Core Viewpoint - The report from Guosen Securities expresses optimism about the operational resilience and long-term cash returns of Tabo (06110), highlighting a narrowing decline in retail sales and stable gross margins despite a challenging retail environment [1] Group 1: Financial Performance - In the first half of the 2026 fiscal year, Tabo's revenue decreased by 5.8% year-on-year to 12.3 billion, with retail channel revenue at 10.6 billion (down 3.0%) and wholesale channel revenue at 1.62 billion (down 20.3%) [1] - The main brands, Nike and Adidas, generated 10.81 billion in revenue, down 4.8%, while other brands saw a 12.2% decline to 1.41 billion [1] - Net profit attributable to shareholders fell by 9.8% to 790 million, with a slight decrease in gross margin to 41.0% and a net profit margin of 6.4% [1] Group 2: Cash Flow and Dividends - Operating cash flow decreased by 48.2% year-on-year to 1.35 billion, with a net cash ratio of 1.7 [1] - The interim dividend payout ratio was 102.2%, with a dividend of 0.13 per share [1] Group 3: Store and Membership Strategy - As of August 2025, the number of direct-operated stores decreased by 1,125 to 4,688 (down 19.4%), while total sales area declined by 14.1% [2] - The cumulative user base reached 89.1 million, with membership contributing 92.9% of sales, and high-value members accounting for nearly 35% of sales [2] Group 4: Market Position and Growth Strategy - The company is strategically enhancing its presence in the running and outdoor segments, partnering with high-end brands and opening specialized stores [2] - Online retail business experienced double-digit growth, with significant contributions from content e-commerce and private domain operations [2]

Core Viewpoint - The report from Guosen Securities expresses optimism about the operational resilience and long-term cash returns of Tmall (06110), highlighting a narrowing decline in retail and stable gross margins despite a challenging retail environment [1] Financial Performance - Revenue for the first half of the 2026 fiscal year decreased by 5.8% year-on-year to 12.3 billion, with retail channel revenue at 10.6 billion (down 3.0%) and wholesale channel revenue at 1.62 billion (down 20.3%) [1] - Main brand revenues (Nike, Adidas) fell by 4.8% to 10.81 billion, while other brands saw a 12.2% decline to 1.41 billion [1] - Net profit attributable to shareholders dropped by 9.8% to 790 million, with a slight decrease in gross margin by 0.1 percentage points to 41.0% [1] - Operating cash flow net amount decreased by 48.2% to 1.35 billion, with a net cash ratio of 1.7 [1] Store and Membership Strategy - As of August 2025, the number of direct-operated stores decreased by 1,125 to 4,688 (down 19.4%), while total sales area declined by 14.1% [2] - The cumulative user base reached 89.1 million, with membership contributing 92.9% of sales; high-value members accounted for nearly 35% of sales [2] - Online retail business experienced double-digit growth, with significant contributions from content e-commerce and private domain operations [2] Sales Trends - In the second quarter (June to August 2025), total sales for retail and wholesale businesses saw a high single-digit decline, with direct-operated store area decreasing by 3.3% quarter-on-quarter and 14.1% year-on-year [3] - Management indicated expectations for net profit to remain flat for the 2026 fiscal year, with guidance for improved net margins [3]

Core Insights - The Chinese sports footwear and apparel industry is undergoing a significant "value reconstruction," shifting consumer decision-making from "cost-performance" to "emotional value" [1] - Retailers are facing structural differentiation, requiring them to find ways to achieve quality growth amid uncertainty [1] Group 1: Company Performance - Tmall, the largest domestic sports retail operator, reported revenue of 12.3 billion yuan and a net profit of 790 million yuan for the period ending August 31, 2025 [1] - The company has over 20 cooperative brands and a user base exceeding 89 million, indicating a strong market presence [1] Group 2: Retail Strategy - The retail strategy has shifted from "scale expansion" to "value deepening," redefining the role of stores as "super interfaces" that drive omnichannel traffic [2] - Tmall employs a "preferred + optimized" strategy for store adjustments, aiming to enhance the multi-dimensional value of stores [2] Group 3: Digital and Omnichannel Integration - Tmall operates over 800 Douyin and WeChat video accounts, with more than 3,600 mini-program stores and over 3,700 instant retail stores, achieving double-digit growth in online sales [3] - The company has established a "1 (offline store) + N (online multi-scenario)" operational model to enhance online and offline channel synergy [2] Group 4: Brand Collaboration - Tmall is expanding its brand collaboration ecosystem by exclusively operating niche brands like norda™, soar, Ciele, and Norrøna, adapting to market segmentation and consumer upgrades [4][5] - The company aims to build long-term, trust-based strategic partnerships with core brand partners to respond to market changes effectively [4] Group 5: User Value and Membership - Approximately 92.9% of Tmall's sales come from members, with high-value members contributing 35% of membership sales despite being a small percentage of the total [7] - The company focuses on deepening user value through a refined operational system that includes demand matching, scenario penetration, and experience value [7] Group 6: Digital Empowerment - Tmall's digital transformation focuses on creating a "smart retail ecosystem" through enhanced inventory sharing, member value extraction, and optimized marketing strategies [8] - The company is investing in AI technology for supply chain efficiency, marketing conversion, and operational decision-making [8]

