机构：天风证券 全域一体化经营，创新驱动运动零售新范式 面对消费模式的转变和客流量的波动，滔搏采取更为灵活且均衡的销售渠道调整策略，进一步扩展零售 网络。 1）线下， 滔搏对于门店零售空间重新定义和打造，跨界艺术、人文、音乐等领域，巧妙地将运动场景 元素深度融入门店空间，为消费者打造出沉浸式的购物环境。 研究员：孙海洋 公司公布FY25/26 第一季度运营表现 2025/26 财年第一季度（3 月1 日至5 月31 日）总销售额同比录得中单位数下跌。直营门店毛销售面积 较上一季末减少1.3%，较去年同期减少12.3%。 加速多元化布局，拓展业务边界 2025 年，滔搏先后宣布与英国专业跑步装备品牌soar、挪威高端户外品牌 签约，成为它们在中国市场 的独家运营合作伙伴，负责这两个品牌在中国市场全链路运营工作。新引入的挪威高端户外品牌，被视 为加强专业运动领域布局的战略举措，有助于提升滔搏在高端户外市场的影响力。 针对"是否将在运营新品牌过程中利用现有的运动鞋服渠道资源"的问题，滔搏给出了明确的战略定位： 将突破传统渠道扩张的思维模式，在运营中实践全域经营+精准触达的新零售理念。 归母净利13 亿人民币、15 ...

Core Viewpoint - The financial report of the sports retail giant, Tmall, for the fiscal year 2024/25 shows a significant decline in revenue and net profit, indicating challenges faced due to brand dependency and strategic adjustments by key partners [2][6]. Financial Performance - Total revenue for the fiscal year reached 27.0129 billion RMB, a year-on-year decrease of 6.8% [3][5]. - Net profit was 1.286 billion RMB, down 41.89% year-on-year, marking a five-year low [2][3]. - The gross profit margin was 38.4%, while the operating profit margin was 4.8% [3]. Brand Contribution - Nike and Adidas together contributed over 80% of total revenue, with Nike's sales in Greater China dropping by 17% [2][5]. - Revenue from other brands was 3.5048 billion RMB, accounting for 13% of total revenue, indicating a weak contribution from non-Nike and non-Adidas brands [5]. Strategic Adjustments - Tmall is restructuring its channel strategy, transforming physical stores into "experience centers" and enhancing online presence through WeChat mini-programs, resulting in a significant increase in direct online sales [3][4]. - The company is also diversifying its brand portfolio by partnering with high-end outdoor brands like Norrøna and Soar, aiming to reduce reliance on Nike [4]. Market Challenges - Despite efforts to diversify, Tmall faces challenges in improving short-term performance, particularly with new brands that may struggle against local competition and consumer awareness [5][6]. - The financial report reflects the anxiety of traditional sports retail agents in adapting to brand dependency and channel transformation [6].

旅游时少了一件短袖、出差团建来不及买球鞋、孩子上体育课鞋子突然破了……闪购一下，大牌运动装 备30分钟到手。5月23日，记者获悉，美团闪购与运动零售运营商滔搏达成合作，双方在系统对接、商 品供给、联合营销等方面持续深入合作。目前，滔搏近2000家门店已入驻美团闪购。 即时零售的运动商品销量翻倍 随着即时零售商品供给不断丰富，越来越多的消费者在买跑鞋、运动服等商品时习惯于"即需即买，30 分钟到家"。美团闪购数据显示，2025年5月，运动品类商品销量相比去年增长超100%，跑鞋销量相比 去年增长超200%。滔搏是国内最大的运动零售运营商。 在系统对接方面，目前双方已实现合作店铺的库存数据打通，尽可能减少因数据不互通造成的缺货、退 款情况，提升消费者购物体验。后续双方还将实现滔搏会员权益在美团闪购的跨平台打通，让品牌在获 取新客户的同时激活老客户，提升复购率。在丰富商品供给方面，滔搏部分合作品牌已有超3000款商品 上线。 在优化用户体验方面，在最快30分钟送达服务的基础上，双方通过全城送功能扩展门店服务半径，触达 25公里范围的用户；同时，双方通过预订单功能满足用户非营业时间的购物需求，目前滔搏在美团闪购 的预 ...

