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纺织服饰25W29周观点:运动品牌发布25Q2经营流水,保持稳健增长-20250720
Huafu Securities· 2025-07-20 11:51
行 华福证券 纺织服饰 2025 年 07 月 20 日 业 研 究 纺织服饰 运动品牌发布 25Q2 经营流水,保持稳健增长— —25W29 周观点 投资要点: 运动品牌发布 25Q2 经营流水,保持稳健增长 行 业 定 期 报 告 安踏体育:安踏品牌/FILA/其他品牌 25Q2 零售额分别取得同比 低单位数/中单位数/50-55%增长,环比 Q1 略有放缓,其他品牌仍然 保持亮眼的增长。李宁:25Q2 李宁(不包含李宁 YOUNG)全平台 销售取得低单位数增长。特步国际:25Q2 公司主品牌取得低单位数 同比增长,平均折扣在 7-75 折;索康尼品牌取得超过 20%同比增长。 361 度:25Q2 主品牌同比取得约 10%正增长,童装同比增长约 10%, 电商方面同比增速为约 20%,增长有所放缓。 行情数据 本周家电板块涨跌幅+1.5%,其中白电/黑电/小家电/厨电板块涨 跌幅分别+1.1%/-0.6%/+2.2%/+3.2%。原材料价格方面,LME 铜、LME 铝环比上周分别-1.46%、-1.04%。 本周纺织服装板块涨跌幅+0.24%,其中纺织制造涨跌幅+2.43%, 服装家纺涨跌幅+0.29% ...
滔搏登榜“2025高品质消费品牌TOP100”,斩获“消费创新案例”殊荣
Sou Hu Cai Jing· 2025-07-18 08:28
日前,南方都市报联合广东省连锁经营协会共同评定的"2025高品质消费品牌TOP100"揭晓。滔搏与星 巴克中国、可口可乐中国、无印良品等各领域先锋企业共同上榜,并斩获"消费创新案例"殊荣。 作为国内最大的运动零售运营商,滔搏以创新为驱动,依托精准的市场和消费者洞察,持续升级以门店 为核心的全域一体化生态,并积极布局新业态、新场景、新模式,多措并举,全方位满足消费者多元 化、个性化的运动消费需求。 未来,滔搏将持续聚焦创新实践,以更前瞻的视野和更灵活的策略,不断拓展多元发展路径,为消费者 提供更多价值,为行业高质量发展贡献力量。 面对当前消费者对个性化、场景化消费的需求升级,滔搏对门店零售空间进行了全新的诠释与重塑,持 续推动门店成为集购物、体验、社交与运动文化传播于一体的综合性空间,并为其赋予更多的潮流与文 化内涵。过去一年,滔搏携手阿迪达斯打造了定位高端零售的全新门店形态——adidas HALO概念店, 选址城市核心商圈,为消费者提供顶级的产品与服务。同时,双方还共同打造了滔搏独家专属店型 Future of Style概念店,聚焦年轻消费者,提供极具未来感和城市机能风的创新户外产品。此外,滔搏还 携手J ...
滔搏(06110):零售符合预期,期待业绩复苏
Changjiang Securities· 2025-07-08 23:30
丨证券研究报告丨 港股研究丨公司点评丨滔搏(6110.HK) [Table_Title] 零售符合预期,期待业绩复苏 报告要点 [Table_Summary] 滔搏发布 FY2026Q1(2025 年 3-5 月)零售数据,零售同比中单位数下滑,表现符合预期。截 至 2025 年 5 月 31 日,公司直营门店毛销面积环比-1.3%,同比-12.3%。 分析师及联系人 [Table_Author] 于旭辉 柯睿 SAC:S0490518020002 SAC:S0490524110001 SFC:BUU942 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 滔搏发布 FY2026Q1(2025 年 3-5 月)零售数据,零售同比中单位数下滑,表现符合预期。 截至 2025 年 5 月 31 日,公司直营门店毛销面积环比-1.3%,同比-12.3%。 事件评论 丨证券研究报告丨 2025-07-09 港股研究丨公司点评 滔搏(6110.HK) cjzqdt11111 [Table_Title2] 零售符合预期,期待业绩复苏 [Table_Summary2] 事件描述 ...
