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Visual21 Nov 2025
Data center suppliers
Topsports International Holdings (6110) investor relations material
Topsports International Holdings H1 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.H1 2026 earnings summary23 Oct, 2025
Executive summary
Revenue declined 5.8% year-over-year to RMB 12,298.6 million, mainly due to weak consumer demand and offline retail headwinds, partially offset by double-digit online sales growth.
Net profit attributable to equity holders fell 9.7% year-over-year to RMB 789.1 million, with net profit margin down 0.3 percentage points to 6.4%.
Gross profit margin remained stable at 41.0%, down just 0.1 percentage points year-over-year, as higher online sales with greater discounts were offset by increased retail business contribution and brand partner support.
Maintained a high dividend payout, declaring an interim dividend of RMB 13.00 cents per share, with a payout ratio of 102.2%.
Continued investment in omni-channel retail, digital transformation, user engagement, and new retail formats, while optimizing the store network and expanding partnerships in niche sports categories.
Financial highlights
Revenue: RMB 12,298.6 million, down 5.8% year-over-year; gross profit: RMB 5,037.4 million, down 6.1%; operating profit: RMB 993.8 million, down 11.3%; net profit attributable to equity holders: RMB 789.1 million, down 9.7%.
Gross profit margin: 41.0% (down 0.1 percentage points year-over-year).
Net profit margin: 6.4% (down from 6.7% year-over-year).
Free cash flow was RMB 1.22 billion; net cash generated from operations: RMB 1,425.6 million; period-end cash RMB 2.538 billion, down 1.9%.
Basic EPS: RMB 12.72 cents, down 9.7% year-over-year.
Outlook and guidance
Committed to meeting full-year net profit guidance for FY2026, aiming for flat net profit and improved margin.
Focus on omni-channel retail, digital empowerment, user engagement, and ESG initiatives for long-term sustainable growth.
Too early to provide FY2027 outlook; focus remains on efficiency, innovation, and resilience.
Store network optimization: future footprint?
Niche brand expansion: expected growth drivers?
Cash management: dividend vs. short-term debt?
Nike's China strategy: Topsports' partnership evolution?
Offline store online capacity development strategy.
New niche brands: strategy, contribution, equity plans?
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Next Topsports International Holdings earnings date
H2 202621 May, 2026
Next Topsports International Holdings earnings date
H2 202621 May, 2026
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Frequently asked questions
Topsports International Holdings Limited is an investment holding company predominantly involved in the sports retail sector. The company's main activities include selling sports shoes and apparel and leasing commercial spaces to other retailers. Topsports operates primarily within the domestic market of China and maintains a robust presence through both physical stores and an e-commerce platform. The company is headquartered in Kwai Chung, Hong Kong, and its shares are listed on the Hong Kong Stock Exchange.
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