丨证券研究报告丨 [Table_Summary] 滔搏发布 FY2026Q3（2025 年 9 月-2025 年 11 月）零售数据，零售流水同比高单下滑，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%。 分析师及联系人 [Table_Author] SAC：S0490518020002 SAC：S0490524110001 SFC：BUU942 于旭辉 柯睿 陈信志 [Table_scodeMsg1] 港股研究丨公司点评丨滔搏（06110.HK） [Table_Title] 经营短期承压，修复仍需时间 报告要点 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 [Table_scodeMsg2] 滔搏（06110.HK） cjzqdt11111 [Table_Title2] 经营短期承压，修复仍需时间 事件评论 丨证券研究报告丨 2025-12-25 港股研究丨公司点评 [Table_Rank] 投资评级 买入丨维持 公司基础数据 [Table_BaseData] 当前股价（HKD） 2.98 注： ...

【#小米中国区多人员职务调整#，涉及手机、汽车、大家电业务】12月9日，智通财经独家获悉，小米 中国区近期开启一系列人事调整，涉及手机、汽车、大家电等核心运营类岗位。原销售运营一部总经理 一职由小米集团高级副总裁，中国区总裁王晓雁兼任；任命江苏分公司总经理郭金保担任销售运营二部 总经理，向王晓雁汇报，同时郭金保继续兼任江苏分公司总经理。 原小米汽车部销交服部总经理张健任新零售部总经理，向王晓雁汇报，汽车销交服部总经理由夏志国担 任，同时夏志国继续兼任汽车销交服部销售运营部总经理；任命何俊伶担任甘青宁分公司总经理，向王 晓雁汇报。 对此消息，截至发稿小米暂未回应智通财经。 多位知情人士跟智通财经确认，小米集团原销售运营二部总经理刘耀平，销售运营一部总经理孙昊已从 原岗位调任。部分知情人士对智通财经表示，此次的调整跟小米近期中国区业绩"承压"有关，可以理解 为王晓雁亲自下场抓业绩。（界面） 部总经理孙昊已从原岗位调任。部分知情人士对界面新闻表示,此次的调整跟小米近 期中国区业绩"承压"有关，可以理解为王晓雁亲自下场抓业绩。 界面新闻了解到,江苏分公司总经理郭金保此前就曾在运营二部担任副总经理一职, 负责过大家电业 ...

周大福近期发布的截至2025年9月30日止6个月中期业绩显示，该公司取得营业额389.86亿港元，同比减 少1.07%；公司股东应占溢利25.34亿港元，同比增加0.16%。周大福方面表示，集团对内地同店表现的 持续改善感到鼓舞，进一步印证门店优化的成效。内地直营零售点的同店销售上升2.6%。另外，按同 店计算，加盟零售点销售增长4.8%。期内，香港及澳门同店销售上升4.4%，主要由零售消费气氛回暖 及人流回升所推动。香港同店销售上升1.8%，澳门则增长13.7%。 周大福(01929)涨超3%，截至发稿，涨3.66%，报14.15港元，成交额1.83亿港元。 消息面上，里昂研报指出，周大福2026财年上半财年销售额和利润略低于市场共识，但同店销售额增长 指引维持不变，且盈利能力指引被上调；预测2026财年销售额及净利润同比增长3%、40%，毛利率及 营业利润率分别为30.6%、18%。里昂将周大福12个月目标价从12港元升至13港元，维持12个月前瞻市 盈率12倍不变；并预计周大福下一个旺季(新年、春节和情人节)的销售表现对股价至关重要。 ...

