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。 ...

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company experienced a high single-digit decline in total sales for FY2026Q3, with direct store sales area decreasing by 1.3% quarter-on-quarter and 13.4% year-on-year [1] - The retail environment remains volatile, with pressures from store closures and competition affecting offline sales [1] - E-commerce sales are expected to continue growing due to the company's strong operational capabilities and enhanced digital marketing strategies [2] - The company is focusing on expanding its brand portfolio in the outdoor and running segments, collaborating with various brands to meet diverse consumer needs [2] - The overall revenue is projected to decline by 7% and net profit by approximately 4% for FY2026, influenced by the current consumer environment and inventory management [2] Financial Summary - Revenue for FY2026 is estimated at 25,062 million, a decrease of 7.2% year-on-year [4] - Net profit for FY2026 is projected at 1,229 million, down 4.4% year-on-year [4] - The company’s earnings per share (EPS) for FY2026 is expected to be 0.20 [4] - The price-to-earnings (P/E) ratio for FY2026 is estimated at 14.3 [4] - The return on equity (ROE) is projected to be 13.6% for FY2026 [12]

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 ...