来源：环球网 摘要：本案例描述了中国领先的运动零售运营商滔搏围绕其"绿色消费推动者与引领者"的ESG愿景，系 统性地深化可持续发展战略的实践。案例重点展示了滔搏如何以创新公益IP"GREENBOX绿盒子"为关 键抓手，通过线上线下融合的绿色消费倡导、门店与供应链的协同减碳，以及多元包容的企业文化建设 等多维度举措，助力绿色零售生态构建。过去一年，滔搏不仅制定了长期减碳目标，更通 过"GREENBOX绿盒子"旧衣回收计划、绿色产品推广、LEED认证门店等具体行动，向超过8900万滔搏 用户传递可持续理念，并协同超过70%的品牌伙伴共同迈向低碳目标。根据国际权威指数机构MSCI公 布的ESG（环境、社会和公司治理）评级结果，滔搏的ESG评级为AA级，持续领跑中国体育用品行 业。 关键词：滔搏；ESG；可持续发展；绿色消费；公益IP；GREENBOX绿盒子 案例正文： 近年来，"可持续发展"已成为运动零售领域的共识。作为中国最大的运动零售运营商，滔搏基于业务定 位和自身产业链角色，通过绿色零售生态构建、供应链协同减碳、多元包容的企业文化培育等多元举 措，进一步推动产业可持续生态共筑与价值共赢，向"绿色消费推动者与引 ...

李宁则直接销售下滑。该公司披露的公告显示，三季度，李宁（不含李宁YOUNG）零售流水同比录得 中单位数下降。 回到滔搏，好消息是耐克明显更重视这一渠道了。耐克明确，将加强与滔搏等经销商的合作力度。 21世纪经济报道记者贺泓源 实习生李音桦 运动零售运营商滔搏销售额继续下滑中。 该公司披露的公告显示，2026财年第三季度（2025年9至11月），滔搏直营和批发业务税前总销售额下 降高单位数，跌幅延续上个财季趋势，略弱于上半年整体。分渠道看，线上渠道增速仍好于线下渠道， 但受基数影响，线上增速较上半年略有放缓，线下表现较上半年略有改善。 滔搏销售下滑，很大程度上受到了耐克影响。 在截至11月末的最新财季，耐克在华销售额同比下滑16%至14.23亿美元。大中华区门店客流量下滑、 当季售罄率降低导致销售未达目标等，都影响了耐克在华销售。 事实上，运动市场承压是种大趋势。 9月，匹克董事长许景南在内部会议上提到，匹克内销直营板块自年初以来持续亏损，仅1月至7月就累 计亏损逾1.3亿元，期间还不得不转手三个分公司。 据安踏体育披露，在2025年第三季度，安踏品牌产品的零售金额（按零售价值计算）同比录得低单位数 的正增长。 ...

21世纪经济报道记者贺泓源 实习生李音桦 运动零售运营商滔搏销售额继续下滑中。 该公司披露的公告显示，2026财年第三季度（2025年9至11月），滔搏直营和批发业务税前总销售额下 降高单位数，跌幅延续上个财季趋势，略弱于上半年整体。分渠道看，线上渠道增速仍好于线下渠道， 但受基数影响，线上增速较上半年略有放缓，线下表现较上半年略有改善。 滔搏销售下滑，很大程度上受到了耐克影响。 在截至11月末的最新财季，耐克在华销售额同比下滑16%至14.23亿美元。大中华区门店客流量下滑、 当季售罄率降低导致销售未达目标等，都影响了耐克在华销售。 事实上，运动市场承压是种大趋势。 9月，匹克董事长许景南在内部会议上提到，匹克内销直营板块自年初以来持续亏损，仅1月至7月就累 计亏损逾1.3亿元，期间还不得不转手三个分公司。 据安踏体育披露，在2025年第三季度，安踏品牌产品的零售金额（按零售价值计算）同比录得低单位数 的正增长。同期，FILA品牌的零售金额（按零售价值计算）同比录得低单位数的正增长。此种增速与 往年相比形成巨大落差。 李宁则直接销售下滑。该公司披露的公告显示，三季度，李宁（不含李宁YOUNG）零售流水同比录 ...

