瑞银：升滔搏(06110)目标价至4.06港元 评级“买入”

Core Viewpoint - UBS reports that Tmall (06110) experienced a year-on-year decline in revenue and net profit of 6% and 10% respectively for the first half of the 2026 fiscal year, amounting to 12.299 billion yuan and 789 million yuan. The net profit aligns with UBS's expectations but is better than the market's anticipated 16% decline due to a slight revenue drop being offset by higher gross margins and reduced financial expenses [1] Group 1 - Tmall's management maintains guidance for flat net profit and improved net profit margin for the entire 2026 fiscal year, focusing on enhancing operational efficiency [1] - UBS raises the target price from 3.55 HKD to 4.06 HKD and adjusts net profit forecasts for 2026 to 2028 upwards by 0% to 5% to reflect the long-term recovery prospects of American brand partners, maintaining a "Buy" rating [1]