智通财经APP获悉，滔搏(06110)跌超6%，截至发稿，跌5.83%，报2.92港元，成交额5728.25万港元。
东方证券发布研报称，滔搏FY25财年实现收入270.1亿，同比下滑6.6%，实现归母净利润12.9亿，同比下降41.9%，其中FY25H2的收入和归母净利润分别同比下降5.4%和53%。
报告指出，分渠道来看，FY25公司零售、批发渠道收入分别同比下降6.8%和5.8%；分品牌来看，公司主力品牌和其他品牌收入分别同比下降6.1%和9.9%。截至年底，公司直营门店数量为5,020家，净关店1,124家，其中新开258家，关闭1,382家；总销售面积同比下降12.4%，单店销售面积同比增长7.2%，体现了公司“一品一策”的门店调整思路。
该行续指，公司FY25毛利率同比下降3.4pct至38.4%，核心因素为零售折扣加深，其中FY25H2折扣力度大于FY25H1，其余影响因素包括库存拨备及其他影响、渠道占比变化等。费用率方面，公司FY25销售和管理费用率分别同比增长0.5pct和-0.3pct。公司FY25归母净利率同比下降2.9pct至4.8%。
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.