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Everbright Securities: Maintains a "shareholding" rating on Topsports (06110). Weak demand puts pressure on performance in the first half of the fiscal year.
Topsports expects terminal demand to remain relatively volatile in the second half of the fiscal year, with a possible greater decrease in revenue compared to the first half of the fiscal year, while retail discounts may be greater than the first half of the fiscal year.
Hong Kong Stock Market | Topsports (06110) rebounds more than 3%. The company issues profit warning and may revise performance guidance. Institutions say the stock dividend is attractive.
Topsports (06110) bounced more than 3%, as of the time of publication, increased by 3.59%, at HKD 2.31, with a turnover of HKD 0.104 billion.
[Brokerage Focus] Zhong Yin International cuts topsports (06110) target price by 57.37%, indicating that the deterioration of operational leverage is worse than expected.
Jingu Finance | CMB International Research pointed out that Topsports (06110) has issued a profit warning for the 2025 fiscal year ending in August 24th. The company expects a year-on-year decrease of about 35% in net income for the first half of the 2025 fiscal year (compared to 1.3 billion RMB in the first half of the 2024 fiscal year), mainly due to: 1. lower than expected offline customer traffic, resulting in a significant decline in same-store sales (SSS) and a weakening of the operating leverage effect; 2. a decrease in gross margin, mainly due to increased retail discounts and an increase in the proportion of low-margin e-commerce sales. The bank pointed out that the company's outlook remains highly cautious, which has an impact on Topsports and many other sports businesses.
[Brokerage Focus] Guosen Securities maintains a 'buy' rating on Topsports (06110), expecting it to maintain a 100% dividend payout ratio despite weak demand.
Jingu Financial News | Open Source Securities issued a research report, Topsports (06110) announced a profit warning for FY2025H1, with a year-on-year decline in income due to weak consumption and a drag on the retail environment of the industry, with a year-on-year decline in net income attributable to shareholders of 35%. The main reasons are: (1) A decline in income and a slowdown in demand have impacted offline customer traffic, leading to negative operating leverage and an increase in expense ratio year-on-year; (2) The gross margin has decreased due to deeper discounts. The bank pointed out that the gross margin of the company in FY2025H1 has declined year-on-year, mainly due to the impact of deeper discounts: (1) Short-term inventory increases, thus corresponding to an increase in promotional efforts; (2) The proportion of online sales increases and online retail discounts.
Investors Don't See Light At End Of Topsports International Holdings Limited's (HKG:6110) Tunnel And Push Stock Down 30%
Hong Kong stocks closed (09.11) | The Hang Seng Index fell 0.73%. Lithium mining stocks and pharmaceutical stocks rebounded strongly. Topsports (06110) plummeted 16% after issuing a profit warning.
The market is waiting for the release of the US CPI inflation data for August tonight. Hong Kong's three major stock indexes opened under pressure and fell collectively, with the Hang Seng Index and the H-share Index hitting new lows. The Hang Seng Index rebounded and turned higher in the afternoon, after falling nearly 1% earlier.
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