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） 截至二零二五年六月三十日止六個月 中期業績公告 概要 1 • 截至二零二五年六月三十日止六個月的收益為人民幣3,104.02百萬元，較截 至二零二四年六月三十日止六個月的人民幣3,306.37百萬元減少6.12% 或人 民幣202.35百萬元。 • 截至二零二五年六月三十日止六個月的純利為人民幣288.99百萬元，較截至 二零二四年六月三十日止六個月的人民幣282.85百萬元增加2.17%或人民幣 6.14百萬元。 • 截至二零二五年六月三十日止六個月，經營活動產生的現金流入淨額為人 民幣895.86百萬元（截至二零二四年六月三十日止六個月：人民幣451.83百 萬元）。 • 截至二零二五年六月三十日止六個月的每股基本盈利為人民幣0.43元（截 至二零二四年六月三十 ...

（於開曼群島註冊成立之有限公司） （股份代號：3709） 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 何部份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 董事會會議日期 金明 香港，二零二五年八月七日 於本公告日期，董事會包括執行董事金明先生、賀紅梅女士及金瑞先生；及獨立非 執行董事鐘鳴先生、周曉宇先生及張國東先生。 贏家時尚控股有限公司（「本公司」）董事會（「董事會」）謹此宣佈，本公司之董事 會會議將於二零二五年八月二十二日（星期五）舉行，藉以（其中包括）批准本公 司及其附屬公司截至二零二五年六月三十日止六個月之中期業績及其發佈，以及 考慮派發中期股息（如有）。 承董事會命 贏家時尚控股有限公司 主席、行政總裁兼執行董事 ...

截至月份: 2025年7月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 贏家時尚控股有限公司 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 呈交日期: 2025年8月1日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | | 是 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 03709 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 1,500,000,000 | HKD | | 0.01 | HKD | | 15,000,000 | | 增加 / 減少 (-) | | | | | | | HKD | | | | 本月底結存 | | | 1,500,000,000 | HKD | | 0.01 | HKD | | 15,000,000 | 本月底法定/註冊股本 ...

Core Insights - The report highlights the "Cost-Effectiveness Ratio" (费效比) as a key metric for evaluating management efficiency, indicating the profit generated per unit of labor cost [3][29] - Shenzhen's listed companies demonstrated a revenue growth of 5.73%, reaching a total revenue of 83,765 billion yuan, while labor costs increased by 8.86%, outpacing net profit growth of 3.7% [5][8] - The report categorizes Shenzhen's listed companies into three tiers based on their performance: leading companies show strong momentum, mid-tier companies are stabilizing, and long-tail companies have potential for improvement [19][20] Overview of Shenzhen Listed Companies - A total of 549 companies are listed in Shenzhen, with 423 on A-shares and 126 on H-shares, where private enterprises constitute 61.93% of the total [6][8] - The average revenue per company in Shenzhen is 152.58 million yuan, with an average net profit of 12.53 million yuan [5][6] Human Capital Investment - The increase in labor costs exceeding revenue growth by 3.13 percentage points indicates a belief among Shenzhen companies that investing in human capital will accelerate value release [8][19] - The 90th percentile cost-effectiveness ratio is 1.15, significantly higher than the industry median of 0.19, highlighting the impact of human resource management on net profit [12][19] Revenue and Profit Distribution - Shenzhen's listed companies achieved a total revenue of over 8.3 trillion yuan, with private enterprises contributing 42.3% [22][24] - Private enterprises also accounted for 42.7% of the total net profit, demonstrating their significant role in the local economy [24][27] Cost-Effectiveness Rankings - The top companies in terms of cost-effectiveness include Ping An Bank with a ratio of 2.33 and BYD with a strong focus on labor efficiency [28][73] - The report emphasizes the importance of measuring cost-effectiveness to ensure that contributions exceed costs, which is crucial for business incentives [29][31] Sector-Specific Insights - The report identifies leading companies in various sectors, such as Tencent and BYD, showcasing their ability to leverage high salaries for high returns [31][85] - The analysis reveals that companies with high labor costs can still achieve high efficiency through strategic investments in talent and technology [31][70] Future Outlook - The report suggests that Shenzhen's listed companies are well-positioned for future growth, with potential for enhanced efficiency through digital transformation and organizational restructuring [19][70] - The emphasis on human capital and strategic management practices indicates a robust framework for sustaining competitive advantages in a complex economic environment [19][31]

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]

