Core Viewpoint - The company is maintaining a "buy" rating while focusing on high dividends and expanding in the running and outdoor sectors, despite a decline in revenue and net profit for FY2025 [1] Group 1: Financial Performance - FY2025 revenue is projected at 27.01 billion yuan, a decrease of 6.6% year-on-year, with a net profit of 1.286 billion yuan, down 41.9% [1] - The company has a high dividend payout ratio of 135% for the full year, with a cumulative payout ratio of 104.2% over the past six years [1] - Revised net profit forecasts for FY2026-2028 are 1.32 billion, 1.59 billion, and 1.85 billion yuan, respectively, down from previous estimates [1] Group 2: Sales and Revenue Breakdown - Main brand revenue for FY2025 is 23.31 billion yuan, a decline of 6.1%, accounting for 86.3% of total revenue, while other brand revenue is 3.5 billion yuan, down 9.9% [1] - Direct online sales have seen double-digit growth, increasing their share to 30-40% from 20-30% in FY2024 [1] - Retail and wholesale revenues decreased by 6.8% and 5.8%, respectively, indicating a challenging sales environment [1] Group 3: Store Management and Operations - As of FY2025, the number of stores is 5,020, a decrease of 18.3% year-on-year, with a focus on optimizing low-efficiency stores [2] - The average sales area per store has increased by 7.2%, reflecting a strategy of tailored store adjustments [2] - Inventory management has improved, with inventory down 4.5% to 6 billion yuan and inventory turnover days at 134.9 days, a slight improvement [2] Group 4: Profitability and Cost Management - FY2025 gross margin is 38.4%, down 3.4 percentage points, with a slight increase in expense ratio to 33.1% [2] - Operating profit margin (OPM) is 5.9%, and net profit margin is 4.8%, both showing declines [2] - The company has managed to maintain cash flow, with net cash increasing by 20% to 3.76 billion yuan, which is 2.6 times the net profit [2]

Core Viewpoint - The company reported FY25 results that were in line with expectations, showing a revenue decline of 6.6% year-on-year and a significant drop in net profit attributable to shareholders by 42% to 1.29 billion RMB [1][2]. Financial Performance - The company plans to distribute a final and special dividend of 0.14 RMB per share, resulting in an annual payout ratio of 135%, maintaining a high dividend distribution [1]. - Revenue decline was attributed to weak demand and pressure on offline foot traffic, with a 5.4% year-on-year decrease in revenue for the second half of FY25, which was an improvement compared to the first half [1]. - Retail business revenue for the first and second halves of FY25 decreased by 8.9% and 4.8% year-on-year, respectively, due to increased inventory clearance in online channels [1]. - The main brand's revenue fell by 6.1% year-on-year, while other brands saw a 9.9% decline, primarily due to weakness in the leisure sports segment [1]. - The company closed 1,382 stores, reducing the total to 5,020, with total sales area decreasing by 12% year-on-year [1]. Operational Efficiency - The company maintained a cautious approach to store openings and accelerated the elimination of inefficient stores [1]. - Despite revenue pressures, the company achieved a 20% year-on-year increase in operating cash flow, reaching 3.77 billion RMB, supported by effective working capital management [2]. - Inventory decreased by 4.5% year-on-year, and accounts receivable dropped by 43%, reducing cash consumption [2]. Future Outlook - The company holds a cautiously optimistic view for the new fiscal year, focusing on efficiency and profit improvement, with plans to continue cost reduction and efficiency enhancement [2]. - For FY26, the company expects net profit to remain flat year-on-year, with an improvement in net profit margin [3]. - The EPS forecast for FY26 has been revised down by 24% to 0.21 RMB, with an introduction of FY27 EPS forecast at 0.26 RMB [3]. - The current stock price corresponds to 13/11 times the FY26/27 earnings, with a target price of 3.10 HKD, reflecting a stable valuation [3].

Core Viewpoint - The company experienced a decline in revenue and net profit in FY2025, attributed to weak consumer demand and reduced foot traffic, but maintained strong cash flow supporting high dividend payouts [1][2][3] Group 1: Financial Performance - FY2025 revenue decreased by 6.6% year-on-year to 27.01 billion yuan, with retail channel revenue down 6.8% to 23.03 billion yuan and wholesale channel revenue down 5.8% to 3.79 billion yuan [1] - Net profit fell by 41.9% year-on-year to 1.29 billion yuan, with a gross margin decline of 3.4 percentage points to 38.4% due to increased promotional discounts and a higher proportion of low-margin online sales [1] - Operating cash flow increased by 20% year-on-year to 3.76 billion yuan, with a free cash flow to net profit ratio of 2.6 times, indicating efficient cash generation [1] Group 2: Operational Strategy - The company reduced its direct store count by 1,124 to 5,020, a decrease of 18.3% year-on-year, while total sales area declined by 12.4%, but single-store sales area increased by 7.2% [2] - Membership sales accounted for 93.2% of total sales, with high-value members contributing nearly 40% of sales, reflecting strong customer loyalty [2] - The company strategically entered the outdoor and professional sports market, becoming the exclusive operator for high-end brands like norda and Norrona in China [2] Group 3: Future Outlook - In Q4 FY2024, total sales for retail and wholesale businesses saw a mid-single-digit decline, with a more significant reduction in direct store area [3] - Management expressed cautious optimism for the new fiscal year, aiming for net profit to remain flat year-on-year while improving net profit margin through cost reduction and increased online channel sales [3] - The company adjusted its profit forecasts for FY2026-2028, expecting net profits of 1.30 billion, 1.46 billion, and 1.63 billion yuan respectively, reflecting a modest growth trajectory [3]

