Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company has shown a decline in revenue and net profit for FY2026H1, with revenue at 12.299 billion and net profit at 0.789 billion, reflecting year-on-year decreases of 5.8% and 9.7% respectively [2] - The company has implemented a strategy to improve inventory management and enhance online sales through a combination of platform e-commerce, content e-commerce, and private domain operations [5][6] - The company has established partnerships with high-end running brands and outdoor brands, which are expected to contribute to revenue growth [6] Summary by Sections Financial Performance - For FY2026H1, the company's revenue, net profit, and operating cash flow were 12.299 billion, 0.789 billion, and 1.355 billion respectively, with year-on-year declines of 5.8%, 9.7%, and 48.2% [2] - The company proposed a cash dividend of 0.13 yuan per share, with a payout ratio of 102% and a dividend yield of 8.52% [2] - The gross profit margin decreased by 0.1 percentage points to 41.0%, while the net profit margin fell by 0.3 percentage points to 6.4% [4] Store and Sales Analysis - The number of stores decreased by 18.3%, while the sales area per store increased by 7.2% [3] - Retail and wholesale revenues were 10.925 billion and 2.035 billion respectively, with year-on-year declines of 3% and 20% [3] - The company has adjusted its retail store structure with a tailored approach for each product [3] Online and Brand Strategy - The company has achieved double-digit growth in online retail sales, leveraging both public and private domains [3] - The company has opened its first running concept store, ektos, in Shanghai, focusing on runner needs to enhance customer loyalty [6] - The company has collaborated with brands like nordaTM and Soar to meet differentiated market demands [6] Future Outlook - The company maintains revenue forecasts of 26.385 billion, 27.918 billion, and 29.449 billion for FY26-28, with net profit forecasts of 1.290 billion, 1.452 billion, and 1.624 billion respectively [6] - The company is expected to benefit from a digital transformation that enhances online sales and optimizes store structures [6]

消息面上，滔搏公布截至2025年8月31日止六个月中期业绩，收入约122.986亿元，同比减少5.79%；公 司权益持有人应占溢利约7.89亿元，同比减少9.69%；每股盈利12.72分。中期息13分，上年同期派14 分。此外，滔搏公布，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。 滔搏(06110)涨超3%，截至发稿，涨3.04%，报3.39港元，成交额5507.29万港元。 ...

智通财经APP获悉，滔搏(06110)涨超3%，截至发稿，涨3.04%，报3.39港元，成交额5507.29万港元。 消息面上，滔搏公布截至2025年8月31日止六个月中期业绩，收入约122.986亿元，同比减少5.79%；公 司权益持有人应占溢利约7.89亿元，同比减少9.69%；每股盈利12.72分。中期息13分，上年同期派14 分。此外，滔搏公布，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。 ...

Financial Performance - Revenue decreased by 5.8% YoY to RMB 12.30 billion[16, 20] - Gross profit margin slightly decreased by 0.1 percentage points YoY to 41.0%[16] - Profit attributable to equity holders decreased by 9.7% YoY, with profit margin declining by 0.3 percentage points to 6.4%[16] - Total SG&A expense ratio slightly increased by 0.1 percentage points YoY, while total SG&A expense decreased by 5.5% YoY[16, 29] - Interim dividend payout ratio was 102.2%, with cumulative dividends distribution of RMB 14.64 billion since listed in 2019, and an aggregate payout ratio of 107.3%[16] Operational Efficiency - Offline same-store traffic decreased by double-digit YoY, while online retail sales registered double-digit growth YoY[16] - Number of employees decreased by 16.1% YoY to 24,273[29] - Total rental expense decreased by 12.1% YoY, with rental expense ratio decreased by 0.8 percentage points[29] - Capital expenditure decreased by 36.0% YoY[50] Cash Flow and Capital - Net cash generated from operating activities was RMB 1.35 billion, 1.7 times of net profit[16] - Cash and cash equivalents of RMB 2.54 billion and net cash position of RMB 1.27 billion[16] - Free cash flow was RMB 1.22 billion, representing 34% of beginning cash balance[38] Retail Network - Number of directly-operated retail stores decreased by 19.4% YoY to 4,688 stores[50]

