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: 2026年1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: 2026年2月3日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 其他類別 (請註明) | | 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 | FF301 本月底法定/註冊股本總額： ...

文｜娱乐资本论 李静林 1月17日，北京SKP五层，户外品牌Norrøna开出北京首店。这一节点距其在上海浦东嘉里城开出线下限时体验店仅过去约两个月——彼 时，Norrøna在中国线下首次以快闪形式落地，亦是一次对中国零售市场的试水。 事实上，2016年，Norrøna曾通过入驻户外集合店的形式短暂涉足中国市场，但由于当时整体中国户外市场大环境热度不足等因素，品牌 的独特性并没有得到很好的体现。去年5月，Norrøna与滔搏达成独家运营合作，后者负责Norrøna在中国市场的品牌宣传、市场推广、渠 道销售、消费者运营等全链路运营工作。 回到此次的SKP店，SKP五层的运动户外专区，有始祖鸟等专业户外品牌，也有Salomon、昂跑等专业跑步品牌。店铺门头样式被物业方 严格限定，门框上沿曲线凸出一小块的空间，框定了所有品牌的名称的呈现范围。Norrøna做了差异化设定，是一排门店里唯一的原木色 +黑色调布局，反衬着产品和LOGO更醒目，更具质感。 SKP店被滔搏定义成一家精品店，SKU数量相对上海的快闪店更多，以呈现Norrøna产品的全场景核心优势。冬季的羽绒衣、羊毛产品都 是当前在中国市场的畅销品类。滔搏方面 ...

Investment Rating - The industry investment rating is "Positive" and maintained [7] Core Insights - December orders for sports footwear and apparel showed a month-on-month decline, indicating that the overall industry has not yet reached an inflection point. Retail performance in the US and UK remains resilient, while demand in other regions is stagnant. The decline in the US consumer confidence index has not yet impacted brand and upstream performance, primarily due to growth being driven by high-end consumption, with mass apparel consumption still expected to recover [2][4][21] - Vietnam's footwear and apparel exports improved significantly in December, while China continues to face pressure. The upstream manufacturing sector is expected to have stronger earnings certainty in the first half of 2026, with a clear direction for recovery in the downstream sports supply chain. Brand apparel revenues are expected to fluctuate in Q4 2025, with profitability anticipated to recover in 2026 [2][5][29] Summary by Sections Manufacturing Performance - In December, the revenue performance of footwear manufacturers showed a year-on-year decline, with specific companies reporting: - Yuanyuan Group: -3.7% YoY, -1.3 percentage points MoM - Fengtai: -0.6% YoY, +11.2 percentage points MoM - Zhijiang International: -2.8% YoY, -5.9% MoM - Yuchi-KY: -2.2% YoY, -8.8% MoM - For apparel manufacturers: - Ruhong: -3.6% YoY, -5.1% MoM - Juyang Industrial: -9.2% YoY, -9.7% MoM - Guangyue: +9.7% YoY, -22.1% MoM [4][16][29] Demand Analysis - Retail performance in December showed resilience in the US and UK, while other regions experienced stagnation. The US consumer confidence index continues to decline, which has not yet reflected in brand and upstream performance. The growth is mainly driven by high-end consumption, with mass apparel consumption still expected to recover [2][21][26] Recommendations - The report recommends focusing on upstream manufacturing, as the performance in the first half of 2026 is expected to be more certain. The recovery direction of the sports supply chain is clear. Key recommended stocks include: - New Australia Holdings, Crystal International, Shenzhou International, and Yuanyuan Group - Attention should also be given to high-elasticity stocks like Nobon and Jeya, as well as undervalued stocks with strong safety margins like Taihua New Materials and Lutai A [5][29][30]

Group 1 - The top three companies with net inflow of southbound funds are SMIC (00981) with 458 million, Sanhua Intelligent Control (02050) with 405 million, and Hua Hong Semiconductor (01347) with 390 million [1] - The top three companies with net outflow of southbound funds are China Mobile (00941) with -601 million, UBTECH (09880) with -516 million, and Sanofi (01530) with -357 million [1] - In terms of net inflow ratio, Haitian Flavoring (03288) leads with 76.61%, followed by Southern Hong Kong Stock Connect (03432) with 62.50%, and CIMC (02039) with 59.57% [1] Group 2 - The top ten companies by net inflow include Tencent Holdings (00700) with 272 million and Alibaba-W (09988) with 263 million [2] - The top ten companies by net outflow include Meituan-W (03690) with -287 million and Bilibili-W (09626) with -242 million [2] - The top three companies with the highest net outflow ratio are Dekang Agriculture (02419) at -50.69%, Sanofi (01530) at -47.05%, and Jianfa International Group (01908) at -45.45% [3]

