业务介绍 滔搏是中国最大的运动用品零售以及服务平台。滔搏于20世纪90年代开始涉足体育用品经营，目前公司 合作伙伴主要包括主力品牌Nike、adidas，以及其他品牌彪马、匡威、Vans等，面对消费环境波动以及 公司主力品牌业务调整，FY2025/FY2026H1公司营收同比-7%/-6%至270/123亿元，FY2025/FY2026H1公 司归母净利润同比-42%/-10%至12.9/7.9亿元。 主力品牌短期表现有所差异，其他品牌矩阵丰富 FY2026H1公司主力品牌营收同比下降4.8%至108亿元，占公司营收比重为88%，2024年以来adidas经营 表现持续超预期，货币中性基础上adidas公司2025Q3营收同比增长8%，Nike短期业绩则有所波动。在 新品牌合作方面，2022年与李宁建立合作关系，首次将国产品牌纳入合作矩阵，2023年以来面对户外以 及跑步运动热潮，公司逐步与凯乐石、Norda、norrona、soar、ciela品牌建立合作关系，同时在合作模 式上，滔搏也在担任独家合作伙伴/运营商的角色，负责相关品牌在中国的品牌战略、内容传播、全域 运营以及社群培育等多项职能。 国盛证券（0 ...

智通财经APP获悉，国盛证券发布研报称，维持滔搏(06110)买入"评级，作为中国领先的运动用品零售 平台，尽管受主力品牌Nike短期波动影响略有下滑，但adidas保持良好增长势头。公司预期通过拓展李 宁、凯乐石等新品牌合作矩阵，并深化数字化运营、私域引流及会员管理，持续强化零售效率。 国盛证券主要观点如下： 业务介绍 滔搏是中国最大的运动用品零售以及服务平台。滔搏于20世纪90年代开始涉足体育用品经营，目前公司 合作伙伴主要包括主力品牌Nike、adidas，以及其他品牌彪马、匡威、Vans等，面对消费环境波动以及 公司主力品牌业务调整，FY2025/FY2026H1公司营收同比-7%/-6%至270/123亿元，FY2025/FY2026H1公 司归母净利润同比-42%/-10%至12.9/7.9亿元。 主力品牌短期表现有所差异，其他品牌矩阵丰富 FY2026H1公司主力品牌营收同比下降4.8%至108亿元，占公司营收比重为88%，2024年以来adidas经营 表现持续超预期，货币中性基础上adidas公司2025Q3营收同比增长8%，Nike短期业绩则有所波动。在 新品牌合作方面，2022年与李宁建 ...

Core Insights - The report highlights the competitive advantage of Tabo (滔搏) in the retail sector, emphasizing its strong retail capabilities and high dividend payouts to investors [4][5] - The report projects Tabo's revenue and net profit for FY2025 to FY2027, indicating a slight decline in revenue but a recovery in net profit growth by FY2027 [4][5] Company Overview - Tabo is identified as the largest sports retail and service platform in China, collaborating with major brands such as Nike and Adidas [4] - The company experienced a revenue decline of 7% in FY2025 and a projected decline of 6% in FY2026H1, with net profit dropping by 42% and 10% respectively [4][5] Financial Projections - Revenue forecasts for Tabo are set at 946 billion, 953 billion, and 1,005 billion RMB for FY2025, FY2026, and FY2027 respectively, with year-on-year growth rates of 1.2%, 0.8%, and 5.5% [4] - The net profit estimates are 37.1 billion, 52.8 billion, and 61 billion RMB for the same years, with growth rates of -8.7%, 42.4%, and 15.5% [4] Investment Recommendations - The report maintains a "buy" rating for Tabo, citing its robust dividend payout history of 107.3% since its IPO in 2019 and a current cash position of 2.54 billion RMB [5] - The expected price-to-earnings ratio for FY2026 is 14.6, with a dividend yield of 7% [5] Industry Context - The report discusses the broader retail environment, noting challenges such as fluctuating consumer demand and the need for effective e-commerce strategies [5] - It emphasizes the importance of Tabo's strong brand partnerships and retail efficiency in maintaining its competitive edge in the market [4][5]

