TOPSPORTS (06110) fell more than 4% again. As of the time of writing, the stock was down 4.32% to HK$2.88, with a turnover of HK$17.4752 million.

The company previously announced that for the third quarter of the 2025/26 fiscal year, the total sales value of its retail and wholesale businesses decreased by a high-single-digit percentage year-on-year. As of November 30, 2025, the gross selling area of directly operated stores decreased by 1.3% compared to the end of the previous quarter and decreased by 13.4% compared to the same period last year.

Cinda Securities noted that the high-single-digit year-on-year decline in total sales value for the retail and wholesale businesses in the third quarter was consistent with the trend of previous performance guidance. From the perspective of channels and operational performance, retail business continued to outperform wholesale business, with discounts and inventory levels under control, reflecting the company's strong retail management capabilities.

Regarding financial guidance, the company indicated that since entering December, end-demand volatility has intensified, and operational pressure has increased significantly. The previously set target of "full-year net profit flat year-on-year" is expected to deviate within a controllable range. Looking ahead, the company maintains an attitude of "short-term caution and long-term optimism."