滔搏(06110) - 2025 H2 - 电话会议演示

Financial Performance - Revenue decreased by 6.6% YoY to RMB 27.01 billion[29] - Gross profit margin fell by 3.4 percentage points YoY to 38.4%[29] - Profit margin attributable to equity holders fell by 2.8 percentage points YoY to 4.8%[29] - Net cash generated from operating activities increased by 20.0% YoY to RMB 3.76 billion[29] - Free cash flow increased by 24.1% YoY to RMB 3.38 billion[29] - Annual dividend payout ratio was 135.0%, higher than the previous year's 100.9%[29] Operational Strategies - Directly-operated stores decreased by 18.3% YoY[69] - Gross selling area decreased by 12.4% YoY[38] - Total rental expense decreased by 15.7% YoY[38] User Operations - The company has 86 million users, including members and potential members[90, 91]