Core Insights - Norrøna, a premium outdoor brand from Norway, has opened its first store in Beijing at the high-end commercial landmark SKP, aiming to connect deeply with local consumers and provide a high-quality outdoor gear experience [1] - The brand, founded in 1929, has a legacy of innovation in outdoor gear, including the introduction of the mountain tunnel tent and being the first European brand to use GORE-TEX® fabric [1] - The Beijing SKP store features a comprehensive product matrix focusing on popular outdoor activities in China, such as skiing, climbing, trail running, and hiking, with significant emphasis on the Lofoten ski series and the Trollveggen climbing series [1] Product Offerings - The store includes specialized product lines like the Tamok series for backcountry skiing, the Senja series for trail running, and the Femund series for everyday outdoor activities, showcasing the brand's diverse offerings and professional advantages [2] - Norrøna's collaboration with Tmall International Holdings Ltd. has led to the establishment of an official flagship store and a temporary experience store in Shanghai, alongside the Beijing SKP boutique [2] Strategic Positioning - The selection of store locations reflects Tmall's strategic thinking in channel layout, with the Shanghai store situated in a hub of outdoor brands and the Beijing store targeting high-net-worth consumers in a premium commercial environment [2] - This strategic positioning allows for effective coverage of core cities and different consumer segments, demonstrating Tmall's deep understanding of the Chinese sports market and resource advantages in key commercial areas [2] Consumer Engagement - Norrøna's operational strategy emphasizes the need for precision and depth in consumer engagement, focusing on how to effectively reach target demographics and build deep connections [3] - The brand has initiated community activities, such as the "Avalanche Safety and Wilderness Medicine First Aid" event, to enhance brand recognition and connection within the core outdoor community through high-level knowledge sharing [3] - Future plans include expanding Norrøna's presence in premium channels in major cities, deepening connections with professional outdoor communities, and enhancing the brand's professional image to build long-term value [3]

Investment Rating - The report recommends a "Buy" rating for several companies including Shenzhou International, Huayi Group, Anta Sports, and Li Ning, with respective 2026 PE ratios of 12x and 15x for Shenzhou International and Huayi Group [2][9][26]. Core Insights - The textile and apparel industry is experiencing a mixed performance, with some companies showing resilience while others face challenges due to fluctuating orders and profit margins [1][3]. - The report anticipates a cautious improvement in downstream orders for 2026, supported by healthy inventory levels and strong sales performance from certain brands [2][20]. - The sportswear segment is expected to outperform the broader apparel market, driven by strong inventory management and long-term growth potential [3][26]. Summary by Sections Recent Revenue Performance - Several apparel manufacturers reported their 2025 revenue, with Feng Tai Enterprises, Ru Hong, and Yu Yuan Group showing year-on-year changes of -4.5%, +3.2%, and +0.5% respectively for the full year [1][12]. - In December 2025, Feng Tai Enterprises, Ru Hong, and Yu Yuan Group reported monthly revenues down by -0.6%, -3.6%, and -3.7% respectively [1][12]. Industry Outlook - The report indicates a weakening industry sentiment since H2 2025, with Southeast Asia's export performance continuing to surpass that of China [2][17]. - For 2026, the report expects cautious improvements in orders, with a focus on core brand performance and inventory management [20]. Investment Recommendations - Recommended stocks include Shenzhou International and Huayi Group, with Shenzhou International expected to achieve a 10% revenue growth in 2025 and Huayi Group's profits anticipated to recover gradually [2][25]. - Other companies to watch include Wei Xing Co., Kai Run Co., and Jing Yuan International, which are expected to benefit from the anticipated recovery in orders [2][26]. Market Performance - The textile and apparel sector has underperformed compared to the broader market, with the Shanghai and Shenzhen 300 index down by 0.57% while the textile manufacturing sector fell by 0.77% [30].

Group 1 - The core viewpoint of the article highlights a significant transfer of shares in Toppan (06110) from Standard Chartered Bank (Hong Kong) to Goldman Sachs (Asia) Securities, with a market value of HKD 62.24 billion, representing 34.97% of the total shares [1] - Toppan announced that for the third quarter of the fiscal year 2025/26, the total sales amount for its retail and wholesale business experienced a high single-digit decline year-on-year [1] - As of November 30, 2025, the gross sales area of direct-operated stores decreased by 1.3% compared to the previous quarter and by 13.4% compared to the same period last year [1]

Group 1 - The core viewpoint of the article highlights a significant shareholder transfer for Tabo (06110), with shares moving from Standard Chartered Bank (Hong Kong) to Goldman Sachs (Asia) Securities, amounting to a market value of HKD 62.24 billion, representing 34.97% of the total shares [1] Group 2 - Tabo announced that for the third quarter of the fiscal year 2025/26, the total sales amount for its retail and wholesale business experienced a high single-digit decline year-on-year [1] - As of November 30, 2025, the gross sales area of direct-operated stores decreased by 1.3% compared to the previous quarter and by 13.4% compared to the same period last year [1]

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12月31日 狀態: 新提交 呈交日期: 2026年1月6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 | 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 本月底法定/註 ...

Group 1 - The National Financial Supervision Administration's Xiamen Regulatory Bureau has approved Xiamen International Bank Co., Ltd. to increase the registered capital of its overseas institution, Xiamen International Investment Co., Ltd. by HKD 2,170,000,000, changing it from HKD 6,419,525,528 to HKD 8,589,525,528 [1]