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　　滔搏（06110）盘中涨超4%。截至发稿，股价上涨3.05%，现报3.04港元，成交额2178.73万港元。

　　海通国际发布研报称，FY25H1末，公司存货61.2亿元，同比增长6.4%，存货周转天数148天/4.9个月，同比上升7天。上半年销售疲软，存货水位同比有所上升。公司提前预判并采取措施应对，包括加深折扣优化库存，FY25H1毛利率41.1%，同比下降3.6%。FY25Q3来看，销售整体符合此前计划，该行预计FY25末（25年2月）库存能够回归相对健康水平。展望FY26，在库存健康基础上公司有望轻装上阵、利润率有望改善，叠加政策利好消费、费用正杠杆等预计将实现较大的业绩弹性。

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