Group 1 - China Merchants Securities (Hong Kong) downgraded the rating of Giant Bio to neutral due to challenges such as a reputation crisis and a decline in sales during the Double Eleven shopping festival, indicating a potential strategic adjustment period in 2026 with no clear catalysts for rebound [1] Group 2 - CICC maintained a "outperform" rating for He Yu-B, setting a target price of 20 HKD, highlighting the approval of its first self-developed innovative drug, with an overall response rate (ORR) of 54%, which could provide new growth momentum for the company [2] Group 3 - CICC maintained a "outperform" rating for Mixue Group with a target price of 555 HKD, noting the brand's resilience in growth despite reduced delivery subsidies and the rapid expansion of its stores, indicating strong growth potential [3] Group 4 - CICC maintained a "outperform" rating for Tmall with a target price of 3.88 HKD, reporting that Q3 sales met expectations with healthy inventory and stable discounts, suggesting a potential stabilization in the channel [4] Group 5 - Huachuang Securities maintained a "strong buy" rating for Geely Automobile with a target price of 27.01 HKD, citing the completion of the Zeekr privatization significantly enhancing profits and brand synergy, with multiple flagship new models driving sales and average selling price (ASP) increases [5] Group 6 - Changjiang Securities maintained a "buy" rating for Aikang Medical, emphasizing its leading position in orthopedics and revenue surpassing pre-collection levels, with effective overseas expansion strategies [6] Group 7 - Changjiang Securities maintained a "buy" rating for Genscript Biotech, highlighting the establishment of a high-barrier pipeline in tumor vaccines and CAR-T therapies, with significant clinical trials expected to start soon [7] Group 8 - Shenwan Hongyuan maintained a "buy" rating for Tmall, noting improvements in channel efficiency and the end of a large-scale store closure phase, with a clear trend of recovery in the terminal market [8] Group 9 - Shenwan Hongyuan initiated coverage on China Railway with a "buy" rating, citing a substantial order backlog of 7.54 trillion, a high gross margin of 59.45% in its resource segment, and attractive valuation due to significant H-share discounts [9] Group 10 - Guosen Securities maintained an "outperform" rating for Zhongxin Innovation, reporting that the company's power battery installation volume ranked among the top three globally in October, with a year-on-year increase of over 75% in energy storage battery shipments [10]

证券研究报告 滔搏 (6110 HK) 港股通 滔搏公布 FY26 年第三季度运营表现：公司零售及批发业务总销售额同比高 单位数下跌，零售业务表现优于批发业务，整体终端需求仍处于弱复苏区间； 期间直营门店毛销售面积较 1HFY26 -1.3%，同比-13.4%，净关店数量环比 收窄，公司继续推进门店网络优化、谨慎开闭店策略。当前零售环境弱复苏， 市场仍处于促销氛围，但我们看好短期 NIKE 大中华区在专业运动新品、体 育营销、全域一体化经营下的零售反转，有望带动盈利能力改善，同时多品 牌布局持续发力，有望从传统零售运营向品牌管理转型，打开长期增长空间， 维持"买入"评级。 线上与线下渠道表现分化收窄，库存下降但折扣同比加深 1）流水：第三季度零售业务同比表现略弱于上半财年，主因终端消费处于 弱复苏阶段。分渠道看，受去年同期低基数影响，线下及线上渠道同比表现 分化收窄，第三季度线下/线上的同比表现较上半财年略有改善/放缓。2）经 营：线上销售占比提升，带动整体折扣率同比加深，但受益于线上线下分化 收窄，折扣加深幅度较上半财年有所改善；我们预计在期内电商大促及库存 管控节奏下，期末库存同比有所下降且周转效率保持良 ...

经营承压但符合预期，全年利润持平目标面临挑战 事件 公司于12月22日盘后公告三季度运营表现并举行了经营电话交流会。公司FY2025/26第三季度（9-11 月），零售及批发业务销售金额同比高单位数下跌，毛销售面积环比上季度末-1.3%，同比-13.4%。 智通财经APP获悉，国元国际发布研报称，滔搏(06110)经营层面一定程度经过拐点，主要体现包括，净 关店数量基本稳定、单位坪效持续改善、核心品牌加大实质性支持。滔搏核心品牌耐克(NKE.US)新品 逐步推出市场，建议关注。 国元国际主要观点如下： 该行认为，未来仍需考虑消费环境的恢复程度，后期耐克新产品的终端市场成效以判断公司实质性经营 恢复情况。该行会着重观察公司下半财年的利润率改善情况和耐克新产品未来的终端市场反馈。 Q3销售同比下滑高单位数，零售表现优于批发。线下受低基数带动略有改善，但线上因高基数增速放 缓。折扣方面，受线上占比提升影响，同比略有加深，但环比上半财年收窄。管理层坦言，宏观环境及 线下客流依旧低迷，财年利润额同比持平的目标面临一定压力，但公司预计最终业绩可能存在偏差，但 在可控范围内。 耐克品牌加大对大中华区库存和老旧货品占比较高的 ...

