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 ...

免税店是设立在对外开放口岸、市内特定区域或者出入境运输工具上，向出入境旅客等特定人群销售免 税商品的商店。目前，我国共设有口岸出境、口岸进境、市内免税店等6种类型免税店(不含海南离岛免 税店)。 财政部、商务部、文化和旅游部、海关总署、税务总局近日联合发布《关于完善免税店政策支持提振消 费的通知》，从支持国内商品进店销售、扩大免税店经营品类、放宽免税店审批权限、完善免税店便利 化和监管措施等方面细化举措，进一步加大免税店对出入境旅客购物消费的吸引力。 经过多年努力，我国免税店政策不断完善，销售规模持续扩大，相关业务取得了长足发展。随着我国出 入境旅游持续增长，旅客消费结构更加多元，进一步优化免税店政策，有利于更好满足出入境旅客多层 次、多样化的购物需求，提升免税购物体验，引导海外消费回流，吸引外籍人员入境消费，促进免税商 品零售业务健康有序发展。 此次政策的一大亮点，就是支持国内商品进入免税店销售。新规提出，鼓励具有免税商品经营资质的企 业和经国务院批准允许参与免税店经营的外商投资企业加大优质特色国内商品采购力度；有关企业采购 国内商品，进入口岸出境免税店和市内免税店销售，视同出口，退(免)增值税、消费税。 ...

Core Viewpoint - The recent joint announcement by the Ministry of Finance, Ministry of Commerce, Ministry of Culture and Tourism, General Administration of Customs, and State Taxation Administration aims to enhance the attractiveness of duty-free shops for inbound and outbound travelers by refining policies related to domestic goods sales, expanding product categories, relaxing approval processes, and improving convenience and regulatory measures [1][4]. Group 1: Policy Enhancements - The new policy encourages domestic products to enter duty-free shops, allowing companies with duty-free qualifications to increase procurement of quality domestic goods, which will be treated as exports for tax refund purposes [1][2]. - The operational procedures for domestic goods entering duty-free shops will be optimized, adopting a "sales first, refund later" model to facilitate sales [2]. - The policy mandates that at least 25% of the operational area of duty-free shops be dedicated to domestic products, enhancing their market recognition and competitiveness [2]. Group 2: Product and Sales Process Improvements - The policy expands the categories of products available in duty-free shops, including popular items like mobile phones, drones, sports goods, health foods, over-the-counter drugs, and pet foods, which are in high demand and easy to carry [2][3]. - The introduction of faster approval processes for hot-selling products will allow consumers quicker access to these items in duty-free shops, thereby increasing their appeal [3]. - Online reservation services will be supported, allowing travelers to book items in city duty-free shops and pick them up at port duty-free shops, enhancing the shopping experience [3]. Group 3: Regulatory and Approval Process Changes - The approval authority for establishing and operating duty-free shops will be decentralized from central ministries to provincial departments, improving efficiency and allowing for localized decision-making [4][5]. - The current approval process for the operational area of duty-free shops will be adjusted to allow flexibility based on actual business conditions, promoting differentiated operations [4][5]. - The combination of these policy measures is expected to significantly boost the retail market for duty-free goods, creating new consumption scenarios that stimulate overall consumer spending [5].

经过多年努力，我国免税店政策不断完善，销售规模持续扩大，相关业务取得了长足发展。随着我国出 入境旅游持续增长，旅客消费结构更加多元，进一步优化免税店政策，有利于更好满足出入境旅客多层 次、多样化的购物需求，提升免税购物体验，引导海外消费回流，吸引外籍人员入境消费，促进免税商 品零售业务健康有序发展。 同时，热销商品将以更快速度与消费者见面。新规提出，优化进口免税商品监管方式，加快境外已上市 热销商品在我国免税店的上架进度；鼓励通过联合采购等方式，吸引更多国际品牌将最新商品、热销商 品等投入我国免税店销售。"免税店商品有审批、上架的过程，新政策有助于让消费者更快购买到热销 商品，增强免税店吸引力。"高凌云说。 免税店是设立在对外开放口岸、市内特定区域或者出入境运输工具上，向出入境旅客等特定人群销售免 税商品的商店。目前，我国共设有口岸出境、口岸进境、市内免税店等6种类型免税店（不含海南离岛 免税店）。 此次政策的一大亮点，就是支持国内商品进入免税店销售。新规提出，鼓励具有免税商品经营资质的企 业和经国务院批准允许参与免税店经营的外商投资企业加大优质特色国内商品采购力度；有关企业采购 国内商品，进入口岸出境免税店 ...