Core Insights - The company reported a revenue of 12.3 billion and a net profit of 790 million for the first half of the fiscal year, with cash and cash equivalents reaching 2.54 billion [1] Group 1: Business Model and Strategy - The company implements a "1+N" model in the omnichannel retail sector, centering around offline stores while integrating content e-commerce and private domain operations [1] - Online business achieved double-digit growth year-on-year, with over 800 Douyin and WeChat video accounts and more than 3,600 mini-program stores, accumulating over 89 million users [1] Group 2: Digital Transformation and Brand Expansion - The company is advancing its digital transformation, optimizing product management and circulation efficiency around integrated omnichannel strategies [1] - New brand partnerships include exclusive operations for Norwegian outdoor brand Norrøna and running brands soar and Ciele in China, alongside the introduction of the running multi-brand store brand ektos [1] Group 3: Customer Engagement and Sales Performance - Membership sales accounted for 92.9% of total retail sales from offline and mini-programs, with repeat members contributing 60% of membership consumption, highlighting high user stickiness [1] - The company plans to continue focusing on omnichannel retail, user operations, and business innovation while deepening digital empowerment [1]

Core Viewpoint - The report from CICC indicates that TBO's performance for the first half of the 2026 fiscal year met expectations, with a year-on-year revenue decline of 6% and a net profit decrease of 10% [1] Financial Performance - TBO's revenue decreased by 6% year-on-year [1] - Net profit fell by 10% [1] - The company declared an interim dividend of 0.13 HKD, with a payout ratio of approximately 102% [1] Earnings Forecast - CICC maintains its earnings per share estimates for TBO at 0.21 HKD for the 2026 fiscal year and 0.26 HKD for the 2027 fiscal year [1] Rating and Target Price - CICC continues to rate TBO as "outperforming the industry" [1] - The target price for TBO has been raised by 23% to 4.17 HKD [1]

Group 1: Dongpeng Beverage - Dongpeng Beverage reported a revenue of 61 billion yuan in Q3, a year-on-year increase of 30.4%, and a net profit of 13.9 billion yuan, up 41.9% [1] - For the first three quarters, the total revenue reached 168.4 billion yuan, growing by 34%, with a net profit of 37.6 billion yuan, an increase of 38.9% [1] - The company anticipates achieving an annual revenue of 158.4 billion yuan in 2024, representing a 40.6% growth, and a net profit of 33.3 billion yuan [1] - Energy drinks generated 4.2 billion yuan in revenue, a 15% increase, while electrolyte drinks saw a significant 84% growth, reaching 1.35 billion yuan [1] Group 2: Coca-Cola - Coca-Cola's Q3 revenue reached 12.455 billion USD, a 5% increase, surpassing market expectations [3] - The net profit for the quarter was 3.683 billion USD, reflecting a 29% growth [3] - Global single-serve sales increased by 1%, with flagship Coca-Cola brand sales growing by 1% driven by markets in Europe, the Middle East, Africa, and Asia-Pacific [3] - The company reaffirmed its 2025 earnings guidance, expecting an 8% growth in comparable currency-neutral earnings per share [4] Group 3: Deckers Brands - Deckers Brands reported a net sales increase of 9.1% in Q2, reaching 1.431 billion USD [4] - HOKA brand sales grew by 11.1% to 630 million USD, while UGG brand sales increased by 10.1% to 760 million USD [5] - The company expects full-year net sales to be around 5.35 billion USD, slightly below analyst expectations [5] Group 4: Adidas - Adidas reported a 12% revenue growth in Q3, reaching 6.63 billion euros, driven by double-digit growth across markets and product categories [7] - The gross margin improved by 0.5 percentage points to 51.8%, with operating profit significantly increasing to 736 million euros [7] - The company raised its full-year operating profit forecast to approximately 2 billion euros [7] Group 5: Wanchen Group - Wanchen Group announced a revenue of 36.562 billion yuan for the first three quarters, a 77.37% year-on-year increase, with a net profit of 855 million yuan, up 917.04% [16] - The growth was attributed to the continuous development of the bulk snack business [16] Group 6: Baima Tea - Baima Tea's IPO was oversubscribed nearly 1900 times, with subscription amounts reaching at least 853 billion yuan [17] Group 7: Wumart Group - Wumart Group's founder expressed optimism about the development of the hard discount model, aiming to adjust AI new retail to 100 stores by year-end [18] Group 8: Jinzhai Food - Jinzhai Food reported a Q3 revenue of 685 million yuan, a 6.55% increase, but a net profit decline of 14.77% [19] Group 9: Sushi Industry - Japan's largest conveyor sushi manufacturer plans to invest approximately 300 million yen to expand its factory, increasing production capacity by 20% [20]

