earnings per share decreased by 34.7% to RMB 14.09 cents[51] Inventory and Turnover - Inventory turnover days increased to 148.3 days, compared to 140.9 days in 2023[1] - Inventory increased by 6.4% YoY to RMB 6,119.9 million as of August 31, 2024, but decreased by 2.6% sequentially[34] - Inventory increased by 6.4% to RMB 6,119.9 million[47] Assets and Liabilities - Total assets as of August 31, 2024, were RMB 14,915.6 million, up from RMB 14,544.0 million as of February 29, 2024[4][5] - Total liabilities increased to RMB 5,409.3 million as of August 31, 2024, from RMB 4,693.6 million as of February 29, 2024[4][5] - Net asset value decreased to RMB 9,506.3 million as of August 31, 2024, from RMB 9,850.4 million as of February 29, 2024[5] Cash Flow and Financing - The company maintained a net cash position with a leverage ratio of 0% as of August 31, 2024[1] - Operating cash flow increased to RMB 2,613.5 million in the first six months of 2024, up from RMB 2,550.8 million in the same period of 2023[6] - Net cash used in investing activities was RMB 110.4 million in the first six months of 2024, compared to RMB 43.6 million in the same period of 2023[6] - Net cash used in financing activities decreased to RMB 1,619.5 million in the first six months of 2024 from RMB 1,716.4 million in the same period of 2023[6] - The company's cash and cash equivalents increased to RMB 2,839.6 million at the end of August 2024, up from RMB 1,956.0 million at the beginning of the period[6] - Cash and cash equivalents stood at RMB 2,839.6 million as of August 31, 2024, with operating cash flow increasing 2.5% year-on-year to RMB 2,613.5 million[29] - Operating cash flow increased by RMB 22.2 million to RMB 2,702.9 million for the six months ended August 31, 2024, compared to RMB 2,680.7 million for the same period in 2023[53] - Net cash used in investing activities was RMB 110.4 million for the six months ended August 31, 2024, compared to RMB 43.6 million for the same period in 2023[53] - Net cash used in financing activities was RMB 1,619.5 million for the six months ended August 31, 2024, compared to RMB 1,716.4 million for the same period in 2023[53] - The company's net cash position improved to RMB 2,039.6 million as of August 31, 2024, compared to RMB 1,362.0 million as of February 29, 2024[53] - The company's leverage ratio remained in a net cash position as of August 31, 2024, with net cash exceeding short-term borrowings by RMB 2,039.6 million[54] - The company repaid short-term borrowings of RMB 720.1 million and paid dividends totaling RMB 1,240.3 million during the six months ended August 31, 2024[53] Expenses and Costs - Total sales, distribution, and administrative expenses amounted to RMB 12,009.2 million, a decrease from RMB 12,498.3 million in the same period last year[15] - Selling and distribution expenses decreased to RMB 3,821.9 million, accounting for 29.3% of total revenue[47] - General and administrative expenses decreased to RMB 495.0 million, accounting for 3.8% of total revenue[47] - Total employee costs for the six months ended August 31, 2024, were RMB 1,361.5 million, accounting for 10.4% of the company's revenue[56] Taxation - Income tax expenses totaled RMB 234.6 million, down from RMB 370.9 million in the prior year[17] - The company's subsidiaries in China are subject to a 25% corporate income tax rate, while those in Hong Kong are subject to a 16.5% profits tax rate[18] Dividends - The company declared an interim dividend of RMB 14.00 cents per share, totaling RMB 868.2 million[22] - Interim dividend for the fiscal year ending February 28, 2025, was declared at RMB 0.14 per ordinary share, with a payout ratio of 99.4%, up from 74.2% in the same period last year[29] - The company declared an interim dividend of RMB 0.14 per share, totaling RMB 868.2 million, to be paid on or around December 19, 2024[57] Store and Sales Performance - The company adjusted offline store network layout, focusing on efficiency and quality, with new stores mainly targeting core brand flagship stores and professional vertical brands[30] - The number of directly operated stores decreased by 6.4% YoY to 5,813 as of August 31, 2024, with gross sales area down by 1.9% YoY[31] - Total sales area decreased by 1.9% YoY, while single-store sales area increased by 4.8% YoY as of August 31, 2024[32] - Retail business revenue decreased by 8.9% to RMB 10,924.7 million, accounting for 83.7% of total revenue[44] - Wholesale business revenue decreased by 2.2% to RMB 2,035.4 million, accounting for 15.6% of total revenue[44] Online and Digital Sales - The company's mini-program stores exceeded 2,500, with live-streaming accounts surpassing 300, both showing significant YoY growth[33] - TikTok live-streaming sales increased by approximately 200% YoY, ranking first in the sports and outdoor category on the platform[33] - Direct online sales accounted for about 30% of total direct sales, including both public and private domains[33] User and Membership Data - The company's user base expanded to 81 million, with new user acquisition strategies including mini-program pages and group-buying tools[36] - The company implemented personalized product recommendations and marketing strategies through refined user segmentation and behavior analysis[36] - The company's repurchase members contributed approximately 60-70% of the total member consumption, showing stable year-on-year performance[37] - High-value members, although accounting for only mid-single digits in the total number of consuming members, contributed nearly 40% of the total sales, with significantly higher average spending per customer[37] - The cumulative number of users reached 81.0 million as of August 31, 2024[38] - Members contributed 93.7% of the total in-store retail sales (including VAT) during the period[38] Brand and Product Strategy - Revenue from core brands (Nike and Adidas) accounted for 87.0% of total revenue, while other brands contributed 12.3%[43] - The company expanded its brand cooperation matrix, including partnerships with HOKA ONE ONE, KAILAS, and norda, to capture growth potential in niche outdoor and professional sports segments[39] - The company plans to focus on omnichannel retail, user engagement, innovative formats, and services to drive long-term growth[41] Employee and Workforce - The total number of employees decreased by 3.2% YoY to 28,941 as of August 31, 2024[35] - The company had 28,941 employees as of August 31, 2024, a decrease from 29,458 employees as of February 29, 2024[56] Investments and Capital Expenditure - The company invested RMB 157.3 million in property, plant, and equipment, and intangible assets during the six months ended August 31, 2024[53] Corporate Governance - The Remuneration Committee consists of three members, including two independent non-executive directors, with Mr. Hua Bin as the chairman[62] - The Remuneration Committee is responsible for recommending compensation policies and structures for directors and senior management, as well as reviewing performance-based remuneration[62] - No directors have waived or agreed to waive any remuneration, and the company has not paid any compensation for joining or leaving the company[62] - The Nomination Committee is responsible for identifying, screening, and recommending suitable candidates for the board, with Mr. Wong Wai Tak as the chairman[63] - The company maintained the minimum public shareholding requirement as per the listing rules[65] - The board of directors includes executive directors Mr. Yu Wu and Mr. Leung Kam Kwan, non-executive directors Mr. Sheng Fang, Ms. Weng Wan Jing, and Ms. Hu Xiaoling, and independent non-executive directors Mr. Lam Yiu Kin, Mr. Hua Bin, and Mr. Wong Wai Tak[65] - The interim results announcement was published on the Hong Kong Stock Exchange website and the company's website[65] - The company did not purchase, sell, or redeem any of its listed securities during the review period[64] Economic and Market Context - China's GDP grew 5.0% year-on-year in the first half of 2024, while total retail sales of consumer goods increased by 3.7%, below GDP growth[28] Accounting Standards - The company adopted new accounting standards and amendments, including IFRS 16 and IAS 1, effective from March 1, 2024[9] - The company's financial performance is not expected to be significantly impacted by new accounting standards and amendments that will become effective in the future[11] Geographic Revenue and Assets - All of the company's revenue is derived from external customers in China, and the majority of its non-current assets are located in China[12] Trade Receivables and Payables - Trade receivables stood at RMB 949.4 million, with 97.4% of receivables aged within 30 days[24] - Trade payables increased to RMB 846.8 million as of August 31, 2024, up from RMB 387.1 million as of February 29, 2024, with 0-30 days aging accounting for the majority[25] Borrowings and Interest Rates - Short-term borrowings rose to RMB 950.0 million as of August 31, 2024, compared to RMB 720.1 million as of February 29, 2024, with unsecured loans at RMB 500.0 million and secured loans at RMB 450.0 million[26] - The weighted average annual interest rate for unsecured bank loans decreased to 2.1% as of August 31, 2024, from 2.8% as of February 29, 2024[27] Inventory Costs - Inventory costs recognized as expenses and included in cost of sales were RMB 7,601.7 million, down from RMB 7,824.2 million in the previous year[23] Net Financing Costs - Net financing costs were RMB (12.5) million, compared to RMB (18.3) million in the previous year[16] Other Income - Other income, including government subsidies, increased to RMB 77.2 million in the first six months of 2024 from RMB 46.2 million in the same period of 2023[14]

