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。 ...

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。 ...

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%。 据滔搏2025/26财政年度第三季度(2025年9月1日至2025年11月30日的三个月)之运营情况显示，集团零售 及批发业务之总销售金额按年同比录得高单位数下跌。 (滔搏) ...

麦格理发表研究报告指，虽然滔搏2026财年第三季销售跌幅符合管理层预期，且与第二季相若，但该行 认为线下客流仍受压，需求疲弱情况更延续至12月。公司关键合作伙伴耐克日前在业绩会议中表示，中 国市场重整需时，而滔搏与品牌保持紧密合作。该行相信这将转化为对滔搏的持续支持，具体措施包括 更优惠的批发折扣及库存回购等。另外，该行认为在第三财季，高折扣的线上渠道增长可能超越线下零 售渠道，导致渠道组合变化推高整体折扣水平。不过，该行相信其负面影响正逐渐减弱，因线下零售折 扣按年收窄。该行将2026及27财年的净利润预测分别下调4.2%及3.9%，因需求较预期疲弱导致收入预 测下调及费用率上升；目标价下调5%至3.9港元，评级"跑赢大市"。 ...

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]

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)。 ...

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。 ...

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 ...