摘要
滔搏國際（06110）於 2024 年上半年業績反映出中國零售市場疲軟對其業務的顯著影
響。收入同比下降 7.9%至 13,054.7 百萬元（人民幣．下同），毛利率由 44.7%下滑至
41.1%，股東應佔利潤同比下降 34.7%至 873.8 百萬元。儘管業績承壓，公司依然展示
了穩健的現金流管理能力，經營活動現金淨額同比增長 2.5%，現金及現金等價物增至
2,839.6 百萬元。中期股息每股 14.00 分，派息率高達 99.4%，顯示公司對股東回報的
高度承諾。
面對市場挑戰，滔搏國際積極實施全域零售戰略，關閉低效門店、加碼線上業務並優
化存貨管理，期內線上銷售佔比達 30%，抖音平台直播銷售額同比增長約 200%。未
來，公司將繼續深化數字化轉型，拓展戶外運動及 IP 文化等新興市場，為下一階段增
長蓄力。儘管短期內盈利能力受壓，但穩健的財務基礎和靈活的經營策略為中長期增
長提供了可預期的動能。

Summary
Topsports International’s interim results for 2024 highlight the significant impact of China’s
weak retail market on its business performance. Revenue declined by 7.9% year-on-year to
RMB 13,054.7 million, while gross profit margin dropped from 44.7% to 41.1%. Profit
attributable to equity holders fell by 34.7% year-on-year to RMB 873.8 million. Despite the
challenges, the company demonstrated robust cash flow management, with operating cash
inflows increasing by 2.5% year-on-year and cash and cash equivalents rising to RMB 2,839.6
million. The board declared an interim dividend of RMB 14.00 cents per share, representing
a payout ratio of 99.4%, significantly higher than the 74.2% recorded in the prior year.
In response to market headwinds, Topsports actively implemented an omnichannel retail
strategy by optimizing its offline store network, enhancing online operations, and improving
inventory management. During the period, online sales accounted for 30% of total retail
revenue, with livestreaming sales on the Douyin platform growing approximately 200% yearon-year. Looking ahead, the company remains focused on digital transformation and
expanding into emerging markets such as outdoor sports and IP cultural segments to drive
its next phase of growth. While short-term profitability remains under pressure, Topsports’
solid financial foundation and flexible operational strategies provide a strong platform for
sustainable long-term growth.

疲情反覆、供應鏈受阻，全年收入下跌近 12%
截至 2022 年 2 月 28 日止年度，收入 318.765 億元（人民幣．下同），按年下跌
11.5%（2021 年：360.09 億元），低於我們先前預期的 410.4 億元，經營利潤為
34.301 億元，按年下滑 14.0%。股東應佔利潤為 24.465 億元，按年下跌 11.7%，亦差
於市場預期。公司擬派末期息每股 0.07 元及特別股息 0.23 元，全年派息 0.43 元，相
當於派息比率達 109%（2021 年：143%）。
收入下降主要是由於自去年 7 月下旬開始疫情的反覆，以及財年下半年開始國際供應
鏈短缺對零售業務所產生的影響。若按品牌類別劃分，主力品牌（包括 Nike 及
adidas）收入 275.693 億元，按年下降 12.3%，整體收入 86.5%。其他品牌（包括彪
馬、匡威、威富集團的品牌：即 VANS、The North Face 及 Timberland、亞瑟士、鬼
冢虎、斯凱奇及李寧）收入 40.052 億元, 按年下降 6.1%，佔整體收入 12.6%。電競收
入 6600 萬元，按年下降 19.0%，佔整體收入 0.2%。如按銷售渠道劃分，零售業務收
入下降 14.2%至 263.543 億元；批發業務收入則增加 5.4%至 52.202 億元；聯營費用
收入下降 1.7%至 2.36 億元。

Frequent pandemic outbreaks and global supply chain disruption, sales dropped by 12%
For the financial year ended 28 February 2022, Topsports recorded revenue of
RMB31,876.5mn (2021: RMB36,009.0mn), a decrease of 11.5% YoY, below our estimates of
RMB4,104mn. operating profit of RMB3,430.1mn, a decrease of 14.0% YoY. The profit
attributable to the shareholders during the year amounted to RMB2,446.5mn, a decrease of
11.7%, also below consensus. Final dividend for the FY2022 of RMB7.00 cents per ordinary
share and a special dividend of RMB23.00 cents per ordinary share, full year dividend of
$0.43, equivalent to a payout ratio of 109% (2021: 143%).
The decline of revenue was mainly due to the impact of frequent pandemic outbreaks and
global supply chain disruption, since late July and the second half of the financial year
respectively. When broken down by brand categories, revenue from the Principal brands
(including Nike and Adidas) was RMB27,569.3mn, down 12.3% YoY, and represents 86.5% of
total revenue. Other brands (including Puma, Converse, VF Corporation’s brands: i.e. VANS,
The North Face and Timberland, ASICS, Onitsuka Tiger, Skechers and LI-NING) generated
revenue of RMB4,005.2mn, down 6.1% YoY, and accounted for 12.6% of total revenue.
Revenue from e-Sports income was RMB66.0mn, down 19.0% YoY and accounted for 0.2%
of total revenue. When broken down by sales channel, retail operations decreased by 14.2%
to RMB26,354.3mn, while Wholesales operations increased by 5.4% to RMB5,202.2mn and
Concessionaire fee income decreased by 1.7% to RMB236.0mn