国泰海通：维持滔搏“增持”评级 目标价3.81港元

Group 1 - The core sales amount of Tmall (滔搏) in Q3 has declined significantly, continuing the trend observed in H1, with total retail and wholesale sales down by a high single-digit percentage year-on-year [2] - The company expects a significant reduction in store closures for FY26, maintaining its annual guidance unchanged, with net profit expected to remain flat year-on-year and net profit margin to improve [3] - The collaboration with NIKE has strengthened, focusing on inventory recovery and reducing promotional efforts, as NIKE aims to enhance brand positioning in the Greater China region [4] Group 2 - The retail performance showed improvement in offline sales, while online sales experienced a slight slowdown, with a higher proportion of revenue coming from online channels leading to deeper retail discounts year-on-year [2] - The company's direct-operated store sales area decreased by 1.3% quarter-on-quarter and 13.4% year-on-year, although the pace of net store closures has slowed compared to Q2 [3] - NIKE's revenue in the Greater China region has seen a neutral decline of 16%, indicating that the region is a focus for adjustments in FY26 [4]