Market Overview - The Hong Kong stock market opened slightly higher on December 23, with the Hang Seng Index rising by 0.29% to 25,875.85 points, the Hang Seng Tech Index increasing by 0.14% to 5,534.54 points, the National Enterprises Index up by 0.29% to 8,966 points, and the Red Chip Index gaining 0.45% to 4,093.81 points [1] Sector Performance - Large technology stocks showed mixed performance, with Alibaba up by 0.2%, Tencent down by 0.16%, JD.com up by 0.36%, Xiaomi down by 0.25%, NetEase up by 0.84%, Meituan up by 0.88%, and Bilibili up by 0.26% [1] - The lithium battery sector was active, with Tianqi Lithium rising over 2% [1] - Automotive stocks saw some gains, with Geely Auto increasing by over 1% [1] - Gold and chip stocks have been strong in recent days, while consumer electronics, shipping, and power stocks declined [1] Notable Company News - Country Garden Holdings (万科企业) extended the grace period for the repayment of its 2022 fourth phase medium-term notes (total principal of 2 billion yuan) to 30 trading days [2] - Cathay Pacific (国泰航空) reported 2.5304 million passengers in November, a year-on-year increase of 26% [3] - Shan Gao New Energy (山高新能源) signed an EPC contract worth 405.5 million yuan with China Railway 17th Bureau [3] - China General Nuclear Power (中广核电力) adjusted the expected operational dates for its Huizhou Units 1 and 2 to the first and second halves of 2026, respectively [3] - Lehua Entertainment (乐华娱乐) entered a business cooperation framework agreement with Youku Information Technology [4] - Dipu Technology (滴普科技) signed a strategic cooperation agreement with Muxi Co., focusing on AI applications in key industries [4] - Nanshan Aluminum International (南山铝业国际) increased its annual production capacity for alumina to 4 million tons [7] Analyst Insights - Huatai Securities noted that the market is still in a left-side layout phase, with the right-side turning point not yet clear. There is strong consensus on an early spring rally, but year-end supply and demand pressures create uncertainty for a "Santa rally" [10] - China International Capital Corporation highlighted the significant operational needs in China's infrastructure market, with drones reshaping engineering operation services [11] - CITIC Securities emphasized the rapid upgrades in GPU and ASIC technology, leading to increased demand for higher bandwidth network hardware in AI data centers [11]

中金发布研报称，考虑需求偏弱及主力品牌仍在调整期，下调滔搏(06110)FY26/27年EPS预测4%/13%至 0.20/0.23元，当前股价对应14/12倍FY26/27年P/E，维持跑赢行业评级。相应下调目标价7%至3.88港 元，对应17/15倍FY26/27年P/E，较当前股价有24%的上行空间。 中金主要观点如下： 分渠道看，季内零售渠道表现好于批发，其中线下渠道在低基数下环比1HFY26略有改善。公司持续关 注店铺运营效率，期内继续关闭低效门店，关店速度环比放缓，11月末直营门店毛销售面积同降 13.4%、较8月底减少1.3%。线上渠道受基数影响，同比增速较1HFY26有所放缓。 库存和折扣方面，公司动态把握新旧货品销售节奏，11月末库存总额同比下降并维持良好周转效率。受 线上渠道占比提升与促销环境影响，季内零售折扣继续同比加深，但加深幅度环比有所收窄。 12月以来需求仍有波动，管理层维持审慎判断 受天气波动及节日错期影响，12月以来终端表现继续走弱，但零售折扣受益于低基数支持同比基本持 平。管理层对短期环境保持审慎判断，更加重视折扣与健康运营管理，并预计全年业绩指引达成存在挑 战，但2HFY2 ...

Core Viewpoint - The company has adjusted its EPS forecasts for FY26/27 down by 4% and 13% to HKD 0.20 and HKD 0.23 respectively, maintaining an outperform rating despite a 7% reduction in target price to HKD 3.88, indicating a 24% upside potential from the current stock price [1]. Group 1 - The company reported a high single-digit year-on-year decline in total sales for retail and wholesale businesses in Q3 FY26, with direct store sales area decreasing by 1.3% compared to the end of August [2]. - The overall demand in the sports footwear and apparel market has been relatively weak, aligning with the company's expectations for Q3 FY26 [3]. - Retail channels performed better than wholesale during the quarter, with offline channels showing slight improvement compared to 1H FY26, while the company continued to focus on store operational efficiency by closing underperforming stores [3]. Group 2 - The company has managed to reduce total inventory year-on-year while maintaining good turnover efficiency, although retail discounts have deepened compared to the previous year due to the increased proportion of online channels and promotional environment [3]. - Since December, demand has continued to fluctuate, with management maintaining a cautious outlook due to weather variations and holiday timing, while retail discounts have remained stable year-on-year [4]. - Management emphasizes the importance of discount and healthy operational management, acknowledging challenges in achieving annual performance guidance, but expects cost optimization in 2H FY26 to yield positive results [4].

