Investment Rating - The report maintains a "Buy" rating for the company [2] Core Insights - The company reported third-quarter operational data for FY26, which was generally in line with expectations, with retail and wholesale sales experiencing a high single-digit decline year-on-year [7] - Retail performance outpaced wholesale, with online sales outperforming offline sales. The decline in retail was mitigated by a low base effect from the previous year, while online growth slowed due to a high base [7] - Inventory levels remain healthy, with a stable discount rate year-on-year. The total inventory decreased, and the company is focused on maintaining a healthy inventory turnover [7] - The core brand is enhancing product innovation and retail capabilities while increasing inventory recovery efforts. Collaborations with key retailers aim to optimize online market management and address pricing inconsistencies in the industry [7] - The company is expected to significantly reduce store closures compared to FY25, with a slight decrease in direct store sales area [7] - Retail demand has weakened since the fourth quarter, posing challenges to achieving annual guidance, although the company is still working towards this goal [7] - The company focuses on high-quality growth in sports apparel retail, with a slight downward adjustment in profit forecasts for FY26-28 [7] Financial Data and Earnings Forecast - Revenue projections for FY2024 to FY2028 are as follows: - FY2024: 28.93 billion RMB (7% growth) - FY2025: 27.01 billion RMB (7% decline) - FY2026E: 25.27 billion RMB (6% decline) - FY2027E: 26.62 billion RMB (5% growth) - FY2028E: 28.27 billion RMB (6% growth) [6] - Net profit forecasts for the same period are: - FY2024: 2.21 billion RMB (21% growth) - FY2025: 1.29 billion RMB (42% decline) - FY2026E: 1.25 billion RMB (3% decline) - FY2027E: 1.39 billion RMB (11% growth) - FY2028E: 1.51 billion RMB (9% growth) [6] - The company’s gross margin is projected to be around 41.8% in FY2024, declining to 38.4% in FY2025, and gradually improving to 40.0% by FY2028 [6]

最新公告列表 《2025/26 财政年度第三季度运营表现》 截至2025年12月23日收盘，滔搏（06110）报收于2.98元，较前一交易日下跌4.49%，该股当日开盘3.11 元，最高3.11元，最低2.87元，成交额达1.63亿元。近52周最高3.77元，最低2.38元。 近日，滔搏國際控股有限公司（股份代號：6110）自願發出公告，提供其2025/26財政年度第三季度 （2025年9月1日至2025年11月30日）的運營表現。期間，集團零售及批發業務的總銷售金額按年同比錄 得高單位數下跌。截至2025年11月30日，直營門店毛銷售面積較上一季末減少1.3%，較去年同期減少 13.4%。零售業務銷售金額涵蓋線下門店及線上電商平台收益，批發業務銷售金額則來自與下游零售商 的銷售收益，均包含增值稅。上述數據基於未經審計的運營資料，不構成對集團收益或財務表現的全面 反映，可能存在調整。董事會提醒股東及潛在投資者交易時謹慎行事。 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成 投资建议。 ...

Market Overview - The Hong Kong stock market opened slightly higher but weakened throughout the day, with all three major indices turning negative by the close. The Hang Seng Index fell by 0.11% to 25,774.14 points, with a total turnover of HKD 157.13 billion [1] - The Hang Seng China Enterprises Index decreased by 0.29% to 8,913.83 points, while the Hang Seng Tech Index dropped by 0.69% to 5,488.89 points [1] Blue Chip Performance - CSPC Pharmaceutical Group (01093) led the blue-chip stocks, rising by 7.64% to HKD 8.88, contributing 8.08 points to the Hang Seng Index. The stock had a turnover of HKD 2.76 billion [2] - Other notable blue-chip movements included Tingyi (00322) up by 2.07% to HKD 12.35, and China Resources Power (00836) up by 1.25% to HKD 17.8. Tencent Holdings (00700) and China Unicom (00762) both fell by 2.03%, dragging the index down by 42.3 points and 1.68 points respectively [2] Sector Highlights - Large tech stocks showed mixed performance, with Alibaba rising by 0.55% while Tencent fell by 2.03% [3] - Gold stocks initially surged but later retreated, with Shandong Gold (01787) closing up by 4.64% at HKD 37.86. The international gold price reached a historic high, with COMEX gold futures surpassing USD 4,500 per ounce [4][3] - Lithium battery stocks were active, with Ganfeng Lithium (01772) rising by 4.08% to HKD 56.15, and CATL's lithium production news causing market fluctuations [4][5] Upcoming Market Events - A wave of stock unlocks is expected in the Hong Kong market, with over ten companies, including Sanhua Intelligent Control and Yujing, having significant shareholder unlocks from December 16 to 31 [6] - Yujing's shares will be unlocked for 36 shareholders, totaling approximately 193 million shares, while Sanhua Intelligent Control will see 17 shareholders unlock around 196 million shares [6] Notable Stock Movements - New stocks had varied performances on their debut, with Nobikang (02635) soaring by 363.75% to HKD 371, while Hantang Aitai (03378) plummeted by 46.25% to HKD 17.2 [7] - Dongfang Electric (01072) showed strong performance, rising by 8.17% to HKD 25.94, benefiting from its position in the high-end energy equipment sector [8] - Cathay Pacific (00293) reported expected net profits exceeding HKD 9.88 billion (USD 1.3 billion) for 2025, marking a potential for consecutive annual profit growth for the first time in a decade [9] - Tmall's stock faced pressure, declining by 4.49% to HKD 2.98, with a reported year-on-year decline in retail and wholesale sales [10]

