滔搏（06110）今日盘中大跌5.17%，引发市场关注。该公司是中国领先的运动鞋服零售商，近期公布的半年度业绩和分析师报告显示，公司面临一些经营挑战。
根据国盛证券和中金最新发布的研报，滔搏2025财年上半年（2025年3月至8月）业绩出现下滑。营收同比下降约6%至123亿元，归母净利润同比下降约10%至8亿元。分析师指出，这主要是由于消费环境波动和客流量下降影响了公司的终端销售。
具体来看，滔搏的主力品牌Nike和adidas在中国市场表现各异。adidas在大中华区可能有相对优异的销售表现，而Nike仍处于去库存阶段。公司正积极优化线下渠道，同时大力发展线上业务。虽然线下直营门店数量减少，但公司通过提高单店销售面积和发展全域运营来应对挑战。值得注意的是，公司的存货管理有效，现金流状况良好，并保持了较高的派息率。
尽管面临短期挑战，分析师仍对滔搏保持相对乐观态度。国盛证券维持"买入"评级，预计公司2026财年归母净利润将与上一财年基本持平。中金则维持"跑赢行业"评级，并上调目标价至4.17港元。然而，投资者似乎对公司短期前景持谨慎态度，导致股价出现较大跌幅。
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.