2024 年 9 月 12 日 公司研究 需求疲弱致上半财年业绩承压，期待深化内功、抵御波动 ——滔搏（6110.HK）2025 财年中期业绩预告点评 要点 事件： 2025 上半财年归母净利润预计同比下滑约 35% 滔搏发布截至 2024 年 8 月末的 2024/25 财年中期业绩预告（对应自然年 24 年 3 月~24 年 8 月）。公司预计 2025 上半财年归母净利润同比下滑约 35%，利润端 下滑主要由于：1）受消费疲软影响，上半财年公司收入同比下滑，其中线下客 流受影响较大，导致经营杠杆加大，销售及管理费用率同比提升；2）上半财年 公司加大促销力度，线上折扣较线下折扣更深、且线上收入占比提升，进而导致 毛利率同比下降。 点评： 主力品牌 Nike 新财年指引较为谨慎，Adidas 相对乐观 2023/24 财年全年公司主力品牌（Nike+Adidas）收入、其他品牌收入（PUMA、 匡威、VF 集团品牌、亚瑟士、鬼冢虎、斯凯奇、NBA、李宁、HOKA 及凯乐石）、 联营费用收入、电竞收入分别占总收入比例为 85.8%、13.5%、0.6%、0.1%。 其中，主力品牌 Nike 大中华区 2023 ...

