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Pou Sheng International (3813) investor relations material

Pou Sheng International Q3 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q3 2025 earnings summary12 Nov, 2025

Executive summary

  • Revenue for the nine months ended September 30, 2025, declined 7.7% year-over-year to RMB 12,903 million, with gross profit down 9.2% and operating profit down 41.6%, mainly due to subdued consumer confidence and high industry inventory levels.

  • Net profit attributable to owners dropped 50.1% year-over-year to RMB 171 million, reflecting operating deleverage and weak offline retail performance.

  • Online sales reached a record 33% of total sales, up 13% year-over-year, with livestreaming sales more than doubling and omni-channel capabilities partially offsetting offline pressure.

  • Store network rationalization continued, with directly operated stores down 3.5% year-over-year.

  • Maintained a strong financial position with a robust net cash position despite challenging market conditions.

Financial highlights

  • Gross profit was RMB 4,320.1 million, down 9.2% year-over-year, and gross profit margin for 9M25 was 33.5%, down 0.5 percentage points.

  • Operating profit declined 41.5% to RMB 300.3 million, with operating profit margin falling to 2.3% from 3.7%.

  • EBITDA decreased 22.1% year-over-year to RMB 1,080.8 million.

  • Net cash position at period end was RMB 1,990.8 million, down 27.1% year-over-year.

  • Free cash flow for 9M25 was RMB 39.1 million.

Outlook and guidance

  • Focus remains on omni-channel integration, digital transformation, and enhancing membership operations, with ongoing investment in omni-channel capabilities.

  • Strategic alliances with brand partners and scaling up new brands are key priorities for future growth.

  • Targeting continuous improvement in profitability and shareholder returns.

  • Continued focus on dynamic inventory management, expense controls, and organizational adjustments to navigate market headwinds.

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Frequently asked questions

Pou Sheng International is a retailer and distributor of sportswear and footwear products in Greater China. Founded in 1992 and headquartered in Hong Kong, China, the company has expanded its operations to cover both mainland China and Taiwan. Pou Sheng International distinguishes itself through its flexibility in store formats, diversified channels, a dedicated membership program, and close partnerships with leading international brands. The company is headquartered in Hong Kong, and its shares are listed on the Hong Kong Stock Exchange.

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