麦格理:滔搏(06110)受益于耐克(NKE.US)中国调整期 维持裕元集团(00551)和九兴控股(01836)“跑输大盘”评级
智通财经网· 2025-07-08 01:47
Group 1 - The core viewpoint is that Nike's management expects a narrowing of revenue decline to a mid-single-digit percentage in Q1 of FY2026, following an 11% year-over-year decline in Q4 of FY2025 [1] - Nike's revenue for Q4 FY2025 decreased by 11% year-over-year, exceeding FactSet's expectation by 3.4%, with regional revenue declines in North America, EMEA, Greater China, and Asia-Pacific-Latin America [1][2] - Inventory levels remained high, with a year-over-year change of 0% in Q4 FY2025, and Nike plans to continue reducing inventory over the next two quarters [1] Group 2 - Management anticipates a year-over-year revenue decline of mid-single digits for Q1 FY2026, with gross margin expected to decrease by 350-425 basis points, including a 100 basis point negative impact from tariffs [2] - The increase in wholesale holiday orders is offset by declines in the Greater China region, with apparel and footwear categories showing year-over-year declines of 9% and 12%, respectively [2] - Macquarie believes that approximately $1 billion in incremental tariff costs will be alleviated through optimizing sourcing and production distribution, reducing the import share from China, and phased price increases starting in Fall 2025 [2] Group 3 - In the Greater China region, Nike's direct business revenue declined by 15% year-over-year, with digital and store sales down 31% and 6%, respectively [3] - The decline in wholesale revenue by 24% year-over-year is expected to relieve pressure on retailers like Tmall [3] - Efforts to revitalize the Chinese market will take time, with deeper resets leading to increased discounts and reduced supply, as evidenced by an 11% year-over-year decline in inventory [3] Group 4 - The report maintains an underperform rating for Yue Yuen Industrial Holdings and Kwan Hung Holdings, despite ongoing revenue challenges for Nike in China [4] - Tmall is rated outperform with a target price of HKD 3.70, as competition from domestic and emerging international brands may lead to more discounts [4] - Yue Yuen is rated underperform with a target price of HKD 9.60, facing slow recovery in brand client orders and adverse impacts from raw material costs and foreign exchange [4]
SOAR正式入华,千元短裤的竞争对手是“1688”?
Guan Cha Zhe Wang· 2025-07-03 08:00
Core Insights - Tabo Sports has launched the official flagship store for SOAR Running on Tmall, indicating a strategic move to penetrate the Chinese market for running apparel [1][6] - The pricing strategy for SOAR products is competitive, with running shorts priced between 949-1999 RMB, which is lower than the European website prices but still significantly higher than local alternatives [6][7] - Tabo Sports aims to strengthen its position in the running apparel market by leveraging SOAR's brand, following the success of HOKA, and is focused on online sales channels for growth [6][7] Company Strategy - Tabo Sports acquired exclusive operational rights for SOAR in China on May 13, and the rapid launch of the online store within a month and a half reflects a proactive approach to market entry [6] - The company evaluates potential partners based on market viability and the brand's potential to become a market leader, which influenced the decision to partner with SOAR [6] Product Offering - SOAR, established in London in 2015, focuses on high-performance running gear that combines functionality, technology, and aesthetic design, positioning itself as "haute couture" for runners [7] - Initial consumer feedback on SOAR products highlights their lightweight and comfortable design, although concerns about durability have been raised [7] Market Positioning - SOAR's entry into the Chinese market is seen as a strategic move to compete with established brands like ANKOR, with Tabo Sports aiming to enhance its product offerings in the running apparel segment [6][7] - The brand's unique selling proposition lies in its blend of craftsmanship, material innovation, and design, although it faces challenges in establishing a strong brand moat against cheaper alternatives available online [7]
滔搏(06110.HK):创新驱动运动零售新范式
Ge Long Hui· 2025-07-01 02:33