Market Overview - The Hong Kong stock market opened slightly higher but weakened throughout the day, with all three major indices turning negative by the close. The Hang Seng Index fell by 0.11% to 25,774.14 points, with a total trading volume of HKD 157.13 billion [1] - Dongwu Securities suggests that while there may be short-term opportunities in the Hong Kong market, it is advisable to maintain a cautious stance. The current position is seen as attractive for medium to long-term allocation, with potential resonance between Hong Kong and US tech stocks, although upcoming unlocks may cause disturbances [1] Blue Chip Performance - CSPC Pharmaceutical Group (01093) led the blue-chip stocks, rising by 7.64% to HKD 8.88, contributing 8.08 points to the Hang Seng Index. The chairman increased his stake by acquiring 13.45 million shares at approximately HKD 8.20 each, totaling around HKD 110 million [2] - Other notable blue-chip movements include Tingyi (00322) up 2.07%, China Resources Power (00836) up 1.25%, while Tencent (00700) and China Unicom (00762) both fell by 2.03%, negatively impacting the index [2] Sector Highlights Gold Stocks - Gold stocks experienced volatility, with Shandong Gold (01787) closing up 4.64% at HKD 37.86. The price of gold reached new historical highs, with COMEX gold futures surpassing USD 4,500 per ounce and spot gold exceeding USD 4,480 per ounce, marking a year-to-date increase of over 70% [3] - Morgan Stanley forecasts that gold prices could rise above USD 4,000 by 2025 due to strong demand from ETFs and central banks, with potential for prices to reach USD 5,055 by the end of 2026 [3] Lithium Battery Stocks - Lithium battery stocks showed strong performance, with Ganfeng Lithium (01772) rising by 4.08% to HKD 56.15. The market anticipates a positive outlook for lithium prices due to recovering quarterly earnings and increasing demand from the new energy vehicle sector [4][5] - The China Nonferrous Metals Industry Association reported that lithium carbonate futures prices are gradually increasing, with market inventories decreasing and production levels fluctuating [4] Upcoming Unlocks Impact - The Hong Kong market is facing a wave of stock unlocks, with several companies experiencing significant declines. For instance, Yujing (02432) fell by 8.08% and Sanhua Intelligent Control (02050) dropped by 6.55% due to the expiration of lock-up periods for major shareholders [5][6] - Notably, Yujing's unlock involves 36 shareholders with approximately 193 million shares, while Sanhua's unlock includes 17 shareholders with around 196 million shares [6] Notable Stock Movements - New IPOs had mixed results, with Nobikang (02635) soaring by 363.75% on its debut, while Hansi Aitai-B (03378) plummeted by 46.25% [7] - Dongfang Electric (01072) showed strong performance, rising by 8.17% due to its focus on high-end energy equipment and positive trends in its core industries [8] - Cathay Pacific (00293) is expected to exceed previous year's net profit levels, projecting a profit of over HKD 9.88 billion, marking the potential for consecutive annual profit growth for the first time in a decade [9] - Tmall (06110) faced pressure, with a reported decline in retail and wholesale sales, indicating challenges in its business performance [10]

