7月11日，中共成都市委十四届七次全会召开。劲浪体育集团董事长赵瑜参加了本次全会，"全会上研究推进文商旅体深度融合发展，作为企业来说，这是 激励我们发展的动力。"面对红星新闻记者，赵瑜表达了自己的参会感受。 劲浪体育在成都可谓家喻户晓，甚至在中国的体育用品零售发展史上，这都是一个绕不开的名字。从1987年在成都刚成立时只有几平方米的小店，到如今 成为拥有1200余家门店、超过5000名员工的庞大体育用品零售商，并成为李宁、耐克、阿迪达斯、彪马等超30个国内外知名体育品牌的合作伙伴，劲浪体 育在风云变幻的零售市场中不断前行。从2017年开始，劲浪体育保持着每年25%的增长率，最高峰时零售额达到50亿元。 谈到劲浪体育在未来城市发展中会起到什么作用，赵瑜坦言："推动全民健身，积极参与到建设世界赛事名城的工作中去。我们是成都体育文化活动的参 与者，我也在思考怎样提升消费者对运动的需求？怎样提升文化体育事业的高质量发展？我想引导更多的人，不仅是热爱家庭，更要积极地参与到我们这 座美丽城市的运动生活方式中去。" 还有不到一个月的时间，成都世运会就要盛大开幕，作为体育人，赵瑜也有着自己的期待。他说："办好大型国际赛事，成 ...

迪卡侬南京百家湖店，占地1460平方米，位于江宁商圈黄金区位，新店依托江宁百家湖商圈的黄金区位优势，在繁华商圈中为消费者打造运动生活与购 物消费无缝衔接的体验，随时畅享沉浸式运动探索之旅。门店打造冲浪、攀岩等多元立体运动场景，搭配灯光与动态模特展示，为消费者提供运动与购物相 融合的双重体验。 新开业的三家迪卡侬门店同落脚城市黄金地段，均以核心商圈的交通辐射力、商业集聚效应和城市地标属性，实现运动生活场景的高效渗透，真正做 到"让运动触手可及"。 6月28日，迪卡侬上海新天地店、北京大吉巷店、南京百家湖店同日盛大开业，为三地运动爱好者带来焕然一新的一站式运动体验空间。此次三店同 启，不仅标志着品牌在都市核心商圈布局的进一步深化，更是其融入城市特色生活方式、构建运动生态新标杆的重要实践。 迪卡侬上海新天地店 核心商圈战略落子：差异化场景重构城市运动生活新地标 迪卡侬上海新天地店，面积1323平方米抢占地铁双轨交汇的市中心黄金三角，无缝衔接外滩、陆家嘴等城市地标，门店以金属质感建筑立面勾勒现代运 动美学，科学的动线规划让全品类运动装备陈列得井然有序，5 公里的黄金跑圈助力运动爱好者实现不同运动场景的无缝切换，同时， ...

Company Overview - CICC maintains the EPS forecast for Tmall (06110) at 0.21/0.26 HKD for FY26/27, with the current stock price corresponding to 12/10 times FY26/27 P/E, maintaining an outperform rating [1] - The target price is raised by 10% to 3.40 HKD, corresponding to 15/12 times FY26/27 P/E, indicating a 19% upside potential from the current stock price [1] Recent Performance - In Q1 FY26 (March to May), Tmall's total sales in retail and wholesale declined in the mid-single digits year-on-year, consistent with the company's expectations [2][3] - The retail channel's sales decline was less severe than that of the wholesale channel, primarily due to a double-digit drop in same-store traffic [3] - The total sales area of direct-operated stores decreased by 1.3% compared to the end of February, and by 12.3% year-on-year, although the average sales area per store continued to grow year-on-year [3] - Online sales grew year-on-year, with online direct sales accounting for approximately 40% of total direct sales [3] Inventory and Discounts - By the end of May, the total inventory decreased year-on-year, with the inventory-to-sales ratio remaining stable, aligning with management's expectations for inventory optimization [3] - The retail business experienced deeper discounts year-on-year due to inventory optimization and an increase in online business share, although the extent of discounting eased compared to the previous quarter [3] Category Performance - The professional sports category outperformed the overall market, while the mass sports category performed at an average level, and the sports leisure category faced relatively greater growth pressure [3] Future Outlook - In Q2 FY26, offline sales continue to be pressured by weak customer traffic, and online channel competition remains intense, particularly during the 618 shopping festival [4] - Management expects improvements in some brand orders in FY26 as product optimization and new elements are gradually introduced [4] - The company maintains its guidance for FY26, expecting net profit to remain flat year-on-year, with an improvement in net profit margin [4]

