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