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]

Core Viewpoint - The sportswear sector is experiencing a rise in stock prices, with notable increases for companies such as Anta Sports, Xtep International, Li Ning, and Tabo. [1] Company Summaries - Anta Sports (02020) saw a stock price increase of 4.08%, reaching 97 HKD, supported by strong performance in its diversified brand operations, including Descente and Kolon Sport, which contribute to long-term sustainable growth. The current stock price corresponds to a 2025 PE ratio of 17 times. [1] - Xtep International (01368) increased by 3.74% to 6.38 HKD, with a stable performance from its main brand and growth potential from its new brand Saucony, leading to a 2025 PE ratio of 11 times. [1] - Li Ning (02331) rose by 2.72% to 18.5 HKD, recommended for its long-term earnings elasticity, with a 2025 PE ratio of 18 times. [1] - Tabo (06110) experienced a 2.21% increase to 3.24 HKD, noted for its high dividend yield, making it a company of interest. [1]

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]

Core Insights - The article discusses the return of the American fast fashion brand Forever 21 to the Chinese market, highlighting a new phase in the agency business for overseas brands in China [1] - It emphasizes the shift from a traditional agency model to a more integrated and collaborative approach, termed "Agency 2.0," where agents are deeply involved in brand management and operations [2][3] Group 1: Market Dynamics - Forever 21 has partnered with Shanghai Chengdi Trading Co., which is partly owned by Vipshop, indicating a strategic move to leverage local expertise for market re-entry [1] - Leading agents are expanding aggressively, with companies like Tmall and Baoson E-commerce securing various brand agency rights, reflecting a new wave of agency activity [1] - The competition for brand agency rights is intensifying, with frequent changes in agency partnerships among popular brands [1] Group 2: Evolution of Agency Model - The transition from Agency 1.0 to Agency 2.0 signifies a move from merely providing shelf space to offering customized services that include brand image development and product innovation [2][3] - In the 1.0 era, agents focused on short-term profits, leading to issues like counterfeit products and damaged brand reputation, as seen with brands like Ralph Lauren and Kappa [3][4] - The 2.0 era sees agents acting as partners in brand operations, influencing product planning, pricing, and overall brand strategy [6][14] Group 3: Strategic Adjustments - Agents are now focusing on reshaping product lines and brand images to align with local consumer preferences, as demonstrated by Baoson E-commerce's efforts with GAP [7][11] - Pricing strategies are being adjusted to enhance brand value and consumer perception, with agents like Baoson reducing discount frequencies for GAP [11] - The development of localized supply chains and retail channels is crucial, with agents enhancing online and offline integration to improve customer retention and sales efficiency [13][14] Group 4: Performance Metrics - Baoson E-commerce reported a 4% increase in net revenue to RMB 2.1 billion, with brand management revenue growing by 23%, indicating the success of the new agency model [16][17] - Three夫户外 expects a significant profit increase of 65.14% to 144.65% in the first half of the year, showcasing the effectiveness of their agency strategies [16] Group 5: Challenges and Risks - Despite advancements, the agency model still faces challenges, including the inherent risks of dependency on brands and the potential for performance volatility [16][20] - Brands are cautious about granting too much control to agents, fearing a disconnect from market dynamics and consumer needs [20][21] - The ongoing tension between short-term profit motives and long-term brand value remains a critical issue in the agency relationship [21]

Core Viewpoint - Traditional sports brand distributors are facing significant challenges due to the dual pressures of direct retail and e-commerce, leading to declining sales and profitability [1][2][3] Group 1: Company Performance - Baosheng International (03813.HK) reported a projected revenue of approximately RMB 91.59 billion for the six months ending June 30, 2025, a decrease of about 8.3% year-on-year, with a profit attributable to shareholders of approximately RMB 1.88 billion, down 44.1% [1] - For the fiscal year 2024, Baosheng International's revenue was approximately RMB 184.54 billion, a decline of 8% year-on-year, while profit attributable to shareholders increased by 0.2% to RMB 4.91 billion [1] - Tmall (06110.HK) announced a total revenue decline of 6.64% to RMB 270.13 billion for the fiscal year 2024/25, with net profit dropping by 41.89% to RMB 12.86 billion [2] Group 2: Market Challenges - Both Baosheng International and Tmall are experiencing store closures, attributed to their reliance on traditional distribution channels, which are becoming less viable in a rapidly changing market [2] - The shift in strategy from some international brands towards direct retail and factory outlet stores has further squeezed the margins and customer base of traditional distributors [2] Group 3: Strategic Adjustments - Baosheng International has begun to seek transformation by partnering with new brands, such as Dynafit and XEXYMIX, to diversify its offerings and enter new market segments like yoga apparel and outdoor sports [3] - Tmall is also pursuing diversification by introducing partnerships with niche brands like norda and Mitchell & Ness, as well as outdoor brands like Norrøna [3] - Despite these efforts, the new brands lack the recognition and market scale of established names like Nike and Adidas, posing a challenge for growth [3] Group 4: Market Dynamics - The commercial real estate sector is witnessing a surge in international sports brands opening new stores in China, indicating a competitive landscape where new brands are eager to establish a presence in high-end commercial projects [4]

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]