Core Viewpoint - The new policy on duty-free shops aims to enhance consumption and support the high-level opening-up of the economy, effective from November 1, 2025, focusing on consumer demand and market development challenges [1][2]. Group 1: Policy Implementation - The policy encourages the expansion of domestic product sales in duty-free shops, promoting traditional cultural products and high-quality domestic goods [1]. - New categories of goods will be added to the duty-free shops, including mobile phones, drones, sports goods, health foods, over-the-counter drugs, and pet foods, significantly enriching shopping options for travelers [1][3]. Group 2: Market Impact - The implementation of the policy is expected to attract foreign tourists and stimulate domestic consumption, with early signs of success shown by a 34.86% year-on-year increase in duty-free shopping in Hainan, surpassing 5 billion yuan in the first week [2][4]. - The policy aligns with the diverse shopping needs of both domestic and international travelers, enhancing the convenience of shopping and accelerating the consumption boost effect [2]. Group 3: Hainan Free Trade Port - The Hainan Free Trade Port will start full closure operations on December 18, 2023, with the duty-free policy continuing to be implemented, further enhancing shopping convenience for departing travelers [3]. - The number of duty-free product categories has increased from 45 to 47, now including pet supplies and musical instruments, catering to a wider range of consumer preferences [3]. Group 4: Historical Context - Over the past five years, the duty-free policy has generated approximately 195.8 billion yuan in shopping amounts, with around 28.58 million shoppers and 240 million items purchased, becoming a significant driver of tourism consumption in Hainan [4].

Core Viewpoint - The recent notification from multiple government departments aims to enhance the duty-free shop policy to boost consumption, allowing domestic products to enter duty-free shops and enjoy tax exemptions starting from November 1, 2025 [1][2][3] Group 1: Policy Adjustments - The new policy allows domestic goods, including traditional brands and local specialties, to be sold in duty-free shops, providing a price advantage of 15% to 20% for consumers [1][2] - Duty-free shops must allocate at least 25% of their sales area to domestic products and enhance the promotion of these products to increase their market presence [2][3] Group 2: Management and Approval Changes - The approval process for establishing and operating duty-free shops has been decentralized, allowing provincial authorities to manage approvals instead of central government agencies [4] - The management area for duty-free shops can now be negotiated between the operator and the port owner, allowing for more flexibility based on actual business conditions [4] Group 3: Product Range Expansion - The policy expands the range of products available in duty-free shops to include high-demand items such as mobile phones, drones, and pet food, reflecting current consumer trends [5][6] - The introduction of a "pre-order" service and a "city store pick-up" model enhances consumer convenience, allowing for a more seamless shopping experience [6] Group 4: Economic Impact - The combination of tax optimization, product expansion, and service upgrades is expected to stimulate the duty-free economy and support the development of a new economic structure [6]