来源：钛媒体 2025年末，外资品牌的"卖身潮"再添新案例——荟聚购物中心的交易正式落下帷幕。 近日，英格卡购物中心宣布与高和资本达成战略合作，共同成立一只专项不动产基金，共同持有无锡荟聚、北京荟聚和武汉荟聚三座聚会体验中心。此外， 宜家无锡商场现有物业资产将作为交易的一部分，改造为无锡荟聚全新租赁空间。 在这一新合作模式下，英格卡购物中心将继续持有荟聚品牌，并继续以荟聚品牌独家管理和运营所有聚会体验中心。英格卡购物中心方面表示，此项合作将 在获得中国相关主管部门的批准后正式生效。 宜家零售和英格卡购物中心同属于英格卡集团。其中，英格卡购物中心自2009年进入中国市场，共拥有十座聚会体验中心和三个荟聚办公项目，累计投资超 过270亿元。 宜家方面表示，涉及宜家的唯一调整是：宜家中国将于无锡荟聚内开设并运营一家新的门店，宜家无锡商场现有物业资产将作为交易的一部分，改造为无锡 荟聚全新租赁空间。北京、武汉和无锡的宜家商场仍然归宜家中国完全持有，并保持正常运营。 作为近年来外资品牌"卖身"浪潮中的又一案例，荟聚主动寻求变化的过程，不仅是英格卡从重资产经营模式向轻资产运营模式转型的尝试，也是各大外资品 牌进行"再中国 ...

（文/霍东阳 编辑/张广凯） 在不久前结束的上海马拉松中，出现了一抹独特的红蓝配色。这是英国跑步品牌soar为上海马拉松设计的城市限定系列，其设计灵感汲取自黄浦江两岸的夜 色和"东方之珠"的霓虹流光。 这系列背后的推手，正是滔搏旗下的跑步生态品牌ektos。自10月1日在上海愚园路开业以来，soar一直是门店里最受追捧的品牌。 跑步可以是什么？ ektos负责人向观察者网透露，相较于对跑步成绩和结果的强调，ektos更想与店内品牌们一起探索跑步文化：我们为什么跑步？ "soar是一个很特别的品牌"ektos负责人表示，"一方面，soar的产品非常的垂直，与马拉松强关联；另一方面，它的品牌故事也颇具感染力。" soar诞生于2015年，其创始人Tim Soar曾是一名时装设计师和音乐人，因在跑步时发现市面缺乏理想的跑步装备，而创立了soar。 与传统运动品牌不同，soar将高级时装的版型剪裁、精湛工艺与面料创新融入专业跑步装备。其标志性的石墨烯科技竞速背心能通过主动导热技术，帮助跑 者在10至19摄氏度的马拉松比赛环境中维持理想的核心体温。 秉持"英伦竞速美学"的设计理念和配色风格，让soar的产品成为专业跑者 ...

Core Insights - The article discusses the strategic shift of Tabo, the largest retail operator for Nike and Adidas in China, towards becoming a cultural hub for running brands rather than just a retailer [4][6][12]. Group 1: Business Strategy - Tabo is launching the ektos store concept, which focuses on emerging running brands and aims to create a community space for runners, rather than merely selling products [5][6][12]. - The company plans to introduce a "Shanghai-themed" co-branded product by the end of the year, indicating a deeper involvement in product definition and cultural creation [5][6]. - Despite a 5.8% year-on-year revenue decline to 12.3 billion yuan in the 2025/26 fiscal year, ektos represents an innovative approach to counteract performance pressures [6][9]. Group 2: Market Challenges - Tabo's revenue drop is attributed to macroeconomic demand fluctuations and reduced foot traffic, with online sales growth not fully offsetting offline declines [9][10]. - The company recognizes the challenges of balancing brand identity with commercial opportunities in a fast-paced market where new brands quickly emerge [17][18]. Group 3: Cultural Positioning - ektos aims to be a "third space" for runners, focusing on identity and community rather than just consumption [6][16]. - The store's location in a popular running area reflects Tabo's strategy to create a strong sense of community and local culture [13][16]. Group 4: Future Outlook - Tabo is positioning itself as an accelerator for new sports brands and aims to further develop the running culture in China [28][31]. - The company plans to expand its footprint in the running sector by introducing more international running brands and enhancing its operational capabilities [31][32].