Core Insights - The article discusses the trend of foreign companies in China shifting from direct operations to a model of leasing their brands and operations to local partners, indicating a strategic retreat from aggressive market engagement [5][15]. Group 1: Strategic Moves by Foreign Companies - Starbucks has entered into a joint venture with Boyu Capital to operate its retail business in China, valuing the deal at approximately $4 billion [5]. - Decathlon is also rumored to be evaluating the opening of part of its equity in the Chinese market, reflecting a broader trend among foreign firms [7]. - Historical examples include McDonald's selling its controlling stake in China for $2.08 billion in 2016 and Philips selling its home appliance business for €4.4 billion (approximately 34 billion RMB) in 2021 [7][9]. Group 2: Market Challenges - The Chinese market has become increasingly competitive, with Starbucks reporting an 11% drop in same-store sales in Q2 of fiscal year 2024, leading to a decline in both customer spending and transaction volume [9]. - Decathlon, while still growing, is experiencing a slowdown in growth rates due to competition from local brands and online retailers [9]. Group 3: Complexity of Local Operations - The article highlights that managing operations in China has become more complex, requiring local insights and rapid decision-making that foreign companies may struggle to provide [11]. - Yum China, after its spin-off, has successfully localized its product offerings, achieving record revenues and profits [11][12]. Group 4: Shift to Brand Leasing - Foreign companies are realizing that their most valuable asset in China is their brand, leading them to adopt a model where they lease their brand and provide technical services, which generates high margins with low operational risk [13]. - For instance, McDonald's has a brand licensing agreement that allows it to earn 2-5% of sales from its franchisee in China, translating to an estimated annual income of 2-3 billion RMB based on 2023 sales figures [13]. Group 5: Implications of the New Model - This shift to a leasing model benefits foreign companies by allowing them to maintain brand presence while securing cash flow without the operational burdens [14]. - Local teams face both opportunities and challenges as they take on the operational responsibilities of these international brands, which may lead to a shift in corporate culture and operational priorities [14][15].

Core Viewpoint - The company reported a decline in revenue and profit for the nine months ending September 30, 2025, primarily due to weak consumer confidence and high industry inventory levels, leading to reduced foot traffic and intense price competition [1] Financial Performance - The company achieved a revenue of 12.903 billion RMB, representing a year-on-year decrease of 7.73% [1] - The profit attributable to shareholders was 171 million RMB, down 50.15% year-on-year [1] Market Conditions - The company continues to face challenges from low consumer confidence and high inventory levels in the industry, resulting in weak customer traffic and severe price competition [1] - The third quarter is noted as a low season for retail, exacerbating the impact of reduced sales scale [1] Strategic Responses - The company is actively implementing dynamic inventory management, strict cost control, and organizational strategy adjustments to mitigate the challenges [1] - Despite the pressures on offline retail channels, the company is enhancing its omnichannel capabilities, with a steady trend in online sales helping to alleviate some of the pressures [1]

Core Viewpoint - The company reported a significant decline in revenue and profit due to low consumer confidence and high industry inventory levels, leading to weak foot traffic and intense price competition [1] Financial Performance - For the nine months ending September 30, 2025, the company recorded revenue of approximately RMB 12.903 billion, a decrease of 7.7% compared to the same period last year [1] - The profit attributable to the company's owners decreased by 50.1% to approximately RMB 171 million [1] Market Conditions - The company continues to face challenges from low consumer confidence and high inventory levels in the industry, resulting in weak customer traffic and severe price competition [1] - The third quarter is identified as a low season for retail business, exacerbating the impact of reduced sales scale [1] Strategic Responses - The company is actively promoting dynamic inventory management, strict cost control, and organizational strategy adjustments to mitigate the challenges [1] - Despite the difficulties, the company is enhancing its omnichannel capabilities, with a steady trend in online sales helping to alleviate pressure on its offline retail channels [1]

Core Insights - Decathlon has opened its first urban flagship store in Wuhan's inner ring, marking a significant milestone in its expansion in Central China [1][10] - The store features a new store concept for 2025 and showcases a refreshed brand image, emphasizing a "product + service + community" value model [1][10] Store Details - The new store, located in the Longfor Binhai Shopping Street, covers an area of 1,745 square meters and offers a layout that balances shopping and experiential activities [4] - It includes key categories such as outdoor, cycling, running, and badminton, and introduces new sports equipment like climbing gear [4] Product Launch - The store also launched the KIPRUN brand's new running shoe, Cushion 500 premium, allowing local runners to experience the product firsthand [7] - KIPRUN aims to integrate running into the lifestyle of Wuhan residents, leveraging the city's strong running culture along the Yangtze River and East Lake Greenway [7] Industry Context - Wuhan's sports industry is projected to exceed 95 billion yuan in total output value and 53 billion yuan in sports consumption by 2024, with ongoing development in youth sports training and infrastructure [10] - Decathlon has been operating in Wuhan since 2013 and plans to continue expanding its presence in the city over the next five years [10] Promotional Activities - The store's opening coincides with the Mid-Autumn Festival and National Day, participating in the "Hubei Discount" campaign to offer various consumer benefits [12] - The store will also host a "Playground Energy Zone" to encourage community engagement through diverse sports experiences [12]

