证券研究报告 | 公司点评 gszqdatemark 2025 12 23 年 月 日 滔搏（06110.HK） Q3 销售仍有波动，关注品牌伙伴去库和上新节奏 事件：滔搏发布季度经营公告，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%。 面对客流波动+渠道关店，FY2026Q3 线下销售或仍有压力。FY2026Q3 公司销 售下降高单位数，其中我们预计零售流水表现优于批发发货表现，而在零售业务 中我们预计线下销售或仍有下降，原因在于：1）线下渠道关店，FY2026H1 公司 门店数量净关 332 家至 4688 家，截至 2025 年 11 月末线下直营门店毛销售面积 同比下降 13.4%，环比 8 月末下降 1.3%；2）消费环境波动以及市场竞争，我们 判断线下门店或仍然存在客流以及折扣压力。对于零售业务未来趋势，我们认为 在经过 FY2025 以及 FY2026H1 的门店调整后，我们预计 FY2026H2 净关店数量 较 FY2026H1 有望减少，同时在经过低效门店的出清后，门 ...

消息面上，滔搏发布公告称，于2025/26财政年度第三季度，集团零售及批发业务的总销售金额按年同 比取得高单位数下跌。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%。 滔搏(06110)跌近5%，截至发稿，跌4.81%，报2.97港元，成交额3777.31万港元。 中金研报指出，三季度以来运动鞋服市场表现相对较弱，3QFY26滔搏零售及批发业务总销售金额同比 下滑高单位数，与公司此前预期一致。考虑需求偏弱及主力品牌仍在调整期，下调滔搏FY26/27年EPS 预测4%/13%至0.20/0.23元。 ...

消息面上，滔搏发布公告称，于2025/26财政年度第三季度，集团零售及批发业务的总销售金额按年同 比取得高单位数下跌。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%。 中金研报指出，三季度以来运动鞋服市场表现相对较弱，3QFY26滔搏零售及批发业务总销售金额同比 下滑高单位数，与公司此前预期一致。考虑需求偏弱及主力品牌仍在调整期，下调滔搏FY26/27年EPS 预测4%/13%至0.20/0.23元。 智通财经APP获悉，滔搏(06110)跌近5%，截至发稿，跌4.81%，报2.97港元，成交额3777.31万港元。 ...

中金发布研报称，考虑需求偏弱及主力品牌仍在调整期，下调滔搏(06110)FY26/27年EPS预测4%/13%至 0.20/0.23元，当前股价对应14/12倍FY26/27年P/E，维持跑赢行业评级。相应下调目标价7%至3.88港 元，对应17/15倍FY26/27年P/E，较当前股价有24%的上行空间。 中金主要观点如下： 分渠道看，季内零售渠道表现好于批发，其中线下渠道在低基数下环比1HFY26略有改善。公司持续关 注店铺运营效率，期内继续关闭低效门店，关店速度环比放缓，11月末直营门店毛销售面积同降 13.4%、较8月底减少1.3%。线上渠道受基数影响，同比增速较1HFY26有所放缓。 库存和折扣方面，公司动态把握新旧货品销售节奏，11月末库存总额同比下降并维持良好周转效率。受 线上渠道占比提升与促销环境影响，季内零售折扣继续同比加深，但加深幅度环比有所收窄。 12月以来需求仍有波动，管理层维持审慎判断 受天气波动及节日错期影响，12月以来终端表现继续走弱，但零售折扣受益于低基数支持同比基本持 平。管理层对短期环境保持审慎判断，更加重视折扣与健康运营管理，并预计全年业绩指引达成存在挑 战，但2HFY2 ...

Core Viewpoint - The company has adjusted its EPS forecasts for FY26/27 down by 4% and 13% to HKD 0.20 and HKD 0.23 respectively, maintaining an outperform rating despite a 7% reduction in target price to HKD 3.88, indicating a 24% upside potential from the current stock price [1]. Group 1 - The company reported a high single-digit year-on-year decline in total sales for retail and wholesale businesses in Q3 FY26, with direct store sales area decreasing by 1.3% compared to the end of August [2]. - The overall demand in the sports footwear and apparel market has been relatively weak, aligning with the company's expectations for Q3 FY26 [3]. - Retail channels performed better than wholesale during the quarter, with offline channels showing slight improvement compared to 1H FY26, while the company continued to focus on store operational efficiency by closing underperforming stores [3]. Group 2 - The company has managed to reduce total inventory year-on-year while maintaining good turnover efficiency, although retail discounts have deepened compared to the previous year due to the increased proportion of online channels and promotional environment [3]. - Since December, demand has continued to fluctuate, with management maintaining a cautious outlook due to weather variations and holiday timing, while retail discounts have remained stable year-on-year [4]. - Management emphasizes the importance of discount and healthy operational management, acknowledging challenges in achieving annual performance guidance, but expects cost optimization in 2H FY26 to yield positive results [4].