Core Viewpoint - The company reported a decline in total sales for the first quarter of FY25/26, indicating challenges in the retail environment and a need for strategic adjustments [1][2]. Group 1: Financial Performance - For the first quarter of FY25/26 (March 1 to May 31), total sales experienced a mid-single-digit percentage decline year-over-year [1]. - The gross sales area of direct-operated stores decreased by 1.3% compared to the previous quarter and by 12.3% year-over-year [1]. Group 2: Strategic Initiatives - In 2025, the company announced partnerships with the UK running gear brand Soar and a high-end outdoor brand from Norway, becoming their exclusive operational partners in China [1]. - The introduction of the Norwegian high-end outdoor brand is viewed as a strategic move to strengthen the company's presence in the professional sports sector [1]. Group 3: Retail Strategy - The company aims to break traditional channel expansion models by implementing a new retail concept that emphasizes comprehensive operations and precise targeting [1]. - Offline, the company is redefining retail space by integrating elements from art, culture, and music into stores, creating an immersive shopping experience for consumers [2]. - Online, the company is leveraging a dual-resource strategy that combines physical stores with live streaming, community engagement, and regional IPs, enhancing its presence on major social media platforms [2]. Group 4: Marketing and Brand Engagement - The company is exploring creative marketing strategies, including cross-brand collaborations, to foster emotional connections with younger consumers [2]. - The development of themed stores and diverse creative merchandise aims to integrate sports lifestyle, trendy IP culture, and innovative marketing, achieving deep brand value transmission [2]. Group 5: Earnings Forecast - The company maintains its earnings forecast, projecting revenues of 26.5 billion RMB, 27.3 billion RMB, and 28.6 billion RMB for FY26-28, with net profits of 1.3 billion RMB, 1.5 billion RMB, and 1.7 billion RMB respectively [2]. - Expected EPS for FY26-28 is 0.21 RMB, 0.24 RMB, and 0.27 RMB, with corresponding PE ratios of 13x, 12x, and 11x [2].
滔搏(06110):创新驱动运动零售新范式
Tianfeng Securities· 2025-06-30 00:45
港股公司报告 | 公司点评 滔搏(06110) 证券研究报告 创新驱动运动零售新范式 2025 年,滔搏先后宣布与英国专业跑步装备品牌 soar、挪威高端户外品 牌 Norrøna 签约,成为它们在中国市场的独家运营合作伙伴,负责这两个 品牌在中国市场全链路运营工作。新引入的挪威高端户外品牌 Norrøna, 被视为加强专业运动领域布局的战略举措,有助于提升滔搏在高端户外市 场的影响力。 针对"是否将在运营新品牌过程中利用现有的运动鞋服渠道资源"的问题, 滔搏给出了明确的战略定位:将突破传统渠道扩张的思维模式,在 Norrøna 的运营中实践全域经营+精准触达的新零售理念。 全域一体化经营,创新驱动运动零售新范式 面对消费模式的转变和客流量的波动,滔搏采取更为灵活且均衡的销售渠 道调整策略,进一步扩展零售网络。 1)线下, 滔搏对于门店零售空间重新定义和打造,跨界艺术、人文、音 乐等领域,巧妙地将运动场景元素深度融入门店空间,为消费者打造出沉 浸式的购物环境。 2)线上, 滔搏充分融合线上线下双重资源优势,构建起"门店+直播+ 社群+地域特色 IP"的全域经营生态,持续加码抖音、小红书、B 站等主 流社交媒体 ...
滔搏(06110):零售表现符合预期,加码布局户外垂类赛道
Investment Rating - The report maintains a "Buy" rating for the company, indicating a strong performance relative to the market [5][22]. Core Insights - The company's FY26 Q1 operational performance met expectations, with a slight decline in sales but a stable inventory situation. The overall consumer demand is slowly recovering, and the company is innovating its sales strategies to mitigate the impact of declining foot traffic [5]. - The company is expanding its outdoor segment by partnering with international brands, aiming to enhance its market presence and profitability [5]. - The focus remains on high-quality growth in the sports apparel retail sector, with ongoing collaborations with major brands like NIKE and Adidas [5]. Financial Data and Profit Forecast - Revenue projections for FY2024 to FY2028 are as follows: - FY2024: 289.3 billion RMB - FY2025: 270.1 billion RMB (down 7% YoY) - FY2026E: 259.4 billion RMB (down 4% YoY) - FY2027E: 273.4 billion RMB (up 5% YoY) - FY2028E: 290.7 billion RMB (up 6% YoY) [2][14] - Net profit forecasts for the same period are: - FY2024: 22.1 billion RMB (up 21% YoY) - FY2025: 12.9 billion RMB (down 42% YoY) - FY2026E: 12.9 billion RMB (flat YoY) - FY2027E: 14.2 billion RMB (up 10% YoY) - FY2028E: 15.5 billion RMB (up 9% YoY) [2][14]. - The company's gross margin is projected to be 41.8% in FY2024, decreasing to 38.4% in FY2025, with a gradual recovery expected thereafter [2][10]. Market Data - As of June 27, 2025, the closing price of the company's stock was 3.12 HKD, with a market capitalization of 19.348 billion HKD [3][5]. - The stock has experienced a 52-week high of 4.37 HKD and a low of 2.11 HKD, indicating volatility in its market performance [3].
