滔搏Prudent guidance but strong cash flow & y

招银国际
23 May

一、公司业绩与展望Topsports(6110HK)在FY25的净利下滑42%,主要由于毛利率不如预期和较高的财务成本,但其派息比率提升至135%,远高于预期。尽管FY26E指引较为保守,CMBI预计公司仍可能保持超过100%的派息率,使得FY26E股息收益率达到9%。二、市场表现与品牌销售FY25Topsports整体销售额下降7%,其中主力品牌的销售降幅在2H25有所收窄,但整体净利润未能达到...

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