ESG年报解读｜滔搏日均闭店近4家，员工流失率超34%，靠人效提升缓解经营压力

Core Viewpoint - The company, Tabo, has achieved an MSCI ESG rating upgrade from BBB to AA, becoming the first and only AA-rated enterprise in China's sports goods industry, reflecting significant progress in its environmental, social, and governance (ESG) practices [2][4]. Financial Performance - For the fiscal year 2024/25, Tabo reported a revenue of 27.01 billion yuan and a net profit of 1.29 billion yuan, marking a 41.9% decline in net profit, which is the lowest since its listing [2][12]. - The total number of Tabo's direct-operated stores decreased from 6,144 in 2024 to 5,020 in 2025, a reduction of 1,124 stores or 18.3% [7][9]. ESG Initiatives - Tabo implemented various measures for green operations, including a 3.4% reduction in direct energy consumption to 822.0 MWh and a 14.0% decrease in water usage to 13,270.7 cubic meters [4][5]. - The company has set a carbon reduction target to decrease absolute greenhouse gas emissions by 40.2% by the fiscal year 2034/35 and has begun detailed assessments of Scope 3 emissions [4][14]. Store Closures and Operational Efficiency - The company closed an average of nearly four stores daily, leading to a total reduction of 3,375 stores over seven years, representing a closure rate of approximately 40.2% [7][9]. - The closure of low-efficiency stores has contributed to a decrease in overall energy consumption and waste generation, aligning with Tabo's ESG goals [9][10]. Employee Metrics - Tabo's workforce decreased to 27,279 employees, down by 2,179 from the previous year, with an employee turnover rate of 34.35%, an increase of 2.26% [10]. - Despite the reduction in employee numbers, Tabo reported a slight increase in revenue per employee from 982,000 yuan to 990,000 yuan, a rise of 0.82% [10]. Brand Diversification - To reduce reliance on core brands like Nike and Adidas, which account for 86.3% of revenue, Tabo is expanding its partnerships with high-end niche brands, although challenges remain in market recognition and pricing strategies [12][14]. - Over 70% of Tabo's brand partners have set carbon reduction targets, with 50% committing to carbon neutrality by 2050 [13].