Summary of the Conference Call for 滔博 International Holdings Limited Company Overview - **Company**: 滔博 International Holdings Limited - **Industry**: Retail (Sportswear and Footwear) Key Points and Arguments Financial Performance - In Q3 2025, 滔博's pre-tax sales decreased by a high single-digit percentage year-on-year, consistent with mid-term performance trends [4] - The demand for sports footwear and apparel remained weak, with seasonal product sales under pressure [4] - Retail business outperformed wholesale, but overall retail performance was slightly weaker compared to the first half of the fiscal year [5] - The company maintained a reasonable and controllable inventory level, with total inventory decreasing year-on-year [5] Market Dynamics - Increased promotional activities disrupted both online and offline market order, leading to heightened consumer price sensitivity [2] - The offline channel showed improvement from a low base, but overall retail performance was still slightly weaker than the first half of the fiscal year [5] - Nike's performance in the Greater China market faced challenges similar to those observed by 滔博, including low foot traffic and inventory pressures [2][5] Strategic Initiatives - 滔博 is optimizing its offline store network, with a significant reduction in the number of store closures expected compared to the previous year [2] - The company launched a new running brand concept store, Echoes, and collaborated with Soar to introduce a Shanghai city-limited series to enhance brand recognition and user interaction [2] - 滔博 plans to maintain healthy gross margins through a volume control strategy and cost optimization measures [4][6] Collaboration with Nike - Nike's increased wholesale discounts are expected to positively impact 滔博's gross margins by providing better purchase subsidies [4][6] - The collaboration with Nike aims to standardize market order and optimize pricing, which may have short-term impacts but is expected to enhance overall value in the long term [4][7] - Nike's old inventory recovery efforts are anticipated to alleviate operational pressures on retail partners and improve market conditions [6][19] Future Outlook - The external environment remains challenging, with cautious expectations for terminal demand due to ongoing low foot traffic and retail fluctuations [6] - The company anticipates potential deviations from annual profit targets, but the range of deviation is considered manageable [3][6] - 滔博 is focused on long-term growth driven by national policy support and increasing public enthusiasm for sports [7] Inventory Management - Inventory management is a dynamic process influenced by demand, online promotional rhythms, and pricing strategies [9][10] - The company is implementing new measures to improve inventory turnover and overall market health [9] Competitive Landscape - Adidas has shown strong performance in the current quarter, particularly with its three-stripe series and localized product strategies [15] - The competitive environment remains challenging, with various factors affecting sales performance across different companies [10] Conclusion - 滔博 is committed to enhancing its operational efficiency and profitability while navigating a challenging retail environment. The focus remains on strategic partnerships, particularly with Nike, to drive long-term growth and market share expansion [20][21]

北京商报讯（记者 张君花）12月22日，滔搏发布公告称，2025/26财政年度第三季度(由2025年9月1日至 11月30日的三个月)，集团零售及批发业务的总销售金额按年同比获得高单位数下跌。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%。零售业务的销售金额为零售 门店(线下渠道)及电子商务平台(线上渠道)与消费者进行销售业务的收益(包含但不限于增值税)；批发业 务的销售金额为集团与下游零售商进行销售业务的收益(包含但不限于增值税)。 ...

来源：智通财经 智通财经12月22日讯（编辑 冯轶）智通财经为您带来今日港股重要公告 1）公司要闻 乐华娱乐(02306.HK)：公司及优酷信息技术与优酷订立2026年业务合作框架协议。 信保环球控股(00723.HK)：与广西丰林(601996.SH)签订合作协议，共同开发欧盟木板及相关产品市 场。 滔搏(06110.HK)：于2025/26财政年度第三季度零售及批发业务的总销售金额按年同比取得高单位数下 跌。 滴普科技(01384.HK)：与沐曦股份订立战略合作协议，旨在利用双方各自的优势及资源，在企业级大模 型AI应用领域方面深化战略合作关系。 公告称，根据战略合作协议，双方将根据自身优势资源，聚焦制造、商业流通、交通、医疗等关键行业 数智化需求，成立联合技术攻关团队，打造从底层硬件算力平台到 AI级企业操作系统以及Agentic AI应 用的全栈国产AI端到端解决方案。 和誉-B(02256.HK)：和誉医药CSF-1R抑制剂贝捷迈®获中国NMPA批准。 万科企业(02202.HK)：2022年度第四期中期票据(本金总额20亿元)存续期内的本息兑付日之宽限期延长 至30个交易日。 国泰航空(00293 ...

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%。 滔搏(06110)发布公告，于2025/26财政年度第三季度，本集团零售及批发业务的总销售金额按年同比取 得高单位数下跌。 ...

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%。 智通财经APP讯，滔搏(06110)发布公告，于2025/26财政年度第三季度，本集团零售及批发业务的总销 售金额按年同比取得高单位数下跌。 ...