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 ...

此前滔搏发布公告，于2025/26财政年度第二季度，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8月31日，直营门店毛销售面积较上一季末减少3.3%，较去年同期减少 14.1%。 香港联交所最新资料显示，12月17日，滔搏(06110)股东将股票存入渣打银行(香港)，存仓市值68.59亿 港元，占比34.89%。 ...

天眼查App显示，近日，后仰跳投（宿迁）工贸有限公司成立，法定代表人为甘鹏远，注册资本100万 人民币，经营范围为一般项目：体育用品及器材零售；网络设备销售；数字视频监控系统销售；文具用 品零售；日用品销售；交通及公共管理用标牌销售；服装服饰零售；日用杂品销售；工艺美术品及礼仪 用品销售（象牙及其制品除外）；广告制作；平面设计；交通及公共管理用金属标牌制造；广告设计、 代理；会议及展览服务；品牌管理；个人互联网直播服务；专业设计服务；软件开发；企业形象策划； 文具用品批发；电影摄制服务；3D打印服务；组织文化艺术交流活动；摄像及视频制作服务；工程管 理服务；教育咨询服务（不含涉许可审批的教育培训活动）；食品互联网销售（仅销售预包装食品）； 对外承包工程；租借道具活动；服装服饰批发（除依法须经批准的项目外，凭营业执照依法自主开展经 营活动）。 ...

Group 1 - A new company, Shenzhen Feiyasi Industrial and Trade Co., Ltd., has been established with a registered capital of 50,000 RMB [1] - The legal representative of the company is Deng Jiuying [1] - The company's business scope includes retail of sports goods and equipment, sales of clocks and timing instruments, and various other services and products [1] Group 2 - The company is involved in the wholesale of stationery and arts and crafts, as well as the manufacturing of gaming products and indoor gaming equipment [1] - It also engages in the sale of electronic products and components, and offers technology services, development, consulting, and software development [1] - The company is permitted to conduct business activities independently as per its business license, with no specific licensed business projects [1]