Core Viewpoint - The company is experiencing a decline in revenue and net profit for FY2025, primarily due to sales drop and inventory pressure, leading to increased promotional efforts and a decrease in gross margin [1][3]. Financial Performance - FY2025 revenue, net profit, and operating cash flow are projected at 27.013 billion, 1.286 billion, and 3.755 billion yuan, respectively, with year-on-year changes of -6.6%, -41.9%, and +20.0% [1]. - The gross margin for FY2025 decreased by 3.4 percentage points to 38.4%, while the net profit margin fell by 2.9 percentage points to 4.8% [3]. - The company plans to distribute a cash dividend of 0.02 yuan per share and a special dividend of 0.12 yuan, resulting in a total dividend payout ratio of 135% and a dividend yield of 8.75% [1]. Store and Sales Performance - The number of stores decreased by 18.3%, while the sales area per store increased by 7.2% [1]. - Revenue from the main brand, other brands, joint venture fees, and esports revenue for FY2025 are projected at 23.311 billion, 3.505 billion, 146 million, and 52 million yuan, respectively, with declines of 6.1%, 9.9%, 14.1%, and 32.4% [1]. - Retail and wholesale business revenues are expected to be 23.027 billion and 3.788 billion yuan, reflecting year-on-year declines of 6.8% and 5.8% [1]. Online and Digital Strategy - The company has over 500 accounts on Douyin and WeChat video accounts, with more than 2,300 mini-program stores, indicating a strong online presence [1]. - Direct online sales, including public and private domains, have shown double-digit growth year-on-year, with online sales accounting for 30%-40% of total direct sales [1]. - The company has developed an AI tool, "Dolphin AI," which has contributed nearly 100 million yuan in sales and improved content generation efficiency [2][3]. Customer Engagement and Membership - The total number of users reached 86 million, a year-on-year increase of 12.7%, with high-value members contributing 93.2% of in-store retail sales [2]. - High-value members, although representing a low single-digit percentage of total members, account for approximately 40% of total sales, indicating strong customer loyalty [2]. Future Outlook - Short-term improvements in inventory and online sales strategies are expected to mitigate the impact of declining foot traffic [3]. - The company is optimistic about future collaborations with high-end brands and the potential for recovery in the market following leadership changes at Nike [3]. - Long-term prospects remain positive due to strong channel partnerships, ongoing digital transformation, and high dividend attributes [3].

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company has shown improvement in inventory management and continues to maintain high dividend payouts, with a proposed cash dividend of 0.02 CNY per share and a special dividend of 0.12 CNY, resulting in a total dividend payout ratio of 135% and a dividend yield of 8.75% [2][5] - The company is facing challenges with a decline in revenue and net profit due to sales pressure and inventory issues, but effective cash flow management has led to a positive operating cash flow [2][4] - The company is strategically optimizing its retail store structure and enhancing online sales through a combination of platform e-commerce, content e-commerce, and private domain operations [3][5] Summary by Sections Financial Overview - For FY2025, the company's revenue, net profit attributable to the parent, and operating cash flow were 270.13 billion CNY, 12.86 billion CNY, and 37.55 billion CNY, respectively, reflecting year-on-year changes of -6.6%, -41.9%, and +20.0% [2] - The gross profit margin decreased by 3.4 percentage points to 38.4%, while the net profit margin fell by 2.9 percentage points to 4.8% [4] Store and Sales Performance - The number of stores decreased by 18.3% to 5020, while the average sales area per store increased by 7.2% [3] - Revenue from the main brand and other brands saw declines of 6.1% and 9.9%, respectively, primarily due to weak consumer demand and reduced foot traffic [3] Online and Offline Strategy - The company has over 500 accounts on Douyin and WeChat video accounts, with more than 2,300 mini-program stores, indicating a strong online presence [3] - The company is focusing on enhancing retail experiences and has partnered with high-end brands to expand its product matrix [5] Future Outlook - Short-term improvements in inventory and online sales are expected to offset declines in offline traffic [5] - The company has adjusted its revenue forecasts for FY26-27 down to 263.85 billion CNY and 279.18 billion CNY, with net profit forecasts adjusted to 12.90 billion CNY and 14.52 billion CNY, respectively [5]

