Core Viewpoint - The company reported a decline in revenue and net profit for the first half of the 2026 fiscal year, with a revenue of 12.3 billion RMB, down 5.8% year-on-year, and a net profit of 790 million RMB, down 9.7% year-on-year, while maintaining a high dividend payout ratio of 102.2% [4][5]. Financial Performance - The company's total sales for the first half of the 2026 fiscal year saw a decline in both quarters, with sales dropping in the mid-single digits to high single digits year-on-year [5]. - Gross margin decreased by 0.1 percentage points to 41.0%, operating margin fell by 0.5 percentage points to 8.1%, and net profit margin declined by 0.3 percentage points to 6.4% [5]. Revenue Breakdown - Revenue from the main brands (Nike and Adidas) decreased by 4.8%, while revenue from other brands fell by 12.2%. The total number of stores decreased by 332 [6]. - The revenue distribution by brand shows that the main brands accounted for 87.9% of total revenue, while other brands contributed 11.5% [6]. Store Performance - As of August 2025, the company operated 4,688 stores, a net decrease of 332 stores since February 2025, with total sales area down 14.1% year-on-year, but average store size increased by 6.5% [6]. Cost and Cash Flow - The company experienced a slight increase in expense ratio by 0.1 percentage points to 33.3%, with selling, general, and administrative expenses showing mixed trends [7]. - Inventory decreased by 2.8% quarter-on-quarter to 5.83 billion RMB, while operating net cash flow dropped significantly by 48.2% year-on-year to 1.35 billion RMB [7].
【滔搏（6110.HK）】上半财年需求波动致业绩下滑，持续提升全域零售能力——2026财年中期业绩点评（姜浩/孙未未/朱洁宇）
光大证券研究·2025-10-23 09:46