Core Insights - The Chinese sports footwear and apparel industry is undergoing a significant "value reconstruction," shifting consumer decision-making from "cost-performance" to "emotional value" [1] - Retailers are facing structural differentiation, requiring them to find ways to achieve quality growth amid uncertainty [1] Group 1: Company Performance - Tmall, the largest domestic sports retail operator, reported revenue of 12.3 billion yuan and a net profit of 790 million yuan for the period ending August 31, 2025 [1] - The company has over 20 cooperative brands and a user base exceeding 89 million, indicating a strong market presence [1] Group 2: Retail Strategy - The retail strategy has shifted from "scale expansion" to "value deepening," redefining the role of stores as "super interfaces" that drive omnichannel traffic [2] - Tmall employs a "preferred + optimized" strategy for store adjustments, aiming to enhance the multi-dimensional value of stores [2] Group 3: Digital and Omnichannel Integration - Tmall operates over 800 Douyin and WeChat video accounts, with more than 3,600 mini-program stores and over 3,700 instant retail stores, achieving double-digit growth in online sales [3] - The company has established a "1 (offline store) + N (online multi-scenario)" operational model to enhance online and offline channel synergy [2] Group 4: Brand Collaboration - Tmall is expanding its brand collaboration ecosystem by exclusively operating niche brands like norda™, soar, Ciele, and Norrøna, adapting to market segmentation and consumer upgrades [4][5] - The company aims to build long-term, trust-based strategic partnerships with core brand partners to respond to market changes effectively [4] Group 5: User Value and Membership - Approximately 92.9% of Tmall's sales come from members, with high-value members contributing 35% of membership sales despite being a small percentage of the total [7] - The company focuses on deepening user value through a refined operational system that includes demand matching, scenario penetration, and experience value [7] Group 6: Digital Empowerment - Tmall's digital transformation focuses on creating a "smart retail ecosystem" through enhanced inventory sharing, member value extraction, and optimized marketing strategies [8] - The company is investing in AI technology for supply chain efficiency, marketing conversion, and operational decision-making [8]

Core Viewpoint - The latest interim results of the domestic sports retail operator, Tmall (滔搏), show a decline in key performance indicators, indicating challenges in the retail environment and a need for strategic transformation [1][2][3]. Financial Performance - For the first half of the fiscal year ending August 31, 2025, Tmall reported revenue of 12.299 billion yuan, a year-on-year decrease of 5.79% - The net profit attributable to shareholders was 789 million yuan, down 9.69% - Operating profit fell to 994 million yuan, a decline of 11.3% [3][4]. Brand Performance - Revenue from core brands Nike and Adidas decreased by 4.8% to 10.811 billion yuan, accounting for 87.9% of total revenue - Other brands, including PUMA and Asics, saw a revenue decline of 12.2%, representing 11.5% of total revenue - Non-brand retail income, including joint venture fees, dropped by 15.2%, while e-sports revenue fell by 39.7% [3][4]. Profitability Metrics - Overall gross margin slightly decreased by 0.1 percentage points to 41% - Operating profit margin declined by 0.5 percentage points to 8.1% - Net profit margin fell by 0.3 percentage points to 6.4% [4]. Store Network and Strategy - As of August 31, 2025, the number of direct-operated stores decreased to 4,688, nearly a 40% reduction from the historical peak of 8,395 in 2021 - Store closures primarily affected street shops and inefficient shopping centers, while online business growth partially offset offline revenue decline [5][6]. Strategic Transformation - Tmall is shifting focus towards niche markets such as outdoor and running segments, introducing brands like norda™, Norrøna, and Soar as exclusive partners in China - The company aims to create a differentiated operational strategy for these high-end brands, emphasizing community integration and user engagement [6][8]. - Tmall's management envisions a transition from being a mere distributor to a comprehensive sports retail operator, providing full-chain solutions in brand operation and consumer service [8][9].