抱团的抱团，开路的开路。 作者 | 贺哲馨 编辑 | 乔芊 日前，国内运动经销商滔搏发布了2024/25财报，显示在营收270.1亿元的同时，全年利润下滑了42%。 主力品牌表现不佳仍是原因。滔搏有八成以上业绩收入来自耐克和阿迪达斯。阿迪达斯近年开始减少对单一经销伙伴的投入。耐克以越六成的收入占比， 成了滔搏当仁不让的财报晴雨表。 在发给36氪的业绩梳理中，滔搏也将业绩不佳的影响因素归纳为耐克销售下滑，但作为耐克在大中华区最大的销售代理，滔搏也表示"有信心争取到品牌 最大支持"。 耐克业绩却仍未回暖。去年12月到今年2月的北美市场下滑4%，中国更是大幅减少17%。耐克在近年有意重新布局经销渠道，也推出了不少符合当下运 动潮流的新品，但暂时看来没有效果。作为曾经亲密伙伴，滔搏也有了自己的更多谋划和算盘。 从渠道销售角色，到零售运营 今年五月以来，来自英国的专业跑步装备品牌Soar、挪威高端户外品牌Norrøna前后宣布进入中国，以及更早前的加拿大越野跑品牌norda的落地，在圈 内圈外都引发了不小讨论。 这些品牌的背后都站着同一个推手——滔搏。 滔搏的"去耐克化"大致始于疫情后。2023年，滔搏一口气签约了包括 ...

与此同时，面对需求波动和线下客流承压对行业带来的库存管理难度加大，滔搏采取了一系列积极的应 对措施，全面推进全渠道库存打通与流转，落实"全域一盘货"下库存的高效流通与精准管理。截至2025 年2月28日，滔搏存货金额同比下降4.5%，较中期报告值下降1.9%，库存周转天数也实现同比及环比双 重改善。特别是在下半财年，随着调整力度的加大，库存管理效果逐步体现。 本报讯 （记者张文湘）5月21日，中国领先的运动零售运营商滔搏国际控股有限公司（以下简称"滔 搏"）发布了2024年3月1日至2025年2月28日全年业绩公告。报告期内，滔搏实现营业收入270.1亿元， 净利润12.8亿元；合作品牌数量超20个，用户规模已超8600万。 在消费市场承压的大环境下，过去一年，滔搏持续深化全域库存管理、强化现金回流以及拓展多元品牌 生态。报告期内，公司现金及现金等价物达25.9亿元，同比增长32.3%；派息率为135.0%，维持行业领 先水平。 业务方面，滔搏持续完善全域一站式零售运营模式，并结合消费者喜好，通过新模式积极布局新赛道和 新业态。目前，滔搏已成功构建起覆盖综合运动、专业运动、休闲运动及IP文化的多元品牌生态体系 ...

近几年，阿迪达斯和耐克都在重新审视调整自己的市场策略，特别是更换CEO后的耐克，市场都在期待新CEO上任能带来业绩的明显变化。 作为阿迪达斯和耐克的零售运营商，滔搏也在等待拐点，只不过这个拐点不是等待出来的，而是"制造"出来的。2025年，运动零售运营商滔搏先后宣布与英 国专业跑步装备品牌soar、挪威高端户外品牌Norrøna签约，成为它们在中国市场的独家运营合作伙伴，全面负责这两个品牌在中国市场的品牌传播、市场推 广、渠道销售、消费者运营等全链路运营工作。 如果说，阿迪达斯和耐克面向的是更广泛的大众运动市场，是竞技体育领域运动品牌的标杆，那么滔搏先后签约的这两个品牌，则聚焦跑步和户外两个细分 市场，更多地代表了垂类领域消费者对运动生活方式的偏好与需求。 户外和跑步运动市场是近两年体育用品市场较大的增量空间。对于这一趋势变化，滔搏早有洞察。根据滔搏出品的《中国泛年轻人群运动消费白皮书》的定 量调研结果，在年轻群体运动偏好榜中，跑步因被49.2%的调研者选择而排名第一，篮球排名第二，羽毛球排名第三，足球仅排名第六。 而户外作为一种新兴潮流生活方式，深受年轻人喜爱。这里说的户外，包括滑雪、骑行、潜水、冲浪、攀岩 ...

