智通财经网·2025-10-29 03:32Core Viewpoint - CITIC Securities reports that Tmall's (06110) FY1H26 revenue and net profit decreased by 5.8% and 9.7% year-on-year, indicating ongoing pressure from customer traffic and discounts [1] Company Summary - Tmall's revenue and net profit for FY1H26 showed a decline of 5.8% and 9.7% respectively, reflecting persistent challenges in customer traffic and discounting pressures [1] - The company maintains its full-year performance guidance despite the short-term weakness in offline customer traffic and the increasing proportion of heavily discounted online channels [1] - In the medium to long term, Tmall is expected to gradually return to a stable growth trajectory as industry inventory health improves and sales momentum from key brands like Nike recovers, along with the performance of newly independent brands in running and outdoor categories [1] Industry Summary - The overall industry is experiencing weak offline customer traffic, with a continued rise in the share of online channels that offer significant discounts [1] - The recovery of inventory health in the industry and the sales momentum of major brands are anticipated to support a rebound in performance [1] - The emergence of new independent brands in the running and outdoor segments is expected to contribute positively to the industry's growth [1] Valuation - CITIC Securities assigns a 15x PE for Tmall for the fiscal year 2026, corresponding to a target price of 3.5 HKD, while maintaining a "Buy" rating [1]