Company and Industry Summary Company Overview - The company discussed in the conference call is 滔搏 (Tao Bo), which operates in the retail and sportswear industry, focusing on both online and offline sales channels [2][3]. Key Points and Arguments Industry Performance - The discount rate in Q2 deepened year-on-year, with online growth driven by efficiency improvements and exploration of new sales scenarios such as instant retail and Xiaohongshu, while offline traffic remains under pressure [2][3]. - Inventory management remains robust, with a stock-to-sales ratio maintained at 4-5 months, although the age structure of inventory needs improvement [2][3]. - The company is not participating in ineffective online price competition but aims to connect online capabilities with offline foundations through initiatives like the "one store at a time" plan [2][5]. Online and Offline Sales Dynamics - Online sales have shown rapid growth, contrasting with the slower performance of offline channels, leading to increased overall discount pressure [3][4]. - The company has achieved significant progress in instant retail, connecting over 3,000 stores across major platforms [2][6]. - The overall discount situation is influenced by various factors, including channel inventory and the opening of online functionalities in stores [4]. Market Trends and Consumer Preferences - The U.S. market is recovering, with functional and professional products regaining consumer interest. The company has introduced new versions of its products, such as the 麦柔 18 series, which includes color iterations and a Plus version [7]. - The running market has substantial growth potential, with user demand evolving towards a mix of everyday cushioning shoes and racing shoes. The competition is fierce, with a focus on balancing functionality and fashion [8]. New Brand Collaborations - The company has signed new running brands like Lily, which emphasizes both functionality and distinctive design, reflecting a trend where consumers are willing to pay a premium for unique styles [9][10]. - New brands such as Norda, Sore, Norona, and Sally are being introduced, primarily through online sales and pop-up stores to maximize profit efficiency [10]. Store and Channel Strategy - The company plans to dynamically adjust its store count, expecting to reduce the number of stores by a few hundred by the end of the year, targeting a total of approximately 4,600 to 4,700 stores [11]. - The retail industry is facing rapid changes, necessitating flexible strategies to adapt to evolving consumer behaviors and market conditions [12]. Future Growth Expectations - The company maintains its growth expectations for FY2025, projecting net profit to remain flat year-on-year while improving net profit margins [16]. Additional Important Insights - The company is focusing on enhancing its interaction with sports communities through innovative store types and multi-brand product offerings [9][10]. - The competitive landscape in the running market is characterized by low technological barriers, making it essential for brands to combine functionality with stylish elements to meet diverse consumer needs [8].

截至月份: 2025年8月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 滔搏國際控股有限公司 呈交日期: 2025年9月1日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 06110 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 20,000,000,000 | HKD | | 0.000001 | HKD | | 20,000 | | 增加 / 減少 (-) | | | | | | | HKD | | | | 本月底結存 | | | 20,000,000,000 | HKD | | 0.000001 | HKD | | 20,000 | 本月底法定/註冊股本總額： HKD 20,000 股份發行人及根據《上市規則》第十九B章上市的香 ...

Market Overview - Hong Kong stocks experienced volatility, with the Hang Seng Index closing down 0.21% at 25,122.9 points and a total turnover of 278.2 billion HKD [1] - The Hang Seng China Enterprises Index fell 0.3% to 9,006.23 points, while the Hang Seng Tech Index decreased by 0.67% to 5,542.03 points [1] Blue Chip Performance - China Resources Beer saw a significant increase of 6.24%, closing at 28.28 HKD, contributing 4.24 points to the Hang Seng Index [2] - The company reported a revenue of 23.942 billion RMB, a year-on-year increase of 0.83%, and a net profit attributable to shareholders of 5.789 billion RMB, up 23.04% [2] - Other notable blue chips included Zhongsheng Holdings, which rose 8.29%, and Hansoh Pharmaceutical, which increased by 4.75% [2] Sector Performance - Large tech stocks showed mixed results, with Tencent up 0.94% and Alibaba down 0.25% [3] - AI application stocks performed well, with Zhihu-W rising 23% and Fenbi increasing by nearly 14% [3] - The property management sector was active, with Wanwu Cloud rising 7.19% and Sunac Services increasing by 5.18% [4][5] Earnings Reports - Wanwu Cloud reported a revenue of 18.14 billion RMB, a 3.1% year-on-year increase, and a core net profit of 1.32 billion RMB, up 10.8% [5] - Kancheng Pharmaceutical reported a revenue of 1.569 billion RMB, a 23.7% increase, and a net profit of 498 million RMB, up 24.6% [8] - Li Auto announced a revenue of 24.25 billion RMB, a 174% increase, with a gross margin of 14.1% [9] Notable Stock Movements - Dongfang Zhenxuan experienced a significant drop of 20.89%, closing at 34.32 HKD, following rumors regarding its CEO [12] - Gilead Sciences saw a decline of 15.01% after announcing a share placement and a new share subscription at a discount [13]

