Summary of Conference Call Notes Company and Industry Overview - The conference call discusses the performance and strategies of **Tao Bo** (滔搏) in the sports retail industry, particularly focusing on brands like **Nike** and **Adidas** [1][2]. Key Points and Arguments Sales Performance and Guidance - The company has lowered its profit guidance due to weak terminal performance at the beginning of 2026, although sales improved in January and February compared to December, with a year-on-year increase noted for the combined sales of these two months [2][4]. - The sales growth in January and February was influenced by the timing of the Spring Festival and extended promotional periods, but there was a noted decline in sales data following the festival [2][5]. - The company maintains a cautious outlook for the rest of 2026, with more detailed data expected to be released in May [2][4]. Inventory and Discount Management - The discount rate has deepened year-on-year but has narrowed compared to the previous quarter, indicating a strategic response to market conditions [2][4]. - Inventory levels are reported to be healthy, with a stock-to-sales ratio maintained at 4-5 months [2][4][10]. - The company has been optimizing its store count, expecting to have around 4,500 stores by the end of February, having closed inefficient and high-loss stores [2][5]. Brand Performance - **Nike** is experiencing a transitional phase with a change in leadership in the Greater China region, which is expected to continue its localization strategy [2][9]. - **Adidas** has been more proactive in localization, with over 60% of its products being locally sourced, and has shown significant improvements in its marketing and product line responsiveness to Chinese consumer preferences [3][15]. - The performance of European brands has outpaced Nike, while Adidas has shown marginal improvements after a challenging period [6][7]. Inventory Management and Future Strategies - Nike's inventory reduction efforts are focused on classic models, which have seen a significant decrease in their share of overall inventory [10][11]. - The company is adopting a cautious approach to ordering, with a downward trend in order volumes due to uncertain demand recovery [12][14]. - Adidas is also facing potential risks from increasing global inventory levels, which could impact its future performance [3][14]. Channel Performance - Offline sales outperformed online sales in February, although the overall online performance was better for Q4 [6][7]. - The company is shifting its focus towards enhancing online efficiency and exploring new retail channels, including live streaming and instant retail [18][19]. Economic Factors - There has been no significant impact from tariff changes or currency fluctuations on the company's operations, as most products are sourced directly from suppliers in Southeast Asia [26][27]. Future Outlook - The company anticipates that as inventory levels stabilize, it will shift its operational focus towards enhancing profitability and managing costs effectively [22][24]. - The introduction of new products is expected to play a crucial role in driving sales recovery in the latter half of 2026 [22][23]. Additional Important Content - The company is closely monitoring the performance of its new partnerships in professional running and outdoor brands, which are currently at a low scale but show promise for future growth [25]. - The competitive landscape remains challenging, with ongoing pressure from discounting strategies and the need to balance sales growth with profitability [22][24].

本年度本公司拥有人应占溢利的下降主要是受到经营反杠杆影响所致。中国大陆市场消费信心低迷而行 业库存水平偏高，以致折价竞争严峻，进而影响集团的营收表现。由于客流量持续疲弱且同店销售取得 10%至20%中位数跌幅，集团零售店铺的销售动能进一步放缓。而低线城市客流量不振，亦大幅影响其 加盟渠道的表现。 宝胜国际(03813)发布公告，集团预期截至2025年12月31日止年度(本年度)将取得营业收入约人民币 171.32亿元及本公司拥有人应占溢利约人民币2.11亿元，分别较2024年财政年度减少约7.2%及57.1%。 值得关注的是，在中国大陆高度竞争的电商环境下，集团持续致力提升其全渠道实力，凭借高度敏捷灵 活的决策模式，系统性打造线上格局，其线上销售势头持续稳健，部分抵销了零售店铺客流量疲弱的影 响。 尽管集团持续谨慎控管库存、优化库龄架构、加强数位化实力、严谨费用管控及调整组织架构，惟折扣 压力及销售规模下降导致的经营反杠杆，显著影响集团的获利表现。 鉴于经济环境依旧充满不确定性，集团透过全国一盘棋模式推进严谨渠道规划和库存管理，使其持续保 持稳健财务状况。本公司于2026年1月进行了若干股份回购交易，反映在波 ...