Market Performance - A-shares demonstrated resilience despite external negative influences, with major indices initially opening lower but recovering during trading [1] - By the end of the morning session, the Shanghai Composite Index rose by 0.05%, while the Shenzhen Component Index fell by 0.15%, and the ChiNext Index increased by 0.17% [1] Consumer Sector - The consumer sector showed strong performance, particularly in the duty-free store segment, with leading stocks like China Duty Free Group rising over 4% [5][8] - Notable stocks in the consumer sector included: - Caesar Travel (up 10.01% with a market cap of 9.94 billion) - Hainan Development (up 9.99% with a market cap of 13.3 billion) - Dongbai Group (up 9.98% with a market cap of 6.13 billion) [7] Duty-Free Policy Changes - Recent favorable policies for the duty-free store sector were announced, effective from November 1, expanding the range of products available for sale [8] - The new policy includes items such as mobile phones, drones, sports goods, health foods, over-the-counter drugs, and pet foods [8] - On the first day of the new duty-free shopping policy in Hainan, sales reached 78.549 million, with a 6.1% increase compared to the previous day [8] Tourism and Hospitality - The tourism and hospitality sectors saw gains, with companies like Snowman Group and Tianfu Cultural Tourism experiencing stock price increases [9] - The announcement of the 2026 holiday schedule, including a nine-day Spring Festival break, led to a surge in online travel bookings [9] - The ice and snow tourism market is gaining traction, with increased flight capacity for winter travel routes [9] Technology Sector - The technology sector experienced a pullback, particularly in semiconductor and AI stocks, with notable declines in companies like Industrial Fulian and Cambricon [10] - Market sentiment was affected by reports of Michael Burry's fund shorting Nvidia and Palantir, indicating a shift in confidence regarding AI narratives [10][11] - National securities firms noted that the current AI narrative is facing divergence, with previous cycles of market panic selling [10][11] Capital Expenditure Trends - Major tech companies are increasingly relying on debt financing to support capital expenditures, moving away from solely depending on operational cash flow [11] - Companies like Oracle and Meta are seeking various financing sources, including equity, bonds, and private credit, to fund data center expansions [11]

Investment Rating - Investment advice: Following the new offshore duty-free policy in Hainan Island, further policy support optimizes in-city duty-free pickup, opening growth potential [5][6][7]. Core Views - The recent notice issued by multiple Chinese ministries aims to enhance the role of duty-free policies in boosting consumption, guiding overseas consumption back, attracting foreign consumers, and promoting healthy development of duty-free retail [6][7]. - The notice improves duty-free policies in four areas: optimizing domestic product tax refund policies, expanding duty-free categories, relaxing duty-free store approval, and enhancing convenience and regulation [7][8]. - The optimization of in-city duty-free pickup is expected to significantly enhance shopping convenience and expand the market size for in-city duty-free stores [8]. Summary by Sections Policy Improvements - The notice allows for the sale of more domestic products in duty-free stores and encourages the inclusion of products reflecting Chinese culture [7]. - New categories for duty-free sales include popular items such as cellphones, drones, sports goods, health foods, OTC drugs, and pet food [7]. - Approval processes for duty-free stores are being relaxed to allow local optimization of store layouts [7]. Market Potential - The new policy allows travelers to pick up duty-free goods at port entry stores after making reservations at in-city stores, which is expected to enhance consumer experience and expand the market [8]. - The opening of in-city duty-free stores in major cities like Shenzhen and Guangzhou is anticipated to contribute positively to performance growth [8].

Core Insights - The recent surge in inbound consumption is supported by new policies aimed at enhancing the shopping experience and travel convenience, which are expected to stimulate domestic consumption and investment, injecting new momentum into economic growth [1][4]. Group 1: Inbound Consumption Data - In the third quarter of this year, the number of inbound and outbound foreigners reached 20.134 million, a year-on-year increase of 22.3%, with visa-free entries increasing by 48.3% to 7.246 million [2]. - From January to September, the number of foreign travelers applying for departure tax refunds increased by 229.8%, with the refund amount rising by 97.4% [2]. Group 2: Policy Measures - A series of policies have been introduced to enhance the convenience of inbound travel and shopping experiences, including the increase of visa-free entry ports from 60 to 65 and the online filling of entry cards for foreigners starting November 20 [4]. - New categories of duty-free goods have been added, including mobile phones, drones, sports goods, and health foods, effective November 1 [4]. Group 3: Future Outlook - Experts suggest further refining supporting measures to sustain the growth of inbound consumption, such as dynamically adjusting the duty-free list and enhancing the shopping experience through "shopping + tourism" initiatives [5]. - The overall outlook for inbound consumption is optimistic, with expectations that it will become a strong driver of economic growth as policies continue to evolve [5].