（原标题：赢家时尚2024年报解读：在变革中坚守与突破） 从各品牌的具体表现来看，2024年La Koradior、FUUNNY FEELLN、NEXY.CO实现了增长。其中， FUUNNY FEELLN增速最快，这个年轻时尚的品牌，精准地抓住了年轻消费者的喜好和潮流趋势，通 过独特的设计、新颖的营销方式，在市场中迅速崛起，成为赢家时尚业绩增长的新动力。不同品牌在不 同细分市场的成功，证明了赢家时尚多品牌战略的有效性，通过精准定位不同消费群体，满足多样化的 市场需求，从而提升了公司整体的市场份额。 渠道策略：直营、批发与电商的平衡之道 在销售渠道方面，赢家时尚采用了直营、批发和电商相结合的多元化模式。直营渠道一直是公司的重要 支柱，2024年直营营收为51.92亿元，尽管下降了6.97%，但仍占据公司总营收的大部分。公司在全国拥 有1444家直营店，这些店铺不仅是销售终端，更是品牌形象展示的重要窗口。通过直营模式，赢家时尚 能够更好地掌控产品质量、服务标准和品牌形象，与消费者建立直接而紧密的联系。 批发渠道方面，营收下降了25.17%，至2.87亿元，经销商零售店数量为395家。批发渠道营收的下滑， 可能与市 ...

Investment Rating - The report maintains a "Buy-B" rating for the company, indicating an expected performance that exceeds the benchmark index by more than 15% [1][11]. Core Insights - The company experienced a slight decline in revenue for 2024, with total revenue reported at 6.589 billion yuan, a decrease of 4.68% year-on-year. The net profit attributable to shareholders was 469 million yuan, down 44.10% year-on-year [1][3]. - The decline in revenue was primarily driven by a negative operating leverage effect, with online channels showing growth while offline direct and distribution channels saw revenue declines. The online channel revenue grew by 16.57% to 1.129 billion yuan, accounting for 17.14% of total revenue [3][4]. - The company plans to strengthen brand building and enhance operational efficiency in offline channels while focusing on online platforms like Xiaohongshu to maintain competitive advantages [9]. Financial Performance Summary - For 2024, the company reported a gross margin of 75.4%, an increase of 1.1 percentage points year-on-year. However, the net profit margin fell to 7.1%, down 5.0 percentage points year-on-year due to increased sales and management expense ratios [5][10]. - The company’s inventory increased by 36.4% year-on-year, reaching 1.572 billion yuan by the end of 2024. The net cash flow from operating activities decreased by 36.51% to 996 million yuan [5][10]. - The forecast for 2025-2027 indicates expected earnings per share (EPS) of 0.89, 1.00, and 1.09 yuan, with corresponding price-to-earnings (P/E) ratios of 7.9, 7.0, and 6.4 times [9][10]. Revenue Breakdown - By brand, La Koradior achieved revenue of 2.156 billion yuan, a decline of 9.68%, while NEXY.CO saw a slight increase of 0.79% to 1.012 billion yuan. The online channel's strong performance was attributed to platforms like Vipshop and Douyin [4][5]. - The offline channels reported a revenue of 5.172 billion yuan, down 6.97% year-on-year, while the distribution channel revenue fell by 25.17% to 287 million yuan [4][5]. Market Position and Strategy - The company is facing a challenging domestic consumption environment, with net store closures in direct and distribution channels. However, the rapid growth of online channels presents a potential for recovery and performance elasticity as the market stabilizes [6][9].

纺织服饰 赢家时尚（03709.HK） 买入-B(维持) 2024 年盈利能力稳中有升，线上渠道快速增长 2025 年 4 月 8 日 公司研究/公司快报 公司近一年市场表现 事件描述 3 月 25 日，公司发布 2024 年度业绩。2024 年，公司实现营收 65.89 亿 元，同比下降 4.68%；实现归母净利润 4.69 亿元，同比下降 44.10%。 事件点评 2024 年公司营收小幅下降，负经营杠杆致使业绩表现弱于营收。营收端， 2024 年，公司实现营收 65.89 亿元，同比下降 4.68%。分渠道角度看，营收增 长主要由电商渠道增长带动，线下直营及经销渠道收入同比下滑。业绩端， 2024 年，公司实现归母净利润 4.69 亿元，同比下降 44.10%。2024 年，公司业 绩降幅高于营收降幅，主因销售费用率及管理费用率提升、其它收入及收益下 降，部分被销售毛利率同比改善所抵消。 13.420/6.560 7.04/7.04 资料来源：最闻，山西证券研究所 高端品牌 La Koradior 营收增长超过 10%，线上渠道表现靓丽。分品牌 看 ， 2024 年 ， Koradior 实 现 营 收 ...