Core Viewpoint - The company reported its FY25 financial results, showing a revenue decline of 6.6% to 27.01 billion yuan and a net profit drop of 42% to 1.29 billion yuan, which aligns with expectations [1] Revenue and Profit Analysis - The decline in revenue and profit was primarily due to weak offline customer traffic and ongoing inventory destocking, despite positive growth from online channels [1] - The main brand revenue decreased by 6.1% to 23.31 billion yuan, while non-main brand revenue fell by 9.9% to 3.50 billion yuan [1] Dividend Distribution - The company plans to distribute a final dividend of 0.02 yuan per share and a special dividend of 0.12 yuan per share, totaling 0.28 yuan per share, with a payout ratio of 135.0% [1] Brand Performance - Professional sports brands showed stronger resilience, while casual sports brands were significantly impacted by consumer fatigue [1] - Recent partnerships with high-end running brand Soar and outdoor brand further enhance the company's market presence [1] Channel Performance - Direct sales revenue decreased by 6.8% to 23.03 billion yuan, with a significant drop in offline store traffic and a reduction in the number of stores by 18.3% to 5,020 [2] - Online business maintained double-digit growth, accounting for 30-40% of overall direct sales [2] Inventory and Cash Management - Inventory improved, with a year-on-year decrease of 4.5% and a cash flow from operating activities increasing by 20% to 3.76 billion yuan [2] - The company demonstrated strong cash management capabilities, with cash at the end of the period growing by 32.3% to 2.59 billion yuan [2] Profitability and Cost Control - Gross margin decreased by 3.4 percentage points to 38.4%, influenced by deeper discounts and changes in the sales mix [3] - Total expenses fell by 5.6%, with a slight increase in expense ratio despite a revenue decline [3] Strategic Partnerships and Market Outlook - The company has deepened cooperation with major brands like NIKE and Adidas, enhancing retail operations and channel optimization [4] - Profit forecasts for FY26-28 have been adjusted downwards, with expected net profits of 1.29 billion, 1.42 billion, and 1.55 billion yuan respectively [4]

★ 宏观动态 ★ 央行、外汇局就境内企业境外上市资金管理有关问题的通知公开征求意见 为完善并统一境内企业境外直接上市相关跨境资金管理，提升境内企业跨境融资便利化水平，扎实推进高水平 对外开放，中国人民银行、国家外汇管理局起草了《关于境内企业境外上市资金管理有关问题的通知（征求意 见稿）》，现向社会公开征求意见。其中提到，统一本外币管理政策。境外上市募集资金、减持或转让股份等 所得可以外币或人民币调回，相关资金均可使用资本项目结算账户汇出入。以人民币调回的，还可使用境内企 业人民币银行结算账户。参与H股"全流通"的上市主体对境内股东的分红款在境内以人民币形式派发。企业募 集资金境内使用和外汇风险管理更为灵活便利。境外上市募集资金以外币调回的可自主结汇使用。上市主体可 自主选择外汇风险管理途径，通过银行或券商办理即期结售汇及套期保值交易。 商务部：1—4月全国吸收外资3207.8亿元人民币 管理办法明确，根据法律、行政法规规定，在互联网服务中需要登记、核验用户真实身份信息的，可以使用网 号、网证依法进行登记、核验。减少个人身份信息的采集、留存，实现身份数据"可用不可见"的效果，同时也 降低个人信息保护方面投入成本 ...

Investment Rating - The report assigns a rating of "Outperform" for the company, indicating an expected total return over the next 12-18 months that exceeds the return of its relevant broad market benchmark [19]. Core Insights - The company's operating revenue for the 2024/25 fiscal year was 27.01 billion yuan, a decrease of 6.6% year-on-year, with the decline in the second half narrowing to 5.4% compared to 7.9% in the first half [2][8]. - The retail business, the main revenue source, saw a 6.8% decline to 23.03 billion yuan, with improvements in the second half attributed to online sales initiatives [2][8]. - The gross margin decreased by 3.4 percentage points to 38.4%, while net profit fell by 41.9% to 12.85 billion yuan, influenced by increased discount rates and changes in sales channel mix [4][10]. - The company reported strong cash generation capabilities, with net cash flow from operating activities increasing by 20% to 3.76 billion yuan, supporting a high dividend payout ratio of 135% [5][11]. Summary by Sections Revenue Performance - The company's revenue was under pressure, with a total of 27.01 billion yuan for the fiscal year, down 6.6% year-on-year. The retail business, which is the primary revenue source, declined by 6.8% to 23.03 billion yuan [2][8]. Online Business Growth - The company has focused on increasing its online business, achieving double-digit growth year-on-year, with online sales accounting for 30% to 40% of total direct sales [3][9]. Profitability and Cost Management - The overall gross margin decreased by 3.4 percentage points to 38.4%, while net profit dropped by 41.9% to 12.85 billion yuan. The company aims to improve efficiency and profit margins in the upcoming fiscal year [4][10]. Cash Flow and Dividends - The company demonstrated strong cash generation, with net cash flow from operating activities at 3.76 billion yuan, and proposed a total annual dividend of 0.28 yuan per share, reflecting a payout ratio of 135% [5][11].

