Brand Portfolio and Market Presence - The brand portfolio includes eight brands, with four owned brands: Koradior, La Koradior, ELSEWHERE, and FUUNNY FEELLN, and four acquired brands: CADIDL, NAERSI, NAERSILING, and NEXY.CO[5] - The company has established a flagship store on Tmall and has been authorized on Vipshop since 2011, with a focus on e-commerce platforms like Douyin and WeChat[7] - The company has a strong retail network covering 31 provinces, municipalities, and autonomous regions in China, primarily through direct retail stores[7] - The company has established commercial partnerships with over 100 shopping malls and operates over 1,000 stores nationwide[60] - The group has established a diversified portfolio of eight brands to meet various customer dressing needs, enhancing its market presence and operational efficiency[121] Financial Performance - Revenue for 2024 was RMB 6,588,536 thousand, a decrease of 4.68% compared to RMB 6,912,301 thousand in 2023[17] - Gross profit for 2024 was RMB 5,035,552 thousand, down 3.26% from RMB 5,204,988 thousand in 2023[17] - Net profit for 2024 decreased by 43.06% to RMB 474,088 thousand from RMB 832,632 thousand in 2023[17] - Operating cash flow for 2024 was RMB 996,243 thousand, a decline of 36.51% from RMB 1,569,207 thousand in 2023[17] - Basic earnings per share for 2024 was 68 cents, down from 124 cents in 2023[17] - The company reported a revenue of RMB 6.59 billion for the year, representing a year-on-year decline of 5%[57] - Net profit decreased by 43.06% to RMB 470 million due to increased investments[57] E-commerce and Digital Strategy - The company aims to explore emerging e-commerce channels, including WeChat Video Accounts and cross-border platforms like Shopee and Lazada, to expand international business[7] - E-commerce channels showed strong performance with a year-on-year growth of 16.57%[57] - E-commerce revenue reached RMB 1,129.32 million in 2024, an increase of 16.57% or RMB 160.54 million compared to the previous year, driven by increased online sales and marketing efforts[77] - Total e-commerce revenue from Tmall increased by 1.19% to RMB 247.54 million for the year ending December 31, 2024, accounting for 21.92% of total e-commerce revenue[78] - Total e-commerce revenue from Vipshop rose by 11.56% to RMB 491.31 million for the year ending December 31, 2024, representing 43.50% of total e-commerce revenue[78] Brand Recognition and Awards - The company has been recognized in various awards, including the "Top 100 in Guangdong Chain" and "Top 500 Enterprises in Shenzhen" for its brands[11] - NAERSI was awarded the title of "Shenzhen Famous Brand" at the 8th Shenzhen (Bay Area) International Brand Week[11] Store Operations and Strategy - The average store efficiency remained stable at RMB 3.58 million per store, with a net increase in large stores (over 200 square meters) to 423[57] - The total number of retail stores decreased by 125 to 1,839 as of December 31, 2024, after opening 197 new stores and closing 322[86] - The company employs a direct sales strategy, maintaining the largest number of directly operated stores in the industry, which enhances its bargaining power and scale effects[122] Product Development and Innovation - The company has been focusing on product innovation and development, enhancing brand communication and promotion to lead women's fashion and lifestyle culture[7] - The group invested RMB 181.58 million in R&D, accounting for 2.76% of total revenue, slightly up from 2.65% the previous year[188] - The total number of SKUs decreased by 7.40% to 5,894 due to a focus on upgrading the product system and enhancing customer experience[187] Marketing and Brand Engagement - Koradior's marketing strategy includes collaborations with international celebrities and participation in major fashion events, significantly increasing brand exposure and consumer engagement[126][128] - NAERSI's promotional activities achieved nearly 100 million total exposures through various media and events, enhancing consumer awareness of product value and brand story[138] - ELSEWHERE hosted a successful Spring/Summer 2024 show themed "Poetic Scroll," which aimed to strengthen its brand DNA and increase visibility through offline exhibitions[159] Economic and Market Outlook - The contribution of final consumption expenditure to economic growth was 44.5%, the lowest level since 2021, indicating weak consumer demand[70] - The Chinese government has shifted to a "more proactive fiscal policy" and "moderately loose monetary policy" to stimulate economic growth, marking the first adjustment since 2011[71] - The overall consumer market growth rate is expected to rebound significantly in the coming year due to the acceleration of stimulus policies[71] Future Plans and Strategies - The company aims for high-quality growth in 2025, ensuring profit growth exceeds revenue growth[58] - The company plans to enhance its multi-brand strategy and accelerate the expansion of mall channels in 2025[58] - The company will implement a differentiated pricing strategy to broaden its price range and attract a wider customer base, thereby increasing market share[194] - In 2025, the company will strengthen its flagship store matrix, focusing on key commercial hubs, and continue its regular fashion show strategy to enhance brand visibility[195]