Core Insights - The Jinan Ice and Snow Sports Expo has officially launched, showcasing the development achievements of Jinan's ice and snow industry through various exhibitions and immersive experience activities [1] Group 1: Event Overview - The Ice and Snow Sports Expo is a key initiative for promoting winter tourism and sports consumption in Jinan, forming the core of the city's first Ice and Snow Consumption Season [3] - The expo features a variety of exhibitors, including local ice and snow sports venues like Jinxiang Mountain Ski Resort and international sports retail brands such as Decathlon, offering a wide range of ice and snow sports equipment and apparel [3] - The event also includes lifestyle brands like Kafa Future Coffee, which enhances the modern consumer experience with automated coffee machine services [3] Group 2: Consumer Engagement - The expo aims to create a platform for interaction between businesses and citizens, showcasing Jinan's achievements in the ice and snow economy while innovating consumption scenarios through a "sports+" approach [4] - Activities such as raffles are organized to increase citizen participation and attraction to the expo [3] - The introduction of convenient services like "Ice and Snow Special Line" and "Ice and Snow All-in-One Ticket" aims to lower the barriers for citizens to participate in ice and snow sports [8] Group 3: Future Prospects - The collaboration with various brands and the promotion of outdoor sports routes for the 2026 Spring Festival are designed to convert interest from the expo into actual participation and consumption in ice and snow sports [8] - The "sports + culture tourism + consumption" model is seen as a vital pathway for transforming Jinan's "cold resources" into a "hot economy," indicating a sustainable development outlook for the ice and snow economy in the region [8]

Group 1 - The core viewpoint of the article highlights a significant transfer of shares in Toppan (06110) from Standard Chartered Bank (Hong Kong) to Goldman Sachs (Asia) Securities, with a market value of HKD 62.24 billion, representing 34.97% of the total shares [1] - Toppan announced that for the third quarter of the fiscal year 2025/26, the total sales amount for its retail and wholesale business experienced a high single-digit decline year-on-year [1] - As of November 30, 2025, the gross sales area of direct-operated stores decreased by 1.3% compared to the previous quarter and by 13.4% compared to the same period last year [1]

Group 1 - The core viewpoint of the article highlights a significant shareholder transfer for Tabo (06110), with shares moving from Standard Chartered Bank (Hong Kong) to Goldman Sachs (Asia) Securities, amounting to a market value of HKD 62.24 billion, representing 34.97% of the total shares [1] Group 2 - Tabo announced that for the third quarter of the fiscal year 2025/26, the total sales amount for its retail and wholesale business experienced a high single-digit decline year-on-year [1] - As of November 30, 2025, the gross sales area of direct-operated stores decreased by 1.3% compared to the previous quarter and by 13.4% compared to the same period last year [1]

Core Viewpoint - The report from Cinda Securities indicates that Tabo (06110) has experienced a high single-digit year-on-year decline in total sales for its retail and wholesale businesses in Q3 of the fiscal year 2025/26, aligning with previous performance guidance trends [1] Group 1: Retail and Wholesale Performance - Retail business continues to outperform wholesale, with manageable discount and inventory situations, reflecting strong retail management capabilities [2] - The decline in retail sales is less severe than that in wholesale, with offline sales showing improvement while online growth is weakening due to high base effects [2] - Overall discount rates in direct retail have deepened year-on-year, but the extent of discounting has narrowed compared to the first half of the fiscal year [2] - Total inventory at the end of the period has decreased year-on-year, with good turnover efficiency and a slight improvement in inventory age structure [2] - The network of stores is continuously optimized, with a 13.4% year-on-year and 1.3% quarter-on-quarter reduction in gross sales area of direct stores, and the pace of store closures has slowed compared to Q2 [2] Group 2: Collaboration with Core Brands - The collaboration with Nike is expected to deepen, as both companies face similar pressures in the Chinese market regarding foot traffic, sell-through rates, and inventory challenges [3] - Strategies include increased support for product recovery and adjustments to 2026 spring/summer orders to manage new inventory shipments [3] - Joint efforts are being made to regulate online market order and promote unified pricing management [3] - The company is anticipated to navigate through the downturn alongside its core clients, with potential for future recovery [3] Group 3: New Business Development - The company is steadily advancing its new business layout, with successful launches in specialized segments [4] - The running category has seen the establishment of the Ektos brand store, enhancing brand recognition through participation in major events like the Shanghai Marathon [4] - In the outdoor category, the exclusive agency for the high-end Norwegian outdoor brand Norrøna has been established, with plans for expansion into more cities [4] - The company is focused on creating new growth curves through the introduction of new categories [4] Group 4: Financial Guidance - The company has adopted a conservative financial outlook, noting increased volatility in terminal demand since December and significant operational pressures [5] - The previously set target of "year-on-year net profit flat" is expected to deviate within a controllable range [5] - The company maintains a "short-term cautious, long-term optimistic" stance [5] - Profit forecasts for FY2026-2028 are projected at HKD 1.285 billion, 1.397 billion, and 1.528 billion, with corresponding P/E ratios of 14.52X, 13.36X, and 12.21X [5]