来源：环球网 摘要：本案例描述了中国领先的运动零售运营商滔搏围绕其"绿色消费推动者与引领者"的ESG愿景，系 统性地深化可持续发展战略的实践。案例重点展示了滔搏如何以创新公益IP"GREENBOX绿盒子"为关 键抓手，通过线上线下融合的绿色消费倡导、门店与供应链的协同减碳，以及多元包容的企业文化建设 等多维度举措，助力绿色零售生态构建。过去一年，滔搏不仅制定了长期减碳目标，更通 过"GREENBOX绿盒子"旧衣回收计划、绿色产品推广、LEED认证门店等具体行动，向超过8900万滔搏 用户传递可持续理念，并协同超过70%的品牌伙伴共同迈向低碳目标。根据国际权威指数机构MSCI公 布的ESG（环境、社会和公司治理）评级结果，滔搏的ESG评级为AA级，持续领跑中国体育用品行 业。 关键词：滔搏；ESG；可持续发展；绿色消费；公益IP；GREENBOX绿盒子 案例正文： 近年来，"可持续发展"已成为运动零售领域的共识。作为中国最大的运动零售运营商，滔搏基于业务定 位和自身产业链角色，通过绿色零售生态构建、供应链协同减碳、多元包容的企业文化培育等多元举 措，进一步推动产业可持续生态共筑与价值共赢，向"绿色消费推动者与引 ...

国元国际发布研报称，滔搏(06110)经营层面一定程度经过拐点，主要体现包括，净关店数量基本稳 定、单位坪效持续改善、核心品牌加大实质性支持。滔搏核心品牌耐克(NKE.US)新品逐步推出市场， 建议关注。 国元国际主要观点如下： Q3销售同比下滑高单位数，零售表现优于批发。线下受低基数带动略有改善，但线上因高基数增速放 缓。折扣方面，受线上占比提升影响，同比略有加深，但环比上半财年收窄。管理层坦言，宏观环境及 线下客流依旧低迷，财年利润额同比持平的目标面临一定压力，但公司预计最终业绩可能存在偏差，但 在可控范围内。 耐克支持力度增强，对大中华区库存问题加大重视 耐克品牌加大对大中华区库存和老旧货品占比较高的问题的重视，通过加大核心零售商的旧货回购力 度、回收后核销。一方面降低零售伙伴运营资金压力，同时也改善品牌在大中华区新旧货品比例。公司 在经营层面已在一定程度上度过拐点，主要体现包括，净关店数量基本稳定、单位坪效持续改善、核心 品牌加大实质性支持。分别对应，公司经营调改基本稳定、公司新业务模型具有成效、伙伴支持有望反 映在报表端。 该行认为，未来仍需考虑消费环境的恢复程度，后期耐克新产品的终端市场成效以判断 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Insights - The third quarter retail sales declined significantly, and the company is awaiting the effects of Nike's adjustments in the Greater China region [4] - The company has a strong partnership with international brands like Nike and Adidas, which is expected to drive future growth [6] - The introduction of new brands is anticipated to diversify the company's offerings and expand its customer base [6] Financial Performance Summary - For FY2024, the company is projected to have a revenue of 28,933.20 million RMB, with a year-on-year growth rate of 6.87% - In FY2025, revenue is expected to decline to 27,012.90 million RMB, reflecting a decrease of 6.64% - The net profit attributable to the parent company for FY2024 is forecasted at 2,213.00 million RMB, with a growth rate of 20.49% [5] - The earnings per share (EPS) for FY2024 is estimated at 0.36 RMB, with a return on equity (ROE) of 22.47% [5] - The company’s financial metrics indicate a projected net profit of 1,287 million RMB in FY2026, with a slight growth of 0.09% [7]

