滔搏(6110.HK):库存出现改善 高分红延续

华西证券
May 22

事件概述FY2025 公司收入/归母净利/经营性现金流分别为270.13/12.86/37.55 亿元, 同比增长-6.6%/-41.9%/20.0%,归母净利下滑幅度高于收入主要由于公司面对销售下滑带来的存货压力,加大整体促销力度、调整线上线下销售结构影响导致毛利率下滑。经营现金流高于净利主要由于存货减少、应收账款减少、有效的运营资金管理。FY2025 每股拟派发现金红利0.02 元、特别股息...

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