Company and Industry Summary Company Overview - The company is focused on the fashion industry, specifically high-end women's apparel, with a strong emphasis on brand management and product quality. Key Points and Arguments 2024 Business Performance and Outlook - The company aims to share insights on its 2024 business performance and provide guidance for 2025, indicating a cautious approach due to a challenging consumer environment [1] - Despite a general decline in consumer spending, the company has managed to maintain a stable gross margin, attributed to effective management actions and growth in high-margin brands [2][3] Brand Performance - Key brands such as Lactee and Nars have shown double-digit growth, contributing significantly to the company's confidence in product quality and market positioning [3] - The company has identified that while overall brand performance may show a decline, certain high-margin brands continue to thrive, indicating a mixed performance across its portfolio [2] Financial Metrics - The company reported a profit decline due to several factors, including revenue drop, increased marketing expenses, and management costs, leading to a profit decrease that outpaced revenue decline [4] - A dividend payout of 388 million was announced, with a payout ratio of 52% [4] Strategic Focus - The company emphasizes a brand-centric approach, focusing on product quality and channel management, with a commitment to integrated marketing strategies [5] - There is a strong focus on category-based product development, which is expected to gradually improve product performance over the years [6] Store Management and Channel Strategy - The company has reduced the number of stores but increased the area of direct-managed stores, indicating a shift towards larger, more efficient retail spaces [6][7] - Collaborations with high-end shopping centers have been strengthened, with a notable increase in store openings in premium locations [7] Inventory and Supply Chain Management - The company is managing inventory levels carefully, with an increase in inventory turnover days due to rising stock levels, but expects improvements in 2025 [13][39] - The focus on maintaining a balanced product mix, particularly with basic items, is seen as a strategy to navigate market fluctuations [38] E-commerce and Brand Development - E-commerce is viewed as a critical channel for brand building, with a cautious approach to online sales growth, emphasizing the importance of brand narrative over sheer sales volume [40][41] - The company plans to enhance its online presence while ensuring that product quality remains a priority [40] Market Challenges and Opportunities - The company acknowledges the challenges posed by the current economic environment but remains optimistic about future growth opportunities, particularly in product development and brand storytelling [44][45] - There is a recognition of the need to adapt to changing consumer preferences and improve product offerings to capture market share effectively [45] Future Projections - The company projects a cautious revenue growth outlook for 2025, with expectations of mid-single-digit growth, reflecting a neutral stance on macroeconomic conditions [14][15] - The management anticipates that the adjustments made in store management and product strategy will yield positive results in the coming years [15][19] Additional Important Insights - The company has been actively involved in social responsibility initiatives, contributing to various community projects [19] - There is a focus on internal organizational improvements, including talent development and operational efficiency, to support long-term growth [18] This summary encapsulates the key insights from the conference call, highlighting the company's strategic direction, financial performance, and market positioning within the high-end women's apparel industry.

Financial Data - The company achieved a revenue of 6.589 billion yuan in 2024, reflecting a decline of 4.68% compared to the previous year, indicating a challenging market environment with intensified competition and consumer uncertainty [1] - The gross profit margin increased to 76.4%, showcasing successful cost control, product pricing, and brand value enhancement despite the revenue decline [1] - The net profit attributable to the parent company was 469 million yuan, down 44% year-on-year, but the company maintained relative stability in profitability under adverse market conditions [1] - Following the financial report release, the company's stock price rose by 1.05%, with a total market capitalization of approximately 5.4 billion HKD, reflecting market confidence in the company's long-term development [1] Brand Matrix - The company has a diverse brand matrix with 8 proprietary brands, 3 of which have annual sales exceeding 1 billion yuan, demonstrating strong market competitiveness [2] - Koradior and NAERSI are particularly notable, with combined revenues exceeding 3.59 billion yuan, positioning them among the top ten brands in the women's wear industry [2] - Brands such as La Koradior, FUUNNY FEELLN, and NEXY.CO showed growth in 2024, with FUUNNY FEELLN emerging as a new growth driver by appealing to young consumers through unique designs and innovative marketing [2] Channel Strategy - The company employs a diversified sales channel strategy combining direct sales, wholesale, and e-commerce [3] - Direct sales generated 5.192 billion yuan in revenue, accounting for the majority of total revenue despite a 6.97% decline [3] - Wholesale revenue decreased by 25.17% to 287 million yuan, but it remains important for market coverage and brand awareness [3] - E-commerce revenue grew by 16.57% to 1.129 billion yuan, becoming a new highlight for the company's performance as it adapts to changing consumer shopping habits [3] Future Outlook - For 2025, the company has outlined a clear brand development strategy, with Koradior extending its positioning to "refined social" to offer diverse fashion solutions for various social occasions [4] - NEXY.CO aims to establish itself as a leading light luxury women's wear brand by enhancing product quality and optimizing brand image to capture a larger share of the high-end market [4] - These adjustments in brand positioning are based on deep market insights and consumer demand changes, potentially leading to new growth opportunities for the company [4]

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].

