滔搏：Grim outlook but dividend is attractive

12 Sep 2024 CMB International Global Markets | Equity Research | Company Update Topsports (6110 HK) Grim outlook but dividend is attractive What is new? Topsports reported a profit warning for 1H25E (ending Aug 2024). The Company is now expecting an around 35% YoY net profit drop in 1H25E (vs RMB 1.3bn in 1H24), due to: 1) worse-than-expected offline traffic, hence a meaningful SSS drop and significant operating deleverage and 2) decline in GP margin as a result of higher retail discounts and greater sales ...