针对户外以及跑步赛道，公司推进新品牌/业态布局 公司重点深化跑步和户外细分赛道的品牌布局，接连开启与跑步品牌Norda、soar、Ciele和户外品牌 Norrøna的合作，满足消费者差异化需求，同时公司建立跑步生态品牌ektos，并在上海开设门店，期内 ektos亮相上海马拉松，吸引跑者人群关注。中长期来看滔搏将凭借自身在营销、零售等多层面的优 势，帮助新品牌拓展市场，共享赛道机遇。 展望2026财年 智通财经APP获悉，国盛证券发布研报称，滔搏(06110)作为运动鞋服下游渠道龙头公司，终端门店结构 优化，数字化转型带动零售效率提升，高效的会员运营持续巩固用户粘性，该行预计公司FY2026- FY2028归母净利润分别为12.29/13.79/15.33亿元，现价对应FY2026PE为14倍，维持"买入"评级。公司发 布季度经营公告，FY2026Q3((2025年9-11月)公司全渠道销售额(零售流水及批发发货金额，含税)同比下 降高单位数，直营门店毛销售面积环比/同比-1.3%/-13.4%。 国盛证券主要观点如下： 面对客流波动+渠道关店，FY2026Q3线下销售或仍有压力 FY2026Q3公司销售下 ...

Market Performance - The Hong Kong stock market opened high but experienced fluctuations, closing with the Hang Seng Index down 0.11% at 25,774.14 points, the Hang Seng Tech Index down 0.69% at 5,488.89 points, the National Enterprises Index down 0.29% at 8,913.83 points, and the Red Chip Index down 0.19% at 4,067.53 points [1] Sector Performance - Large tech stocks showed mixed performance: Alibaba rose 0.55%, Tencent fell 2.03%, JD.com increased by 0.45%, Xiaomi dropped 1.51%, NetEase decreased by 0.65%, Meituan rose 0.39%, Kuaishou fell 3.52%, and Bilibili decreased by 0.05% [1] - Gold stocks continued to rise, with WanGuo Gold Group up over 5%, Shandong Gold up over 4%, and Zhaojin Mining up over 2% [1] - Wind power stocks led gains, with Dongfang Electric up over 8% [1] - Biotech stocks declined, with Yaojie Ankang down over 18% [1] - Chinese brokerage stocks opened high but closed lower, with Dongfang Securities down over 1% [1] Company News - Cathay Pacific reported 2.5304 million passengers in November, a year-on-year increase of 26% [2] - Shandong High New Energy's subsidiary signed an EPC contract worth RMB 405.5 million [2] - China General Nuclear Power's units are in testing, with adjusted operational timelines for 2026 [2] - Lehua Entertainment signed a business cooperation framework agreement with Youku [3] - Dipo Technology entered a strategic cooperation agreement with Muxi Co., focusing on enterprise-level AI applications [4] - Nanshan Aluminum's alumina design capacity has been increased to 4 million tons [7] Institutional Insights - Huatai Securities noted that the market is still in a left-side layout phase, with supply and demand pressures expected to persist into the year-end [10] - Guotou Securities highlighted the historical strength of U.S. stocks at year-end, despite uncertainties regarding interest rates and inflation paths for 2026 [10] - Galaxy Securities recommended focusing on the tech sector as a long-term investment theme, anticipating a rebound due to multiple favorable factors [10]

Core Viewpoint - Macquarie has downgraded the target price for Tmall (06110) by 5% to HKD 3.9, maintaining an "outperform" rating due to weak demand impacting revenue forecasts and increasing expense ratios [1] Group 1: Financial Forecasts - The forecast for Tmall's net profit in FY2026 has been reduced by 4.2%, while the FY2027 forecast has been cut by 3.9% [1] - Revenue for the second half of FY2026 is expected to decline by 10.8%, with net profit projected to increase by 12% to RMB 459 million, indicating a year-on-year net profit decrease of 3% [1] Group 2: Sales Performance - Sales in the third quarter of FY2026 have decreased in line with management expectations, remaining consistent with the second quarter [1] - The company believes that foot traffic in offline stores continues to be under pressure, with weak demand persisting into December [1] Group 3: Brand and Market Dynamics - Nike, Tmall's main brand, has indicated that a reset in China will take time, and Tmall is closely collaborating with Nike to build a foundation for long-term growth [1] - Ongoing discounts in online channels may lead to higher growth in the third quarter compared to offline retail channels, resulting in greater discounting across the channel mix [1] Group 4: Margin and Cost Control - Despite the ongoing discounts, the negative impact is believed to be diminishing as the year-on-year change in offline retail discounts has narrowed [1] - Cost control measures are expected to continue alleviating pressure on gross margins in the second half of FY2026 [1]

