TOPSPORTS(HK:06110) Ge Long Hui·2025-12-26 12:43Group 1 - The core viewpoint indicates that the retail performance of the company continues to face pressure, with a decline in retail sales and an increase in discount rates [1][2] - For FY2026Q3, the company's direct store gross sales area decreased by 1.3% compared to the previous quarter and by 13.4% year-on-year, attributed to the optimization of the offline store network and cautious store modifications [1] - The company is expected to maintain a conservative approach towards FY2027 Nike orders, but Nike's proactive support policies are anticipated to contribute positively to gross margins [1] Group 2 - The company is currently at the bottom of its operational cycle, facing short-term pressures due to weak consumer sentiment in the Greater China region and intense competition [2] - Long-term prospects remain optimistic as Nike is expected to stabilize, which may help the company recover [2] - The company is projected to achieve net profits of 1.24 billion, 1.36 billion, and 1.50 billion yuan for FY2026-FY2028, with respective year-on-year changes of -4%, +10%, and +10% [2]