Topsports International Holdings Ltd

06110: XHKG (HKG)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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Topsports Is Racing With Nike and Adidas but Facing a Competitive Workout and Heightened Risks

Ivan Su , Junhao Yang

Sep 22, 2026

Business Strategy and Outlook

Topsports receives more than 80% of its revenue from selling Nike and Adidas products in China. The company operates more than 4,000 stores across the country, providing more selection and convenience than any other sportswear retailer. Topsports is Nike and Adidas' largest retail partner in China, helping them reach consumers across hundreds of Chinese cities.

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Topsports International Holdings Ltd

Topsports Is Racing With Nike and Adidas but Facing a Competitive Workout and Heightened Risks

Business Strategy and Outlook

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