曾凭借高净值女性买买买而一路高涨的赢家时尚也有了压力。根据最新财报数据，2024年，赢家时尚营收、净利润双双下滑。 "零售渠道产品销售下降"是赢家时尚给出的总收益减少的原因。但是，北京商报记者发现，定位轻奢品牌的赢家时尚一边频频被消费者质疑"价格虚高"，另 一边却在电商渠道进行极限打折促销，这或许也成为对标高净值女性的赢家时尚卖不动的原因之一。 主品牌增长乏力 2024年，赢家时尚营业收入同比下滑4.68%至65.89亿元；净利润同比减少44.1%至4.69亿元。 这样的业绩与其过去多年的发展有着较大的反差。过去很长一段时间，定位高端女装的赢家时尚有着不错的发展。根据财报数据，赢家时尚自2014年上市以 来，除在2022年出现营收、净利润下滑外，其他年份均实现业绩的增长。如在2023年，赢家时尚营收、净利润分别增长22.05%、119.17%；2021年，赢家时 尚营收、净利润分别增长19.34%、24.55%。 "零售渠道产品销售下降、产品大力改进及本集团的运营优化"是赢家时尚方面给出的此次业绩下滑原因。 在时尚产业独立分析师、上海良栖品牌管理有限公司创始人程伟雄看来，从赢家时尚多品牌矩阵来看，年轻化品牌增 ...

2025 年 04 月 01 日 赢家时尚 (03709) ——逆境之下规模稳定，线上渠道表现亮眼 报告原因：有业绩公布需要点评 增持（维持） 上 市 公 司 公 司 点 评 / 公 司 点 评 纺织服饰 | 市场数据： | 2025 年 04 月 01 日 | | --- | --- | | 收盘价（港币） | 7.60 | | 恒生中国企业指数 | 8537.34 | | 52 周最高/最低（港币） | 13.68/7.33 | | H 股市值（亿港币） | 53.51 | | 流通 H 股（百万股） | 704.05 | | 汇率（人民币/港币） | 1.0839 | 一年内股价与基准指数对比走势： -41% 9% 59% 04/02 05/02 06/02 07/02 08/02 09/02 10/02 11/02 12/02 01/02 02/02 03/02 HSCEI 赢家时尚 资料来源：Bloomberg 证券分析师 王立平 A0230511040052 wanglp@swsresearch.com 刘佩 A0230523070002 liupei@swsresearch.com 研究支持 刘 ...

贵妇生意不好做，赢家时尚涨不动了吗？3月25日晚间，深圳本地中高端女装集团赢家时尚发布2024年 业绩公告，公司品牌营销推广费同比增加三成，但仍难扭转集团营利双下滑的现状，净利润更是跌超 43%。报告期内，赢家时尚门店数量也锐减125家。 | | 2024年 | 2023年 | | --- | --- | --- | | | 人民幣千元 人民幣千元 | | | 年内利潤 | 1,068,107 | 880.354 | | 其他綜合收益 | | | | 可重新分類全損益的項目: | | | | 換算海外業務的匯兑差額 | 7.862 | (3.755) | | 不可重新分類至損益的項目: | | | | 換算本公司的匯兑差額 | 34.753 | 46.961 | | 年內其他綜合收益,扣除税項 | 42,615 | 43,206 | | 年內綜合收益總額 | 1.110.722 | 923.560 | | 以下各方應佔年內綜合收益總額: | | | | 一本公司擁有人 | 1.111.143 | 923,560 | | 一非控股權益 | (421) | | 自1995年创立首个品牌NAERSI以来，赢家时尚从 ...

