Investment Rating - The report maintains a "Buy-B" rating for the company, indicating an expected price increase exceeding the benchmark index [2][5][10]. Core Insights - The company reported a slight decline in revenue for the first half of 2024, with total revenue of 3.306 billion yuan, down 1.03% year-on-year, and a significant drop in net profit of 36.03% to 283 million yuan [2][3]. - The decline in revenue was primarily driven by a decrease in offline sales channels, while online sales channels showed growth, particularly on platforms like Tmall and Douyin [3][4]. - The company's gross margin improved to 76.3%, up 1.04 percentage points year-on-year, despite rising sales and management expense ratios [3][4]. Company Performance Overview - As of the end of H1 2024, the company had 1,912 stores, a net decrease of 52 stores from the beginning of the year, with direct stores generating 2.634 billion yuan in revenue, down 3.7% year-on-year [3][4]. - Online sales reached 546 million yuan, a 17.8% increase year-on-year, accounting for 16.5% of total revenue [3][4]. - The company’s brands, including Koradior and NAERSI, showed varied performance, with Koradior's revenue declining by 6.19% while NAERSI grew by 4.3% [3][4]. Financial Projections - The company expects stable retail sales in 2024, with projected earnings per share (EPS) of 1.20, 1.33, and 1.45 yuan for 2024-2026, respectively [5][6]. - The report forecasts a price-to-earnings (P/E) ratio of 6.7, 6.1, and 5.6 for the same period, indicating a potentially undervalued stock [5][6]. - The company’s operating cash flow for H1 2024 was 452 million yuan, a decrease of 50.6% year-on-year, with cash and cash equivalents at 358 million yuan [4][8].

Investment Rating - The report maintains a "Buy" rating for the company [3]. Core Views - The company, Winner Fashion (03709.HK), is expected to have stable revenue growth for the full year, with a projected revenue of approximately CNY 33.1 billion for H1 2024, reflecting a year-on-year decrease of 1% and a net profit of CNY 2.8 billion, down 37% year-on-year [1]. - The company is a leading player in the domestic mid-to-high-end women's fashion market, with ongoing product efficiency improvements and store expansion expected to drive long-term performance growth [1][3]. - The report anticipates that the company's revenue for 2024 will remain flat year-on-year, with net profits projected at CNY 6.72 billion, CNY 8.07 billion, and CNY 9.21 billion for 2024, 2025, and 2026 respectively [1][2]. Financial Performance - For H1 2024, the company reported a gross margin of 76.3%, an increase of 1.0 percentage points year-on-year, while the net profit margin decreased by 4.7 percentage points to 8.6% [1]. - The revenue breakdown by brand shows varied performance, with Koradior generating CNY 10.57 billion (up 6% year-on-year), NAERSI at CNY 7.35 billion (up 4%), and NEXY.CO at CNY 5.04 billion (up 5%) [1]. - The company's revenue from direct sales, franchises, and e-commerce for H1 2024 was CNY 26.3 billion, CNY 1.3 billion, and CNY 5.5 billion respectively, with e-commerce showing a significant growth of 17.8% year-on-year [1]. Market Position and Strategy - The company is focusing on channel upgrades and store quality optimization, with a reduction in the number of stores to enhance overall efficiency [1]. - The report highlights the company's strategy of increasing investment in core product lines and improving inventory turnover, with inventory levels rising by 40% year-on-year to CNY 12.7 billion as of H1 2024 [1]. - The company is expected to benefit from a more efficient product system and improved inventory management in the future [1].

Summary of the Conference Call Company Overview - The conference call pertains to Winner Fashion Holdings, listed under the stock code 3709, discussing its HK2024 interim performance results [1] Key Points and Arguments - The call began with an introduction of the board members and management team present at the meeting, including the Chairman and Executive Director, Mr. Junming [1] Other Important Content - No additional financial data, industry insights, or specific performance metrics were provided in the excerpt [1]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責， 對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任 何部分內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 EEKA Fashion Holdings Limited 贏家時尚控股有限公司 （於開曼群島註冊成立之有限公司） （股份代號：3709） 截至二零二四年六月三十日止六個月 中期業績公告 | --- | --- | |-------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------| | | | | 概要 | | | • | 截至二零二四年六月三十日止六個月的收益為人民幣 3,306.37 百萬元，較截 至二零二三年六月三十日止六個月的人民幣 3,340.90 百萬元輕微減少 1.03% 或人民幣 34.53 百萬元。 | | • ...