Core Viewpoint - The report from Cinda Securities indicates that Tmall (06110) has experienced a high single-digit decline in total sales for its retail and wholesale business in Q3 of the fiscal year 2025/26, aligning with previous performance guidance trends [1] Group 1: Retail and Wholesale Performance - Retail business continues to outperform wholesale, with controllable discount and inventory situations reflecting strong retail management capabilities [2] - The decline in retail sales is less severe than that in wholesale, with offline sales showing improvement while online growth is weakening due to high base effects [2] - Overall discount rates in direct retail have deepened year-on-year, but the extent of discounting has narrowed compared to the first half of the fiscal year [2] - Total inventory at the end of the period has decreased year-on-year, maintaining good turnover efficiency, with a slight improvement in inventory age structure [2] - The network of stores is continuously optimized, with a 13.4% year-on-year and 1.3% quarter-on-quarter reduction in gross sales area of direct stores, and the pace of store closures has slowed compared to Q2 [2] Group 2: Collaboration with Core Brands - The collaboration with Nike is deepening, with both companies facing similar pressures in the Chinese market regarding foot traffic, sell-through rates, and inventory challenges [3] - Nike plans to enhance support through increased old goods recovery and inventory impairment processing, optimizing channel inventory structure, and adjusting orders for Spring/Summer 2026 to control new product shipments [3] - Both companies are focusing on regulating online market order and promoting unified price management, suggesting Tmall may rebound alongside its core clients [3] Group 3: New Business Development - The company is steadily advancing its new business layout, with successful establishment in specialized segments [4] - The running category has seen the launch of the running brand collective store Ektos, which has strengthened brand recognition and community connection through events like the Shanghai Marathon [4] - In the outdoor category, the exclusive agency of the high-end Norwegian outdoor brand Norr na has achieved breakthroughs, with the first store opened and plans for expansion in more cities [4] Group 4: Financial Guidance - The company has adopted a conservative financial outlook, noting increased volatility in terminal demand since December and significant operational pressure [5] - The previously set target of "year-on-year net profit flat" is expected to deviate within a controllable range [5] - The company maintains a "short-term cautious, long-term optimistic" attitude, with profit forecasts for FY2026-2028 estimated at HKD 1.285 billion, 1.397 billion, and 1.528 billion, corresponding to P/E ratios of 14.52X, 13.36X, and 12.21X respectively [5]