Core Viewpoint - The company reported a slight decline in revenue for FY26H1 but showed resilience in net profit, with strong growth in retail sales and a positive outlook due to rising gold prices [1][4]. Financial Performance - FY26H1 revenue was HKD 38.99 billion, down 1.1% year-on-year, while operating profit increased by 0.7% to HKD 6.82 billion, and net profit rose by 0.1% to HKD 2.53 billion [1]. - The interim dividend declared was HKD 0.22 per share, with a payout ratio of 85.7% [1]. - The company expects net profits for FY2026 to FY2028 to be HKD 8.707 billion, HKD 9.804 billion, and HKD 10.864 billion, respectively, with a current market capitalization corresponding to a FY26 PE of 17.5X [1][4]. Regional Performance - In FY26H1, revenue from mainland China was HKD 32.19 billion, down 2.5%, while revenue from Hong Kong, Macau, and other markets was HKD 6.79 billion, up 6.5% [1]. - Same-store sales in mainland China increased by 2.6% for direct stores and 4.8% for franchise stores, while Hong Kong and Macau saw a 4.4% increase, with Hong Kong at 1.8% and Macau at 13.7% [1]. Product and Channel Structure - The revenue from priced jewelry increased by 9.3%, while revenue from gold jewelry decreased by 3.8% in FY26H1 [1][2]. - The proportion of revenue from priced jewelry rose to 29.6%, up from 26.9% in FY25H1, with high-margin products contributing HKD 3.4 billion, accounting for 8.7% of total revenue [2]. - The retail value in first-tier cities grew by 8.7%, with the proportion of retail value in first and second-tier markets increasing from 55.3% in FY25 to 64.7% in FY26 [2]. Operational Efficiency - The company closed 611 underperforming stores, ending FY26H1 with 5,663 retail points in mainland China, while maintaining 88 stores in Hong Kong and Macau [2]. - The gross profit margin for FY26H1 was 30.5%, a slight decrease of 0.9 percentage points year-on-year, attributed to rising gold prices and lower product category margins [3]. - The SG&A ratio improved by 1.2 percentage points to 14.0%, leading to an operating profit margin of 17.5%, the highest in five years [3]. Recent Sales Data - From October 1 to November 18, 2025, overall retail value grew by 33.9%, with mainland China up 35.1% and Hong Kong, Macau, and other markets up 26.5% [4]. - Same-store sales in mainland China surged by 38.8%, with priced jewelry up 93.9% and gold jewelry up 23.0% [4].

Core Viewpoint - The company's performance in 1HFY26 met expectations, with a slight decline in revenue but a modest increase in net profit, indicating stable operational efficiency and strategic positioning in both domestic and international markets [1][2]. Group 1: Financial Performance - In 1HFY26, the company achieved revenue of HKD 8.045 billion, a year-on-year decrease of 3.1%, and a net profit of HKD 1.146 billion, a year-on-year increase of 0.6% [1]. - The company plans to distribute a dividend of HKD 0.15 per share, resulting in a payout ratio of 50.8% [1]. Group 2: Sales Trends - Domestic sales showed a decline of 6% to HKD 4.675 billion, while online sales grew by 13.6% to HKD 1.144 billion, indicating a shift in consumer purchasing behavior [2]. - International sales in North America and Europe increased by 0.3% and 4.3%, respectively, demonstrating resilience in overseas markets despite tariff disruptions [2]. Group 3: Profitability and Efficiency - The gross margin improved by 0.9 percentage points to 40.4%, with net margin increasing by 0.5 percentage points to 14.2%, reflecting enhanced operational efficiency and cost control [2]. - The company reduced its number of stores by 327 to 7,040, resulting in a 12.3% decrease in store revenue, but anticipates improved efficiency from ongoing store optimization [2]. Group 4: Strategic Outlook - The company is focusing on multi-channel strategies in the domestic market and enhancing brand presence while expanding internationally through global capacity coordination and participation in international exhibitions [2]. - The earnings forecast for FY2026 and FY2027 remains unchanged at HKD 2.124 billion and HKD 2.248 billion, respectively, with a target price of HKD 6.5, indicating a potential upside of 27% from the current stock price [3].

