Group 1 - Southbound funds reduced their holdings in Baoshan International (03813.HK) by 9,000 shares on March 30 [1] - Over the past 5 trading days, there have been 5 days of net reductions by southbound funds, totaling 1.017 million shares [1] - In the last 20 trading days, there have been 20 days of net reductions, amounting to 2.715 million shares [1] Group 2 - As of now, southbound funds hold 14.371 million shares of Baoshan International, representing 0.27% of the company's issued ordinary shares [1] - Baoshan International Holdings Limited primarily engages in the distribution and retail of sports apparel and footwear [1] - The company operates through two segments: the sales of sports apparel and footwear segment, and the commission sales of licensed counters segment [1]

Group 1 - The company, Baoshan International (03813), announced the cancellation of 10.665 million shares that were repurchased, effective March 24, 2026 [2]

Group 1 - The company, Baoshan International (03813.HK), announced the cancellation of a total of 10.665 million shares repurchased as of March 24, 2026 [1]

Group 1 - The company Baoshan International (03813.HK) announced the cancellation of 10.665 million repurchased shares on March 24, 2026 [1] - As of March 24, 2026, Baoshan International's stock closed at HKD 0.42, reflecting a 1.2% increase with a trading volume of 506,000 shares and a turnover of HKD 211,300 [1] - Investment banks predominantly rate the stock as outperforming the market, with one bank issuing an outperform rating in the last 90 days and a target average price of HKD 0.49 [1] Group 2 - Baoshan International has a market capitalization of HKD 2.21 billion and ranks 6th in the professional retail industry [2]

Group 1 - The company, Baoshan International (03813), announced the cancellation of 10.665 million repurchased shares on March 24, 2026 [1]

FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 公司名稱： Pou Sheng International (Holdings) Limited 寶勝國際(控股)有限公司 (於百慕達註冊成立之有限公司) 呈交日期： 2026年3月24日 第 1 頁 共 6 頁 v 1.3.0 | 3). 購回股份 (股份購回並註銷) | -447,000 | 0.0084 % | HKD | 0.475 | | | --- | --- | --- | --- | --- | --- | | 於 2026年1月6日購回並於2026年3月24日註銷之股份 | | | | | | | 2026年3月24日 變動日期 | | | | | | | 4). 購回股份 (股份購回並註銷) | -3,850,000 | 0.0723 % | HKD | 0.485 | | | 於 2026年1月9日購回並於2026年3月24日註銷之股份 | | | | | | | 變動日期 2026年3月24日 | | | | | | | 5). 購回股份 (股份 ...

Core Viewpoint - The financial performance of Baosheng International in 2025 indicates a significant decline, resembling its status a decade ago, suggesting a structural slowdown rather than a mere cyclical downturn [1][3]. Financial Performance - In 2025, Baosheng International reported a revenue of 17.132 billion RMB, a decrease of 7.2% year-on-year, with operating profit plummeting by 49% to 362 million RMB, marking the worst profit performance in nearly a decade [3][4]. - The net profit attributable to shareholders fell nearly 60% to 211 million RMB from 491 million RMB the previous year [3][4]. Store Operations - By the end of 2025, the total number of direct-operated stores in Greater China decreased to 3,310, with a net reduction of 138 stores, significantly higher than the 75 stores closed in 2024 [5][6]. - Same-store sales continued to decline in the double digits, indicating pressure on the channel, with the company attributing this to insufficient consumer confidence and intensified discount competition [5][6]. Business Model and Market Position - Baosheng International's origins as a distribution channel for major brands like Nike and Adidas have created a high dependency on these clients, limiting its operational flexibility [9][10]. - The company's traditional wholesale logic, effective during the "incremental era," is now challenged by the need for improved operational capabilities and brand storytelling in the current retail landscape [8][10]. Brand Diversification Efforts - In an attempt to revitalize growth, Baosheng has introduced new brands such as XEXYMIX, Dynafit, and PONY 1972, targeting different market segments [15][17]. - XEXYMIX aims to capture the female sports market but faces challenges in brand positioning and market saturation [17][18]. - Dynafit focuses on professional outdoor sports but struggles with limited market size and consumer base, which may hinder its growth potential [22][23][41]. Competitive Landscape - The shift in the industry from product sales to brand storytelling highlights the challenges faced by traditional distributors like Baosheng, as they navigate a market increasingly defined by consumer engagement and brand loyalty [44][45]. - Comparatively, competitors like Taobo Sports are adopting a more focused strategy, emphasizing partnerships with brands that can dominate their respective segments, thus positioning themselves more effectively in the market [30][33].

Group 1 - The core viewpoint of the news is that Baoshan International (03813.HK) has improved its ESG rating from BB to BBB according to the latest ESG rating results published by Huazheng Index, ranking 7th among 14 retail industry companies listed in Hong Kong [1] Group 2 - Baoshan International's E score is 75.81, rated BB, ranking 4th in the industry [1] - The S score for Baoshan International is 78.93, also rated BB, ranking 8th in the industry [1] - The G score is 84.56, rated BBB, ranking 5th in the industry [1]

Group 1 - Southbound funds reduced their holdings in Baoshan International (03813.HK) by 8,000 shares on March 18 [1] - Over the past 5 trading days, there have been reductions in southbound fund holdings for 5 days, totaling a net reduction of 141,000 shares [1] - In the last 20 trading days, southbound funds have reduced their holdings for all 20 days, with a cumulative net reduction of 270,700 shares [1] Group 2 - As of now, southbound funds hold 14.38 million shares of Baoshan International, accounting for 0.26% of the company's issued ordinary shares [1] - Baoshan International Holdings Limited primarily engages in the distribution and retail of sports apparel and footwear products [1] - The company operates through two segments: the sales of sports apparel and footwear segment, which involves wholesale sales, and the franchise counter sales commission segment, which provides retail space for retailers and distributors [1]

Investment Rating - The investment rating for the company is "Outperform the Market" [6][4][43] Core Insights - The company is facing revenue and profit pressure in 2025, with a projected revenue of 17.132 billion HKD, down 7.2% year-on-year, primarily due to fluctuations in offline foot traffic [1][4] - The gross margin decreased by 0.7 percentage points to 33.5%, influenced by deeper discounts and increased e-commerce-related expenses [1] - The company is focusing on enhancing its online channel capabilities, with online sales contributing over 30% of total revenue, and a significant increase in sales through platforms like Douyin [2][4] Summary by Sections Financial Performance - In 2025, the company reported a net profit of 211 million HKD, a decline of 57% year-on-year, attributed to increased discounts and e-commerce costs [1][4] - The inventory turnover days were 160 days, with a 2.9% decrease in inventory from the previous quarter [1] - The company maintained a stable dividend payout of 0.027 HKD per share, with a payout ratio of 60% [1] Sales and Channel Strategy - Offline same-store sales declined by 10-20% due to poor foot traffic, leading to a net reduction of 138 direct stores [2] - The online channel saw significant growth, with Douyin sales increasing over 70% year-on-year, and membership numbers rising by 7% to 65.8 million [2] Future Outlook - For 2026, the company expects a stabilization in sales and an improvement in gross margins due to operational adjustments and better price control [3] - The company plans to enhance its retail strategy and optimize its online operations, particularly through live streaming and integrating micro-stores [3] - The upcoming 2026 Winter Olympics is anticipated to boost consumer demand, supporting the company's recovery [4][43]