智通财经APP获悉，体育用品股上扬，截至发稿，安踏体育(02020)涨4.08%，报97港元；特步国际 (01368)涨3.74%，报6.38港元；李宁(02331)涨2.72%，报18.5港元；滔搏(06110)涨2.21%，报3.24港元。 消息面上，国盛证券近日研报指出，运动鞋服板块重点推荐业绩确定性较强的龙头公司安踏体育，公司 集团化运营能力卓越，以迪桑特、Kolon Sport为代表的其他品牌分部增速优异，助力公司长期可持续增 长，当前股价对应公司2025年PE为17倍；推荐长期业绩弹性较大的李宁，当前股价对应公司2025年PE 为18倍；推荐跑步赛道运营领先的特步国际，短期主品牌表现稳健，新品牌索康尼长期收入和利润具备 增长空间，当前股价对应公司2025年PE为11倍；关注高分红标的滔搏。 ...

Group 1 - Hong Kong sportswear stocks experienced an afternoon rally on August 19, with Xtep International (01368.HK) rising over 3% after its earnings report [1] - Li Ning (02331.HK) saw an increase of over 2% [1] - Other stocks such as Anta Sports (02020.HK) and Tmall (06110.HK) also followed the upward trend [1]

万万没想到，三次退出中国市场的美国快时尚品牌Forever 21又杀回来了。 上世纪90年代至新世纪之初是外国服饰、运动品牌集体登陆中国的"拓荒期"。在那个现代零售体系尚未搭建起来的年代，代理商一度被视为品牌在华扩张 的最可靠伙伴。 然而在草莽阶段，1.0时代的代理行业龙蛇混杂，乱象不断：代理商追求短期利润最大化，善开店、卖货却不擅长品牌建设、版权管理、长期规划。其结 果是大量假货钻空子流出市场、挫伤消费者信心；品牌形象遭到破坏，影响长期发展。 早早以代理模式进入大中华市场的拉夫劳伦，因为代理商版权管理不力，以至山寨产品泛滥。虽然在2011年收回中国地区代理权，和侵权企业开启长达八 年的商标维权官司并最终胜诉，但也丧失了大量宝贵时间。 6月初，拥有Forever 21商标及知识产权的品牌管理公司ABG宣布和上海橙迪贸易有限公司（简称橙迪贸易）达成合作，后者将负责品牌在中国市场的产品 生产、销售与市场营销等全面工作。公开信息显示，唯品会是橙迪贸易股东之一，持股量达35%。此次Forever 21重返中国，唯品会或许正是幕后重要操 盘手。 但今天我们想探讨的并非这一个特例。而是海外品牌在中国市场的"代理"生意已经 ...

公司业绩疲软在去年已有显现。2024财年，宝胜国际营业收入约184.54亿元，同比下滑8%；公司拥有 人应占溢利同比增长0.2%至4.91亿元。彼时，宝胜国际方面称，过去一年零售环境瞬息万变且折价竞争 激烈，集团通过多元化渠道组合、加强数位化实力、管控折扣、有效存货管理及严格费用控管，巩固盈 利能力及利润率。然而店铺客流量依旧受零售环境压力影响下滑近三成，导致同店销售明显下滑，销售 动能受到影响。 有同样困境的还有另一家巨头滔搏(06110.HK)。此前滔搏发布2024/25财年全年业绩公告，该公司营业 总收入同比下滑6.64%至270.13元，净利润同比下滑41.89%至12.86元。 直营店与电商夹击下，传统运动品牌的代理商如何破局？ 运动品牌代理商宝胜国际（03813.HK)的半年报拉响了预警。 该公司近日发布的中期预告披露，截至2025年6月30日止6个月将取得营业收入约人民币91.59亿元，公 司拥有人应占溢利约人民币1.88亿元，分别较去年同期减少约8.3%及44.1%。 公告称，在诸多不利因素下，公司的零售网络的销售动能进一步放缓，导致同店销售取得10%到20%的 中段跌幅。低线城市亦客流不振， ...

