滔搏：持续深化品牌合作，高股息提升回报率-20250528

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 3.6 for the fiscal year ending February 2026, based on a 16x PE ratio [1][6]. Core Insights - The company reported a revenue decline of 6.6% year-on-year to RMB 27.01 billion for FY25, primarily due to weak offline consumption and reduced foot traffic. The net profit attributable to shareholders fell by 41.9% to RMB 1.286 billion, indicating that profit decline outpaced revenue decline due to high fixed costs associated with offline operations [2][3]. - Despite the challenges, the company achieved a 20% year-on-year increase in operating cash flow, reaching RMB 3.755 billion, demonstrating strong cash flow management [2][3]. - The company declared a final dividend of HKD 0.02 per share and a special dividend of HKD 0.12 per share, resulting in a total payout ratio of 135%, reflecting its commitment to shareholder returns [2][3]. Financial Summary - For FY25, the company’s revenue was RMB 27,013 million, with a projected revenue of RMB 26,438 million for FY26, indicating a further decline of 2.1% [4][11]. - The gross margin decreased by 3.4 percentage points to 38.4% due to increased discounting and inventory clearance [2][4]. - The earnings per share (EPS) for FY26 is projected to be RMB 0.21, with a slight increase to RMB 0.22 in FY27 and RMB 0.23 in FY28 [1][4]. Operational Efficiency - The company continues to optimize its store structure, reducing the number of direct-operated stores by 18.3% to 5,020, while the sales area decreased by 12.4%, indicating a focus on operational efficiency [3][4]. - The company is enhancing its single-store operational capabilities and plans to open new stores focusing on key brands and specialized categories [3][4]. Market Position - The main brands, Nike and Adidas, saw a revenue decline of 6.1% to RMB 23.31 billion, while other brands experienced a 9.9% drop to RMB 3.50 billion [2][3]. - The company is expanding its partnerships with both international and domestic sports brands, aiming to capture a larger market share as retail consumption improves [3][4].