Investment Rating - The investment rating for the company is downgraded to Neutral [7][9]. Core Insights - The company's performance in 2025 is expected to be below expectations, with uncertainties surrounding recovery. Revenue and net profit are projected to decline by 7.2% and 57.1% year-on-year, respectively, primarily due to weak offline channels, increased discounts, and operational deleveraging [8][9]. - The target price has been adjusted down to HKD 0.49 from HKD 0.74, based on a revised earnings multiple of 6 times the 2026 forecast [9]. - Despite facing uncertainties, the company offers a relatively high dividend yield, providing some downside protection [8]. Financial Overview - Revenue projections for 2026 are set at RMB 16,802 million, reflecting a decrease of 6% from previous estimates [10]. - Net profit for 2026 is forecasted at RMB 390 million, down 24% from earlier predictions [10]. - The gross profit margin is expected to decline to 33.7%, a drop of 1.1 percentage points from prior estimates [10]. Sales Performance - The company experienced a significant decline in same-store sales, with a drop of 10-20% in the year, primarily due to weak foot traffic in physical stores [8]. - Online sales have shown improvement, with revenue contribution rising to over 30%, and sales through live-streaming platforms like Douyin increasing by over 70% [8]. Market Conditions - Early signs of recovery were noted in January and February 2026, with retail sales showing a slight year-on-year increase of 0.9% [8]. - However, the sustainability of this recovery remains uncertain due to external market conditions and competitive pressures [8].

Group 1 - Southbound funds reduced their holdings in Baoshan International (03813.HK) by 400,000 shares on March 13 [1] - Over the past 5 trading days, there have been reductions in southbound funds for 5 days, with a total net reduction of 1,237,000 shares [1] - In the last 20 trading days, southbound funds have reduced their holdings for all 20 days, totaling a net reduction of 2,564,000 shares [1] Group 2 - As of now, southbound funds hold 14,588,000 shares of Baoshan International, accounting for 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 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]

格隆汇3月13日丨宝胜国际(03813.HK)公告，3月13日耗资145.9万港元回购327.2万股。 相关事件 宝胜国际(03813.HK)3月13日耗资145.9万港元回购327.2万股 宝胜国际(03813.HK)3月12日耗资105.7万港 元回购244.6万股 ...

宝胜国际(03813)发布公告，于2026年3月13日，该公司斥资145.87万港元回购327.2万股股份，每股回购 价0.435-0.45港元。 ...

智通财经APP讯，宝胜国际(03813)发布公告，于2026年3月13日，该公司斥资145.87万港元回购327.2万 股股份，每股回购价0.435-0.45港元。 ...

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13日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 | 是 | | | 證券代號 (如上市) | 03813 | 說明 | | | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | | | | 已發行股份（不 ...

Core Viewpoint - The main theme for BaoSheng International over the past year has been inventory reduction and betting on new brands, as the company faces significant declines in revenue and profit due to increased competition and reliance on major international brands [1][4]. Financial Performance - For the fiscal year ending December 31, 2025, BaoSheng International reported a revenue of 17.132 billion yuan, a year-on-year decrease of 7.2% [1]. - Operating profit fell to 362 million yuan, down 49% year-on-year, marking the company's worst performance in nearly a decade [1]. - Profit attributable to shareholders was 211 million yuan, a decrease of 57.1% compared to 491 million yuan in the same period of 2024 [1]. Store Operations - The company closed over 100 stores in the past year, reducing the total number of stores to 3,310 [1]. - Direct store sales experienced a decline of 10% to 20%, with a net reduction of 138 stores in Greater China by the end of 2025 [2]. Inventory and Cash Flow - As of the end of 2025, inventory amounted to 5.02 billion yuan, an increase of 1.5% from the previous year, with the average inventory turnover period extending from 145 days to 160 days [3]. - Cash and cash equivalents decreased by 54.9% to 640 million yuan, with bank balances dropping from 2.703 billion yuan to 1.822 billion yuan [3]. Strategic Initiatives - To reduce dependence on major brands like Nike and Adidas, the company is focusing on developing its proprietary brand matrix, with a particular emphasis on the Korean yoga brand XEXYMIX [4]. - The company plans to enhance its online operations and has seen digital sales contribute over 30% to total revenue, with live streaming sales growing by over 70% [3][4]. Future Outlook - BaoSheng International aims to diversify its brand portfolio, penetrate lower-tier markets, and upgrade its digital capabilities as key strategies for overcoming current challenges [5]. - The company is also expanding its multi-brand outlet store network and strengthening partnerships with franchisees to enhance market penetration [5].

Group 1 - The core point of the article highlights that southbound funds have reduced their holdings in Baoshan International (03813.HK) by 400,000 shares on March 12, with a total net reduction of 865,000 shares over the last five trading days [1] - Over the past 20 trading days, southbound funds have consistently reduced their holdings in Baoshan International, totaling a net reduction of 2,224,000 shares [1] - As of now, southbound funds hold 14,988,000 shares of Baoshan International, which represents 0.28% of the company's total issued ordinary shares [1] Group 2 - 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, which involves wholesale distribution and retail through its own stores, department store counters, and online retail; and the commission from licensed counters, which provides retail space to retailers and distributors for licensed counter sales [1]

Core Viewpoint - Baoshan International (03813) announced a share buyback of 2.446 million shares at a total cost of HKD 1.0567 million on March 12, 2026, with a buyback price range of HKD 0.425 to HKD 0.44 per share [1]. Group 1 - The company executed a buyback of 2.446 million shares [1]. - The total expenditure for the buyback was HKD 1.0567 million [1]. - The price per share for the buyback ranged from HKD 0.425 to HKD 0.44 [1].

Core Viewpoint - The company, Baoshan International (03813), announced a share buyback program, indicating a strategic move to enhance shareholder value through repurchasing shares at a specified price range [1] Group 1: Share Buyback Details - The company will spend HKD 1.0567 million to repurchase 2.446 million shares [1] - The buyback price per share ranges from HKD 0.425 to HKD 0.44 [1]