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]

Core Viewpoint - The report from Cinda Securities indicates that Tabo (06110) has experienced a high single-digit year-on-year decline in total sales for its retail and wholesale businesses in Q3 of the fiscal year 2025/26, aligning with previous performance guidance trends [1] Group 1: Retail and Wholesale Performance - Retail business continues to outperform wholesale, with manageable discount and inventory situations, reflecting strong retail management capabilities [2] - The decline in retail sales is less severe than that in wholesale, with offline sales showing improvement while online growth is weakening due to high base effects [2] - Overall discount rates in direct retail have deepened year-on-year, but the extent of discounting has narrowed compared to the first half of the fiscal year [2] - Total inventory at the end of the period has decreased year-on-year, with good turnover efficiency and a slight improvement in inventory age structure [2] - The network of stores is continuously optimized, with a 13.4% year-on-year and 1.3% quarter-on-quarter reduction in gross sales area of direct stores, and the pace of store closures has slowed compared to Q2 [2] Group 2: Collaboration with Core Brands - The collaboration with Nike is expected to deepen, as both companies face similar pressures in the Chinese market regarding foot traffic, sell-through rates, and inventory challenges [3] - Strategies include increased support for product recovery and adjustments to 2026 spring/summer orders to manage new inventory shipments [3] - Joint efforts are being made to regulate online market order and promote unified pricing management [3] - The company is anticipated to navigate through the downturn alongside its core clients, with potential for future recovery [3] Group 3: New Business Development - The company is steadily advancing its new business layout, with successful launches in specialized segments [4] - The running category has seen the establishment of the Ektos brand store, enhancing brand recognition through participation in major events like the Shanghai Marathon [4] - In the outdoor category, the exclusive agency for the high-end Norwegian outdoor brand Norrøna has been established, with plans for expansion into more cities [4] - The company is focused on creating new growth curves through the introduction of new categories [4] Group 4: Financial Guidance - The company has adopted a conservative financial outlook, noting increased volatility in terminal demand since December and significant operational pressures [5] - The previously set target of "year-on-year net profit flat" is expected to deviate within a controllable range [5] - The company maintains a "short-term cautious, long-term optimistic" stance [5] - Profit forecasts for FY2026-2028 are projected at HKD 1.285 billion, 1.397 billion, and 1.528 billion, with corresponding P/E ratios of 14.52X, 13.36X, and 12.21X [5]

Core Viewpoint - The report from Cinda Securities indicates that Tmall (06110) has experienced a high single-digit decline in total sales for its retail and wholesale business in Q3 of the fiscal year 2025/26, aligning with previous performance guidance trends [1] Group 1: Retail and Wholesale Performance - Retail business continues to outperform wholesale, with controllable discount and inventory situations reflecting strong retail management capabilities [2] - The decline in retail sales is less severe than that in wholesale, with offline sales showing improvement while online growth is weakening due to high base effects [2] - Overall discount rates in direct retail have deepened year-on-year, but the extent of discounting has narrowed compared to the first half of the fiscal year [2] - Total inventory at the end of the period has decreased year-on-year, maintaining good turnover efficiency, with a slight improvement in inventory age structure [2] - The network of stores is continuously optimized, with a 13.4% year-on-year and 1.3% quarter-on-quarter reduction in gross sales area of direct stores, and the pace of store closures has slowed compared to Q2 [2] Group 2: Collaboration with Core Brands - The collaboration with Nike is deepening, with both companies facing similar pressures in the Chinese market regarding foot traffic, sell-through rates, and inventory challenges [3] - Nike plans to enhance support through increased old goods recovery and inventory impairment processing, optimizing channel inventory structure, and adjusting orders for Spring/Summer 2026 to control new product shipments [3] - Both companies are focusing on regulating online market order and promoting unified price management, suggesting Tmall may rebound alongside its core clients [3] Group 3: New Business Development - The company is steadily advancing its new business layout, with successful establishment in specialized segments [4] - The running category has seen the launch of the running brand collective store Ektos, which has strengthened brand recognition and community connection through events like the Shanghai Marathon [4] - In the outdoor category, the exclusive agency of the high-end Norwegian outdoor brand Norr na has achieved breakthroughs, with the first store opened and plans for expansion in more cities [4] Group 4: Financial Guidance - The company has adopted a conservative financial outlook, noting increased volatility in terminal demand since December and significant operational pressure [5] - The previously set target of "year-on-year net profit flat" is expected to deviate within a controllable range [5] - The company maintains a "short-term cautious, long-term optimistic" attitude, with profit forecasts for FY2026-2028 estimated at HKD 1.285 billion, 1.397 billion, and 1.528 billion, corresponding to P/E ratios of 14.52X, 13.36X, and 12.21X respectively [5]

Group 1 - Hong Kong sportswear stocks experienced a decline in the afternoon, with Xtep International (01368.HK) falling over 5% [1] - Tmall (06110.HK) dropped more than 4.5%, while China Dongxiang (03818.HK), 361 Degrees (01361.HK), and Yue Yuen Industrial (00551.HK) all saw declines exceeding 3% [1]

Group 1 - The stock of Tabo (06110.HK) has dropped over 4%, currently down 4.32% at HKD 2.88 [2] - The trading volume reached HKD 17.4752 million [2]

Core Viewpoint - Tmall's stock has dropped over 4%, currently trading at HKD 2.88, with a trading volume of HKD 17.4752 million [1] Group 1: Sales Performance - For the third quarter of the fiscal year 2025/26, the total sales amount of the 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% year-on-year [1] Group 2: Market Analysis - According to Cinda Securities, the decline in total sales aligns with previous performance guidance trends, indicating that retail business continues to outperform wholesale business [1] - The company has demonstrated strong retail management capabilities, with controllable discount and inventory situations [1] Group 3: Financial Guidance - The company noted increased operational pressure due to heightened fluctuations in terminal demand since December, leading to an expected deviation from the previously set target of "year-on-year net profit remaining flat" within a controllable range [1] - The company maintains a "short-term cautious, long-term optimistic" outlook for the future [1]

Investment Rating - The report does not provide a specific investment rating for the company [1] Core Insights - The company's retail and wholesale business experienced a high single-digit decline in total sales year-on-year, aligning with previous performance guidance [1] - Retail performance continues to outperform wholesale, with manageable discount and inventory situations reflecting strong retail management capabilities [2] - The company is expected to collaborate closely with its core brand, Nike, to navigate current market challenges, including foot traffic pressure and inventory issues [3] - The company is actively expanding into new business areas, with a focus on niche segments such as running and outdoor categories, which are anticipated to contribute to future growth [3] - The financial guidance for the year is conservative, with a cautious short-term outlook but a long-term optimistic perspective [3] Financial Summary - For FY2025, total revenue is projected at 27,013 million HKD, with a year-on-year decline of 7%. The net profit attributable to the parent company is expected to be 1,286 million HKD, reflecting a 42% decrease year-on-year [6] - The earnings per share (EPS) for FY2025 is estimated at 0.21 HKD, with a price-to-earnings (P/E) ratio of 16.25 [6] - The company forecasts a gradual recovery in net profit, with projections of 1,285 million HKD for FY2026, 1,397 million HKD for FY2027, and 1,528 million HKD for FY2028, corresponding to P/E ratios of 14.52, 13.36, and 12.21 respectively [4][6]