Core Viewpoint - The report from Guosheng Securities indicates that Tabo (06110) is a leading company in the sports footwear and apparel distribution channel, with improvements in retail efficiency driven by digital transformation and optimized store structures. The company is expected to achieve net profits of 1.229 billion, 1.379 billion, and 1.533 billion yuan for FY2026-FY2028, with a current price corresponding to a FY2026 PE of 14 times, maintaining a "buy" rating [1] Group 1: Sales Performance - In FY2026 Q3, the company's total sales (including retail and wholesale) are expected to decline by a high single-digit percentage, with direct store sales area decreasing by 1.3% quarter-on-quarter and 13.4% year-on-year [1] - The decline in sales is attributed to store closures, with a net reduction of 332 stores in FY2026 H1, bringing the total to 4,688 stores as of the end of November 2025 [1] - The company anticipates that offline sales will continue to face pressure due to fluctuating consumer environments and market competition, although retail sales are expected to outperform wholesale [1] Group 2: E-commerce Growth - The company is expected to continue its growth momentum in e-commerce, leveraging its strong operational capabilities and enhancing its e-commerce system [2] - The strategy includes extending the online reach of physical stores through platforms like Douyin, Xiaohongshu, WeChat Mini Programs, and instant retail [2] - The company aims to improve its operational capabilities in both platform e-commerce and content e-commerce [2] Group 3: Brand and Market Expansion - The company is focusing on expanding its brand presence in the outdoor and running segments, collaborating with brands like Norda, Soar, Ciele, and Norr na to meet diverse consumer needs [3] - A new running ecosystem brand, Ektos, has been established, with a store opened in Shanghai and participation in the Shanghai Marathon to attract runners [3] - The company plans to leverage its marketing and retail advantages to help new brands expand their market presence and share opportunities in the running segment [3] Group 4: Financial Outlook - The company is projected to experience a decline in net profit, with a forecasted revenue decrease of 7% and a net profit drop of around 4% for FY2026 [4] - The overall consumer environment remains volatile, negatively impacting terminal sales [4] - The main brand Adidas is expected to perform relatively well in the Greater China region, with a 6% revenue growth on a currency-neutral basis for the period of July to September 2025, while Nike is still in the process of inventory reduction, with a 16% revenue decline in the same region [4]

Core Viewpoint - The report from Guosheng Securities indicates that Tabo (06110) is a leading company in the downstream channel of sports footwear and apparel, with improvements in retail efficiency driven by store structure optimization and digital transformation, alongside effective membership operations that enhance user loyalty. The company is expected to achieve net profits of 1.229 billion, 1.379 billion, and 1.533 billion yuan for FY2026-FY2028, with a current price corresponding to a FY2026 PE of 14 times, maintaining a "Buy" rating [1] Group 1 - In FY2026 Q3, the company experienced a high single-digit decline in total sales, with direct store sales area decreasing by 1.3% quarter-on-quarter and 13.4% year-on-year [1] - The decline in sales is attributed to store closures, with a net closure of 332 stores in FY2026 H1, resulting in a total of 4,688 stores as of the end of November 2025 [1] - The company anticipates that offline sales will continue to face pressure due to fluctuations in consumer traffic and market competition, although it expects a reduction in net store closures in FY2026 H2 compared to FY2026 H1 [1] Group 2 - The company is expected to maintain growth in e-commerce sales due to its strong operational capabilities, enhancing its e-commerce system by leveraging offline stores and expanding into various online channels [2] - The company is focusing on new brand and business layout in the outdoor and running segments, collaborating with brands like Norda, soar, Ciele, and Norrøna to meet differentiated consumer demands [3] - The company has established the running ecosystem brand ektos and opened a store in Shanghai, which gained attention during the Shanghai Marathon [3] Group 3 - For FY2026, the company is projected to see a decline in net profit, with an estimated revenue drop of 7% and a net profit decrease of around 4% due to a volatile consumer environment impacting terminal sales [4] - The main brand Adidas is expected to perform relatively well in the Greater China region, with a 6% revenue growth on a currency-neutral basis for the period of July to September 2025 [4] - Nike is currently undergoing inventory destocking in the Greater China region, with a 16% revenue decline on a currency-neutral basis for the period of September to November 2025, but is expected to improve its operational performance in the long term [4]