Company News - China Unicom (00762.HK) reported a revenue of 292.985 billion yuan for the first three quarters, a year-on-year increase of 1%; net profit reached 20 billion yuan, up 5.1% year-on-year. The company noted a significant breakthrough in computing power business, with cloud revenue of 52.9 billion yuan and data center revenue of 21.4 billion yuan, an increase of 8.9% year-on-year. The cumulative number of customers for 5G virtual private networks exceeded 20,000. Additionally, the company plans to spin off its smart network technology for listing on the Shenzhen Stock Exchange's Growth Enterprise Market [2] - Tmall (06110.HK) reported a mid-term revenue of approximately 12.2986 billion yuan for the period ending August 31, a decrease of 5.79% year-on-year; net profit was 789 million yuan, down 9.69% year-on-year, primarily due to fluctuations in the offline consumption environment affecting customer traffic. The gross profit margin for the period was 41.0%, a decrease of 0.1 percentage points year-on-year, with inventory at 5.834 billion yuan, down 4.7% year-on-year, and the total number of stores decreased by 19.4% year-on-year [2] - Shanshui Cement (00691.HK) reported operating revenue of 8.946 billion yuan for the first nine months, a year-on-year decrease of 17.99%; the company incurred a loss of 132 million yuan, an increase of 12.47% year-on-year [3] - China Overseas Macro Group (00081.HK) reported an operating profit of approximately 773 million yuan for the first three quarters, a year-on-year decline of 46.7% [4] - Tianjin Port Development (03382.HK) announced that its subsidiary plans to publicly sell 60% of the equity in China Railway Storage and Transportation [5] - China National Foreign Trade (00598.HK) completed the sale of a 25% stake in Lu Kai International, expecting to generate revenue of 1.65 billion yuan [6] - Xinyi International (00732.HK) plans to acquire approximately 11.43% equity in Xinyi Renshou through a public bidding process, involving an investment of 1.05 billion yuan [7] - Shanxi Installation (02520.HK) intends to establish a joint venture with Shanxi Sanjian and Huaneng Power for the Shanxi Qingshui Pumped Storage Power Station project, with a total registered capital of 100 million yuan [8] - Kaisa Group (01813.HK) has postponed the hearing for its liquidation application [9] - Baiguoyuan Group (02411.HK) has received approval from the Hong Kong Stock Exchange for its application to implement full circulation of H-shares [10] Buyback Dynamics - Haotian International Investment (01341.HK) completed the issuance of 1.6 billion shares to PCL [11] - AAC Technologies (02018.HK) repurchased 300,000 shares at a cost of approximately 11.9098 million Hong Kong dollars, with repurchase prices ranging from 39.46 to 39.98 Hong Kong dollars [12] - Mengniu Dairy (02319.HK) repurchased 500,000 shares at a cost of 7.1714 million Hong Kong dollars, with repurchase prices between 14.32 and 14.37 Hong Kong dollars [13] - Lianyi Rong Technology-W (09959.HK) repurchased 2.43 million shares at a cost of approximately 7.47075 million Hong Kong dollars, with repurchase prices ranging from 2.99 to 3.1 Hong Kong dollars [14]

格隆汇10月22日丨滔搏(06110.HK)公告，于2025/26财政年度第二季度，本集团零售及批发业务总销售 金额按年同比录得高单位数下跌。 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%。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本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%。 滔搏(06110)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。 ...

滔搏(06110)公布截至2025年8月31日止六个月中期业绩，收入约122.986亿元，同比减少5.79%;公司权益 持有人应占溢利约7.89亿元，同比减少9.69%;每股盈利12.72分。 公告称，收入下降主要是由于回顾期间内零售线下消费环境的波动造成线下客流压力所产生的影响，惟 部分因零售线上业务同比增长所弥补。 于回顾期间，该集团的毛利率为41.0%，较截至2024年8月31日止六个月的41.1%略为下降0.1个百分点。 毛利率下降主要是由于期内集团零售线上业务的销售占比有所提升及其折扣率较零售线下业务为高，这 对毛利率造成负向影响，惟部分因期内零售业务对整体收入的贡献占比提高及品牌伙伴的支持所弥补。 截至2025年8月31日，存货对比截至2024年8月31日的人民币61.2亿元，同比下降4.7%至人民币58.34亿 元。 截至2025年8月31日，集团共运营4,688家直营店铺，店铺总数同比减少19.4%，毛销售面积同比减少 14.1%。与2025年2月28日相比，店铺总数减少6.6%，毛销售面积减少4.6%。 ...

滔搏(06110)发布公告，将于2025年12月18日派发截至2025年8月31日止六个月的中期股息每股0.13元人 民币。 ...

智通财经APP讯，滔搏(06110)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%。 ...