Core Viewpoint - Guosen Securities has slightly lowered the profit forecast for Tmall (06110) due to significant disruptions in offline retail, expecting net profits for FY2026-2028 to be 1.22/1.33/1.49 billion yuan, down from previous estimates of 1.29/1.41/1.57 billion yuan, reflecting a year-on-year change of -5.3%/+9.6%/+11.5% [1] Group 1 - The total sales amount for the retail and wholesale business in Q3 FY2026 recorded a high single-digit decline year-on-year [2] - As of November 30, the gross sales area of direct-operated stores decreased by 1.3% compared to the previous quarter and by 13.4% year-on-year [2] - The online channel's growth rate remains better than that of the offline channel, but the growth rate has slightly slowed compared to the first half of the year due to base effects [2] Group 2 - The total inventory at the end of Q3 decreased year-on-year, maintaining good turnover efficiency, but the promotional atmosphere in the industry has made it challenging to manage inventory healthily [3] - Nike's FY2026 Q2 revenue was $12.4 billion, up 1% year-on-year, slightly better than previous guidance and consensus expectations, with regional performance varying significantly [3] - The gross margin decline was less than previously guided, with North America leading revenue growth while the Greater China region faced significant pressure [3] Group 3 - Future Q3 revenue is expected to decline by a low single-digit percentage, with gross margin expected to decrease by approximately 175-225 basis points [4] - Adidas' Q3 revenue did not meet consensus expectations, but operating profit exceeded expectations, with a 12% year-on-year growth in brand revenue [4] - Adidas has raised its full-year guidance due to strong brand momentum and better-than-expected business performance [4] Group 4 - The company is optimistic about its operational resilience and long-term cash returns [5] - The retail pressure remains high with a high single-digit decline, but inventory improvement and a reduction in discount rates have been observed [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 [6]

Group 1: Company Performance - Tmall's sales continue to decline, with a high single-digit decrease in pre-tax total sales for Q3 FY2026, slightly weaker than the overall performance in the first half of the year [1] - Nike's sales in China fell by 16% year-on-year to $1.423 billion, impacted by reduced store traffic and lower sell-through rates [1] - Li Ning reported a mid-single-digit decline in retail sales for Q3, excluding its youth brand [2] Group 2: Market Trends - The sports retail market is under pressure, with Peak's direct sales segment suffering losses exceeding 130 million yuan from January to July [2] - Anta Sports reported low single-digit positive growth in retail sales for its brand products, indicating a significant drop compared to previous years [2] - The overall market environment suggests that Tmall's transformation needs to accelerate [6] Group 3: Strategic Adjustments - Tmall is reducing its scale, with a 1.3% decrease in gross sales area of direct stores compared to the previous quarter and a 13.4% decrease year-on-year [4] - The company plans to optimize its offline store network by cautiously closing underperforming stores and focusing on extending online channels [4] - Tmall is also expanding its offerings, such as launching a running brand store and introducing a pop-up store for the Norwegian outdoor brand Norrona [5][6] Group 4: Collaboration and Future Outlook - Nike is increasing its focus on collaborating with distributors like Tmall, indicating a potential shift in strategy to enhance sales through partnerships [3]

Group 1 - The core sales amount of TBO (滔搏) in Q3 has declined significantly, continuing the trend observed in H1, with total retail and wholesale sales dropping by a high single-digit percentage year-on-year, maintaining the same decline rate as Q2 [2] - Retail performance has outperformed wholesale, with slight improvements in offline retail and a slowdown in online retail due to the impact of last year's base [2] - The company expects a significant reduction in store closures for FY26 compared to FY25, maintaining its annual guidance of stable net profit and improved net profit margin [3] Group 2 - NIKE has strengthened its collaboration with TBO, focusing on inventory management and reducing promotional activities, as the Greater China region's recovery lags behind global trends [4] - Key initiatives include updating core store trials, reducing promotional intensity, and accelerating the clearance of outdated inventory, with a specific mention of enhancing cooperation with distributors like TBO [4] - TBO has launched exclusive pop-up stores for niche brands, such as Norrøna in Shanghai, indicating a strategic move to diversify its offerings [4]

Group 1 - The core sales amount of Tmall (滔搏) in Q3 has declined significantly, continuing the trend observed in H1, with total retail and wholesale sales down by a high single-digit percentage year-on-year [2] - The company expects a significant reduction in store closures for FY26, maintaining its annual guidance unchanged, with net profit expected to remain flat year-on-year and net profit margin to improve [3] - The collaboration with NIKE has strengthened, focusing on inventory recovery and reducing promotional efforts, as NIKE aims to enhance brand positioning in the Greater China region [4] Group 2 - The retail performance showed improvement in offline sales, while online sales experienced a slight slowdown, with a higher proportion of revenue coming from online channels leading to deeper retail discounts year-on-year [2] - The company's direct-operated store sales area decreased by 1.3% quarter-on-quarter and 13.4% year-on-year, although the pace of net store closures has slowed compared to Q2 [3] - NIKE's revenue in the Greater China region has seen a neutral decline of 16%, indicating that the region is a focus for adjustments in FY26 [4]