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company is expected to experience significant profit elasticity in 2025 despite a substantial decline in profits in 2024 due to one-time expenses and stock incentive costs [6] - The company has a target price based on its current valuation and market conditions, with a projected PE ratio of 8/7/6X for 2025-2027 [6] Financial Summary - In 2024, the company achieved revenue/net profit/operating cash flow of 6.589 billion/0.474 billion/0.996 billion, representing a year-on-year decline of 4.68%/43.06%/36.51% [2] - The net profit decline was primarily due to negative operating leverage and increased expense ratios, including stock incentive expenses of 0.099 billion and an increase of 0.068 billion [2] - The company declared a final dividend of 0.38 HKD per share, with a payout ratio of 55.6% and a dividend yield of 4.97% [2] Brand Performance - The three main brands Koradior, NAERSI, and NEXY.CO experienced revenue growth rates of -9.68%, -1.87%, and 0.79%, respectively, accounting for 69.9% of total revenue [3] - The growth brands La Koradior, ELSEWHERE, CADIDL, and NAERSILING had mixed performance, with La Koradior showing a growth rate of 10.23% [3] - The company saw a total store count decrease of 125 stores in 2024, a decline of 6.4% year-on-year [3] Profitability Metrics - The company's gross margin for 2024 was 76.4%, an increase of 1.1 percentage points year-on-year [4] - The net profit margin for 2024 was 7.1%, a decrease of 5.0 percentage points year-on-year, primarily due to increased expense ratios and decreased other income [4] - The company’s selling, general, and administrative expenses as a percentage of revenue increased, with selling expenses at 59.0%, management expenses at 10.3%, and financial expenses at 0.8% [4] Inventory and Receivables - The company's inventory increased to 1.572 billion, a year-on-year growth of 36%, with inventory to revenue ratio at 24% [5] - Accounts receivable decreased slightly by 0.3% year-on-year to 0.715 billion, while accounts payable increased significantly by 104.4% to 0.306 billion [5] Future Projections - Revenue forecasts for 2025 and 2026 have been adjusted down to 6.980 billion and 7.941 billion, respectively, while the 2027 forecast has been increased to 8.891 billion [6] - The projected net profit for 2025 and 2026 has been revised to 0.628 billion and 0.749 billion, with an increase for 2027 to 0.869 billion [6] - The earnings per share (EPS) estimates for 2025 and 2026 have been adjusted to 0.89 and 1.06, with a new estimate for 2027 at 1.23 [6]

Investment Rating - The report maintains a "Buy" rating for the company, indicating a favorable outlook for its stock performance in the near future [4][6]. Core Insights - The company is experiencing a short-term profit pressure due to channel optimization, with a projected revenue of 6.589 billion and a net profit of 474 million for 2024, reflecting year-on-year declines of 5% and 43% respectively [1][4]. - The company is positioned as a leading player in the domestic mid-to-high-end women's fashion market, with expectations for sustained long-term growth driven by product efficiency improvements and store expansion [4]. - The brand performance is varied, with La Koradior showing stable growth while other brands like NAERSI and NEXY.CO remain relatively stable amidst a fluctuating consumer environment [2][3]. Financial Performance Summary - For 2024, the company's revenue and net profit are projected at 6.589 billion and 474 million respectively, with year-on-year changes of -5% and -43% [1][5]. - The gross profit margin is expected to increase by 1.1 percentage points to 76.4% in 2024, while the net profit margin is projected to decrease by 4.9 percentage points to 7.2% [1]. - The company anticipates a dividend payout ratio of approximately 53% for 2024, translating to a dividend yield of about 4.9% based on the closing price on March 26, 2025 [1]. Brand and Channel Performance - The company operates eight high-end women's fashion brands, with varying performance: Koradior's revenue is expected to decline by 10% to 2.16 billion, while NEXY.CO is projected to grow by 1% to 1.01 billion [2]. - The revenue breakdown by channel for 2024 shows direct sales at 5.17 billion, franchise sales at 290 million, and e-commerce at 1.13 billion, with respective year-on-year changes of -7%, -25%, and +17% [3]. - The company is focusing on optimizing its channel structure, which is expected to enhance store efficiency in the medium to long term [3].

渠道优化顺利，短期利润承压，期待后续修复 2024 年公司收入 65.89 亿元/净利润 4.74 亿元，同比分别-5%/-43%。1） 2024 年：公司收入/净利润分别为 65.89/4.74 亿元，同比分别-5%/-43%。2） 2024H2：公司收入/净利润分别为 32.7/1.9 亿元，同比分别-9%/-51%，零售承压 背景下，我们判断负向经营杠杆使得公司短期盈利表现下降。3）盈利质量方面： 2024 年公司毛利率同比+1.1pct 至 76.4%；销售费用率同比+4.3pct 至 59.0%， 主要系店铺升级及广告营销推广费用提升综合所致；管理费用率同比+1.5pct 至 10.3%，主要系股份奖励开支增加；综合以上，2024 年公司净利率同比-4.9pct 至 7.2%。4）公司 2024 年合计股利支付率约为 53%，以 2025 年 3 月 26 日收盘价 计算的股息率约为 4.9%。 品牌表现分化，La Koradior 稳健成长，NAERSI、NEXY.CO 相对稳定。公司旗 下八大高端女装客群定位与价格带互补，充分参与市场竞争，短期消费环境波动， 品牌表现分化，分品牌来看：①2024 ...

