TOPSPORTS(HK:06110) Zhi Tong Cai Jing·2025-12-29 03:44Core Viewpoint - Tmall's stock has dropped over 4%, currently trading at HKD 2.88, with a trading volume of HKD 17.4752 million [1] Group 1: Sales Performance - For the third quarter of the fiscal year 2025/26, the total sales amount of the retail and wholesale business experienced a high single-digit decline year-on-year [1] - As of November 30, 2025, the gross sales area of direct-operated stores decreased by 1.3% compared to the previous quarter and by 13.4% year-on-year [1] Group 2: Market Analysis - According to Cinda Securities, the decline in total sales aligns with previous performance guidance trends, indicating that retail business continues to outperform wholesale business [1] - The company has demonstrated strong retail management capabilities, with controllable discount and inventory situations [1] Group 3: Financial Guidance - The company noted increased operational pressure due to heightened fluctuations in terminal demand since December, leading to an expected deviation from the previously set target of "year-on-year net profit remaining flat" within a controllable range [1] - The company maintains a "short-term cautious, long-term optimistic" outlook for the future [1]