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年7月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 滔搏國際控股有限公司 呈交日期: 2025年8月4日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 06110 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 20,000,000,000 | HKD | | 0.000001 | HKD | | 20,000 | | 增加 / 減少 (-) | | | | | | | HKD | | | | 本月底結存 | | | 20,000,000,000 | HKD | | 0.000001 | HKD | | 20,000 | 本月底法定/註冊 ...

Core Insights - The "2024 China Fashion Retail and Fashion Consumption TOP 100" report indicates a decline in overall revenue for the top companies, totaling 820.68 billion yuan, a year-on-year decrease of 2.44% [1] - The total number of stores for these companies also saw a decline, with a year-on-year decrease of 7.50% [1] - Approximately 60% of the companies reported a decrease in revenue, primarily slight declines, while 40% experienced revenue growth, indicating a trend of industry differentiation [1] - Only 37% of the companies managed to increase their store count in 2024, with most companies reducing their number of stores compared to the previous year [1] - Some companies are shifting their focus from expanding store numbers to enhancing store quality to adapt to market changes and strengthen core competitiveness [1] Revenue and Store Count - The overall revenue for the top 100 companies in the fashion retail sector is 820.68 billion yuan, reflecting a 2.44% decrease compared to the previous year [1] - The total number of stores across these companies has decreased by 7.50% year-on-year [1] - A significant portion of companies, nearly 60%, reported a decline in revenue, while 40% achieved growth, showcasing a mixed performance across the industry [1] Strategic Adjustments - Companies are increasingly optimizing resource allocation and adjusting business strategies, focusing on improving store quality rather than merely expanding the number of stores [1] - This strategic shift is aimed at adapting to market changes and enhancing competitive advantages in a challenging retail environment [1]

Market Overview - The domestic market indices showed positive performance with the Shanghai Composite Index closing at 3,581.86, up by 0.62% [2] - The agricultural sector underperformed slightly with a decline of 0.14% in the agricultural, forestry, animal husbandry, and fishery sector [4] Agricultural Sector Insights - The report highlights a favorable investment opportunity in Haida Group, driven by expected recovery in the feed industry as upstream raw material prices stabilize and downstream farming conditions improve [4] - Recent data indicates a decline in pig prices, with average prices in key provinces showing a decrease of 4.88% in Sichuan and Guangdong, while the average pork price increased by 0.29% [4] - The report discusses the cyclical nature of the pig industry, emphasizing that the current market may be overly pessimistic regarding the impact of rising pig production capacity on profitability [4] - Recommendations include companies like Wen's Foodstuffs, Shennong Group, and New Hope, which are expected to benefit from the anticipated recovery in the pig farming sector [4] Poultry and Pet Food Industry - The poultry sector is projected to see performance driven by new demand recovery in 2025, with Shennong Development positioned well for growth [4] - The pet food market is highlighted as a key area for growth in 2025, with a focus on brands that are leading in profitability and market trends, recommending Guibao Pet Food as a top pick [4] Textile and Apparel Sector - Nine Star Holdings reported a revenue increase of 2.9% in Q2 2025, with footwear manufacturing also showing growth [6][8] - The report notes that the sports apparel segment is experiencing robust demand, with brands like Anta Sports and Li Ning showing varied performance in retail sales [10] - Recommendations for the textile sector include companies with strong mid-year performance certainty, such as Bailong Oriental and Zhejiang Natural [10] Jewelry Sector - The gold and jewelry retail sector saw a year-on-year growth of 6.1% in June 2025, indicating stable demand [10] - Companies like Laoputang and Chaohongji are recommended for their potential recovery based on channel scale and franchise resources [10]