Financial Data and Key Metrics Changes - Net sales for Q1 fiscal 2025 were $1,350 million, down 0.9% year-over-year, resulting in a negative 3.7% comparable sales (comp) [13][26] - Operating income was $69.3 million, with diluted EPS at $0.68 and adjusted EPS at $0.76 [30] - Gross margin improved to 34%, a 60 basis point increase from the previous year, driven by merchandise margin expansion and favorable shrink [28][29] Business Line Data and Key Metrics Changes - Footwear and apparel were the strongest categories, remaining roughly flat year-over-year, while sports and recreation also showed improvement [14][26] - Athletic footwear posted a positive 4.5% comp, led by brands like Nike and Brooks, while the Jordan brand exceeded internal expectations [27][19] - Outdoor category faced challenges, particularly in ammunition sales, but fishing and firearms showed solid increases [14][28] Market Data and Key Metrics Changes - The company observed increased foot traffic from customers with household incomes over $100,000, indicating a shift towards value-seeking behavior among higher-income consumers [12][37] - E-commerce sales increased by 10% for the quarter, with penetration growing to over 10% [17][26] Company Strategy and Development Direction - The company is focused on new store expansion, planning to open 20 to 25 new stores in fiscal 2025, with five locations opened in Q1 [15][16] - E-commerce growth is a key pillar, with efforts to enhance the online shopping experience and expand product offerings [17][18] - The company is leveraging technology, including RFID and handheld devices, to improve inventory accuracy and customer experience [21][22] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism about navigating tariff impacts and consumer behavior, emphasizing the importance of value in a challenging economic environment [7][25] - The company is adjusting its guidance to account for various tariff scenarios, with sales expectations ranging from $5.97 billion to $6.26 billion [35][36] - Management noted the fragility of the U.S. consumer environment but remains confident in long-term growth strategies [24][25] Other Important Information - The company returned over $100 million of free cash flow to investors in Q1, including share repurchases and dividends [34] - Strategic actions taken to mitigate tariff impacts included pulling forward $85 million in domestic inventory receipts at pre-tariff prices [31][32] Q&A Session Summary Question: Retention of higher-income consumers - Management noted that retention among higher-income consumers has been strong, with these customers shopping more frequently across various product categories [41][42] Question: Performance in May and impact of Jordan brand - Management indicated that while May showed a slight decline, the Jordan brand continues to perform well, and they remain optimistic about Q2 due to upcoming shopping events [45][46] Question: Health of the consumer and impact of weather - Management attributed softness in certain categories to weather conditions and noted that consumer behavior is cautious, with a focus on value [52][53] Question: Tariff outlook for fiscal 2026 - Management emphasized the importance of diversifying sourcing to mitigate future tariff impacts, but refrained from speculating on specific outcomes [80][81] Question: Gross margin guidance - Management explained that gross margin guidance remains unchanged due to effective inventory management and partnerships with suppliers to mitigate cost increases [56][63]

点击注册小程序 查看完整报告 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 报告摘要 事件： 2025财年收入/归母净利润同比-6.6%/-41.9%，派息率达135.0% 单季度表现方面，2025财年四个季度全渠道总销售额分别同比下滑中单位数/下滑10~15%/下滑中单位数/ 下滑中单位数。 2025财年利润降幅大于收入主要系毛利率降幅较大以及费用率略提升所致。分上下财年来看，收入分别同 比-7.9%/-5.4%，归母净利润分别同比-34.7%/-52.9%。利润率指标方面，2025财年毛利率同比下降3.4PCT 至38.4%，经营利润率同比下降3.7PCT至5.9%，归母净利率同比下降2.8PCT至4.8%。 点评： 主力品牌和零售业务收入分别-6.1%/-6.8%，门店总数净减少18.3% 滔搏发布截止2 ...