12 Sep 2024 CMB International Global Markets | Equity Research | Company Update Topsports (6110 HK) Grim outlook but dividend is attractive What is new? Topsports reported a profit warning for 1H25E (ending Aug 2024). The Company is now expecting an around 35% YoY net profit drop in 1H25E (vs RMB 1.3bn in 1H24), due to: 1) worse-than-expected offline traffic, hence a meaningful SSS drop and significant operating deleverage and 2) decline in GP margin as a result of higher retail discounts and greater sales ...

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源证券 商贸零售/专业连锁Ⅱ 公 司 研 究 滔搏（06110.HK） 2024 年 09 月 11 日 投资评级：买入（维持） 日期 2024/9/11 | --- | --- | |-------------------------|-------------| | | | | 当前股价 ( 港元 ) | 2.230 | | 一年最高最低 ( 港元 ) | 6.960/2.110 | | 总市值 ( 亿港元 ) | 138.29 | | 流通市值 ( 亿港元 ) | 138.29 | | 总股本 ( 亿股 ) | 62.01 | | 流通港股 ( 亿股 ) | 62.01 | | 近 3 个月换手率 (%) | 17.11 | 股价走势图 滔搏 恒生指数 -80% -60% -40% -20% 0% 20% 2023-09 2024-01 2024-05 2024-09 数据来源：聚源 相关研究报告 《Q1 线下客流承压，新增合作哥伦比 亚加码户外领域—港股公司信息更新 报告》-2024.6.28 《FY2024 维持高派息，全域运营能力 进一步加强—港股公司信息更新报 告》-2024.5.25 《滔搏估 ...

证券研究报告 | 公司研究 gszqdatemark 2024 09 08 年 月 日 滔搏（06110.HK） 短期销售有所波动，长期持续深化运营升级 公司 3-5 月销售下降中单位数，6 月份以来我们判断公司终端销售或仍有一定压 力。根据公司此前披露，2024 年 3-5 月公司全渠道销售额同比下降中单位数，我 们判断公司相对较弱的销售表现主要系消费环境波动对线下门店客流造成影响， 当前国内线下奥莱业态表现或较好，而滔搏门店多为正价店，因此受消费环境波 动影响较大；受益于公司电商业务运营能力的提升，3-5 月电商渠道则保持快速增 长势头。6 月份以来，我们判断公司电商业务或保持较优异表现，线下门店客流仍 处于波动状态，从数据上来看同业公司宝胜国际 6 月/7 月销售同比分别14.1%/-10.6%，综合考虑下我们判断滔搏近期流水或存在一定压力。 ➢ 因业务模式不同，滔搏短期经营情况与其上游客户经营情况并不完全一致。 作为滔搏的核心客户，adidas 以及 Nike 近期也陆续发布季报，货币中性基 础上 adidas 2024 年 Q1/Q2 大中华区营收同比分别+8%/+9%，Nike 2024 年 3- ...