首先欢迎大家来参加我们尹家时尚2024年业绩交流会我简单介绍一下因为我们今天的人还是比较齐整参加我们会议的公司管理层金总我们董事局主席还有我们的执行董事贺宏明女士贺总然后是公司的CFO朱超超女士 包括公司董事会秘书黄伟桥还有我我这个嘴屁还有今天接下来大概我花半个多小时给大家分享一下我们2024年的一个经营业绩的情况其实这里边主要是想告诉大家可能能近短的时间让大家了解我们2024年公司的业务的一些变化包括我们所处的一个阶段 改变是最明显的所以这两个持续的增长给我们内心带来的一个很重要的支撑我认为就是加强我们整个在商品利益上提升对于我们持续的这种业绩改善的一个信心你不要怕贵其实只要你做得好 自由市场包括仿佛可能当然基数低一点但是仿佛去年的增速整个也是非常可观的 这个可能会因和一些大家觉得K型是在整个消费领域是不是这样分层至少从我们自己的品牌上来看我们8个品牌是有这样的迹象然后全年的现金的金额是少一点这个确实跟我们去年整个因为在年初制定了比较高的目标之后我们在货品的投放总倍上就做得比较多所以整个少的这个数里面其实大家主要看到到货品存货上我们增加了4个亿的成品这个其实占用了比较多的一个现金 当然了 整个的规模还是接近 ...

（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 ...

Investment Rating - The report maintains an "Outperform" rating for the company [2] Core Insights - The company reported a revenue of 6.589 billion RMB for FY2024, a decrease of 4.7% year-on-year, and a net profit of 469 million RMB, down 43.1% year-on-year, which aligns with expectations [7] - The company aims to build a Chinese luxury brand management group and has shown strong multi-brand operational capabilities, with potential for stronger growth momentum under new positioning and management upgrades [7] - The online sales channel has shown significant growth, with a 17% increase in revenue to 1.13 billion RMB in FY2024, contributing to the overall performance despite challenges in the retail environment [7] Financial Data and Profit Forecast - Revenue and profit forecasts for the company are as follows: - FY2023: Revenue 6,912 million RMB, Net Profit 838 million RMB - FY2024: Revenue 6,589 million RMB, Net Profit 469 million RMB - FY2025E: Revenue 6,998 million RMB, Net Profit 642 million RMB - FY2026E: Revenue 7,402 million RMB, Net Profit 707 million RMB - FY2027E: Revenue 7,775 million RMB, Net Profit 772 million RMB - The company’s net profit is expected to recover to 6.4 billion RMB by FY2025, with corresponding PE ratios of 8, 7, and 6 for FY2025E, FY2026E, and FY2027E respectively [6][17] Brand Performance - The revenue performance of the company's eight brands shows a mixed trend, with three brands increasing and five decreasing: - Koradior: 2.16 billion RMB, down 9.7% - NAERSI: 1.44 billion RMB, down 2% - NEXY.CO: 1.01 billion RMB, up 1% - La Koradior: 510 million RMB, up 10% - FF: 170 million RMB, up 22% [7][14] Store Optimization and E-commerce Growth - The total number of stores decreased by 125 to 1,839, with a focus on optimizing store quality and enhancing sales performance [7] - The company has successfully expanded its e-commerce channels, with significant contributions from platforms like Vipshop and Douyin, indicating a strategic shift towards online sales [15]

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].