智通财经APP获悉，滔搏(06110)涨超4%，截至发稿，涨4.02%，报3.36港元，成交额3093.9万港元。 消息面上，滔搏此前宣布拟2025年10月22日举行董事会会议，以（其中包括）审议及批准公司及其附属 公司截至2025年8月31日止六个月未经审核的中期业绩及宣派中期股息（如有）。浦银国际指，在5月底 举行的FY25全年业绩会上，滔搏管理层表示将在FY26"聚焦效率，利润优先"，并给出"FY26净利润额 同比持平、净利率同比改善"的业绩目标。该行认为，公司高股息率捍卫下行风险，Nike触底反弹带来 估值弹性，积极引入细分垂类高端品牌打开长期增长空间。 花旗此前指，今年7月，滔搏成为全球专业头饰及服装品牌Ciele在中国的独家合作伙伴，进一步扩大其 多品牌布局，进军高增长户外/跑步类别(同时还新增SOAR、norda等品牌，营运模式与后三者类似，由 滔搏主导品牌推广、市场营销、全渠道营运及消费者互动)。Salomon鞋类业务增长超预期，进一步验证 滔搏过去一年积极向户外/跑步类别进行策略转型的成效。 ...

Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative stock price return of over 20% within the next six months [10]. Core Insights - The company reported strong Q1 FY25 results with revenue of $1.5 billion, a year-on-year increase of 26% (at constant currency), and adjusted net income of $150 million, up 196% year-on-year [1]. - The company has raised its full-year guidance for FY25, projecting revenue growth of 15-17% year-on-year and adjusted EPS of $0.67-$0.72 [3][4]. - The outdoor performance segment showed significant improvement, with the Greater China region leading growth at 43% year-on-year [2]. Summary by Sections Financial Performance - Q1 FY25 revenue reached $1.5 billion, with an adjusted gross margin of 58% (up 3 percentage points year-on-year) and adjusted operating profit margin (OPM) of 16% (up 5 percentage points year-on-year) [1]. - Adjusted net income for Q1 was $150 million, translating to a diluted EPS of $0.27 [1]. Segment Performance - By category, technical apparel revenue was $700 million (up 32% year-on-year), outdoor revenue was $500 million (up 29% year-on-year), and racquet sports revenue was $300 million (up 13% year-on-year) [2]. - By region, revenue in the Americas grew by 12%, Greater China by 43%, EMEA by 12%, and Asia-Pacific by 49% [2]. Guidance and Projections - The company has adjusted its FY24-26 revenue forecasts to $6 billion, $6.9 billion, and $7.9 billion respectively, up from previous estimates of $5.2 billion, $6 billion, and $6.9 billion [4]. - Adjusted net income projections for FY24-26 are now $380 million, $510 million, and $630 million, respectively [4].