Core Viewpoint - The company expects a decline in revenue and profit for the fiscal year ending December 31, 2025, primarily due to operational de-leveraging and a challenging market environment in mainland China [1] Group 1: Financial Performance - The company anticipates revenue of approximately RMB 17.132 billion and a profit attributable to shareholders of about RMB 211 million for the fiscal year 2025, representing a decrease of approximately 7.2% and 57.1% compared to the fiscal year 2024, respectively [1] - The decline in profit is mainly attributed to operational de-leveraging, exacerbated by low consumer confidence and high inventory levels in the mainland market [1] Group 2: Market Conditions - The retail environment is characterized by severe price competition due to high inventory levels and weak consumer traffic, leading to a median same-store sales decline of 10% to 20% [1] - The performance of franchise channels has been significantly impacted by weak traffic in lower-tier cities [1] Group 3: Strategic Initiatives - The company is focusing on enhancing its omnichannel capabilities and has adopted a highly agile decision-making model to strengthen its online presence, which has shown steady sales momentum, partially offsetting the weak performance of retail stores [1] - Despite ongoing efforts to manage inventory prudently, optimize inventory age structure, strengthen digital capabilities, and control expenses, the pressure from discounts and declining sales volume has significantly affected profitability [1] Group 4: Future Outlook - Given the uncertain economic environment, the company is implementing a rigorous channel planning and inventory management strategy to maintain a robust financial position [2] - The company conducted several share buyback transactions in January 2026, reflecting confidence in its long-term development prospects and intrinsic value amid a volatile market [2]
宝胜国际发盈警 预期2025年股东应占溢利约2.11亿元 同比减少约57.1%