Hua Yuan Securities: Maintaining a "Buy" rating on Taobo (06110.HK), continuous expansion of new brands expected to drive additional growth

According to the Zhixun Financial APP, Huayuan Securities issued a research report stating that Taobo (06110.HK), as a leading domestic sports apparel distribution company, has industry-leading distribution channels and consignment brand resources. The company has deep cooperation with international brands to solidify its revenue base, and continuously expands new brands through its channel and brand advantages, with the potential to obtain new growth drivers. Considering the company's advantages in the sports apparel distribution industry such as channels, brand resources, member loyalty, digital management advantages, and the gradual recovery or expected recovery of main agency brands, as well as the potential for new agency brands to help the company expand its new customer base, the "Buy" rating is maintained.