中金维持滔搏“跑赢行业”评级 目标价3.1港元

Core Viewpoint - CICC maintains a "outperform" rating for Tmall (06110) with a target price of HKD 3.1 [1] Sales Performance - In the third quarter, sales amount decreased by single digits year-on-year, while direct store gross sales area also reduced [1] - Online sales, however, continued to grow at a double-digit rate [1] Inventory Management - Inventory control is in line with expectations [1] Brand Adjustments - The main brand Nike is undergoing adjustments, which is expected to bring growth elasticity in the future [1]