Core Viewpoint - The company reported its FY25 financial results, showing a revenue decline of 6.6% to 27.01 billion yuan and a net profit drop of 42% to 1.29 billion yuan, which aligns with expectations [1] Revenue and Profit Analysis - The decline in revenue and profit was primarily due to weak offline customer traffic and ongoing inventory destocking, despite positive growth from online channels [1] - The main brand revenue decreased by 6.1% to 23.31 billion yuan, while non-main brand revenue fell by 9.9% to 3.50 billion yuan [1] Dividend Distribution - The company plans to distribute a final dividend of 0.02 yuan per share and a special dividend of 0.12 yuan per share, totaling 0.28 yuan per share, with a payout ratio of 135.0% [1] Brand Performance - Professional sports brands showed stronger resilience, while casual sports brands were significantly impacted by consumer fatigue [1] - Recent partnerships with high-end running brand Soar and outdoor brand further enhance the company's market presence [1] Channel Performance - Direct sales revenue decreased by 6.8% to 23.03 billion yuan, with a significant drop in offline store traffic and a reduction in the number of stores by 18.3% to 5,020 [2] - Online business maintained double-digit growth, accounting for 30-40% of overall direct sales [2] Inventory and Cash Management - Inventory improved, with a year-on-year decrease of 4.5% and a cash flow from operating activities increasing by 20% to 3.76 billion yuan [2] - The company demonstrated strong cash management capabilities, with cash at the end of the period growing by 32.3% to 2.59 billion yuan [2] Profitability and Cost Control - Gross margin decreased by 3.4 percentage points to 38.4%, influenced by deeper discounts and changes in the sales mix [3] - Total expenses fell by 5.6%, with a slight increase in expense ratio despite a revenue decline [3] Strategic Partnerships and Market Outlook - The company has deepened cooperation with major brands like NIKE and Adidas, enhancing retail operations and channel optimization [4] - Profit forecasts for FY26-28 have been adjusted downwards, with expected net profits of 1.29 billion, 1.42 billion, and 1.55 billion yuan respectively [4]

上 市 公 司 商业贸易 2025 年 05 月 23 日 滔搏 (06110) ——业绩符合预期，派发特别股息提升股东回报 报告原因：有业绩公布需要点评 买入（维持） | 市场数据： | 2025 年 05 月 22 日 | | --- | --- | | 收盘价（港币） | 3.09 | | 恒生中国企业指数 | 8557.64 | | 52 周最高/最低（港币） | 5.82/2.11 | | H 股市值（亿港币） | 191.62 | | 流通 H 股（百万股） | 6,201.22 | | 汇率（人民币/港币） | 1.0886 | 一年内股价与基准指数对比走势： -58% -8% 42% HSCEI 滔搏 资料来源：Bloomberg 证券分析师 王立平 A0230511040052 wanglp@swsresearch.com 刘佩 A0230523070002 liupei@swsresearch.com 研究支持 刘佩 A0230523070002 liupei@swsresearch.com 本研究报告仅通过邮件提供给 中庚基金 使用。1 投资要点： 财务数据及盈利预测 | 货币单位：人民 ...

Group 1 - The U.S. stock market is experiencing a "V-shaped" rebound following a significant sell-off triggered by President Trump's announcement of increased tariffs [1][3] - The S&P 500 index briefly entered bear market territory, but has since risen over 2% since April 2, when the tariff plans were first announced [1] - Historical data shows that out of 18 waterfall declines since 1950, 17 have led to a V-shaped recovery, indicating a strong likelihood of continued market improvement [3] Group 2 - Fundstrat's Tom Lee has compiled a list of large-cap stocks that investors should focus on during the rebound, particularly those that have already declined significantly prior to the tariff announcement [4] - Stocks selected must have a market capitalization exceeding $15 billion and have dropped over 30% between mid-February and early April [4] - Lululemon (LULU) is highlighted as a stock that meets all criteria, having fallen over 21% year-to-date but rebounding more than 7% in the recent rally [4] Group 3 - Super Micro Computer (SMCI) is another stock on the list, which has seen nearly a 10% increase year-to-date, with a more than 4% rise in the recent market surge [5] - Analysts maintain a "neutral" rating on SMCI, but the average target price suggests over 20% upside potential [5]

吉利银河计划 2025 年至少发布 4 款新车。 12 月 6 日，吉利银河发布 A 级电混 SUV 星舰 7 ，售价 10.38 万-13.68 万元，限期优惠 0.4 万元。 吉利汽车 CEO 淦家阅在群访中说，银河从今年下半年进入产品大年，与几何合并后，产品、渠道 等资源扩充， 2025 年至少会发布 2 款轿车、2 款 SUV。此外， 9 月起，吉利集团开启大整合，雷 达、翼真已并入吉利汽车。淦家阅说，雷达、翼真品牌将保留，研发、供应链等中后台将与吉利汽 车 "能协同的都协同"。 更贵的 ChatGPT 要来了。 OpenAI 的 ChatGPT 现在有免费版和月费 20 美元的 Plus 版本，但有媒体发现，他们还有个每月 200 美元的 ChatGPT Pro 订阅计划，支持 OpenAI 所有大模型的无限制使用，包括其 o1 "推理" 模 型的完整版本。 lululemon 美国销售额继续下滑。 三季度 lululemon 业绩喜忧参半，总收入增长 9%，达到 24 亿美元，但占公司收入七成以上的美国 地区，可比销售额下降 2%。国际业务继续快速增长，中国内地收入增长接近四成、可比销售额增 长了 ...