Group 1 - A new company named Leqing City Android Sports Goods Co., Ltd. has been established with a registered capital of 100,000 RMB [1] - The legal representative of the company is Mao Xiaofeng [1] - The business scope includes retail of sports goods and equipment, outdoor products, automotive decoration products, and various other retail categories [1] Group 2 - The company is also involved in the sale of plastic products, hardware products, kitchenware, daily necessities, clothing, bags, and electronic products [1] - It offers internet sales (excluding items requiring permits) and various technical services including development, consulting, and technology transfer [1] - The company is authorized for import and export activities, as well as acting as an agent for imports and exports [1]

Core Viewpoint - Decathlon, once known as an affordable sports paradise, has transformed into a brand that many consumers now find unaffordable and unappealing due to significant price increases without corresponding improvements in product quality or desirability [3][12][26]. Group 1: Price Increases and Consumer Sentiment - Between 2022 and 2024, the average selling price of Decathlon products rose from 128.81 yuan to 196.32 yuan, marking a 52% increase [6]. - Specific product price changes include a 20L backpack increasing from 49.9 yuan to 89.9 yuan, a white cotton T-shirt from 19.9 yuan to 39.9 yuan, and a fleece jacket from 249 yuan to 499 yuan [7][10]. - Consumers express feelings of betrayal as they now have to reconsider purchases that were once straightforward, indicating a shift from a "buy without thinking" mentality to a more cautious approach [11][12]. Group 2: Market Position and Brand Perception - Decathlon's strategy to raise prices in an attempt to reposition itself as a higher-end brand has not resonated well with consumers, leading to a loss of its original customer base [12][26]. - The brand's attempt to cater to both price-sensitive consumers and higher-end markets has resulted in a fragmented identity, with products ranging from low-cost items to high-end bicycles priced at 69,999 yuan [28][30]. - The company's revenue for 2024 was reported at 16.2 billion euros, but profits fell by 15.5%, indicating that price increases did not translate into brand premium [25][26]. Group 3: Competitive Landscape and Consumer Choices - The outdoor sports market is seeing a rise in competition, with many brands increasing their prices, yet some are still able to attract consumers willing to pay a premium [14][15]. - The emergence of alternative brands offering similar products at lower prices is contributing to Decathlon's challenges, as consumers are increasingly opting for these alternatives [20][26]. - The trend of consumers gravitating towards mid to high-end products suggests a shift in market dynamics, where Decathlon's traditional value proposition is being undermined [15][16]. Group 4: Brand Strategy and Future Directions - Decathlon's recent rebranding efforts, including the introduction of a new logo and the establishment of specialized brands, aim to redefine its market presence [23][25]. - Despite these efforts, the brand struggles to connect emotionally with consumers, lacking the storytelling and cultural resonance that competitors like Lululemon and Arc'teryx have successfully cultivated [33][34]. - The recent popularity of a free promotional item, the "urea bag," highlights a potential return to Decathlon's roots of practicality and value, contrasting sharply with its recent pricing strategy [42][44].

Core Viewpoint - Decathlon, once known as an affordable sports paradise, has transformed into a brand perceived as expensive and less appealing due to significant price increases without corresponding improvements in product quality or consumer experience [4][12][14]. Group 1: Price Increases and Consumer Sentiment - From 2022 to 2024, the average selling price of Decathlon products rose from 128.81 yuan to 196.32 yuan, marking a 52% increase [4]. - Classic products have seen notable price hikes, such as a 20L backpack increasing from 49.9 yuan to 89.9 yuan and a fleece jacket from 249 yuan to 499 yuan [7]. - Consumers express feelings of betrayal as they perceive the price increases without enhanced value, leading to a shift in purchasing behavior [12][14]. Group 2: Market Position and Competition - Decathlon's strategy to raise prices aims to transition from a budget brand to a more premium positioning, but this has alienated both price-sensitive consumers and potential high-end buyers [32][39]. - The outdoor sports market is experiencing a general price increase, with many brands successfully raising prices while maintaining consumer interest, unlike Decathlon [15][17]. - Competitors in the outdoor segment, such as Camel and Columbia, have also raised prices significantly, yet they continue to attract consumers [16]. Group 3: Brand Strategy and Identity - Decathlon has attempted to rebrand itself under new leadership, focusing on becoming a multi-domain professional sports brand, but the execution has not resonated with consumers [25][27]. - The brand's identity is perceived as fragmented, with a mix of low-priced and high-end products leading to confusion among consumers about its core value proposition [33][34]. - The recent introduction of a free promotional item, the "urea bag," has garnered positive attention, suggesting a potential return to its roots of practicality and affordability [56][62]. Group 4: Financial Performance - In 2024, Decathlon reported revenues of 16.2 billion euros but experienced a 15.5% decline in profits, indicating that price increases have not translated into brand premiumization [29][30]. - The company is reportedly considering selling a 30% stake in its Chinese subsidiary, valued at approximately 10 billion yuan, reflecting challenges in its market strategy [31].