点击注册小程序 查看完整报告 特别申明： 您可点击今日推送内容的第2条查看 【联想集团（0992.HK）】FY2025净利润稳健增长，ISG业务连续2个季度实现税前盈利——FY2025业绩点评 报告 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 今 日 聚 焦 【房地产】地产持仓低配明显，持续关注优质标的——光大地产板块及重点公司跟踪报告 截至2025年一季度末，公募基金持有房地产业股票组合（证监会行业）总市值约548.4亿元，占净值比例 约0.17%，占股票投资市值比例约0.79%，相对于标准行业配置比例低配约0.49个百分点。 （何缅南） 2025-05-27 您可点击今日推送内容的第1条查看 【贝壳-W（2423.HK）】从交易走向居住——投资价值分析报告 贝壳前身是2001年成立的北京链家，2008年链家开始打造行 ...

Core Insights - The company reported a decline in revenue and net profit for the fiscal year 2025, with revenue at 27.01 billion RMB, down 6.6% year-on-year, and net profit at 1.29 billion RMB, down 41.9% [1][2] - The company maintained a high dividend payout ratio of 135.0%, exceeding the previous year's 100.9% [1][2] - The decline in profit was attributed to a significant drop in gross margin and a slight increase in expense ratio [1][2] Revenue Breakdown - Main brand revenue (Nike + Adidas) decreased by 6.1%, while other brand revenue fell by 9.9% [1][2] - Revenue from retail, wholesale, and esports accounted for 85.3%, 14.0%, and 0.2% of total revenue, respectively, with retail and wholesale revenues down 6.8% and 5.8% year-on-year [2][3] - The total number of stores decreased by 18.3%, with a total of 5,020 stores as of February 2025 [2][3] Financial Metrics - Gross margin decreased by 3.4 percentage points to 38.4%, primarily due to increased discounting [2][3] - The expense ratio increased by 0.4 percentage points to 33.2%, with sales, management, and financial expense ratios at 29.4%, 3.7%, and 0.1%, respectively [2][3] - Inventory decreased by 4.5% to 6 billion RMB, and accounts receivable decreased by 43.4% to 750 million RMB [3] Future Outlook - The company aims to enhance operational efficiency and reduce costs amid weak consumer demand and declining foot traffic [3][4] - The company plans to expand its brand matrix and has become the exclusive operating partner for high-end running brand SOARRunning and top outdoor brand Norrona in China [3][4] - Profit forecasts for fiscal years 2026 and 2027 have been revised down by 21% and 26%, respectively, with expected EPS of 0.21, 0.23, and 0.26 for fiscal years 2026 to 2028 [4]

Core Viewpoint - The company achieved a revenue of 27.01 billion for FY25, a year-on-year decline of 6.6%, and a net profit attributable to shareholders of 1.29 billion, down 41.9% year-on-year, with FY25H2 showing a revenue and net profit decline of 5.4% and 53% respectively [1] - The expected dividend payout ratio for FY25 is 134%, exceeding market expectations [1] Revenue Breakdown - Revenue from retail and wholesale channels for FY25 decreased by 6.8% and 5.8% year-on-year respectively [1] - Revenue from the main brand and other brands declined by 6.1% and 9.9% year-on-year respectively [1] Store Operations - As of the end of FY25, the company had 5,020 directly operated stores, with a net closure of 1,124 stores, including 258 new openings and 1,382 closures [1] - Total sales area decreased by 12.4% year-on-year, while sales area per store increased by 7.2%, reflecting the company's "one product one strategy" approach to store adjustments [1] Profitability Metrics - The gross margin for FY25 decreased by 3.4 percentage points to 38.4%, primarily due to increased retail discounts, with FY25H2 showing greater discounting than FY25H1 [1] - The net profit margin attributable to shareholders decreased by 2.9 percentage points to 4.8% [1] Inventory and Cash Flow - The company's inventory turnover days were 133 days, a decrease of 1 day year-on-year, with net cash flow from operating activities reaching 3.76 billion, a year-on-year increase of 20% [2] - Cash at the end of the period was 2.59 billion, up from 1.96 billion in the same period last year [2] Brand Collaborations - The company is steadily advancing new brand collaborations, including the introduction of the high-end SOAR running brand to the Chinese market [2] - Collaborations with top outdoor brands for comprehensive operations in China are underway, alongside deepened partnerships with the Canadian high-end trail running brand nordaTM [2] Earnings Forecast - The earnings forecast for FY26-28 has been adjusted, with expected earnings per share of 0.21, 0.25, and 0.30 respectively [2] - A target price of 3.45 HKD is set for FY26, based on a 15 times PE valuation [2]

