滔搏(06110) - 2025 - 年度财报

Financial Performance - Revenue for the fiscal year ending February 28, 2025, was RMB 27,012.9 million, a decrease of 6.6% from RMB 28,933.2 million in the previous year[6] - Gross profit decreased to RMB 10,383.4 million, down 14.1% from RMB 12,080.8 million, resulting in a gross margin of 38.4% compared to 41.8% last year[6] - Profit attributable to equity holders decreased by 41.9% to RMB 1,286.0 million, down from RMB 2,213.0 million, leading to a profit margin of 4.8% compared to 7.6% previously[6] - Operating profit fell to RMB 1,592.7 million, a decline of 42.8% from RMB 2,786.5 million, with an operating margin of 5.9% versus 9.6% last year[6] - The company's total revenue for the fiscal year decreased by 6.6% year-on-year to RMB 27,012.9 million, impacted by weak consumer demand and declining offline foot traffic[17] - Gross profit margin fell by 3.4 percentage points to 38.4%, while profit attributable to equity holders decreased by 41.9% to RMB 1,286.0 million, resulting in a profit margin of 4.8%[17] Cash Flow and Dividends - The company generated a net cash inflow from operating activities of RMB 3,755.3 million, an increase of 20.0% year-on-year, which is 2.9 times the profit attributable to equity holders[8] - The board proposed a final dividend of RMB 2.00 per share and a special dividend of RMB 12.00 per share, resulting in a total dividend payout ratio of 135.0%, an increase of 34.1 percentage points year-on-year[8] - Cash and cash equivalents increased by 32.3% year-on-year to RMB 2,587.4 million, despite a 43.5% decline in pre-tax profit[18] - The company maintained a high dividend payout ratio of 135.0%, with total dividends distributed since its listing amounting to RMB 12.96 billion[18] Inventory and Management - Inventory decreased by 4.5% year-on-year, aligning with revenue trends, and the average inventory turnover period improved[9] - The company implemented a dynamic forecasting model to enhance inventory management and improve cash flow amidst challenging market conditions[9] - Inventory management improved, with total inventory amount effectively controlled and turnover efficiency recorded as improved by the end of the fiscal year[25] - As of February 28, 2025, the group's inventory net amount is RMB 6,004.0 million, with a cumulative impairment provision of RMB 218.6 million recognized in the consolidated income statement[187] Store and Sales Performance - The total number of stores decreased by 18.3% year-on-year to 5,020, with a total sales area reduction of 12.4%[20] - Online sales, including both public and private domains, experienced double-digit growth year-on-year, with direct online sales accounting for 30%-40% of total direct sales[24] - The company launched new retail experience spaces, including concept stores, to cater to the dual needs of functionality and social interaction for younger consumers[22] - The sales contribution from members accounted for 93.2% of total in-store retail sales (including VAT) as of August 31, 2023[30] Strategic Partnerships and Brand Development - The company has formed deep partnerships with over 20 brands, expanding its brand matrix to include diverse running and outdoor brands for the Chinese market[12] - The company launched the SOAR Running brand in China, focusing on high-performance and personalized running gear, with plans for online flagship stores and offline presence[31] - The partnership with the high-end outdoor brand Norrøna aims to enhance brand promotion and market penetration in China, leveraging both online and offline strategies[32] Sustainability and ESG Initiatives - The company achieved a significant milestone in sustainable development, receiving LEED Gold certification for its green stores, showcasing its commitment to ecological responsibility[13] - The company's ESG rating improved by two levels to AA, reflecting its leadership in the Chinese consumer goods industry[13] - The company has set a ten-year carbon reduction target in response to the UN Sustainable Development Goals and national carbon neutrality objectives[34] - The group is committed to reducing the environmental impact of its business activities and has complied with relevant laws and regulations[112] Corporate Governance and Board Structure - The board consists of two executive directors, three non-executive directors, and three independent non-executive directors as of February 28, 2025[133] - The board held a total of five meetings during the fiscal year ending February 28, 2025, in accordance with operational and business development needs[138] - All independent non-executive directors confirmed their independence in writing, ensuring compliance with listing rules[140] - The company has adopted a corporate governance code and believes it has complied with all applicable provisions for the fiscal year ending February 28, 2025, except for one[132] Risk Management and Internal Controls - The audit committee is responsible for overseeing the financial reporting process of the group[196] - The company has established an internal audit department that operates independently and conducts audits based on an annual plan approved by the audit committee[165] - The company has implemented a comprehensive review of the risk management and internal control systems for the fiscal year ending February 28, 2025[166] - The company has identified significant risks affecting its strategic objectives, prioritizing them based on likelihood and impact[164] Employee and Stakeholder Engagement - The total number of employees as of February 28, 2025, is approximately 27,279, with 17.0% male and 83.0% female[158] - The group emphasizes corporate social responsibility, ensuring fair treatment of employees and contributing to the community while providing quality products and services[174] - The company has established a whistleblowing policy allowing employees and business partners to report misconduct confidentially[173] - The board is committed to maintaining effective communication with investors and shareholders through regular financial reports, investor briefings, and shareholder meetings[176]