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Topsports International Holdings Ltd 06110

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Stock XHKG Rating as of
HK$1.03 −0.03 (2.38%)
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Topsports Is Racing With Nike and Adidas but Facing a Competitive Workout and Heightened Risks

Ivan Su, Junhao Yang

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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Price vs Fair Value

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06110 is trading at a LOCK|bzB$ premium.
Price
HK$1.03
Fair Value
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Uncertainty
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1-Star Price
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5-Star Price
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Economic Moat
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Capital Allocation
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Bulls Say, Bears Say

Bulls

Chinese per capita sportswear spend remains far below developed markets, and rising health awareness should continue to lift activewear sales, benefiting Topsports.

Bears

The timing of Nike’s market-share recovery in China is uncertain, posing a potential headwind to Topsports’ results.

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Trading Information

Previous Close Price
HK$1.05
Day Range
HK$1.02–1.06
52-Week Range
HK$0.94–3.50
Bid/Ask
HK$0.98 / HK$1.03
Shares Outstanding
6.20B
Market Cap
HK$6.36B
Volume/Avg
4M / 32M

Key Statistics

Price/Earnings (Normalized)
4.11
Price/Sales
0.23
Dividend Yield (Trailing)
17.01%
Dividend Yield (Forward)
17.01%
Dividend Payment Schedule
Aug, Dec
Total Yield
17.01%

Company Profile

Topsports is the largest sportswear retailer in China, generating the majority of its revenue from selling products of international sportswear brands. The business operates as an intermediary between brand owners and consumers. The firm operates more than 4,000 stores directly as of the end of fiscal 2026 (ended February), and most of these single-brand stores have been opened under the names of sportswear brands that it partners with, such as Nike and Adidas. Topsports also has partnerships with sportswear brands such as Puma, Li-Ning, Asics, and The North Face. While most of Topsports' sales take place in stores, the firm also operates online shops under the Topsports brand on major e-commerce platforms such as Alibaba and JD.com.
Sector
Consumer Cyclical
Industry
Apparel Retail
Stock Style Box
Small Value
Total Number of Employees
22,376
Website
https://www.topsports.com.cn

Competitors

Valuation

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Metric
06110
DKS
ADDYY
Price/Earnings (Normalized)
 4.1111.1216.31
Price/Book Value
 0.662.084.15
Price/Sales
 0.230.560.94
Price/Cash Flow
 2.287.088.69
Price/Earnings
06110
DKS
ADDYY

Financial Strength

Metric
06110
DKS
ADDYY
Quick Ratio
 0.880.300.60
Current Ratio
 2.431.481.39
Interest Coverage
 16.1717.386.96
Quick Ratio
06110
DKS
ADDYY

Profitability

Metric
06110
DKS
ADDYY
Return on Assets (Normalized)
 9.31%6.87%7.62%
Return on Equity (Normalized)
 15.84%21.76%27.00%
Return on Invested Capital (Normalized)
 10.67%9.52%14.77%
Return on Assets
06110
DKS
ADDYY

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