Group 1: Company Analysis - The report highlights the strong performance of Dongfang Caifu (300059.SZ), with a revenue of 11.589 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 58.7%, and a net profit attributable to shareholders of 9.097 billion yuan, up 50.6% year-on-year [9][10] - The company's return on equity (ROE) stands at 10.74%, an increase of 2.60 percentage points compared to the previous year [9] - The significant growth in the company's securities business, particularly in brokerage and margin financing, is attributed to the active trading environment in the capital market since Q4 2024 [9][10] Group 2: Industry Insights - The report discusses the recovery of the fund distribution business, noting that Dongfang Caifu's fund distribution scale is leading in the industry, with a total of 1.0572 trillion yuan in fund sales for the first half of 2025 [11] - The report emphasizes the resilience of the export market, with a surprising export growth rate of 6.6% in Q3 2025, indicating a robust recovery despite expectations of a decline [15] - The media industry is identified as having a favorable seasonal effect, particularly in November, suggesting a good opportunity for investment in this sector [33]

Macro Strategy - The "Innovation Bull" market is entering a consolidation phase, driven by a positive cycle of capital pricing and industrial implementation under policy guidance [1][13] - Current macro policies are still being implemented, and the "KOT" valuation system is gradually improving, with medium to long-term funds expected to enter the market annually [1][13] - Market liquidity and valuations have improved, with public fund net values exceeding 1, indicating potential for accelerated fund issuance [1][13] - The market is likely to extend towards technology sectors such as computing power, chips, robotics, and energy storage as the "Innovation Bull" evolves into a comprehensive bull market [1][13] Fixed Income - The report discusses how to identify arbitrage opportunities in the Sci-Tech Bond ETF component bonds, focusing on bonds with an implied rating of AA+ or higher and smaller issuance sizes [2][14] - The report emphasizes the importance of liquidity and credit quality in selecting bonds for inclusion in the ETF, with a preference for bonds issued by central state-owned enterprises [2][14] - The report highlights the potential for price appreciation of bonds that are included in the ETF due to passive fund inflows [2][15] Industry Analysis - The report identifies the "brain" as a key component in the development of embodied intelligence, with various companies exploring different technological paths [4][16] - The embodied intelligence market is expected to grow rapidly, with significant investment in brain technology, which is seen as the most critical and challenging aspect of the market [4][16] - Key players in the market include companies like 品茗科技, 银河通用, and Tesla, among others, with a recommendation to focus on these related stocks [4][16] Company Recommendations - 派能科技 (688063) is projected to recover from impairment and exchange rate impacts, with expected net profits of 1.0/5.0/7.2 billion yuan for 2025-2027, reflecting significant growth [5][17] - 巨子生物 (02367.HK) has received approval for its first type I recombinant collagen product, which is expected to drive growth in the medical beauty sector, with projected net profits of 25.66/32.14/40.46 billion yuan for 2025-2027 [6][18] - 联合动力 (301656) reported a slight decline in net profit but maintains a positive long-term outlook, with expected net profits of 11.3/16.8/25.8 billion yuan for 2025-2027 [7][21] - 杰瑞股份 (002353) continues to show growth potential with projected net profits of 30/35/40 billion yuan for 2025-2027, despite short-term delivery challenges [8][22]