证 券 研 究 报 告 滔搏（06110.HK）跟踪分析报告 推荐（维持） 业绩短期承压，维持高分红政策 目标价：3.6 港元 当前价：2.9 港元 ❖ 宏观层面，消费力依旧疲弱，线下获客难度加大。据国家统计局数据，今年 1- 7 月限额以上服装、鞋帽、针纺织品类累计销售额 8033 亿元，同比增长 0.5%， 单 7 月增速-5.2%，较 6 月增速环比进一步下滑（6 月增速-1.9%）。我们认为， 进入二季度，极端天气影响下线下客流减少，以及消费信心减弱使得居民在纺 织服装等耐用品类上的支出相对谨慎。 ❖ 微观层面，耐克下调全年指引，阿迪销售逐步修复。1）耐克：据公司公告， FY24 耐克大中华区剔除汇率影响后销售为+8%（集团整体+1%），管理层对 FY25 指引显著偏弱，预计全年营收为中单位数下滑，FY25Q1 增速-10%， FY25H1 下降高单位数。2）阿迪达斯：据公司公告，阿迪 24Q1 大中华区剔除 汇率影响后销售+7.8%（集团整体+3.5%），24Q2 大中华区剔除汇率影响后销 售+9.3%（集团整体+8.9%）。据最新指引，公司上调了全年业绩预期，24 全年 收入实现高个位数增长，预计 ...

商业贸易 上 市 公 司 2024 年 08 月 23 日 滔搏 (06110) ——短期零售环境承压下调业绩，底层能力夯实布局长远 报告原因：有新的信息需要补充 证 券 研 究 报 告 | --- | --- | |------------------------|---------------------| | 市场数据： | 2024 年 08 月 22 日 | | 收盘价（港币） | 2.98 | | 恒生中国企业指数 | 6224.24 | | 52 周最高/最低（港币） | 6.96/2.88 | | H 股市值（亿港币） | 184.80 | | 流通 H 股（百万股） | 6,201.22 | | 汇率（人民币/港币） | 1.0940 | 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@swsrese ...

海 外 公 司 （ 中 国 香 港 ） 国泰君安版权所有发送给上海东方财富金融数据服务有限公司.东财接收研报邮箱.ybjieshou@eastmoney.com p1 短期预计压力仍在，长期运营优势显著 滔搏(6110) [Table_Industry] 纺织服装业 [Table_Invest] 评级： 增持 股票研究 /[Table_Date] 2024.08.17 ——滔搏近况更新报告 | --- | --- | --- | |----------|---------------------------|-----------------------------| | | 刘佳昆(分析师) | 曹冬青(分析师) | | | 021-38038184 | 0755-23976666 | | | liujiakun029641@gtjas.com | caodongqing026730@gtjas.com | | 登记编号 | S0880524040004 | S0880524080001 | 本报告导读： 预计近期销售延续 FY2025Q1 表现，看好中长期增长，高股息特征显著。 投资要点： [Table_ ...

浦银国际研究 公司研究 | 消费行业 滔搏（6110.HK）：短期收入与利润率承 压，但长期基本面依然稳健 • 短期需求面临挑战，下调 FY25 收入与利润预期：继 1QFY25（2024 年 3-5 月）收入同比下滑中单位数之后，滔搏 6-7 月的收入依然面临较 大挑战。我们预计 6-7 月收入同比下滑高单位数，下滑幅度高于 1QFY25。 尽管 8 月初的零售流水表现出一定的回暖迹象，但可能是受到短期天 气转好以及奥运热度的影响，后续是否可持续依然未知。鉴于现阶段整 体较弱的终端需求，我们下调 FY25 的收入预测至全年同比下跌中单位 数。考虑到收入下降可能带来较大的经营负杠杆，我们预测 FY25 归母 净利润同比下降 17.4%。考虑到较弱的销售趋势以及市场情绪，我们下 调目标价至 3.76 港元（10 倍 CY25 P/E）。维持"买入"评级。 • FY25 恐将面临较大的经营负杠杆：受渠道结构的影响（线上占比增 加），我们保守预计全年零售折扣同比可能有所加深，令毛利率同比小 幅下滑。收入和毛利的下滑无疑将带来较大的经营负杠杆。尽管公司长 期致力于降本增效，但考虑到滔搏本身已经较高的运营效率，我们认为 ...