Topsports International Holdings Limited · HKEX:6110
Topsports International — FY2025/26 Earnings Presentation
27 slides from Topsports International's earnings presentation, 2026
Slide 1: FY 2025/26 Annual Results Presentation
FY 2025/26 ANNUAL RESULTS PRESENTATION
Slide 2: Important Notice
Important Notice Presentation Content Exclusion of Liability This presentation and the accompanying documents (the “Presentation”) have been None of the Relevant Parties has any responsibility for the use of this Presentation by the Certain information set forth in this Presentation has not been ind
Slide 3: Drive Strategic Execution to Deepen Operational Efficiency
Drive Strategic Execution to Deepen Operational Efficiency 01 Consumer-centric approach to advance Omni-channel operations and niche segment layout, strengthen internal vitality via digital empowerment • Streamline Omni-channel retail operations, deepen user engagement and solidify core business fou
Slide 4: Financial Review
FINANCIAL REVIEW |
Slide 5: Financial Overview
Financial Overview FY2025/26 FY2024/25 YoY Change RMB million % RMB million % % p.p. Revenue 25,739.9 100.0 27,012.9 100.0 - 4.7 - Cost of Sales (15,955.3) - 62.0 (16,629.5) - 61.6 - 4.1 + 0.4 Gross Profit 9,784.6 38.0 10,383.4 38.4 - 5.8 - 0.4 Selling, Distribution, General and (8,340.4) - 32.4 (8,
Slide 6: Revenue Analysis
Revenue Analysis 1H 2025/26 2H 2025/26 FY2025/26 (RMB million) Revenue 12,298.6 13,441.3 25,739.9 YoY % -5.8% -3.7% -4.7% Sale of Goods 12,223.6 13,351.5 25,575.1 YoY % -5.7% -3.6% -4.6% Retail 10,600.6 11,813.6 22,414.2 YoY % -3.0% -2.4% -2.7% Wholesale 1,623.0 1,537.9 3,160.9 YoY % -20.3% -12.3% -
Slide 7: Expense Ratio Analysis
Expense Ratio Analysis Selling, Distribution, General and Administrative Expenses Breakdown and as % of Total Revenue Total expense: Omni-channel layout and rigid cost control to mitigate operational pressure 33.1% 32.4% Total SG&A expense decreased by 6.7% YoY, total revenue decreased by 4.7% YoY;
Slide 8: Net Profit and Net Profit Margin Analysis
Net Profit and Net Profit Margin Analysis Net Profit YoY Change (RMB million) Net Profit Margin YoY Change -1.5% YoY +0.1 p.p. YoY -598.8 +600.9 -73.0 +51.2 +0.7 p.p. -0.3 p.p. -0.4 p.p. +0.1 p.p. 1,284.7 1,265.0 4.9% 4.8% FY2024/25 Gross Profit Total Expenses(1) Other Income(2) Net Finance FY2025/2
Slide 9: Operating Working Capital Efficiency
Operating Working Capital Efficiency （RMB million） FY2025/26 FY2024/25 YoY Change Inventory 5,485.9 6,004.0 -8.6% Turnover Days 131.4 Days 134.9 Days -3.5 Days Trade Receivables 1,338.7 751.9 +78.0% Turnover Days 14.8 Days 14.1 Days +0.7 Days Trade Payables 403.0 343.4 +17.4% Turnover Days 8.5 Days
Slide 10: Operating Working Capital Efficiency
Operating Working Capital Efficiency (RMB million) 7,226.3 6,412.5 6,421.6 Inventory Trade Receivables Trade Payables Working Capital(1) FY2023/24 FY2024/25 FY2025/26 Working Capital(2)as % of Revenue 23% 25% 25% Source: Company Annual Results Announcement 10 Note: The Company’s financial year ends
Slide 11: Solid Capital Reserve
Solid Capital Reserve (RMB million) Net CFO: +2,728.4 Net CFI: -515.1 Net CFF: -3,027.2 +2,947.8 +84.8 -304.2 -286.6 -228.5 -1,090.2 -234.3 -28.4 -1,674.3 FCF (1) + 2,441.8 2,587.4 1,773.5 Free Cash Flow (1) Beginning Cash Operating Profit Change in WC Tax CAPEX Other Investing Lease Liabilities Net
Slide 12: Solid Cash Generation Capability to Lay Solid Foundation for Dividend Payout
Solid Cash Generation Capability to Lay Solid Foundation for Dividend Payout （RMB MM） Capital Allocation Strategy Cash Generation Free Cash Flow (1) 2,441.8 Total Dividend 1,736.3 1.9 times 1. Accelerate Organic Growth + Net Profit 1,265.0 2. Invest in New Expansion Opportunities + 3. Return of Cash
Slide 13: Business Review
BUSINESS REVIEW
Slide 14: External Environment Observation
1 ) External Environment Observation Cautious High-Growth Refined Diversified Consumption Decisions Niche Categories Traffic Operations Fulfilment Pathways Consumer confidence index Fast-rising Shift channel & traffic strategy from Channel diversification reshape remains weak niche segments standard
Slide 15: Drive Strategic Execution