滔搏(06110.HK):一季度流水下滑中单位数 线上渠道销售正向增长
Ge Long Hui· 2025-06-27 18:31
机构:国信证券 研究员:丁诗洁/刘佳琪 事项: 公司公告:2026 财年第一季度,集团零售及批发业务之总销售金额按年同比录得中单位数下降。截至 2025年5 月31 日,直营门店毛销售面积较上一季末减少1.3%,较去年同期减少12.3%。 国信纺服观点:1)流水增长:2026 财年第一季度销售额同比下滑中单位数,零售好于批发,直营线上 渠道表现好于线下渠道;2)库存折扣:5 月末存货总额同比下降,存销比同环比保持稳定,因25 年新 货订单谨慎及品牌伙伴管控,库龄结构有优化空间但整体可控;折扣方面受直营线上销售占比提升影 响,一季度直营折扣同比加深,幅度较上季度缓和。3)投资建议:看好公司经营韧性以及长期现金回 报。近期消费环境仍然具有不确定性,行业折扣水平仍然较大,公司凭借自身全域运营能力有望逐步改 善盈利能力,并在未来消费好转和品牌新品周期的共振下盈利较好的利润弹性,同时我们看好中长期公 司保持高效的现金创收能力与高派息水平。公司主力品牌客户,阿迪达斯从去年以来景气度较高,全球 和大中华区都维持较快增长,阿迪管理层对FY2025 指引也较为乐观,预计货币中性收入高单位数增长 我们维持盈利预测,预计2026~ ...
滔搏(06110):一季度流水下滑中单位数,线上渠道销售正向增长
Guoxin Securities· 2025-06-26 05:13
Investment Rating - The investment rating for the company is "Outperform the Market" (maintained) [1][5][17] Core Views - The company reported a mid-single-digit year-on-year decline in total sales for the first quarter of the 2026 fiscal year, with retail performing better than wholesale, and direct online sales showing positive growth compared to offline channels [2][3][4] - Inventory management is on track, with total inventory decreasing year-on-year, and the inventory-to-sales ratio remaining stable [3][4] - The company is expected to gradually improve profitability due to its operational capabilities, with a focus on long-term cash returns and high dividend levels [3][8] Summary by Sections Sales Performance - For the first quarter of the 2026 fiscal year, total sales decreased by a mid-single-digit percentage year-on-year, continuing the trend from the previous fiscal year [2][4] - Direct online sales accounted for 40% of total direct sales, showing positive growth, while offline channels are still affected by weak foot traffic [4] Inventory and Discounts - As of the end of May, total inventory decreased year-on-year, and the inventory-to-sales ratio remained stable [3][4] - The increase in direct online sales has led to a deeper discount in the first quarter, although the extent of the discount has moderated compared to the previous quarter [3][4] Financial Forecasts - The company maintains its profit forecasts, expecting net profits of 1.3 billion, 1.46 billion, and 1.63 billion yuan for the fiscal years 2026, 2027, and 2028, respectively, representing year-on-year growth of 0.7%, 12.6%, and 11.5% [3][8][9] - The reasonable valuation range is maintained at 3.8 to 4.0 HKD, corresponding to a price-to-earnings ratio of 17 to 18 times for the fiscal year 2026 [3][8]