Investment Rating - The report maintains a "Buy-B" rating for the company, indicating a positive outlook for the stock over the next 6-12 months [1][12]. Core Insights - The company experienced a slight revenue decline of 4.68% year-on-year in 2024, with total revenue reaching 6.589 billion yuan. However, the net profit attributable to shareholders fell significantly by 44.10% to 469 million yuan, primarily due to increased sales and management expenses [2][4]. - The online sales channel showed strong growth, contributing to the overall revenue despite declines in offline direct and distribution channels. Online revenue increased by 16.57% to 1.129 billion yuan, accounting for 17.14% of total revenue [3][4]. - The company plans to enhance brand value and operational efficiency in physical stores while focusing on online platforms like Xiaohongshu to maintain competitive advantages [10]. Revenue and Profitability - In 2024, the company's gross margin improved to 75.4%, up by 1.1 percentage points year-on-year. However, the net profit margin decreased to 7.1%, down by 5.0 percentage points due to rising expense ratios [4][11]. - The company reported a significant increase in inventory, which rose by 36.4% to 1.572 billion yuan by the end of 2024, indicating potential challenges in inventory management [4][11]. Financial Projections - The report forecasts earnings per share (EPS) for 2025, 2026, and 2027 to be 0.89 yuan, 1.00 yuan, and 1.09 yuan respectively, with corresponding price-to-earnings (P/E) ratios of 7.9, 7.0, and 6.4 [10][11]. - Revenue is expected to recover slightly in 2025, with projections of 6.962 billion yuan, representing a year-on-year growth of 5.7% [11][14]. Market Performance - The company's stock closed at 6.800 HKD, with a market capitalization of 4.788 billion HKD [8]. - The stock has seen a year-to-date high of 13.420 HKD and a low of 6.560 HKD, indicating significant volatility [8]. Brand Performance - The high-end brand La Koradior achieved over 10% revenue growth, while other brands like NEXY.CO and ELSEWHERE showed mixed results, with some brands experiencing declines [3][4]. - The company operates 1,444 direct stores and 395 distribution stores, with a net decrease in both types of stores over the year [3]. Conclusion - The report suggests that despite the current challenges in the domestic consumption environment, the company's focus on online growth and brand enhancement may provide resilience and potential for recovery in the coming years [5][10].

Core Viewpoint - The latest financial report indicates that Winner Fashion is experiencing a decline in both revenue and net profit for 2024, attributed to decreased retail channel sales and consumer perceptions of high prices [1][4][5]. Financial Performance - In 2024, Winner Fashion's revenue decreased by 4.68% to 6.589 billion yuan, while net profit fell by 44.1% to 469 million yuan [4]. - This performance contrasts sharply with previous years, where the company had consistent growth, including a revenue increase of 22.05% and a net profit increase of 119.17% in 2023 [4]. Brand Performance - Among Winner Fashion's main brands, only NEXY.CO saw a slight growth of 0.79%, while Koradior and NAERSI experienced declines of 9.68% and 1.87%, respectively [5]. - Younger brands like LaKoradior and FUUNNYFEELLN showed growth of 10.23% and 22.23%, indicating a potential shift in consumer preference towards younger, more dynamic brands [5]. Pricing and Consumer Perception - Winner Fashion's products are positioned in the light luxury segment, with prices often exceeding 1,000 yuan, leading to consumer complaints about high pricing [7][8]. - The company has been criticized for extreme discounting practices, which may undermine brand value and consumer trust [8]. Marketing and Brand Strategy - The company is facing challenges in customer acquisition, with management noting a reliance on existing customers rather than attracting new ones [9]. - To combat brand aging, Winner Fashion is exploring strategies such as increasing marketing expenditures and enhancing brand influence through advertising in airports [10][11]. Future Outlook - Winner Fashion is considering introducing a new international brand to rejuvenate its offerings, although plans have been delayed due to increased partnership conditions [11].