金吾财讯 | 交银国际发研报指，滔搏(06110)2025上半财年收入和净利润下滑。今年以来受客流量承压影响，收入同比下滑7.9%。毛利率同比下跌3.6个百分点，主因折扣率加深以及毛利率较低的批发渠道占比提升。净利润率同比下跌2.7个百分点至6.7%。中期派息率达99.4%。上半财年门店数量减少300余间。截止2025上半财年末，滔搏共运营5813家门店，直营门店的总销售面积较去年同比下滑1.9%，单店销售面积同比提升4.8%。公司累计会员数量同比增长10.8%。会员质量持续提升。另外，公司积极拓宽品牌合作矩阵，与加拿大高端越野跑品牌norda合作。考虑到目前客流量的压力仍在持续，该行下调公司财务预测。目标价3.06港元，基于11倍2025-26财年市盈率，评级下调至中性。
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