Core Insights - Muji's parent company, Ryohin Keikaku, reported record-high revenues and profits for the fiscal year 2025, with significant year-on-year growth across all financial metrics [1] Financial Performance - Operating revenue reached 784.629 billion yen, an increase of 18.6% year-on-year [1] - Operating profit was 73.84 billion yen, up 31.5% year-on-year [1] - Recurring profit stood at 72.31 billion yen, reflecting a 29.6% increase year-on-year [1] - Net profit attributable to shareholders was 50.846 billion yen, marking a 22.3% year-on-year growth [1] Store Expansion and Strategy - The total number of global stores increased by 107 to 1,412 by the end of August 2025 [1] - In mainland China, the store count rose by 24 to 422, with a focus on optimizing store layouts and expanding new locations [1] - Muji's strategy includes opening and renovating large stores in major cities like Hangzhou and Chongqing, contributing to improved sales per store [1] Sales Growth and E-commerce - Both existing store sales and e-commerce sales in mainland China experienced double-digit growth, significantly boosting sales and profits [1] - The cost rate improvement and price suppression measures contributed to enhanced profit margins [1] - E-commerce sales accounted for approximately 20% of total sales, with a notable increase, and total sales from existing stores and e-commerce grew by 110% year-on-year [1] Marketing Initiatives - To expand its customer base, Muji strengthened marketing activities through social media platforms and enhanced promotions during key sales events like "Double 11" and "6.18" [2] - The company introduced locally tailored products and popular skincare items from Japan to align with local lifestyles [2]

Core Viewpoint - The company reported a decrease in revenue for the first half of 2025, but a significant increase in net profit, indicating improved profitability despite challenges in sales [1][2]. Financial Performance - In H1 2025, the company achieved revenue of 1.223 billion yuan, a year-on-year decrease of 2.93%, while net profit attributable to shareholders reached 108 million yuan, a year-on-year increase of 227.96% [1]. - The company's gross margin for H1 2025 was 58.61%, an increase of 3.22 percentage points year-on-year, attributed to lower raw material costs and improved supply chain efficiency [2]. - The net profit margin for H1 2025 was 8.83%, reflecting an increase of 6.22 percentage points year-on-year [2]. Store Operations - The total number of stores as of the end of H1 2025 was 2,864, with a net closure of 167 stores, a significant reduction compared to the previous half [1]. - The average revenue per self-operated store and franchise store increased by 12.75% and 8.56% year-on-year, respectively [2]. - The company has focused on optimizing store operations and enhancing brand image, with plans for further improvements in the second half of 2025 [3]. Product and Channel Strategy - The company has introduced new high-cost performance products and region-specific flavors to enrich its product matrix [1]. - In H1 2025, revenue from self-operated stores, online channels, and franchise operations was 712 million yuan, 170 million yuan, and 267 million yuan, showing year-on-year changes of +2.22%, -4.18%, and -18.56%, respectively [1]. - The company is expanding its distribution channels, including membership stores and snack wholesale channels, which are expected to contribute to revenue growth in the second half of 2025 [3]. Profit Forecast and Valuation - The company has revised its net profit forecasts for 2025-2027 to 191 million yuan, 241 million yuan, and 307 million yuan, representing increases of 33.9%, 38.3%, and 51.3% from previous estimates [3]. - The projected earnings per share (EPS) for 2025-2027 are 0.09 yuan, 0.11 yuan, and 0.14 yuan, with corresponding price-to-earnings (P/E) ratios of 24, 19, and 15 times [3].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected investment return exceeding the market benchmark by more than 15% over the next 6-12 months [5][7]. Core Insights - The company reported a revenue of 1.223 billion yuan for H1 2025, a year-on-year decrease of 2.93%, while the net profit attributable to shareholders reached 108 million yuan, a significant increase of 227.96% [2]. - The company has optimized its store operations, with a total of 2,864 stores at the end of H1 2025, having closed 167 stores, a notable reduction compared to the previous period [3]. - The gross profit margin improved to 58.61%, up by 3.22 percentage points year-on-year, primarily due to lower raw material costs and enhanced supply chain efficiency [4]. - The net profit margin for H1 2025 was 8.83%, reflecting an increase of 6.22 percentage points year-on-year, driven by cost optimization and improved store performance [4]. Revenue and Profit Forecast - The forecast for net profit attributable to shareholders has been raised to 191 million yuan, 241 million yuan, and 307 million yuan for 2025, 2026, and 2027 respectively, representing increases of 33.9%, 38.3%, and 51.3% compared to previous estimates [5]. - The expected earnings per share (EPS) for 2025, 2026, and 2027 are projected to be 0.09 yuan, 0.11 yuan, and 0.14 yuan respectively, with corresponding price-to-earnings (P/E) ratios of 24, 19, and 15 [5]. Operational Strategies - The company is focusing on enhancing store operations and brand image, with plans to introduce differentiated product offerings across various channels, including membership stores and snack wholesale channels [4]. - The company has also begun to expand its overseas presence, particularly in Southeast Asia, establishing a distribution network [4].

