Gelonghui, Feb. 6 | According to Huachuang Securities Research Report, Taobo (6110.HK) is the largest sports shoe retailer in China. As of August 23, it has opened 6,209 directly-managed stores nationwide and cooperated with 14 well-known sports brands at home and abroad. Among them, Nike and Adidas together contributed more than 80% of revenue, and the rest also covered Puma, Converse, Vans, Onitsuka Tiger, etc. At this point, the bank is optimistic about aggressive efforts. It believes that the company's performance is gradually being repaired, channel optimization is nearing its end, and it continues to expand new brands on new tracks. Furthermore, judging from corporate microdata, the sales growth rate of Taobo's main cooperative brands in Greater China all showed a recovery trend, gradually getting rid of the impact of the BCI incident and the decline in offline customer traffic over the past three years. Taobo FY2025 was assessed at 13xPE, corresponding to a market value of HK$38 billion and a target price of HK$6.1 billion. It was covered for the first time, and a “recommended” rating was given.