机构：中银国际 研究员：Tony LI/Penny PENG During 3QFY26 (Sept – Nov 2025), Topsports' total sales declined by HSD YoY. While we expect this has already been anticipated by the market after Nike's disappointing earnings, we believe Topsports' performance further demonstrated the toughness of Chinese sportswear retail, and there are signs that December could be even weaker. As such, Topsports has become less certain to achieve its full year guidance (NP to stay flattish YoY), and we expect the actual turnaround of the C ...