滔搏（06110）：分红表现超预期，FY2026毛利弱修复

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The company achieved a revenue of 27.01 billion yuan for FY2025, a year-on-year decrease of 6.6%, and a net profit attributable to shareholders of 1.29 billion yuan, down 41.9%, which met expectations. The second half of FY2025 recorded a revenue of 13.96 billion yuan, a decline of 5.4%, and a net profit of 410 million yuan, down 52.9%. The total dividend for the year was approximately 1.7 billion yuan, with a dividend yield of 135%, exceeding expectations, primarily due to cash flow performance significantly outpacing net profit [2][4]. Summary by Sections Financial Performance - For FY2025, the company reported total revenue of 27.01 billion yuan, a decrease of 6.6% year-on-year, and a net profit of 1.29 billion yuan, down 41.9%. The second half of FY2025 saw revenue of 13.96 billion yuan, a decline of 5.4%, and a net profit of 410 million yuan, down 52.9%. The annual dividend was around 1.7 billion yuan, with a dividend yield of 135%, attributed to strong cash flow performance [2][4]. Profitability and Cost Management - The company's gross margin for FY2025 decreased by 3.4 percentage points to 38.4%, mainly due to increased discounting and a higher proportion of online sales. The selling and administrative expense ratios were 29.4% and 3.7%, respectively, benefiting from a 1.3% reduction in rental costs. The company closed approximately 1,100 stores, resulting in a total of 5,020 stores, which improved operational efficiency [8]. Inventory and Cash Flow - The company significantly optimized its inventory, with inventory turnover days decreasing by 1 day to 135 days and inventory down 4.5% year-on-year to 6 billion yuan. Operating cash flow increased by 20% year-on-year to 3.76 billion yuan, while accounts receivable decreased by 600 million yuan to 750 million yuan [8]. Future Outlook - The company is expected to face revenue pressure in FY2026 due to store closures and cautious procurement. The overall revenue is projected to decline, with net profit estimates for FY2026 and FY2027 at 1.32 billion yuan and 1.42 billion yuan, respectively, corresponding to P/E ratios of 12.57X and 11.74X [10].