OJacntuoabrey r1 12,22,0 21051 0 BuildFinogo dM, Baetevreiraalsge | &C oTombpa 公accn 司oy | 研R Ce 究osme paarcnhy Research 纺织服装 | 公司研究 一季度表现符合预期，电商增长亮眼，运营质量提升 2024年4月21日 赢家时尚 (03709:HK) 买入 公司发布 2024 年一季度运营表现，销售表现符合预期。一季度公司收入规模 17 亿元，同比增 长低单位数（数据来自公司公告及公开电话会交流，下同）。其中，主品牌 Koradior 由于一季 维持 度关闭了一定数量的低质量门店，收入小幅下降3%。第二大品牌NAERSI取得5%的增长，第三 大品牌NEXY.CO品牌取得9%的增长，La Koradior品牌增长17%，新品牌FUUNNY FEELLN 大幅增长21%。其余3个中等梯队的品牌下降个位数。整体而言，公司在1-2月高基数、3月天 市场数据：2024年4月19日 气影响春装换季需求、加盟商退货等因素干扰下，仍有低单位数增长，表现符合预期。 收盘价（港币） 12.46 分渠道看，线上抖音、 ...

Financial Performance - The company reported a significant growth in revenue, achieving a total of 1.2 billion RMB for the fiscal year 2023, representing a year-on-year increase of 15%[3] - Revenue for the year ended December 31, 2023, was RMB 6,912,301 thousand, representing a 22.05% increase from RMB 5,663,430 thousand in 2022[9] - Gross profit for the same period was RMB 5,204,988 thousand, up 22.34% from RMB 4,254,420 thousand in 2022[9] - Net profit surged by 121.78% to RMB 832,632 thousand compared to RMB 375,425 thousand in the previous year[9] - Basic earnings per share increased to RMB 124 from RMB 57, while diluted earnings per share rose to RMB 122 from RMB 56[11] - The gross profit margin improved slightly to 75.30% from 75.12%, and the net profit margin increased significantly to 12.05% from 6.63%[9] - The company achieved a retail revenue of nearly 9 billion RMB and a net profit exceeding 800 million RMB for the year ending December 31, 2023, marking a significant increase in profitability despite a challenging consumer environment[44] - Revenue growth exceeded 20% year-on-year, while net profit saw an increase of over 120%, and store efficiency improved with a 27% increase in sales per store[45] - Total revenue for the year ended December 31, 2023, was RMB 6,912.30 million, a growth of 22.05% from the previous year[71] - The net profit attributable to the parent company was RMB 838.17 million, an increase of 119.17% compared to RMB 382.43 million for the year ended December 31, 2022[61] Market Expansion and Strategy - The company aims to expand its market presence in Southeast Asia, with a target of opening 50 new retail stores by the end of 2024[4] - The company plans to launch three new brands in 2024, targeting the millennial demographic, with an expected contribution of 200 million RMB in revenue[3] - The company plans to continue expanding its direct retail network to enhance market presence and customer engagement[95] - The company plans to become the first luxury brand management group in China with retail sales exceeding 10 billion RMB and net profit surpassing 1 billion RMB by 2024, with further targets of 15 billion RMB in 2025 and 18 billion RMB in 2026[45] - The company will deepen its excellent product capability system and improve product management through enhanced digital infrastructure and big data support[115] - The company will implement a strategy to optimize offline and online channel operations, focusing on enhancing sales per square meter and expanding new stores[116] Brand Development and Marketing - The company received multiple awards, including the "Top 10 Fashion Brands" recognition at the Guangdong Fashion Awards 2023[6] - Koradior officially announced Lily Collins as the new brand ambassador to promote the brand's romantic feminine style[36] - The company has introduced new brand ambassadors, including Lily Collins and Jin Chen, to strengthen its brand image[45] - The company has implemented a "brand upgrade" strategy, featuring Hollywood star Lily Collins as the new brand ambassador for Koradior[70] - Koradior brand appointed Hollywood star Lily Collins as the new brand ambassador, enhancing brand marketing and significantly increasing brand awareness, attracting core consumer growth[73] Operational Efficiency - The gross profit margin improved to 60%, up