Core Insights - The core viewpoint of the articles highlights the resilience and strategic shifts of the company, Tmall International Holdings Limited, in the face of market challenges and evolving consumer demands [1][2]. Group 1: Financial Performance - For the period ending August 31, 2025, the company reported revenue of approximately 12.3 billion and a net profit of about 790 million, demonstrating strong cash generation with cash and cash equivalents reaching around 2.54 billion [1]. - The company has maintained a robust cash position despite the challenging retail environment, showcasing its operational resilience [1]. Group 2: Strategic Initiatives - The company is transitioning from a focus on "scale expansion" to "value cultivation," enriching its new scene layout under a holistic approach [1]. - Digital transformation is a key support for the company's retail operations, advancing in three main directions: integrated, intelligent, and panoramic [1]. - The company emphasizes balancing supply and demand and improving circulation efficiency in its product management, allowing for quick responses to market demand changes [1]. Group 3: Consumer-Centric Approach - The company places consumers at the core of its business, focusing on three dimensions: demand matching, scene penetration, and experience value [2]. - It aims to enhance member lifecycle management and upgrade its membership tier system, integrating multiple platforms to achieve unified rights and benefits in a holistic scene [2].

Core Insights - The company reported a revenue of 12.3 billion and a net profit of 790 million for the period ending August 31, 2025, with cash and cash equivalents amounting to 2.54 billion, indicating a strong financial position [1] - The company has over 20 cooperative brands and a user base exceeding 89 million, showcasing its extensive market reach [1] Business Strategy - The company employs a forward-looking omnichannel retail strategy, focusing on refined user operations and innovative service offerings to build a competitive brand moat [1] - It aims to enhance consumer experience by expanding interaction spaces and optimizing store structures based on brand characteristics and customer demographics [1][2] Online and Offline Integration - The company operates over 800 Douyin and WeChat video accounts, more than 3,600 mini-program stores, and over 3,700 instant retail stores, achieving double-digit growth in online sales [2] - The integration of online and offline channels is emphasized through a "1 (offline store) + N (multiple online scenarios)" model, enhancing operational efficiency and value extension [1][2] Brand Collaboration - The company focuses on building long-term, trust-based strategic partnerships with core brands, facilitating resource sharing and collaborative market activities [3] - Innovative retail practices, such as the Future of Style concept store with Adidas, aim to provide fresh experiences for younger consumers [3][4] Market Positioning - The company is actively exploring new business formats and scenarios in response to the structural transformation towards specialization and segmentation in the sports consumption market [4] - Exclusive partnerships with brands like norda™, soar, Ciele, and Norrøna are established to strengthen its position in the running and high-end outdoor segments [4] User Engagement - The company focuses on user value activation through demand matching, scenario penetration, and experience enhancement, with a significant contribution from membership programs [5] - Membership accounts for 92.9% of total retail sales from offline stores and WeChat mini-programs, indicating strong customer loyalty and potential for higher spending [5] Digital Transformation - The company is advancing its digital infrastructure by enhancing inventory sharing capabilities and implementing AI tools for supply chain and marketing efficiency [6] - The goal is to create a "smart retail ecosystem" that integrates virtual and physical experiences, driven by data connectivity [6] Industry Recognition - The company has been included in the Fortune China 500 list and consistently ranks in the top ten of the CCFA's "Top 100 Fashion Retail and Consumption" [7] - It has received an AA rating from MSCI ESG, reflecting its commitment to sustainable development [7]