Core Viewpoint - Macquarie has downgraded the target price for Tmall (06110) by 5% to HKD 3.9, maintaining a "Outperform" rating, primarily due to weak demand impacting revenue forecasts and increasing expense ratios [1] Group 1: Financial Forecasts - The forecast for Tmall's net profit for the fiscal year 2026 has been reduced by 4.2%, while the 2027 forecast has been lowered by 3.9% [1] - For the second half of the fiscal year 2026, revenue is expected to decline by 10.8%, while net profit is projected to increase by 12% to RMB 459 million, indicating a year-on-year decrease of 3% in net profit for the fiscal year 2026 [1] Group 2: Sales Performance - The sales decline in the third quarter of fiscal year 2026 aligns with management's expectations and is comparable to the second quarter, with continued pressure on foot traffic in offline stores and weak demand persisting in December [1] - The main brand, Nike, has indicated that a reset in China will take time, and Tmall is closely collaborating with Nike to build a foundation for long-term growth [1] Group 3: Market Dynamics - The ongoing discounts in online channels may lead to higher growth in the third quarter compared to offline retail channels, resulting in greater discounting across the channel mix [1] - Despite the discounting pressures, the negative impact is believed to be diminishing as the year-on-year change in offline retail discounts has narrowed [1] - Cost control measures are expected to continue alleviating gross margin pressure in the second half of fiscal year 2026 [1]

瑞银发布研报称，维持滔搏(06110)"买入"评级，下调公司2026至28财年的净利润预测7%至14%，以反 映公司的销售压力，目标价由4.06港元降至3.85港元。 报告中称，滔搏第三财季的零售及批发业务之总销售金额同比录得高单位数跌幅，逊于预期。期内，零 售业务表现优于批发业务，线上业务表现持续胜于线下业务，但与2026年上半财年相比，两者差距因基 数效应而收窄。 ...

报告中称，滔搏第三财季的零售及批发业务之总销售金额同比录得高单位数跌幅，逊于预期。期内，零 售业务表现优于批发业务，线上业务表现持续胜于线下业务，但与2026年上半财年相比，两者差距因基 数效应而收窄。 智通财经APP获悉，瑞银发布研报称，维持滔搏(06110)"买入"评级，下调公司2026至28财年的净利润预 测7%至14%，以反映公司的销售压力，目标价由4.06港元降至3.85港元。 ...

截至2025年11月30日，直营门店毛销售面积较上一季末减少1.3%，较去年同期减少13.4%。 据滔搏2025/26财政年度第三季度(2025年9月1日至2025年11月30日的三个月)之运营情况显示，集团零售 及批发业务之总销售金额按年同比录得高单位数下跌。 (滔搏) ...