Group 1: Food and Beverage Industry - The EU's anti-subsidy measures on dairy products have been implemented, which is expected to accelerate the domestic substitution in deep processing of dairy products. The measures include temporary anti-subsidy deposits on EU dairy imports starting December 23, 2025 [3] - From 2020 to March 2024, EU dairy product imports accounted for 23.6% to 34.6% of China's total dairy imports. The imposition of anti-subsidy taxes is likely to drive the deep processing business to shift domestically [3] - Domestic dairy companies such as Miao Ke Lan Duo, Yili, Mengniu, and Li Gao are focusing on deep processing, with current domestic milk prices being lower than overseas prices, which may further accelerate domestic substitution [3] - The deep processing sector is expected to enhance the consumption of raw milk, thereby improving the supply-demand dynamics in the upstream raw milk industry [3] Group 2: Electronics Industry - Lingyi Technology (002600.SZ) plans to acquire a 35% stake in Limin Da for 875 million RMB, gaining control over 52.78% of voting rights. This acquisition will integrate Limin Da into the company's consolidated financial statements [5] - Limin Da specializes in thermal management solutions for enterprise-level servers, providing key hardware products such as liquid cooling connectors and modules. The company has established a strong customer base, including leading clients in the overseas computing industry [5] - For the first nine months of 2025, Limin Da reported revenues of 486 million RMB and a net profit of 21 million RMB, showing significant improvement in profitability compared to the previous year [5] - The acquisition is expected to enhance the company's capabilities in the server liquid cooling business, reduce development costs, and improve product validation cycles, thereby expanding the scale and profitability of the AI hardware server segment [5]

证券研究报告 | 2025年12月23日 滔搏（06110.HK） 三季度流水下滑高单位数，折扣同比加深幅度收窄 |  | 公司研究·海外公司快评 |  | 纺织服饰·服装家纺 |  投资评级：优于大市（维持） | | --- | --- | --- | --- | --- | | 证券分析师： | 丁诗洁 | 0755-81981391 | dingshijie@guosen.com.cn | 执证编码：S0980520040004 | | 证券分析师： | 刘佳琪 | 010-88005446 | liujiaqi@guosen.com.cn | 执证编码：S0980523070003 | 事项： 公司公告：2026 财年第三季度，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降。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%。 国信纺服观点：1)流水增长：2026 财年第三季度销售额同比下滑高单位数，线上渠道增速仍好于线下渠道， 但受基数影响，分化较上半年收窄；2）库存折扣：三季度末库存总额同比下降，与销售表现方向一致， 保持良 ...

市公司 型 ( 2025 年 12 月 23 日 (06110) 三季度基本符合预期,经营指标健康,需求仍待回暖 报告原因: 有业绩公布需要点评 ar (维持) | 市场数据: | 2025 年 12 月 22 日 | | --- | --- | | 收盘价（港币） | 3.12 | | 恒生中国企业指数 | 8939.68 | | 52 周最高/最低（港币) | 4.13/2.60 | | H 股市值（亿港币） | 193.48 | | 流通 H 股 (百万股) | 6,201.22 | | 汇率（港币/人民币） | 0.9068 | -年内股价与基准指数对比走势: 刘佩 A0230523070002 liupei@swsresearch.com 申万宏源研究微信服务号 投资要点: 财务数据及盈利预测 | 货币单位:人民币 | FY2024 | FY2025 | FY2026E | FY2027E | FY2028E | | --- | --- | --- | --- | --- | --- | | 营业收入(亿元) | 289.3 | 270.1 | 252.7 | 266.2 | 282.7 | | 同 ...

