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HAITONG SEC Textile Outfits Industry 2025 Annual Strategy Report: Steady Progress and Long-term Vision, Seizing Structural Opportunities.
Since 2024, the willingness to replenish inventory downstream has been good, coupled with a lower base from the same period last year, resulting in significant improvements in revenue. Along with an increase in orders and a continuous rise in capacity utilization, the profit elasticity continues to be released.
Industrial Securities: Maintain TOPSPORTS "Buy" rating. FY25Q3 sales trend improves compared to the previous quarter.
Industrial Securities released a research report stating that it maintains a "Buy" rating for TOPSPORTS (06110), estimating Net income attributable to the parent company for FY25/26/27 to be 1.4/1.53/1.671 billion yuan, with year-on-year changes of -36.7%/+9.3%/+9.2%. The terminal sales environment is facing challenges, and the company prioritizes inventory management, with progress meeting expectations, maintaining the annual guidance unchanged. Nike's new CEO places greater emphasis on collaboration with Dealers partners and plans to refocus on professional sports categories, with more changes expected in FY2026. Industrial Securities' main points are as follows: the company reported up to the end of 202.
[Brokerage Focus] HAITONG INT'L first assigns TOPSPORTS (06110) an "Outperform" rating, indicating smooth inventory destocking.
Jinwu Finance News | HAITONG INT'L released a Research Report stating that TOPSPORTS (06110) recorded a year-on-year decline in total sales from its retail and wholesale Business in FY25Q3, with the decline in FY25Q2 in the lower range of 10-20%, while the same period last year saw growth in the lower range of 10-20%. Sales in FY25Q3 improved compared to Q2, primarily due to: 1) the impact of holidays and early online promotions creating a strong promotional atmosphere online, allowing the company to seize the online sales window and increase investment, resulting in rapid growth of online channel revenue that boosted overall performance; 2) in order to optimize inventory levels, discounts continued to deepen year-on-year.
What Topsports International Holdings Limited's (HKG:6110) 26% Share Price Gain Is Not Telling You
[Brokerage Focus] Guozheng International maintains a "Buy" rating on TOPSPORTS (06110) and looks forward to improvements in Nike's performance under the new CEO.
Jinwu Finance News | Guozheng International Research points out that TOPSPORTS (06110) FY25 Q3 (September to November) total sales amount for Group retail and wholesale businesses declined in the mid-single digits year-on-year, showing improvement compared to the lower end of 10-20% decline from FY25 Q2. Looking at different channels, online performance outperformed offline, as September to November is a peak period for online promotions. The company actively seized sales opportunities, recording double-digit growth in online sales, with direct online sales accounting for 40% of total direct sales; offline customer traffic showed a month-on-month improvement, but still faces certain pressures. The report indicates that in terms of store performance, the gross sales area of direct stores decreased year-on-year.
Special Correspondent Guo Jiayao: The pace of interest rate cuts in the external environment is slowing, raising concerns about its impact on the economic recovery.
Jinwu Financial News | US stocks developed unevenly on Thursday, with the market rebounding at the beginning, but then the rise significantly narrowed due to rising bond yields, and the three major Indexes closed mixed. The US dollar performed strongly, with the US ten-year bond yield rising to 4.56%. Gold and oil prices were pressured. Hong Kong stock pre-market trading was generally weak, and it is expected that the market will open lower. The mainland stock market fell yesterday, with the Shanghai Composite Index opening lower and closing down 0.3%, while the trading volume in the Shanghai and Shenzhen markets slightly increased. The Hong Kong stock market followed the weak trends from overseas markets, opening lower and at one point narrowing the decline, but fell again towards the end with overall trading volume increasing.
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