Market Overview - The Hong Kong stock index opened higher but showed mixed performance, with the Hang Seng Index up 0.18% at 25,848.99 points, the Hang Seng Tech Index down 0.42% at 5,503.87 points, the National Enterprises Index up 0.11% at 8,949.28 points, and the Red Chip Index up 0.39% at 4,091.24 points [1] - Major tech stocks exhibited varied movements, with Alibaba up 0.68%, Tencent down 1.46%, JD.com up 0.98%, Xiaomi down 1.66%, NetEase up 0.19%, Meituan up 0.39%, Kuaishou down 3.6%, and Bilibili up 0.41% [1] - Wind power stocks led the gains, with Dongfang Electric rising over 5%, while gold stocks continued their upward trend, with Shandong Gold also up over 5% [1] - The lithium battery sector saw significant increases, with Ganfeng Lithium up over 4%, and building materials and cement stocks remained active, with Dongwu Cement reaching a historical high [1] - Mobile game stocks, Apple concept stocks, and new energy vehicle companies mostly declined [1] - Newly listed company Relax Health saw a first-day increase of over 145%, while Nobi Kan surged 338.75% in half a day [1] Corporate News - Vanke Enterprises (02202.HK) extended the grace period for the principal and interest payment of its fourth phase of medium-term notes (total principal of 2 billion yuan) to 30 trading days [2] - Cathay Pacific (00293.HK) reported 2.5304 million passengers in November, a year-on-year increase of 26% [3] - Shanhigh New Energy (01250.HK) signed an EPC contract with China Railway 17th Bureau for a total price of 405.5 million yuan [3] - China General Nuclear Power (01816.HK) announced that the commissioning of Units 1 and 2 in Huizhou has been adjusted to the first half and second half of 2026, respectively [3] - Lehua Entertainment (02306.HK) entered into a business cooperation framework agreement with Youku Information Technology [4] - Xinyang Global Holdings (00723.HK) signed a cooperation agreement with Guangxi Fenglin (601996.SH) to jointly develop the EU wood board and related product market [4] - Tabo (06110.HK) reported a high single-digit year-on-year decline in total sales for its retail and wholesale business in Q3 of the 2025/26 fiscal year [4] - Dipo Technology (01384.HK) entered into a strategic cooperation agreement with Muxi Co., aiming to deepen their strategic partnership in enterprise-level large model AI applications [4] - He Yu-B (02256.HK) received approval from China's NMPA for its CSF-1R inhibitor Beijiemai® [5] - Saint Noble Pharmaceuticals-B (02257.HK) completed Phase I trials for its experimental drug STP707 and formally submitted a clinical research report to the FDA [6] - Nanshan Aluminum International (02610.HK) increased its annual production capacity for alumina to 4 million tons [7] - Rungo Interactive (02422.HK) plans to sell 75% of its stake in Xi'an Tiantai Innovation Technology Co., Ltd. for 11.3 million yuan [8] - China Tianhua Chemical (00362.HK) received guidance from the Hong Kong Stock Exchange for resuming trading, but remains suspended [9] Institutional Insights - Huatai Securities noted that the market is still in a left-side layout phase, with the right-side turning point not yet clear. There is strong consensus on an early spring rally, but year-end supply and demand pressures create uncertainty for a "Santa rally." The first quarter may present a higher probability phase for investment [10] - CITIC Securities observed that after a unilateral rise in September, the Hong Kong stock market has experienced fluctuations since October due to repeated overseas macro expectations. Quality assets in the Hong Kong market have re-entered a high cost-performance zone, and with continued northbound capital inflow and improved profit expectations, the market is entering a significant year-end trading window [10] - China Galaxy suggested focusing on the technology sector as a long-term investment theme, which is expected to rebound after previous adjustments. The consumer sector is anticipated to receive substantial policy support, with current valuations at relatively low levels, indicating significant long-term upside potential [11]

麦格理发表研究报告指，虽然滔搏2026财年第三季销售跌幅符合管理层预期，且与第二季相若，但该行 认为线下客流仍受压，需求疲弱情况更延续至12月。公司关键合作伙伴耐克日前在业绩会议中表示，中 国市场重整需时，而滔搏与品牌保持紧密合作。该行相信这将转化为对滔搏的持续支持，具体措施包括 更优惠的批发折扣及库存回购等。另外，该行认为在第三财季，高折扣的线上渠道增长可能超越线下零 售渠道，导致渠道组合变化推高整体折扣水平。不过，该行相信其负面影响正逐渐减弱，因线下零售折 扣按年收窄。该行将2026及27财年的净利润预测分别下调4.2%及3.9%，因需求较预期疲弱导致收入预 测下调及费用率上升；目标价下调5%至3.9港元，评级"跑赢大市"。 ...

瑞银发表研究报告指，滔搏第三财季的零售及批发业务之总销售金额按年录得高单位数跌幅，逊于预 期。期内，零售业务表现优于批发业务，在线业务表现持续胜于线下业务，但与2026年上半财年相比， 两者差距因基数效应而收窄。该行下调滔搏2026至28财年的净利润预测7%至14%，以反映公司的销售 压力，目标价由4.06港元降至3.85港元，维持"买入"评级。 ...