from 55% in the previous year, indicating enhanced operational efficiency[3] - The current ratio improved to 2.00 from 1.78, indicating better short-term financial health[10] - The interest coverage ratio increased to 21.41 from 9.25, reflecting stronger earnings relative to interest expenses[10] - The company has established a highly digitalized data center to improve operational efficiency across its various business segments[47] - The company has adopted a direct sales model combined with distribution to enhance consumer insights and adapt to changing market conditions[48] Social Responsibility and Sustainability - Winner Fashion donated over RMB 20 million worth of winter supplies to aid regions affected by the Gansu-Qinghai earthquake[29] - The company actively engaged in social responsibility by donating over 20 million RMB in winter supplies to earthquake-affected areas in Gansu and Qinghai[44] - The company is committed to environmental sustainability, implementing green measures such as LED lighting and recyclable packaging in its operations[180] - ELSEWHERE launched the "Summer Island Plan" to explore sustainable fashion, collaborating with three marine artists to raise awareness for ocean ecology[39] Corporate Governance - The company is committed to maintaining high standards of corporate governance through the appointment of qualified directors and management[130][131] - The board consists of six members, including three executive directors and three independent non-executive directors, ensuring a balanced decision-making process[134] - The company has established a risk management system to monitor and improve operational risk management as business grows[118] - The board will continue to review the governance structure and may separate the roles of Chairman and CEO in the future[132] Employee and Management Development - The number of employees as of December 31, 2023, was 10,335, slightly up from 10,327 in 2022, with a notable increase in the product design and R&D department from 555 to 562 employees[109] - The company emphasizes employee development, offering training programs and competitive compensation, including stock option plans[177] - The company is focused on enhancing its management team with professionals who have significant industry experience, which is expected to drive future growth[127][128][129] Future Outlook - The company aims to achieve retail revenue targets of RMB 10.5 billion to RMB 11.5 billion in 2024, reflecting a strong growth outlook[112] - The Chinese economy is expected to recover significantly in 2023, with major provinces targeting GDP growth of around 5% or more in 2024[112] - The company plans to explore innovative layouts in shopping centers and outlet stores to leverage competitive advantages in mid-to-high-end department stores[116]

| 研究報告 2024年4月5日 贏家時尚 | 03709.HK 更新報告 來年平穩發展，具備新的催化劑 敖曉風, Brian, CFA 高級分析師 評級 目標價 brianngo@westbullsec.com.hk 買入 HK$ 16.78 +852 3896 2965 贏家時尚(03709.HK)於 2023 年實現 69.1 億元人民幣總收入，毛利率微升至 香港上環德輔道中199號無限極廣場2701 – 2703室 75.3%，帶動集團淨利潤按年增長1.2x。集團同時宣布派發每股0.7港元股息， 贏家時尚 (03709.HK) 相當於~52%派息比率。 評級 (前評級) 買入 (買入) 目標價 (前目標價) HK$ 16.78 (HK$ 16.78) 資訊披露更為詳細: 我們對贏家時尚(03709.HK)提供更詳細營運資訊的做法感 現價 HK$ 13.10 到正面，按渠道劃分的毛利率及推廣開支的訊息披露分別有利於協助投資者理 52-周波幅 HK$ 9.50 – HK$ 15.48 解集團不同渠道的銷售策略及未來的品牌策略。此外，集團有意從2024年首 市值 (港元, 十億) HK$ 9.2 季度起公告 ...

| RESEARCH 5 Apr, 2024 EEKA Fashion | 03709.HK COMPANY UPDATE Stable development with new catalysts H F NGO, Brian, CFA STOCK RATING TARGET PRICE SENIOR ANALYST BUY HK$ 16.78 brianngo@westbullsec.com.hk EEKA Fashion (03709.HK) reported a YoY 22.1% growth in revenue to RMB 6.9bn, and its gross +852 3896 2965 margin slightly surged to 75.3%, leading to a YoY 121.8% increment in the bottom-line. The Group 2701 – 2703, 27/F, Infinitus Plaza, 199 Des Voeux Rd also announced a dividend of HKD 0.7/share, amounting ...

