Topsports (6110.HK): Mar-May retail sales in line; Concerns on Nike’s online biz pivot overdone

研报英文原文证据摘录

Topsports (6110.HK): Mar-May retail sales in line; Concerns on Nike’s online biz pivot overdone

Flash |

25 Jun 2026 08:41:55 ET │ 10 pages

Topsports (6110.HK)

Mar-May retail sales in line; Concerns on Nike’s online biz pivot

overdone

CITI’S TAKE Buy

Topsports‘ 1QFY27 (Mar-May) retail sales declined by low-teens YoY, Price (25 Jun 26 16:10) HK$2.05

broadly in line with our and market’s expectations as well as its prior Target price HK$3.80

investor communication (See Citi’s Jun 18 note: Topsports (6110.HK) –

Expected share price return 85.4% What’s new from Citi’s Consumer Corporate Day: More pronounced sales

pressure in March to mid-May ). Mgt indicated its sequentially worsened Expected dividend yield 11.1%

YoY retail sales decline in June vs Mar-May, which was in line with the Expected total return 96.5%

trend that we observed for other brands. Given no official notice from Nike Market Cap HK$12,713M

to Topsports so far regarding Nike’s online strategy shift, the market US$1,621M

concerns on the matter in China seem to be overdone.

Concerns on Nike’s online strategy shift in China seem overdone — Per Topsports’

announcement after market close today (Jun 25), it has not received any official Xiaopo Wei, CFAAC

notice from Nike regarding Nike’s termination of its online distributorship +852-2501-2472

arrangement with Topsports in Mainland China. Nike and Topsports have been xiaopo.wei@citi.com

exploring various aspects of their business cooperation from time to time, including Vincent Young

the status of its online sales arrangements. Per the announcement, online sales of

+852-2501-2738

Nike products contributed ~22% to Topsports’ group revenue in FY26 (ended 28 Feb).

vincent.young@citi.com

Per announcement, the company will make further announcement if a binding