Summary of the Conference Call for 滔博 International Holdings Limited Company Overview - **Company**: 滔博 International Holdings Limited - **Industry**: Retail (Sportswear and Footwear) Key Points and Arguments Financial Performance - In Q3 2025, 滔博's pre-tax sales decreased by a high single-digit percentage year-on-year, consistent with mid-term performance trends [4] - The demand for sports footwear and apparel remained weak, with seasonal product sales under pressure [4] - Retail business outperformed wholesale, but overall retail performance was slightly weaker compared to the first half of the fiscal year [5] - The company maintained a reasonable and controllable inventory level, with total inventory decreasing year-on-year [5] Market Dynamics - Increased promotional activities disrupted both online and offline market order, leading to heightened consumer price sensitivity [2] - The offline channel showed improvement from a low base, but overall retail performance was still slightly weaker than the first half of the fiscal year [5] - Nike's performance in the Greater China market faced challenges similar to those observed by 滔博, including low foot traffic and inventory pressures [2][5] Strategic Initiatives - 滔博 is optimizing its offline store network, with a significant reduction in the number of store closures expected compared to the previous year [2] - The company launched a new running brand concept store, Echoes, and collaborated with Soar to introduce a Shanghai city-limited series to enhance brand recognition and user interaction [2] - 滔博 plans to maintain healthy gross margins through a volume control strategy and cost optimization measures [4][6] Collaboration with Nike - Nike's increased wholesale discounts are expected to positively impact 滔博's gross margins by providing better purchase subsidies [4][6] - The collaboration with Nike aims to standardize market order and optimize pricing, which may have short-term impacts but is expected to enhance overall value in the long term [4][7] - Nike's old inventory recovery efforts are anticipated to alleviate operational pressures on retail partners and improve market conditions [6][19] Future Outlook - The external environment remains challenging, with cautious expectations for terminal demand due to ongoing low foot traffic and retail fluctuations [6] - The company anticipates potential deviations from annual profit targets, but the range of deviation is considered manageable [3][6] - 滔博 is focused on long-term growth driven by national policy support and increasing public enthusiasm for sports [7] Inventory Management - Inventory management is a dynamic process influenced by demand, online promotional rhythms, and pricing strategies [9][10] - The company is implementing new measures to improve inventory turnover and overall market health [9] Competitive Landscape - Adidas has shown strong performance in the current quarter, particularly with its three-stripe series and localized product strategies [15] - The competitive environment remains challenging, with various factors affecting sales performance across different companies [10] Conclusion - 滔博 is committed to enhancing its operational efficiency and profitability while navigating a challenging retail environment. The focus remains on strategic partnerships, particularly with Nike, to drive long-term growth and market share expansion [20][21]

Major Events - Xiansheng Pharmaceutical (02096) subsidiary signed an exclusive licensing agreement with Ipsen for SIM0613 (LRRC15 antibody-drug conjugate) [1] - Cloudwalk Technology (09678) released the "Shanhai·Zhi Medical Model 5.0" version, a large model for the medical field [1] - Zhongchuang Zhiling (00564) plans to establish Zhongchuang Zhiling (Zhengzhou) Industrial Investment Partnership for external investment activities [1] - Brain Dynamics Aurora-B (06681) participates in a national key research project and has been approved for a key laboratory in digital healthcare for cognitive disorders in Beijing [1] - Dipo Technology (01384) entered into a strategic cooperation agreement with Muxi Co., Ltd. [1] - Shimao Services (00873) intends to establish a partnership with Huludao Yongsheng [1] - Hansai Aitai-B (03378) received 3,074.09 times subscription for its public offering in Hong Kong, with a share price of HKD 32 [1] - Qingsong Health (02661) received 1,421.47 times subscription for its public offering in Hong Kong, with a share price of HKD 22.68 [1] - Nobi Kan (02635) received 188.74 times subscription for its public offering in Hong Kong, with a share price of HKD 80 [1] Operating Performance - Sanhua Intelligent Controls (02050) issued a profit warning, expecting annual net profit attributable to shareholders to increase by 25%-50% year-on-year [1] - Cathay Pacific Airways (00293) reported 2.5304 million passengers in November, a year-on-year increase of 26% [1] - Tobo (06110) reported a high single-digit decline in total sales for retail and wholesale business in the third quarter year-on-year [1]