Investment Rating - The report maintains a "Buy" rating for the company, with a target price set for the next six months [7]. Core Insights - The company reported a revenue of 12.3 billion RMB for FY26H1, a year-on-year decrease of 5.8%, and a net profit attributable to shareholders of 789 million RMB, down 9.7% year-on-year. The gross margin stood at 41.0%, reflecting a slight decrease of 0.1 percentage points [1]. - The company is implementing a "1+N" model to enhance its retail strategy, expanding offline stores into various online scenarios, resulting in a total of 4,688 stores, a decrease of 19.4% year-on-year. However, online retail sales have seen double-digit growth, alleviating some pressure on offline traffic [2]. - The company is focusing on high-potential segments, particularly in running and outdoor sports, by partnering with brands like nordaTM and Norrøna for exclusive operations in China [3]. - The membership economy is showing significant value, with a total user base of 89 million and membership contributing 92.9% to total retail sales. High-value members contribute nearly 35% to sales, with average transaction values significantly higher than non-members [4]. Financial Projections - The report maintains its profit forecast, expecting revenues of 26.5 billion RMB, 27.3 billion RMB, and 28.6 billion RMB for FY26-28, with net profits projected at 1.3 billion RMB, 1.5 billion RMB, and 1.7 billion RMB respectively. The expected EPS is 0.21 RMB, 0.24 RMB, and 0.27 RMB for the same period [5].

Group 1: Dongpeng Beverage - Dongpeng Beverage's Q3 revenue reached 6.1 billion yuan, a year-on-year increase of 30.4%, with net profit at 1.39 billion yuan, up 41.9% [2] - For the first three quarters, revenue totaled 16.84 billion yuan, growing 34% year-on-year, while net profit was 3.76 billion yuan, an increase of 38.9% [2] - The company has surpassed its total revenue and net profit for the entire year of 2024 within the first three quarters [3] - Energy drinks generated 4.2 billion yuan in revenue, a 15% increase, while electrolyte drinks saw revenue of 1.35 billion yuan, growing 84% [3] - Dongpeng's sales model primarily relies on regional distributors, complemented by various sales channels, with over 3,200 distributors and coverage of over 4.2 million active retail points [3] Group 2: Coca-Cola - Coca-Cola's Q3 revenue reached 12.455 billion USD, a 5% increase, exceeding market expectations [4] - The company's net profit for Q3 was 3.683 billion USD, reflecting a 29% growth [4] - Global unit case volume increased by 1%, with flagship Coca-Cola brand sales growing by 1% driven by markets in Europe, the Middle East, Africa, and Asia-Pacific [4] - The company reaffirmed its 2025 earnings guidance, expecting comparable currency-neutral EPS growth of about 8% [5] Group 3: Deckers Brands - Deckers Brands reported a 9.1% increase in net sales for Q2, reaching 1.431 billion USD [6] - HOKA brand net sales grew by 11.1% to 630 million USD, while UGG brand sales increased by 10.1% to 760 million USD [6] - The company provided a full-year financial outlook, expecting net sales of approximately 5.35 billion USD, below analyst expectations [6] Group 4: Adidas - Adidas reported a 12% increase in brand revenue for Q3, reaching 6.63 billion euros [8] - The company's gross margin improved by 0.5 percentage points to 51.8%, with operating profit rising significantly to 736 million euros [8] - Based on Q3 performance, Adidas raised its full-year operating profit forecast to around 2 billion euros [8] Group 5: Wanchen Group - Wanchen Group announced a 77.37% year-on-year increase in revenue for the first three quarters, totaling 36.562 billion yuan [18] - The net profit for the same period was 855 million yuan, a staggering 917.04% increase [18] Group 6: Bama Tea - Bama Tea's IPO was oversubscribed nearly 1900 times, with subscription amounts reaching at least 85.3 billion yuan [19] Group 7: Wumart Group - Wumart Group's founder expressed optimism about the development of hard discount models in retail, with plans to expand AI new retail to 100 stores by year-end [20] Group 8: Jin Zai Foods - Jin Zai Foods reported a 6.55% increase in Q3 revenue, totaling 685 million yuan, but net profit declined by 14.77% [21]