Investment Rating - The report maintains a "Buy" rating for the company [2] Core Insights - The company reported third-quarter operational data for FY26, which was generally in line with expectations, with retail and wholesale sales experiencing a high single-digit decline year-on-year [7] - Retail performance outpaced wholesale, with online sales outperforming offline sales. The decline in retail was mitigated by a low base effect from the previous year, while online growth slowed due to a high base [7] - Inventory levels remain healthy, with a stable discount rate year-on-year. The total inventory decreased, and the company is focused on maintaining a healthy inventory turnover [7] - The core brand is enhancing product innovation and retail capabilities while increasing inventory recovery efforts. Collaborations with key retailers aim to optimize online market management and address pricing inconsistencies in the industry [7] - The company is expected to significantly reduce store closures compared to FY25, with a slight decrease in direct store sales area [7] - Retail demand has weakened since the fourth quarter, posing challenges to achieving annual guidance, although the company is still working towards this goal [7] - The company focuses on high-quality growth in sports apparel retail, with a slight downward adjustment in profit forecasts for FY26-28 [7] Financial Data and Earnings Forecast - Revenue projections for FY2024 to FY2028 are as follows: - FY2024: 28.93 billion RMB (7% growth) - FY2025: 27.01 billion RMB (7% decline) - FY2026E: 25.27 billion RMB (6% decline) - FY2027E: 26.62 billion RMB (5% growth) - FY2028E: 28.27 billion RMB (6% growth) [6] - Net profit forecasts for the same period are: - FY2024: 2.21 billion RMB (21% growth) - FY2025: 1.29 billion RMB (42% decline) - FY2026E: 1.25 billion RMB (3% decline) - FY2027E: 1.39 billion RMB (11% growth) - FY2028E: 1.51 billion RMB (9% growth) [6] - The company’s gross margin is projected to be around 41.8% in FY2024, declining to 38.4% in FY2025, and gradually improving to 40.0% by FY2028 [6]

最新公告列表 《2025/26 财政年度第三季度运营表现》 截至2025年12月23日收盘，滔搏（06110）报收于2.98元，较前一交易日下跌4.49%，该股当日开盘3.11 元，最高3.11元，最低2.87元，成交额达1.63亿元。近52周最高3.77元，最低2.38元。 近日，滔搏國際控股有限公司（股份代號：6110）自願發出公告，提供其2025/26財政年度第三季度 （2025年9月1日至2025年11月30日）的運營表現。期間，集團零售及批發業務的總銷售金額按年同比錄 得高單位數下跌。截至2025年11月30日，直營門店毛銷售面積較上一季末減少1.3%，較去年同期減少 13.4%。零售業務銷售金額涵蓋線下門店及線上電商平台收益，批發業務銷售金額則來自與下游零售商 的銷售收益，均包含增值稅。上述數據基於未經審計的運營資料，不構成對集團收益或財務表現的全面 反映，可能存在調整。董事會提醒股東及潛在投資者交易時謹慎行事。 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成 投资建议。 ...

Core Viewpoint - The report from Guosheng Securities indicates that Tabo (06110) is a leading company in the sports footwear and apparel distribution channel, with improvements in retail efficiency driven by digital transformation and optimized store structures. The company is expected to achieve net profits of 1.229 billion, 1.379 billion, and 1.533 billion yuan for FY2026-FY2028, with a current price corresponding to a FY2026 PE of 14 times, maintaining a "buy" rating [1] Group 1: Sales Performance - In FY2026 Q3, the company's total sales (including retail and wholesale) are expected to decline by a high single-digit percentage, with direct store sales area decreasing by 1.3% quarter-on-quarter and 13.4% year-on-year [1] - The decline in sales is attributed to store closures, with a net reduction of 332 stores in FY2026 H1, bringing the total to 4,688 stores as of the end of November 2025 [1] - The company anticipates that offline sales will continue to face pressure due to fluctuating consumer environments and market competition, although retail sales are expected to outperform wholesale [1] Group 2: E-commerce Growth - The company is expected to continue its growth momentum in e-commerce, leveraging its strong operational capabilities and enhancing its e-commerce system [2] - The strategy includes extending the online reach of physical stores through platforms like Douyin, Xiaohongshu, WeChat Mini Programs, and instant retail [2] - The company aims to improve its operational capabilities in both platform e-commerce and content e-commerce [2] Group 3: Brand and Market Expansion - The company is focusing on expanding its brand presence in the outdoor and running segments, collaborating with brands like Norda, Soar, Ciele, and Norr na to meet diverse consumer needs [3] - A new running ecosystem brand, Ektos, has been established, with a store opened in Shanghai and participation in the Shanghai Marathon to attract runners [3] - The company plans to leverage its marketing and retail advantages to help new brands expand their market presence and share opportunities in the running segment [3] Group 4: Financial Outlook - The company is projected to experience a decline in net profit, with a forecasted revenue decrease of 7% and a net profit drop of around 4% for FY2026 [4] - The overall consumer environment remains volatile, negatively impacting terminal sales [4] - The main brand Adidas is expected to perform relatively well in the Greater China region, with a 6% revenue growth on a currency-neutral basis for the period of July to September 2025, while Nike is still in the process of inventory reduction, with a 16% revenue decline in the same region [4]