Financial Performance - For the year ended December 31, 2024, the group's revenue and gross profit were RMB 6,588.54 million and RMB 5,035.55 million, representing a decrease of 4.68% and 3.26% respectively compared to the year ended December 31, 2023[2]. - The profit for the year was RMB 474.09 million, a decrease of 43.06% or RMB 358.54 million compared to RMB 832.63 million for the year ended December 31, 2023, resulting in a net profit margin of 7.20% (2023: 12.05%) [2]. - Total comprehensive income for the year was RMB 447.21 million, compared to RMB 805.54 million in 2023[4]. - Basic earnings per share for the year were RMB 0.683 (2023: RMB 1.237)[3]. - The total tax expense for the year was RMB 88,440,000, down from RMB 161,969,000 in 2023, a decrease of approximately 45.4%[34]. - The pre-tax profit for 2024 was RMB 562,528,000, down from RMB 994,601,000 in 2023, indicating a decrease of approximately 43.4%[34]. - Net profit attributable to equity holders for the year ended December 31, 2024, was RMB 468.50 million, a decrease of 44.10% from RMB 838.17 million in 2023, resulting in a net profit margin of 7.20%[60]. Revenue Breakdown - Total revenue for the year ended December 31, 2024, was RMB 6,588.54 million, a decrease of 4.68% from RMB 6,912.30 million for the year ended December 31, 2023[49]. - Revenue from the sale of clothing and accessories accounted for the entire revenue, with RMB 6,588,536,000 recognized at a point in time[25]. - Direct retail sales accounted for approximately 78.50% of total revenue in 2024, down from 80.43% in 2023[49]. - E-commerce revenue increased by 16.57% to RMB 1,129.32 million in 2024, compared to RMB 968.78 million in 2023, driven by increased online sales and marketing efforts[50]. - Revenue from distributors decreased by 25.17% to RMB 287.27 million in 2024, down from RMB 383.90 million in 2023[51]. - Total revenue from other income and gains decreased from RMB 237,083,000 in 2023 to RMB 162,960,000 in 2024, representing a decline of approximately 31.2%[29]. Assets and Liabilities - Non-current assets totaled RMB 3,487.56 million as of December 31, 2024, slightly up from RMB 3,480.14 million in 2023[5]. - Current assets decreased to RMB 3,371.72 million from RMB 3,549.66 million in 2023, with inventory increasing to RMB 1,572.28 million from RMB 1,152.51 million[5]. - Total liabilities decreased to RMB 586.37 million from RMB 479.11 million in 2023, with current liabilities totaling RMB 1,773.86 million[6]. - The total equity attributable to the owners of the parent company was RMB 4,508.96 million, down from RMB 4,576.91 million in 2023[6]. Operational Insights - The company operates a single business segment focused on women's clothing retail and wholesale in the People's Republic of China[22]. - There were no single external customers contributing 10% or more to the total revenue for the years ended December 31, 2024, and 2023, indicating a diversified customer base[23]. - The company has not presented segment analysis due to the nature of its single business segment[22]. - The company did not engage in any significant acquisitions or disposals during the year ended December 31, 2024[67]. - The company faced challenges from insufficient domestic market confidence and geopolitical tensions affecting trade with the U.S.[48]. Future Outlook and Strategy - The company anticipates stable economic growth in China for 2024, with a recovery in consumer confidence and a robust retail market expected to continue in 2025[89]. - In 2025, the company will enhance its multi-brand collaborative development capabilities, aiming for significant growth through differentiated brand strategies and pricing[90]. - The company plans to establish a more efficient brand integration marketing system by 2025, focusing on product development and brand promotion synergy[91]. - The company aims to strengthen its product quality and value ratio by optimizing product structure and enhancing material quality, ensuring alignment with consumer expectations[94]. - The company will continue to implement a strategy of "opening large stores and expanding good stores" in 2025, focusing on high-end markets and flagship stores in prime locations[95]. - The company will adopt a differentiated strategy in e-commerce channels, expanding its presence on platforms like Tmall and JD while optimizing live-stream marketing on Douyin[96]. Corporate Governance - The company has complied with the corporate governance code, except for the principle regarding the separation of the roles of chairman and CEO, which are currently held by the same individual[102]. - The company is committed to maintaining high standards of corporate governance and effective governance measures[102]. - The audit committee, consisting of three independent non-executive directors, reviewed the group's financial performance for the year ending December 31, 2024[106]. Shareholder Matters - The board proposed a final dividend of HKD 0.38 per share for the year ending December 31, 2024, down from HKD 0.70 in 2023, subject to shareholder approval[100]. - The company will suspend shareholder registration from June 3 to June 6, 2025, to determine eligibility for attending the annual general meeting[101]. - The company will also suspend shareholder registration from June 13 to June 17, 2025, to determine eligibility for receiving the proposed final dividend[101].