Macroeconomic Group - In November, the total profit of industrial enterprises above designated size in China reached 6.63 trillion yuan, a year-on-year increase of 0.1%, but a decline of 1.8 percentage points compared to October, marking two consecutive months of decline [4] - The manufacturing sector saw a year-on-year growth of 5.0% from January to November, down 2.7 percentage points from October [4] - In November, the profit of industrial enterprises decreased by 13.1% year-on-year, compared to a decline of 5.5% in October, primarily due to the rise in PPI being concentrated upstream without transmission to downstream [4] Industry Overview - The upstream sector is experiencing differentiation, with poor performance in downstream industries and better results in the midstream [5] - Industries with higher year-on-year growth from January to November include non-ferrous metals, transportation equipment manufacturing, electronic equipment manufacturing, and automotive manufacturing [5] - Industries with lower year-on-year growth include coal, steel, furniture manufacturing, textile and apparel, paper, and pharmaceuticals [5] Advanced Manufacturing Group - Leading companies in lithium iron phosphate cathode materials, such as Hunan YN and Wanrun New Energy, have announced production halts, expected to reduce monthly output by approximately 20,000 to 55,000 tons, tightening market supply [12] - The price of battery-grade lithium carbonate has rebounded over 50% since mid-year, currently exceeding 100,000 yuan per ton, constituting over 40% of the cost of lithium iron phosphate [12] - The supply-side expansion is constrained, with low willingness to expand production and increased quality thresholds limiting effective supply growth, while demand remains strong due to the high demand in new energy vehicles and energy storage [12] Consumer Group - The current operations of the company are still in an adjustment phase, with a high single-digit decline in all-channel sales for Q3 of FY2026 (September to November 2025) [14] - The management acknowledges pressure on the full-year net profit guidance, but deviations are manageable [14] - The core brand Nike has increased support for the Chinese market, helping the company clear old inventory and stabilize gross profit and cash flow [14]

Core Viewpoint - Tmall's stock has dropped over 4%, currently trading at HKD 2.88, with a trading volume of HKD 17.4752 million [1] Group 1: Sales Performance - For the third quarter of the fiscal year 2025/26, the total sales amount of the retail and wholesale business experienced a high single-digit decline year-on-year [1] - As of November 30, 2025, the gross sales area of direct-operated stores decreased by 1.3% compared to the previous quarter and by 13.4% year-on-year [1] Group 2: Market Analysis - According to Cinda Securities, the decline in total sales aligns with previous performance guidance trends, indicating that retail business continues to outperform wholesale business [1] - The company has demonstrated strong retail management capabilities, with controllable discount and inventory situations [1] Group 3: Financial Guidance - The company noted increased operational pressure due to heightened fluctuations in terminal demand since December, leading to an expected deviation from the previously set target of "year-on-year net profit remaining flat" within a controllable range [1] - The company maintains a "short-term cautious, long-term optimistic" outlook for the future [1]

Core Viewpoint - The company reported a significant decline in retail and wholesale sales for FY26Q3, with total sales decreasing by a high single-digit percentage year-on-year, and a reduction in gross sales area of direct stores by 1.3% quarter-on-quarter and 13.4% year-on-year [1] Group 1: Retail Strategy - The company is advancing an integrated retail network centered around physical stores, adopting a "1 (offline stores) + N (corresponding online multi-scenario layout)" model for diversified operations [1] - The company is implementing a "one product, one strategy" approach for retail store structural adjustments, focusing on innovation in store scenarios and formats that combine functional services with social attributes [1] - The online ecosystem is expanding with over 800 accounts on Douyin and WeChat video accounts, more than 3,600 mini-program stores, and over 3,700 stores participating in instant retail [1] Group 2: Brand Partnerships - The company is deepening its brand layout in the running and outdoor segments, having established exclusive operational partnerships with brands such as norda, soar, Ciele, and Norr na in mainland China [1] - The company is engaging core users through social media matrices, large-scale events, and community activities, while also utilizing diverse formats like online flagship stores and offline pop-up shops [1] - The company opened its first running concept store, ektos, in Shanghai, focusing on the needs of runners and integrating into the community to enhance user engagement [1] Group 3: User Engagement - The company is building a diversified user value system centered on consumer needs, with a cumulative user base of 89 million, and is enhancing user profiles through multi-platform information integration [1] - The company upgraded its membership system, linking the original member IP "Tao Xiaoxia" with daily scenarios and introducing a cost-saving seasonal card for frequent consumers [1] - To resonate with younger consumers, the company is activating community connections through diverse IP co-branding marketing activities and offline community experience events [1] Group 4: Financial Forecast - The company maintains its profit forecast, expecting revenues of 26.5 billion RMB, 27.3 billion RMB, and 28.6 billion RMB for FY26-28, with net profits of 1.3 billion RMB, 1.5 billion RMB, and 1.7 billion RMB, and EPS of 0.21 RMB, 0.24 RMB, and 0.27 RMB respectively [2]