Company Reports

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.

Topsports has received official notice from Nike that its rights to sell Nike products online in mainland China will be terminated effective Jan. 1, 2027. Nike is resetting its digital distribution channel in China in an effort to restore price integrity and strengthen brand equity.

Topsports receives more than 80% of its revenue from selling Nike and Adidas products in China. The company operates more than 5,000 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.

Topsports receives more than 80% of its revenue from selling Nike and Adidas products in China. The company operates more than 5,000 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.

Neither Nike nor Topsports has denied media reports that Topsports may lose online distribution rights. We ran three scenarios: full access with stricter terms (base), losing Nike's online rights (bear), and losing both Nike and Adidas' (severe), deriving our weighted average valuation accordingly.

Topsports receives more than 80% of its revenue from selling Nike and Adidas products in China. The company operates more than 5,000 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.

We took a closer look at the potential impacts of Nike revoking online distribution rights in China, effective Jan. 1, 2027, as part of its price-control initiative. While no official announcement has been made, we want to highlight the possible outcomes of different scenarios.

Topsports receives more than 80% of its revenue from selling Nike and Adidas products in China. The company operates more than 5,000 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.

Topsports' fiscal first quarter (ended May) sales fell by the low teens year over year, reflecting weak demand and deeper discounting. Shares were briefly halted on market talk that Nike may cancel distributors’ online sales rights in China from 2027, with trading set to resume on June 26.

Topsports receives more than 80% of its revenue from selling Nike and Adidas products in China. The company operates more than 5,000 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.

Topsports receives more than 80% of its revenue from selling Nike and Adidas products in China. The company operates more than 5,000 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.

Topsports' revenue declined by 3.7% year on year in the second half of fiscal 2026 (ended February) due to Nike's marketplace cleanup. However, operating profit grew by 11.9%, as store efficiency improvement measures started to take effect.

Topsports' top-line growth in the second half of fiscal 2026 (ended February 2026) is likely to face pressure due to Nike's accelerated marketplace clean-up. However, inventory pressure may be alleviated as Nike continues to reduce near-term sell-in to improve full-price sell-through rates.

Topsports reported a high-single-digit sales decline for the three months ended November 2025. Management turned slightly more cautious about the outlook, due to Nike’s ongoing headwinds in China.

Topsports receives more than 80% of its revenue from selling Nike and Adidas products in China. The company operates more than 5,000 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.

Topsports reported first-half fiscal 2026 (ended February) earnings with revenue declining by 5.8% year on year and store count falling by 19.4%. Net profit dropped 9.8%, mainly due to lower sales and one-off expenses related to store closures.

Topsports receives more than 80% of its revenue from selling Nike and Adidas products in China. The company operates more than 5,000 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.

Major sportswear companies in China released second-quarter 2025 updates this week. Sales growth in the industry has slowed down sequentially as consumers pull back discretionary spending.

Topsports receives more than 80% of its revenue from selling Nike and Adidas products in China. The company operates more than 5,000 stores across the country, providing more selection and convenience than any other sportswear retailer. Topsports is Nike's and Adidas' largest retail partner in China, helping them reach consumers across hundreds of Chinese cities.

Despite a double-digit year-over-year decline in store traffic and a 12.3% reduction in gross selling area during the May quarter, Topsports managed to limit its sales decline to just a mid-single-digit percentage, thanks to strong online growth.