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Topsports International Holdings Ltd
HKEX:6110

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Topsports International Holdings Ltd
HKEX:6110
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Price: 3.16 HKD -1.56%
Market Cap: 19.6B HKD

Topsports International Holdings Ltd
Investor Relations

In the dynamic world of sports retail in China, Topsports International Holdings Ltd. has carved out a significant niche, standing as a major force connecting global sports brands with the burgeoning consumer base in one of the world's most rapidly evolving markets. Established in 1999, the company has swiftly ascended the ranks to become a go-to partner for behemoths like Nike and Adidas, operating a sprawling network of retail stores that dot the Chinese landscape. With an adept understanding of local consumer preferences and a strategic blend of digital and physical retail channels, Topsports has effectively positioned itself as an indispensable link in the supply chain of athletic footwear and apparel. This has allowed them to tap into the increasing demand for branded sportswear, fueled by a growing middle class with a penchant for active lifestyles and global fashion trends.

What sets Topsports apart is its robust and well-curated distribution network, which underpins its ability to maintain consistent revenue streams. The company leverages an extensive retail infrastructure that combines flagship stores, shop-in-shop arrangements, and a strong e-commerce presence, all tailored to accentuate brand visibility and consumer engagement. Through this multi-faceted approach, Topsports not only facilitates transactions but also enhances brand experiences, driving deeper customer loyalty and repeated footfall. By amalgamating advanced data analytics with their omnichannel strategy, they deftly manage inventory and cater to regional tastes, optimizing operational efficiencies. This business model not only ensures a steady flow of income through sales but also strengthens their negotiation position with global brand partners, securing favorable terms that bolster profitability.

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6110
Hang Seng (Hong Kong)
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Last Earnings Call
Fiscal Period
Q2 2026
Call Date
Oct 23, 2025
AI Summary
Q2 2026

Revenue Decline: Revenue fell 5.8% to RMB 12.3 billion due to weak consumer demand and lower traffic, but performance was in line with internal plans and exceeded market expectations.

Gross Margin Resilience: Gross profit margin only declined 0.1 percentage point to 41%, helped by brand partner support and a higher contribution from retail versus wholesale.

Expense Management: Total expenses dropped 5.5%; rental expenses fell 12.1% as the company optimized store footprint and focused on cost control.

Net Profit Dip: Net profit declined 6% year-on-year, with net profit margin down 0.3 percentage point to 6.4%.

Cash Flow Drop: Net operating cash flow was RMB 1.35 billion, down 48.2%, mainly due to Chinese New Year timing and procurement changes.

Brand Expansion: The company is accelerating partnerships with emerging brands and pursuing more exclusive distribution rights, especially in running and outdoor segments.

Digital & Omnichannel Focus: Significant emphasis on omnichannel retail, digital tools, and instant retail to offset declining offline traffic and adapt to changing consumer behavior.

Stable Outlook: Topsports reiterated its commitment to full-year guidance, expecting net profit flat for the fiscal year and a stable net profit margin.

Key Financials
Revenue
RMB 12.3 billion
Core Brand Sales Revenue
RMB 10.8 billion
Other Brand Sales Revenue
RMB 1.4 billion
Gross Profit Margin
41%
Expense Ratio
33.2%
Employee Expense Ratio
10.5%
Net Profit Margin
6.4%
Net Operating Cash Flow
RMB 1.35 billion
Free Cash Flow
RMB 1.22 billion
Dividend Payment
RMB 868 million
Ending Cash
RMB 2.38 billion
Net Cash
RMB 1.27 billion
Directly Operated Stores
4,688
Member Accounts
89 million
Member Sales Contribution
92.9%
Earnings Call Recording
Other Earnings Calls
2026
2025

Management

Mr. Wu Yu
Chairman & CEO
No Bio Available
Mr. Kam Kwan Leung FCPA
Executive Director & Company Secretary
No Bio Available
Rebecca Zhang
Head of Investor Relations
No Bio Available
Ms. Zhang Huijing
Vice President
No Bio Available

Contacts

Address
SHANGHAI
Shanghai
22F, Belle International Mansion, No.928 Liuzhou Road, Xuhui District
Contacts