TOPSPORTS(06110) 2 1 Shi Ji Jing Ji Bao Dao·2025-05-27 23:36Group 1: Company Performance - Tmall's revenue for the fiscal year ending February 2025 was 27.01 billion yuan, a year-on-year decline of 6.6%, with net profit down 41.9% to 1.29 billion yuan [1] - The main brands (Nike and Adidas) accounted for 86.3% of total revenue, with a year-on-year decline of 6.1%, while other brands saw a 9.9% decline [1] - Nike's revenue in the Greater China region fell 17% to $1.73 billion (approximately 12.446 billion yuan), primarily due to a double-digit drop in customer traffic and an aggressive promotional environment [2] Group 2: Market Dynamics - Nike's sales decline in China significantly impacted Tmall's performance, indicating a strong correlation between the two [4] - Tmall is seeking new growth opportunities by introducing high-end running brand SOAR and becoming the exclusive operator for outdoor brand Norrøna in China [5] - The high-end market is becoming increasingly competitive, as evidenced by Arc'teryx's parent company, Amer Sports, reporting a 43.1% increase in sales in the Greater China region [6][7]