智通财经APP获悉，瑞银发布研报称，滔搏(06110)2025财年收入及净利润，分别同比下滑7%和42%，至270亿和12.86亿元人民币(下同)，当中下半财年收入及净利润为140亿和4.11亿元，符合公司此前指引。虽然股息表现优于预期，但管理层对2026财年利润保持稳定的展望，未达该行预期。该行将其目标价由3.6港元下调至3.55港元，评级“买入”。
报告指，滔搏2025财年下半年毛利率同比下降2.9个百分点至36%，大致符合该行预期。销售及管理费用率同比上升0.5个百分点至33.1%，较预期高出1个百分点，因线上销售增长带动其他费用增加;惟部分被税率下降至8.9%所抵消，相对于2025财年为17.6%。公司派息率达135%，优于该行预期的100%。瑞银表示，滔搏管理层对2026财年持保守态度，预计净利润保持平稳，并着重提升效率以改善净利润率。虽然对毛利率看法审慎，但目标透过控制营运成本增强盈利能力。
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