2 ) Drive Strategic Execution Efficient inventory management and solid cash-generation capability Omni-Channel Approx. 4,000 offline stores with Omni- Portfolio of 20+ brand partners across Occasions channel network expansion diverse sports scenarios A cumulative user base of over 90 USERS Digital &
Slide 16: Deepening Core Business via Omni-channel Operations
3 ) Deepening Core Business: Enhancing Quality and Efficiency via Omni-channel Operations Transforming traditional stores’ singular function to multiple online fronts Platform-centric via an Omni-retail lens e-commerce Multi-point presence Traditional offline Aligned online store setup & expanded pr
Slide 17: Optimizing Store Structure
3 ) Deepening Core Business: Enhancing Quality and Efficiency via Omni-channel Operations a) Continuously Optimizing Store Structure Number of directly-operated retail stores Ordered Expansion Steamlined resource allocation HoH change HoH change Targeted Renovation 4,360 -13.1% YoY in H1 -6.6% in H2
Slide 18: Omni-channel Traffic Acquisition and Scenario-based Refined Operations
3 ) Deepening Core Business: Enhancing Quality and Efficiency via Omni-channel Operations b) Omni-channel Traffic Acquisition and Scenario-based Refined Operations Platform-centric e-commerce In-store Expand coverage and presence; enhanced inventory efficiency Content-driven e-commerce Broaden reach
Slide 19: Retail Capability Iteration via Omni-channel
3 ) Deepening Core Business: Enhancing Quality and Efficiency via Omni-channel Operations c) Retail Capability Iteration via Omni-channel Terminal Digital Smart Operation —— The “Panoramic Compass” for stores Inventory Management Transform complex Omni-channel Unified Omnichannel Inventory Managemen
Slide 20: Deepening Large-Scale User Base and Private Domain Loyalty
3 ) Deepening Core Business: Enhancing Quality and Efficiency via Omni-channel Operations d)d）在规模化的用户基础上，持续保持较高的用户私域粘性 Deepening Large-Scale User Base and Continuously Strengthening High Loyalty in the Private Domain Member sales remain the major contributor to total sales 91.7% Contribution(3) of m
Slide 21: Lead the Future with Intelligence: Build New Moats via Digitalization & AI
4 ) Lead the Future with Intelligence: Build New Moats via Digitalization & AI Capabilities From Experience-Driven to Intelligence-Driven Multi-brand + Multi-SKU + Multi-channel + Extensive user base = Diverse operational scenarios and massive computational logic Ideal arena for AI to leverage “scal
Slide 22: Five AI Application Scenarios
4 ) Lead the Future with Intelligence: Build New Moats via Digitalization & AI Capabilities Five AI application scenarios: Full-chain efficiency and results realization Merchandise Operations & Supply Chain Omni-channel Retail Operations AI-powered intelligent management system — Optimized the full
Slide 23: Expand Boundaries: Professional Segments Matrix
5 ) Expand Boundaries: Matrix Establishment & Capability Upgrade in Professional Segments Running & Brand Content Omni-channel Community Premium Outdoor Strategy Communication Operations Cultivation Anchor Serve Systematic Social Media Star Products Multi-channel in the Mind Target Groups Expansion
Slide 24: Expand Boundaries: Running Culture and Brand Incubation
5 ) Expand Boundaries: Matrix Establishment & Capability Upgrade in Professional Segments Core Hub for Establishing Recognition of Exclusive Brand Incubation Runners Running Culture Space Running culture brand Rooted in China Multi-brand retail Local running culture hub Connecting node for running c
Slide 25: Future Plans For Development
Future Plans For Development Prioritize operational efficiency to sustain steadiness of core business fundamentals Pursue systematic positioning to optimize professional segment matrix and upgrade core capabilities Empower development via digital intelligence to deepen Omni-channel digital transform
Slide 26: Sustainable Development: Promoter and Leader of Green Consumption
Sustainable Development: Promoter and Leader of Green Consumption TOP Procurement and Collaboration: Building a Resilient TOP Consumption and Lifestyle: Leading the Green Green Ecosystem Circular Economy Down 16% First time Deepen the “GREENBOX” IP initiative Accumulated used-clothing collection rea
Slide 27: Q&A
Q&A
Topsports International Holdings — FY2025/26 Earnings Presentation on 6ix