Core Insights - The company reported a revenue of 12.3 billion and a net profit of 790 million for the period ending August 31, 2025, with cash and cash equivalents amounting to 2.54 billion, indicating a strong financial position [1] - The company has over 20 cooperative brands and a user base exceeding 89 million, showcasing its extensive market reach [1] Business Strategy - The company employs a forward-looking omnichannel retail strategy, focusing on refined user operations and innovative service offerings to build a competitive brand moat [1] - It aims to enhance consumer experience by expanding interaction spaces and optimizing store structures based on brand characteristics and customer demographics [1][2] Online and Offline Integration - The company operates over 800 Douyin and WeChat video accounts, more than 3,600 mini-program stores, and over 3,700 instant retail stores, achieving double-digit growth in online sales [2] - The integration of online and offline channels is emphasized through a "1 (offline store) + N (multiple online scenarios)" model, enhancing operational efficiency and value extension [1][2] Brand Collaboration - The company focuses on building long-term, trust-based strategic partnerships with core brands, facilitating resource sharing and collaborative market activities [3] - Innovative retail practices, such as the Future of Style concept store with Adidas, aim to provide fresh experiences for younger consumers [3][4] Market Positioning - The company is actively exploring new business formats and scenarios in response to the structural transformation towards specialization and segmentation in the sports consumption market [4] - Exclusive partnerships with brands like norda™, soar, Ciele, and Norrøna are established to strengthen its position in the running and high-end outdoor segments [4] User Engagement - The company focuses on user value activation through demand matching, scenario penetration, and experience enhancement, with a significant contribution from membership programs [5] - Membership accounts for 92.9% of total retail sales from offline stores and WeChat mini-programs, indicating strong customer loyalty and potential for higher spending [5] Digital Transformation - The company is advancing its digital infrastructure by enhancing inventory sharing capabilities and implementing AI tools for supply chain and marketing efficiency [6] - The goal is to create a "smart retail ecosystem" that integrates virtual and physical experiences, driven by data connectivity [6] Industry Recognition - The company has been included in the Fortune China 500 list and consistently ranks in the top ten of the CCFA's "Top 100 Fashion Retail and Consumption" [7] - It has received an AA rating from MSCI ESG, reflecting its commitment to sustainable development [7]

Core Insights - The company, Tmall International Holdings Limited, reported a revenue of 27.01 billion yuan and a net profit of 1.28 billion yuan for the fiscal year ending February 28, 2025, with over 20 partner brands and a user base exceeding 86 million [1][2] - In a challenging consumer market, the company focused on inventory management, cash flow, and expanding its brand ecosystem, achieving a 32.3% year-on-year increase in cash and cash equivalents to 2.59 billion yuan [1] - The company maintained a high dividend payout ratio of 135.0%, leading the industry [1] Inventory Management - The company implemented comprehensive inventory management strategies, resulting in a 4.5% year-on-year decrease in inventory value and improved inventory turnover days [1] - The second half of the fiscal year showed significant improvements in inventory management due to intensified adjustment efforts [1] Business Operations - Tmall International has optimized its store layout and enhanced its omnichannel retail operations, with approximately 5,000 physical stores and around 2,300 mini-program stores by the end of the fiscal year [2] - The company achieved top sales performance on platforms like Douyin and ranked first in the Tencent WeChat popular mini-programs for sports and outdoor categories [2] User Engagement - The company’s membership program contributed 93.2% to in-store retail sales, with repeat members accounting for about 70% of overall consumption [2] - High-value members, despite being a small percentage, contributed nearly 40% of total sales, indicating strong consumer potential and loyalty [2] Brand Partnerships - Tmall International expanded its brand partnership matrix, becoming the exclusive operator for high-end outdoor brand Norr na and top running brand Soar in China [3] - The company also secured exclusive operational rights for Canadian high-end trail running brand Norda, which has seen accelerated online and offline growth [3] Sustainability Efforts - The company has made significant strides in sustainable development, receiving an AA rating from MSCI ESG, leading the industry in this area [3]