Group 1: Industry Trends - The luxury goods and fashion industry is experiencing significant transformations, with cross-industry collaborations and capital movements becoming prevalent [1] - The shift from celebrity marketing to hardcore research and development is evident, alongside a transition from broad growth strategies to more precise regional strategies [1] Group 2: Prada's Film Fund - Prada Foundation has established a film fund with an annual investment of €1.5 million to support independent films and high-art value works, set to launch in Fall 2025 [2] Group 3: Richemont's Jewelry Growth - Richemont reported a 4% increase in annual sales to €21.399 billion, driven by an 8% growth in its jewelry segment, while the Asia-Pacific region experienced a decline [3] Group 4: Sephora's Expansion - Sephora is introducing Lady Gaga's Haus Labs in seven Asia-Pacific regions, launching 125 makeup products that emphasize natural and vegan formulations [4] Group 5: Dick's Sporting Goods Acquisition - Dick's Sporting Goods announced the acquisition of Foot Locker for $24 per share, a premium of 86.5%, leading to a significant stock price reaction [5] Group 6: RED CHAMBER Financing - The clean beauty brand RED CHAMBER secured nearly ¥100 million in Series A and A+ financing, focusing on research upgrades and digital testing systems [7] Group 7: Burberry's Restructuring - Burberry reported a 17% decline in retail sales to £2.461 billion and announced plans to cut 1,700 jobs as part of a restructuring effort to save £100 million by FY2027 [8] Group 8: Balenciaga Leadership Change - Balenciaga appointed Nathalie Raynaud as Vice CEO, succeeding Laura du Rusquec, indicating a strategic shift in product strategy and market positioning [9] Group 9: L'Oréal's New Leadership - L'Oréal appointed Laetitia Toupet-Delon as Global Brand President of Paris L'Oréal, aiming to integrate scientific expertise into the mass market [10] Group 10: On's Sales Surge - On reported a 43% increase in Q1 sales, with a remarkable 130.1% growth in the Asia-Pacific region, driven by localized operations and product advantages [11] Group 11: Samsonite's Mixed Results - Samsonite's Q1 net sales fell to $797 million, a 4.5% decline, but its acquired brand TUMI showed strong growth in China, highlighting a mixed performance [12][13] Group 12: CK's Leadership Change - PVH Group appointed David Savman as CK's Global Brand President, aiming to enhance brand transformation and supply chain efficiency [14] Group 13: Under Armour's Financial Struggles - Under Armour reported a 9% decline in revenue to $5.2 billion and a net loss of $201 million, despite exceeding expectations [15] Group 14: Shiseido's Growth in China - Shiseido achieved a double-digit sales growth of 11.9% in China for Q1, driven by high-end brand performance and local innovation [16]

-投资动态- Manus母公司回应拟融资1亿美元 小编评： 当前，通用智能体赛道已从创业公司试水进入混战阶段。在模型开源趋势显著的环境下，行业迎来同质化竞争挑战。如果未来仍有新一轮融资，将有效助 力蝴蝶效应进一步夯实核心竞争力。 近日，DTC零食品牌Farmley在C轮融资中成功筹集了4000万美元资金。本轮融资由L Catterton领投，现有投资者DSG Consumer Partners和BC Jindal Group 也参与其中。 Farmley由Abhishek Agarwal和Akash Sharma于2017年创立，主营各类风味及形式的干果和坚果产品，包括烤霹雳辣椒玛卡纳、泰式辣椒腰果和椰枣小食 等。（品牌方舟） 小编评： 对于Farmley而言，此次赢得新融资支持可以进一步扩大在印度健康零食市场中干果和坚果细分领域的布局，并巩固其在相关品类中的市场影响力。 AI+机器人综合服务商「手滑科技」完成A轮融资 近日，有报道称，智能体产品Manus背后公司蝴蝶效应正在计划新一轮融资，预计融资规模为1亿美元，估值15亿美元。本轮融资将有国资参与，所筹集 的资金将主要用于发展中国市场业务。 对此，蝴蝶效应 ...