Investment Rating - The industry is rated as "stronger than the market," indicating an expected index increase of over 10% relative to the broader market in the next six months [28]. Core Insights - In the first half of 2025, the overall performance of the physical pharmacy industry is under pressure due to declining consumer purchasing power, intensified competition, stricter management of personal medical insurance accounts, and the impact of drug procurement policies. However, the industry is experiencing a cleansing and cost-reduction effect, leading to improved development quality [1][2]. Summary by Sections 1. Market Performance - From the beginning of 2025 to August 31, 2025, the pharmaceutical and biological sector achieved a 25.50% increase, outperforming the CSI 300 index by 11.22 percentage points, ranking 9th among 31 sectors. Most sub-sectors within the pharmaceutical sector showed positive growth, with the physical pharmacy index rising by 4.86% [2][8][10]. 2. Performance Review - In the first half of 2025, the physical pharmacy sector's overall revenue grew by 0.10% year-on-year, while net profit attributable to shareholders increased by 0.88%. The growth rate has slowed due to various factors, including declining consumer purchasing power and increased competition [20][22]. 3. Investment Recommendations - The report suggests that optimizing store operations and reducing costs are key to enhancing market competitiveness for pharmacies. The outpatient market for prescription drugs in China has significant growth potential compared to Japan and the U.S. The aging population is expected to further expand this market. Large chain pharmacies are positioned to benefit from regulatory changes and increased operational efficiency through digitalization and smart technologies. The report recommends focusing on leading companies that excel in store optimization, cost reduction, supply chain optimization, and product structure optimization [2][26].

Core Viewpoint - The company experienced a decline in revenue and net profit in the first half of 2025, attributed to external environmental factors affecting customer flow and same-store sales performance [1][2]. Group 1: Financial Performance - In the first half of 2025, the company achieved operating revenue of 2.753 billion yuan, a year-on-year decrease of 10.1%, and net profit attributable to shareholders of 61 million yuan, down 16.05% year-on-year [1]. - The same-store sales for the company's brands, including Tai Er, Song Hotpot, and Jiumaojiu, fell by 19%, 20.1%, and 19.8% respectively [1]. Group 2: Store Operations - The company opened 10 new restaurants in the first half of 2025, while closing 88 underperforming locations, resulting in a total of 729 restaurants as of June 30, 2025 [2]. - The brand distribution includes 566 Tai Er restaurants, 76 Song Hotpot, and 68 Jiumaojiu, with a focus on optimizing store models and concentrating resources on high-quality restaurants [2]. Group 3: Cost Structure and Profitability - The cost of raw materials and consumables accounted for 35.6% of total revenue, while employee costs represented 30.1%, reflecting a slight increase due to reduced revenue [3]. - The restaurant-level profit margin and core operating profit margin were 11.8% and 3.6% respectively, both showing a year-on-year decline of 1.2 percentage points and 1.5 percentage points [3]. Group 4: Future Outlook - The company plans to continue optimizing its store layout and expanding into global markets, particularly in regions with significant Chinese populations [3]. - Revenue projections for 2025, 2026, and 2027 are estimated at 6.289 billion, 6.763 billion, and 7.398 billion yuan, with net profits of 153 million, 240 million, and 294 million yuan respectively [3].