滔搏，一次对跑步的押注

Core Viewpoint - Taboos is strengthening its position in the running market by acquiring more brand agency rights, recently announcing the introduction of Ciele Athletics to China, which will be fully managed by Taboos for brand promotion and sales [2][3] Company Strategy - Taboos has made running a key focus area, having secured exclusive operational partnerships with several running brands, including Soar and Norda, indicating a strategic pivot towards this growing segment [4] - The company aims to fill the gap in the running category, as its main brands like Nike and Adidas lack specialized offerings in this area [4] Market Dynamics - The running market in China is experiencing significant growth, with the industry size exceeding 428.8 billion yuan, and road running events driving over 16.8 billion yuan in consumption [6] - Despite the potential, the running market is becoming increasingly competitive, with established brands like Nike and Adidas holding substantial market shares alongside domestic brands like Xtep and Anta [7] Financial Performance - Taboos reported a revenue of 27.01 billion yuan for the fiscal year ending February 28, 2025, a decline of 6.64% year-on-year, with net profit dropping by 41.86% [5] - The company has faced challenges due to reliance on major brands and the shift in consumer behavior towards price sensitivity and diversified experiences [5][6] Challenges and Risks - Taboos' dependency on Nike and Adidas for over 80% of its revenue poses a risk, especially as these brands face increasing competition from both local and international players [6] - The company must invest significantly in marketing and consumer education to promote new and niche brands in the competitive running market [8]