滔搏：耐克策略调整下的周期修复契机

真灼财经2025-12-24

滔搏（06110.HK）9-11月零售销售按年录得高单位数跌幅，主要受累于下店铺面积收缩及人流疲弱，但跌幅已较上半年收窄，反映在线下需求低迷下，公司透过优化店铺结构与加大线上渠道渗透，正在逐步稳定整体销售表现。同期线上业务因高基数而增速放缓，而线上占比提升导致整体折扣率按年扩大，但管理层库存余额于第三财季末已按年下降，显示去库存进度符合预期，有利毛利率在未来几季逐步改善。管理层亦预期本财年净关店...

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