OJacntuoabrey r1 12,22,0 21051 0 BuildFinogo dM, Baetevreiraalsge | &C oTombpa 公accn 司oy | 研R Ce 究osme paarcnhy Research 纺织服装 | 公司研究 业绩符合预期，渠道优化推动店效表现亮眼 2024年3月31日 赢家时尚 (03709:HK) 公司发布2023年业绩，业绩表现符合预期。2023年公司收入同比增长22.1%至69.1亿元，归 买入 母净利润同比增长119%至8.4 亿元（数据来源于公司公告，下同），业绩表现符合预期。公司 每股派息0.7港元，派息比率达51%，股息率约为5%，连续4年派息率在50%及以上。 维持 各品牌均实现快速增长，同店提升为核心驱动。1）主力品牌稳健增长。23 年 Koradior 品牌收 入增长21%至23.9亿元，收入占比35%，门店数净减少24家至714家，表明同店销售增长强 市场数据：2024年3月28日 劲。NAERSI收入同比增长18%至14.6亿，收入占比21%，门店数净减少24家至454家。NEXY.CO 收盘价（港币） 13.36 收入增长28 ...

Investment Rating - The report maintains a "Buy-B" rating for the company [3][7] Core Views - The company's revenue and net profit in 2023 exceeded the levels of 2021, with net profit growth significantly outpacing revenue growth due to positive operating leverage [1] - The company achieved a retail turnover of 8 8 billion yuan in 2023, a year-on-year increase of 25 71% [1] - The company's gross margin has steadily increased for five consecutive years, reaching 75 3% in 2023, up 0 18 percentage points year-on-year [4][6] - The company's net profit margin improved to 12 05% in 2023, an increase of 4 3 percentage points year-on-year [6] - The company aims to achieve a retail turnover of 10 5 billion yuan in 2024 [7] Revenue and Profit Performance - In 2023, the company achieved revenue of 6 912 billion yuan, a year-on-year increase of 22 05%, and net profit attributable to shareholders of 838 million yuan, a year-on-year increase of 119 17% [1][3] - The company's basic earnings per share (EPS) in 2023 was 1 24 yuan, a year-on-year increase of 69 23% [3] - The company declared a final dividend of 70 HK cents per share, with a full-year dividend payout ratio of 51% [3] Channel Performance - Offline channels demonstrated strong endogenous growth, with revenue from direct-operated stores increasing by 25 33% year-on-year to 5 56 billion yuan, accounting for 80 4% of total revenue [2] - The average store efficiency of direct-operated stores increased by 28% year-on-year to 3 65 million yuan per store [2] - Online channels achieved revenue of 969 million yuan, a year-on-year increase of 8 46%, with strong growth in the Douyin channel, which saw a 38 69% increase in revenue [2] Brand Performance - The Koradior, NAERSI, and NEXY CO brands each achieved revenue exceeding 1 billion yuan in 2023, collectively accounting for approximately 70% of the company's total revenue [4] - The NEXY CO brand achieved revenue of 1 004 billion yuan, a year-on-year increase of 27 91% [4] - The FUUNNY FEELLN brand grew relatively slowly, with revenue increasing by 11 95% year-on-year to 136 million yuan [4] Financial Data and Valuation - The company's inventory turnover days decreased by 23 days to 233 days in 2023 [6] - The company's operating cash flow in 2023 was 1 569 billion yuan, a year-on-year decrease of 7 8% [6] - The company's P/E ratio for 2024-2026 is estimated at 8 5x, 7 4x, and 6 7x, respectively [7] - The company's ROE improved to 18 3% in 2023, up from 9 4% in 2022 [8]