业绩简评 公司于 5 月 22 日公布 FY2025 年报。全年实现营收 270.13 亿元， 同降 6.69%，归母净利润 12.86 亿元，同降 41.89%，公司 FY25 年 宣告派发股息 0.28 元，派息率约 135%，维持买入评级。 经营分析 消费疲软影响流水，精简渠道持续提效。FY25 公司主力品牌/其他 品牌同比下降 6.1%/9.9%至 233.11/35.05 亿元，主要受到终端消 费疲软，线下客流持续下降影响。分渠道来看，公司线下聚焦高效 大面积门店，加速淘汰低效门店，FY25 期末门店数为 5020 家，同 比下降 1124 家，平均门店面积同比增长 7.2%，期间单店收入同比 增长约 14%，公司举办多样化营销活动增强会员粘性，FY25 末会 员数量达 8600 万，同比增长 500 万，会员贡献店内销售额比例达 93.2%，其中复购会员消费占会员整体 70%。线上方面 FY25 公司包 括公域和私域在内的线上销售额同比录得双位数增长，公司聚焦 平台电商+内容电商+私域运营全面组合，充分挖掘线上渠道潜力， 对线下销售形成了较好补充。 毛利率短期承压，费用率预计持续优化。FY25 全 ...

体育资本市场似乎进入"地震高发期"。 就在斯凯奇收购案过去不到一个月，又一宗十亿美元级别的交易出现：美国当地时间5月15日，全美第一大体育用品零售商迪克体育用 品（DICK'S Sporting Goods）确认以24亿美元（折合约人民币173亿元）的价格收购运动鞋零售商富乐客（Foot Locker）。 迪克体育官方公告确认，收购方式为现金加新债结合，企业估值达到25亿美元，收购完成后富乐客仍将作为独立业务部门运营，并保留旗下品牌 的独立性。当然，鉴于迪克体育在美国业内的体量，这次收购还需要经过反垄断的审查才能正式落地。 对于这次交易，CNN将其描述为迪克体育"对公司未来的前瞻性决策"。路透社则称这是迪克体育"应对低靡消费需求和全球贸易变局的举措"。 此次收购富乐客也不例外，由于富乐客有不少位于核心商圈的门店，迪克体育可以借此整合双方渠道，覆盖更多消费人群和地理区间。"尽管在店 铺区位上会有部分重合，迪克体育和富乐客门店的属性并不相同，后者将让迪克体育触达更多的商场和消费者。"数据公司Globaldata的总经理尼 尔·桑德斯表示。 然而向海外扩张才是迪克体育拿下富乐客的主要原因。作为有着近50年历史的运动 ...

上 市 公 司 商业贸易 2025 年 05 月 23 日 滔搏 (06110) ——业绩符合预期，派发特别股息提升股东回报 报告原因：有业绩公布需要点评 买入（维持） | 市场数据： | 2025 年 05 月 22 日 | | --- | --- | | 收盘价（港币） | 3.09 | | 恒生中国企业指数 | 8557.64 | | 52 周最高/最低（港币） | 5.82/2.11 | | H 股市值（亿港币） | 191.62 | | 流通 H 股（百万股） | 6,201.22 | | 汇率（人民币/港币） | 1.0886 | 一年内股价与基准指数对比走势： -58% -8% 42% 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 本研究报告仅通过邮件提供给 中庚基金 使用。1 投资要点： 财务数据及盈利预测 | 货币单位：人民 ...

[Table_Title] 研究报告 Research Report 23 May 2025 滔搏国际 Topsports International Holdings (6110 HK) 24/25 财年营收利润承压，现金强劲派息稳定 Revenue and Profit Under Pressure in the 24/25 Fiscal Year, with Strong Cash Flow and Stable Dividends 寇媛媛 Yuanyuan Kou yy.kou@htisec.com [Table_yemei1] 热点速评 Flash Analysis [Table_summary] (Please see APPENDIX 1 for English summary) 事件：2025 年 5 月 22 日，滔搏国际控股有限公司（简称"公司"）举行 2024/25 财年业绩发布会。 公司业务营收表现承压，零售业务调整成效初显。 公司 24/25 财年营业收入为 270.1 亿元，同比下降 6.6%。其中 下半年同比下滑 5.4%，相比上半年 7.9%的跌幅有所收窄。主要因素是消费环境疲 ...