机构：华源证券 研究员：符超然 FY25/26 第三季度零售下滑高单位数，整体符合预期。公司发布2025/26 财年第三季度运营表现公告， FY25/26Q3 总零售金额（含零售及批发）同比下降高单位数，整体符合预期。从门店网络优化看，截 至2025 年11 月30 日，直营门店毛销售面积同比-13.4%、环比-1.3%，公司关店节奏趋缓，预计FY26 关 店数较FY25 减少。 Nike 与经销商加强合作，多项举措或助滔搏减压增收。据Nike 官网，Nike FY26Q2营收同比+1%（剔除 汇兑变动），超市场预期，北美大区引领大盘增长，但大中华区受经济环境影响营收同比-16%（剔除 汇兑变动），其中，大中华区批发渠道同比-15%。Nike 已意识到大中华区存在的问题，并将与滔搏等 经销商密切合作，通过：1）清理老旧库存；2）更精准的消费者细分选品；3）更有力的品牌故事；4） 更高阶的视觉陈列等方式重塑品牌形象，恢复大中华区盈利增长。 核心国际品牌势能逐步修复，新品牌助公司多元化布局。公司与国际头部品牌耐克、阿迪深度合作，伴 随近年阿迪、耐克高层调整，后续有望重拾增长，驱动公司业绩上行。从阿迪角度看，独家合 ...

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].