滔搏：短期流水偏弱，期待后续改善

Investment Rating - The investment rating for the company is "Buy" and is maintained [5]. Core Views - The company reported a decline in retail sales for FY2025Q1, with a year-on-year decrease in single digits and a 1.4% quarter-on-quarter decrease in gross sales area of direct stores, reflecting a challenging retail environment [5][6]. - The company is focusing on enhancing its online presence to offset weak offline traffic, with e-commerce channels expected to perform better due to content-driven marketing and private domain operations [5]. - The inventory levels are expected to remain healthy, with a stock-to-sales ratio projected to be within a healthy range of 4-5 months, despite increased competition from low-priced products in the market [5]. - The company aims to optimize store efficiency and enhance overall retail operations, with a stable average store area and a strategy to integrate online and offline sales channels [5]. - The company is positioned as a leading distributor of major sports brands in China, with potential growth from domestic brands and outdoor products, projecting net profits of 2.36 billion, 2.54 billion, and 2.73 billion for FY2025-2027, with corresponding P/E ratios of 10, 9, and 9 [5][8].