Core Viewpoint - The company is maintaining a "buy" rating while focusing on high dividends and expanding in the running and outdoor sectors, despite a decline in revenue and net profit for FY2025 [1] Group 1: Financial Performance - FY2025 revenue is projected at 27.01 billion yuan, a decrease of 6.6% year-on-year, with a net profit of 1.286 billion yuan, down 41.9% [1] - The company has a high dividend payout ratio of 135% for the full year, with a cumulative payout ratio of 104.2% over the past six years [1] - Revised net profit forecasts for FY2026-2028 are 1.32 billion, 1.59 billion, and 1.85 billion yuan, respectively, down from previous estimates [1] Group 2: Sales and Revenue Breakdown - Main brand revenue for FY2025 is 23.31 billion yuan, a decline of 6.1%, accounting for 86.3% of total revenue, while other brand revenue is 3.5 billion yuan, down 9.9% [1] - Direct online sales have seen double-digit growth, increasing their share to 30-40% from 20-30% in FY2024 [1] - Retail and wholesale revenues decreased by 6.8% and 5.8%, respectively, indicating a challenging sales environment [1] Group 3: Store Management and Operations - As of FY2025, the number of stores is 5,020, a decrease of 18.3% year-on-year, with a focus on optimizing low-efficiency stores [2] - The average sales area per store has increased by 7.2%, reflecting a strategy of tailored store adjustments [2] - Inventory management has improved, with inventory down 4.5% to 6 billion yuan and inventory turnover days at 134.9 days, a slight improvement [2] Group 4: Profitability and Cost Management - FY2025 gross margin is 38.4%, down 3.4 percentage points, with a slight increase in expense ratio to 33.1% [2] - Operating profit margin (OPM) is 5.9%, and net profit margin is 4.8%, both showing declines [2] - The company has managed to maintain cash flow, with net cash increasing by 20% to 3.76 billion yuan, which is 2.6 times the net profit [2]

Core Viewpoint - The company experienced a decline in revenue and net profit in FY2025, attributed to weak consumer demand and reduced foot traffic, but maintained strong cash flow supporting high dividend payouts [1][2][3] Group 1: Financial Performance - FY2025 revenue decreased by 6.6% year-on-year to 27.01 billion yuan, with retail channel revenue down 6.8% to 23.03 billion yuan and wholesale channel revenue down 5.8% to 3.79 billion yuan [1] - Net profit fell by 41.9% year-on-year to 1.29 billion yuan, with a gross margin decline of 3.4 percentage points to 38.4% due to increased promotional discounts and a higher proportion of low-margin online sales [1] - Operating cash flow increased by 20% year-on-year to 3.76 billion yuan, with a free cash flow to net profit ratio of 2.6 times, indicating efficient cash generation [1] Group 2: Operational Strategy - The company reduced its direct store count by 1,124 to 5,020, a decrease of 18.3% year-on-year, while total sales area declined by 12.4%, but single-store sales area increased by 7.2% [2] - Membership sales accounted for 93.2% of total sales, with high-value members contributing nearly 40% of sales, reflecting strong customer loyalty [2] - The company strategically entered the outdoor and professional sports market, becoming the exclusive operator for high-end brands like norda and Norrona in China [2] Group 3: Future Outlook - In Q4 FY2024, total sales for retail and wholesale businesses saw a mid-single-digit decline, with a more significant reduction in direct store area [3] - Management expressed cautious optimism for the new fiscal year, aiming for net profit to remain flat year-on-year while improving net profit margin through cost reduction and increased online channel sales [3] - The company adjusted its profit forecasts for FY2026-2028, expecting net profits of 1.30 billion, 1.46 billion, and 1.63 billion yuan respectively, reflecting a modest growth trajectory [3]