滔搏寻路：销售额高单位数下降

Group 1 - The core viewpoint is that the sports retail operator, Tmall, continues to experience a decline in sales, with a high single-digit decrease in total sales for the third quarter of fiscal year 2026, which is slightly weaker than the overall performance in the first half of the year [1] - Online sales growth remains better than offline channels, but the growth rate for online sales has slightly slowed compared to the first half of the year due to base effects, while offline performance has improved slightly compared to the first half [1] - Nike's impact is significant on Tmall's sales decline, with Nike's sales in China dropping 16% year-on-year to $1.423 billion, affected by decreased foot traffic and lower sell-through rates in stores [1] Group 2 - The sports market is under pressure, with Peak's direct sales segment reporting a cumulative loss of over 130 million yuan from January to July, leading to the divestment of three subsidiaries [2] - Anta Sports reported low single-digit positive growth in retail sales for its brand products, while FILA also recorded low single-digit positive growth, indicating a significant drop compared to previous years [2] - Li Ning experienced a direct sales decline, with a mid-single-digit decrease in retail revenue for the third quarter [2] Group 3 - A positive development for Tmall is that Nike is placing greater emphasis on this distribution channel and plans to strengthen cooperation with distributors like Tmall [3] Group 4 - Tmall is downsizing its scale, with a 1.3% reduction in gross sales area of direct stores compared to the previous quarter and a 13.4% decrease year-on-year, while also optimizing its offline store network [4] - The company plans to close fewer stores this year compared to last year, with a more significant reduction in the second half of the fiscal year compared to the first half [4] Group 5 - Tmall is also expanding its offerings, such as the launch of its running brand collective store, Ektos, at the Shanghai Marathon Sports Expo, featuring nearly 20 brands, and the introduction of the Norwegian outdoor brand Norrona through a pop-up store in Shanghai [5] Group 6 - Overall, Tmall's transformation needs to accelerate in the current market environment [6] Group 7 - On December 23, Tmall's stock closed at HKD 2.98 per share, reflecting a decline of 4.49% [7]