北京商报讯（记者 张君花）12月22日，滔搏发布公告称，2025/26财政年度第三季度(由2025年9月1日至 11月30日的三个月)，集团零售及批发业务的总销售金额按年同比获得高单位数下跌。截至2025年11月 30日，直营门店毛销售面积较上一季末减少1.3%，较去年同期减少13.4%。零售业务的销售金额为零售 门店(线下渠道)及电子商务平台(线上渠道)与消费者进行销售业务的收益(包含但不限于增值税)；批发业 务的销售金额为集团与下游零售商进行销售业务的收益(包含但不限于增值税)。 ...

Company News - Vanke Enterprise (02202.HK) has extended the grace period for the principal and interest payment of its fourth tranche of medium-term notes (total principal of 2 billion yuan) to 30 trading days [1] - Cathay Pacific Airways (00293) reported a passenger count of 2.5304 million in November, representing a year-on-year increase of 26% [1] - Shandong High New Energy (01250.HK) announced that its subsidiary Wuxiang Beiqing Smart Energy has signed an EPC contract with China Railway 17th Bureau, with a total contract value of 405.5 million yuan [1] - China General Nuclear Power (01816) reported that the commissioning of Units 1 and 2 in Huizhou has been adjusted, with expected operational dates moved to the first half and second half of 2026, respectively [1] Strategic Partnerships - Lehua Entertainment (02306.HK) has signed a business cooperation framework agreement with Youku Information Technology and Youku for 2026 [2] - Xinbao Global Holdings (00723.HK) has entered into a cooperation agreement with Guangxi Fenglin (601996.SH) to jointly develop the EU wood board and related product market [2] - Dipo Technology (01384.HK) has established a strategic cooperation agreement with Muxi Co., aiming to deepen collaboration in enterprise-level large model AI applications across key industries such as manufacturing, commercial circulation, transportation, and healthcare [2] Product Development - He Yu-B (02256.HK) announced that its CSF-1R inhibitor Beijiemai® has received approval from China's NMPA [3] - Saint Noble Pharmaceuticals-B (02257.HK) has completed Phase I trials for its investigational drug STP707 and has formally submitted the clinical research report to the FDA [4] - Nanshan Aluminum International (02610.HK) has increased its annual production capacity for alumina to 4 million tons [5] Share Buybacks - Tencent Holdings (00700.HK) repurchased 1.035 million shares at a cost of 636 million HKD, with repurchase prices ranging from 610.5 to 620 HKD [8] - Xiaomi Group-W (01810.HK) spent approximately 149 million HKD to repurchase 3.75 million shares, with prices between 37.61 and 42.50 HKD [9] - Giant Bio (02367.HK) repurchased approximately 14.43 million HKD worth of 400,000 shares, with prices between 34.71 and 36.34 HKD [10]

截至2025年11月30日，直营门店毛销售面积较上一季末减少1.3%，较去年同期减少13.4%。 滔搏(06110)发布公告，于2025/26财政年度第三季度，本集团零售及批发业务的总销售金额按年同比取 得高单位数下跌。 ...

截至2025年11月30日，直营门店毛销售面积较上一季末减少1.3%，较去年同期减少13.4%。 智通财经APP讯，滔搏(06110)发布公告，于2025/26财政年度第三季度，本集团零售及批发业务的总销 售金额按年同比取得高单位数下跌。 ...

本公告乃滔搏國際控股有限公司（「本公司」，與其附屬公司合稱「本集團」）董事 會（「董事會」）自願發出，以提供本集團 2025/26 財政年度第三季度（由 2025 年 9 月 1 日至 2025 年 11 月 30 日的三個月）之運營情況。 於 2025/26 財政年度第三季度，本集團零售及批發業務之總銷售金額按年同比錄得高 單位數下跌。 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或 完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因倚賴該 等內容而引致的任何損失承擔任何責任。 TOPSPORTS INTERNATIONAL HOLDINGS LIMITED 滔搏國際控股有限公司 (於開曼群島註冊成立的有限公司) (股份代號：6110) 2025/26 財政年度第三季度 運營表現 承董事會命 滔 搏 國 際 控 股 有 限 公 司 主席兼首席執行官 于武 香港，2025 年 12 月 22 日 於本公告日期，本公司董事會包括執行董事于武先生及梁錦坤先生、非執行董事盛放先生、翁婉 菁女士及胡曉玲女士，以及獨立非執行董事林耀堅先生、華彬先生及黃偉 ...