Market Performance - The Hong Kong stock market opened high but experienced fluctuations, closing with the Hang Seng Index down 0.11% at 25,774.14 points, the Hang Seng Tech Index down 0.69% at 5,488.89 points, the National Enterprises Index down 0.29% at 8,913.83 points, and the Red Chip Index down 0.19% at 4,067.53 points [1] Sector Performance - Large tech stocks showed mixed performance: Alibaba rose 0.55%, Tencent fell 2.03%, JD.com increased by 0.45%, Xiaomi dropped 1.51%, NetEase decreased by 0.65%, Meituan rose 0.39%, Kuaishou fell 3.52%, and Bilibili decreased by 0.05% [1] - Gold stocks continued to rise, with WanGuo Gold Group up over 5%, Shandong Gold up over 4%, and Zhaojin Mining up over 2% [1] - Wind power stocks led gains, with Dongfang Electric up over 8% [1] - Biotech stocks declined, with Yaojie Ankang down over 18% [1] - Chinese brokerage stocks opened high but closed lower, with Dongfang Securities down over 1% [1] Company News - Cathay Pacific reported 2.5304 million passengers in November, a year-on-year increase of 26% [2] - Shandong High New Energy's subsidiary signed an EPC contract worth RMB 405.5 million [2] - China General Nuclear Power's units are in testing, with adjusted operational timelines for 2026 [2] - Lehua Entertainment signed a business cooperation framework agreement with Youku [3] - Dipo Technology entered a strategic cooperation agreement with Muxi Co., focusing on enterprise-level AI applications [4] - Nanshan Aluminum's alumina design capacity has been increased to 4 million tons [7] Institutional Insights - Huatai Securities noted that the market is still in a left-side layout phase, with supply and demand pressures expected to persist into the year-end [10] - Guotou Securities highlighted the historical strength of U.S. stocks at year-end, despite uncertainties regarding interest rates and inflation paths for 2026 [10] - Galaxy Securities recommended focusing on the tech sector as a long-term investment theme, anticipating a rebound due to multiple favorable factors [10]

Core Viewpoint - Macquarie has downgraded the target price for Tmall (06110) by 5% to HKD 3.9, maintaining an "outperform" rating due to weak demand impacting revenue forecasts and increasing expense ratios [1] Group 1: Financial Forecasts - The forecast for Tmall's net profit in FY2026 has been reduced by 4.2%, while the FY2027 forecast has been cut by 3.9% [1] - Revenue for the second half of FY2026 is expected to decline by 10.8%, with net profit projected to increase by 12% to RMB 459 million, indicating a year-on-year net profit decrease of 3% [1] Group 2: Sales Performance - Sales in the third quarter of FY2026 have decreased in line with management expectations, remaining consistent with the second quarter [1] - The company believes that foot traffic in offline stores continues to be under pressure, with weak demand persisting into December [1] Group 3: Brand and Market Dynamics - Nike, Tmall's main brand, has indicated that a reset in China will take time, and Tmall is closely collaborating with Nike to build a foundation for long-term growth [1] - Ongoing discounts in online channels may lead to higher growth in the third quarter compared to offline retail channels, resulting in greater discounting across the channel mix [1] Group 4: Margin and Cost Control - Despite the ongoing discounts, the negative impact is believed to be diminishing as the year-on-year change in offline retail discounts has narrowed [1] - Cost control measures are expected to continue alleviating pressure on gross margins in the second half of FY2026 [1]

Core Viewpoint - Macquarie has downgraded the target price for Tmall (06110) by 5% to HKD 3.9, maintaining a "Outperform" rating, primarily due to weak demand impacting revenue forecasts and increasing expense ratios [1] Group 1: Financial Forecasts - The forecast for Tmall's net profit for the fiscal year 2026 has been reduced by 4.2%, while the 2027 forecast has been lowered by 3.9% [1] - For the second half of the fiscal year 2026, revenue is expected to decline by 10.8%, while net profit is projected to increase by 12% to RMB 459 million, indicating a year-on-year decrease of 3% in net profit for the fiscal year 2026 [1] Group 2: Sales Performance - The sales decline in the third quarter of fiscal year 2026 aligns with management's expectations and is comparable to the second quarter, with continued pressure on foot traffic in offline stores and weak demand persisting in December [1] - The main brand, Nike, has indicated that a reset in China will take time, and Tmall is closely collaborating with Nike to build a foundation for long-term growth [1] Group 3: Market Dynamics - The ongoing discounts in online channels may lead to higher growth in the third quarter compared to offline retail channels, resulting in greater discounting across the channel mix [1] - Despite the discounting pressures, the negative impact is believed to be diminishing as the year-on-year change in offline retail discounts has narrowed [1] - Cost control measures are expected to continue alleviating gross margin pressure in the second half of fiscal year 2026 [1]

瑞银发布研报称，维持滔搏(06110)"买入"评级，下调公司2026至28财年的净利润预测7%至14%，以反 映公司的销售压力，目标价由4.06港元降至3.85港元。 报告中称，滔搏第三财季的零售及批发业务之总销售金额同比录得高单位数跌幅，逊于预期。期内，零 售业务表现优于批发业务，线上业务表现持续胜于线下业务，但与2026年上半财年相比，两者差距因基 数效应而收窄。 ...