浦银国际研究滔搏FY25业绩基本符合市场预期,而强劲的经营现金流增长以及大幅提升的派息率为市场带来惊喜。尽管终端需求与竞争环境面临较大的挑战,但滔搏(1)根据市场情况快速调整品牌矩阵以及品牌经营策略,强化全域零售的能力,增强顾客粘性,确保收入表现好于同业;(2)积极调整渠道结构的同时不断精进门店运营效率,通过降本增效抵消经营负杠杆对利润率的影响;(3)持续深化营运资金管理,保持稳定且远高于净利润的...
Source Link浦银国际研究滔搏FY25业绩基本符合市场预期,而强劲的经营现金流增长以及大幅提升的派息率为市场带来惊喜。尽管终端需求与竞争环境面临较大的挑战,但滔搏(1)根据市场情况快速调整品牌矩阵以及品牌经营策略,强化全域零售的能力,增强顾客粘性,确保收入表现好于同业;(2)积极调整渠道结构的同时不断精进门店运营效率,通过降本增效抵消经营负杠杆对利润率的影响;(3)持续深化营运资金管理,保持稳定且远高于净利润的...
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