Market Performance - The Hong Kong stock market showed a mixed performance with the Hang Seng Index rising by 0.13% to 25,808.79 points, while the Hang Seng Tech Index increased by 0.14% to 5,496.52 points. The National Enterprises Index fell by 0.03% to 8,911.15 points, and the Red Chip Index decreased by 0.14% to 4,061.97 points [1] Company News - Vanke Enterprises extended the grace period for the repayment of its fourth tranche of medium-term notes (total principal of 2 billion yuan) to 30 trading days [2] - Cathay Pacific reported a passenger count of 2.5304 million in November, marking a 26% year-on-year increase [3] - China General Nuclear Power's units 1 and 2 in Huizhou are in the debugging phase, with expected operational dates adjusted to the first half and second half of 2026, respectively [3] - Nanshan Aluminum International has increased its annual production capacity of alumina to 4 million tons [7] - He Yu Pharmaceutical's CSF-1R inhibitor received approval from China's NMPA [5] - Shengnuo Pharmaceutical completed Phase I trials for its drug STP707 and submitted a clinical research report to the FDA [6] Industry Insights - Huatai Securities noted that the market is still in a left-side layout phase, with a strong consensus on an early spring rally, but year-end supply and demand pressures may create uncertainty for a "Santa rally" [10] - CITIC Construction pointed out that after a period of single-sided growth in September, the Hong Kong market has experienced adjustments, with some quality assets returning to a high cost-performance ratio [10] - Guotai Junan Securities highlighted that historical data shows strong performance in U.S. stocks during year-end, despite uncertainties regarding interest rates and inflation paths for 2026 [11] - GF Fund mentioned that while short-term liquidity disturbances may impact the market, the upward trend in the AI industry cycle remains intact, suggesting that the market structure for Hong Kong stocks will not change [11]

格隆汇12月24日｜中金发表报告指，滔搏今年11月底止第三财季符合公司预期，后续展望审慎。考虑需 求偏弱及主力品牌仍在调整期，该行下调公司2026及27财年每股盈利预测4%及13%至0.2及0.23元，相 应下调目标价7%至3.88港元，维持"跑赢行业"评级。 ...

李宁则直接销售下滑。该公司披露的公告显示，三季度，李宁（不含李宁YOUNG）零售流水同比录得 中单位数下降。 回到滔搏，好消息是耐克明显更重视这一渠道了。耐克明确，将加强与滔搏等经销商的合作力度。 21世纪经济报道记者贺泓源 实习生李音桦 运动零售运营商滔搏销售额继续下滑中。 该公司披露的公告显示，2026财年第三季度（2025年9至11月），滔搏直营和批发业务税前总销售额下 降高单位数，跌幅延续上个财季趋势，略弱于上半年整体。分渠道看，线上渠道增速仍好于线下渠道， 但受基数影响，线上增速较上半年略有放缓，线下表现较上半年略有改善。 滔搏销售下滑，很大程度上受到了耐克影响。 在截至11月末的最新财季，耐克在华销售额同比下滑16%至14.23亿美元。大中华区门店客流量下滑、 当季售罄率降低导致销售未达目标等，都影响了耐克在华销售。 事实上，运动市场承压是种大趋势。 9月，匹克董事长许景南在内部会议上提到，匹克内销直营板块自年初以来持续亏损，仅1月至7月就累 计亏损逾1.3亿元，期间还不得不转手三个分公司。 据安踏体育披露，在2025年第三季度，安踏品牌产品的零售金额（按零售价值计算）同比录得低单位数 的正增长。 ...

Group 1 - The core viewpoint of the report is that due to significant disruptions in offline retail, the profit forecast for Tmall (滔搏) has been slightly lowered, with expected net profits for FY2026-2028 being 1.22 billion, 1.33 billion, and 1.49 billion yuan respectively, reflecting a year-on-year change of -5.3%, +9.6%, and +11.5% [1] - The reasonable valuation range has been adjusted to 3.2 to 3.5 HKD, down from the previous range of 3.8 to 4.0 HKD, corresponding to a PE ratio of 14 to 15 times for FY2027 [1] Group 2 - In Q3 of FY2026, the total sales amount for the retail and wholesale business recorded a high single-digit decline year-on-year, with the gross sales area of direct-operated stores decreasing by 1.3% quarter-on-quarter and 13.4% year-on-year [2] - The online channel's growth rate remains better than that of the offline channel, although the growth rate has slightly slowed compared to the first half of the year due to base effects [3] - The company is optimizing its offline store network by cautiously closing underperforming stores and focusing on extending online channels for offline stores, with a significant reduction in the number of store closures expected this year compared to last year [3] Group 3 - The discount rate has deepened year-on-year due to the increased proportion of online channels, but the extent of discounting has narrowed compared to the first half of the fiscal year [4] - Nike's Q2 FY2026 performance slightly exceeded previous guidance and market expectations, with revenue of 12.4 billion USD, a year-on-year increase of 1%, while the Greater China region continues to face significant pressure [4] - Adidas reported Q3 results that fell short of market expectations for revenue but exceeded expectations for operating profit, with a 12% year-on-year increase in revenue for the Adidas brand [5] Group 4 - The company has maintained a strong growth momentum for its main brand, Adidas, with expectations of double-digit growth for FY2025, while Nike's performance in FY2026 Q2 was better than previous guidance but faced challenges in the Greater China market [6] - The company has been increasing its focus on outdoor and running segments, becoming the exclusive agent for several outdoor brands in the Chinese market and opening a running brand collective store [6]