证券研究报告 | 年报点评报告 2024年03月27日 赢家时尚（03709.HK） 卓越业绩领先行业，期待 2024 年稳健增长 2023年业绩正式发布，业绩卓越，领先行业。公司发布2023年业绩公告：全年实 买入（维持） 现收入69.12亿元，同比+22%；净利润8.33亿元，同比+122%，归母净利润8.38 股票信息 亿元，同比+119%，靓丽业绩领先行业。2）盈利质量方面：2023年公司毛利率75.3%， 同比+0.2cpt；净利率 12.05%，同比+5.42pct。销售费用率/管理费用率分别 行业 服装 54.7%/8.8%，同比分别-2.5/-1.8pct，我们判断费用率同比下降主要系2023年公司 前次评级 买入 直营渠道正向经营杠杆效益得以体现。3）2023 年公司每股基本盈利为人民币 124 3月26日收盘价(港元) 13.88 分，宣派末期股息每股股份70港仙。 总市值(百万港元) 9,772.22 核心品牌表现出色，把握核心客群审美，新品推出受到欢迎。公司旗下八大高端女 总股本(百万股) 704.05 装客群定位与价格带互补，充分参与市场竞争。分品牌拆分来看：2023年Koradio ...

Financial Performance - For the year ended December 31, 2023, the group's revenue and gross profit reached RMB 6,912.30 million and RMB 5,204.99 million, representing increases of 22.05% and 22.34% respectively compared to the year ended December 31, 2022[2]. - The profit for the year was RMB 832.63 million, an increase of 121.78% or RMB 457.20 million compared to RMB 375.43 million for the year ended December 31, 2022[2]. - The net profit margin for the year ended December 31, 2023, was 12.05%, up from 6.63% in 2022[2]. - Basic earnings per share for the year were RMB 1.24, compared to RMB 0.57 in 2022[2]. - The group's pre-tax profit for 2023 reached RMB 994,601,000, a significant increase from RMB 464,368,000 in 2022, representing a growth of approximately 114%[30]. - Total revenue from other income and gains amounted to RMB 237,083,000 in 2023, compared to RMB 127,546,000 in 2022, marking an increase of about 86%[24]. - The total tax expense for the year was RMB 161,969,000, up from RMB 88,943,000 in 2022, representing an increase of about 82%[29]. - The gross profit for the year ended December 31, 2023, was RMB 5,204.99 million, a 22.34% increase from RMB 4,254.42 million in 2022[44]. - Net profit attributable to the owners of the parent company for the year ended December 31, 2023, was RMB 838.17 million, a 119.17% increase from RMB 382.43 million in 2022[50]. Revenue Breakdown - All revenue was generated from the sale of clothing and accessories in mainland China, with no significant revenue from other regions[22]. - Direct retail sales accounted for approximately 80.43% of total revenue in 2023, up from 78.33% in 2022[42]. - E-commerce revenue for the year ended December 31, 2023, was RMB 968.78 million, an increase of 8.46% from RMB 893.23 million in 2022[42]. - The two main brands, Koradior and NAERSI, generated sales revenue exceeding RMB 3.85 billion, ranking among the top ten brands in the Chinese industry[57]. - Revenue from distributor-operated retail stores reached RMB 383.90 million, up 14.86% year-over-year, due to increased order confidence from distributors[64]. - The revenue from the East China region was RMB 1,943.67 million, accounting for 32.70% of total revenue, while the Southwest region contributed RMB 1,050.69 million (17.68%)[67]. Expenses and Costs - The cost of goods sold for the year was RMB 1,707,313,000, up from RMB 1,409,010,000 in 2022, reflecting a rise of approximately 21%[26]. - Operating expenses for the year ended December 31, 2023, were RMB 3,778.11 million, an increase of 16.78% from RMB 3,235.18 million in 2022[46]. - Research and development expenses for 2023 totaled RMB 183,134,000, compared to RMB 169,497,000 in 2022, indicating an increase of about 8%[26]. - The company's brand and marketing expenses (excluding promotional expenses) for the year ended December 31, 2023, amounted to RMB 198.42 million, representing 2.87% of total revenue, an increase of RMB 27.59 million or 16.15% compared to RMB 170.83 million in 2022[74]. - Total salary and benefits expenses for the year ended December 31, 2023, were RMB 1,413.73 million, accounting for 20.45% of total revenue, up from RMB 1,178.29 million (20.81% of total revenue) in 2022, reflecting an increase of RMB 235.44 million or 19.98%[76]. Assets and Liabilities - Total non-current assets as of December 31, 2023, were RMB 3,480.14 million, down from RMB 3,623.13 million in 2022[7]. - Current assets totaled RMB 3,549.66 million as of December 31, 2023, compared to RMB 2,634.55 million in 2022[7]. - Total liabilities as of December 31, 2023, were RMB 1,989.27 million, an increase from RMB 1,648.88 million in 2022[7]. - The total equity attributable to owners of the parent as of December 31, 2023, was RMB 4,561.42 million, compared to RMB 3,987.50 million in 2022[9]. Corporate Governance - The company is committed to maintaining high corporate governance standards and has adhered to relevant codes, although the roles of Chairman and CEO are currently held by the same individual[87]. - The company has adopted a standard code for securities trading by directors and confirmed compliance by all directors for the year ending December 31, 2023[88]. - The audit committee, established on June 6, 2014, consists of three independent non-executive directors, chaired by Mr. Zhang Guodong[89]. - The audit committee reviewed the group's annual performance for the year ended December 31, 2023[89]. Future Outlook - The company aims to achieve retail revenue targets of RMB 10.5 billion to RMB 11.5 billion in 2024, driven by a strategy of multi-brand and multi-category expansion[78]. - The company plans to focus on the growth of seven high-end brands in 2024, including Koradior and NEXY.CO, while also stabilizing the development of the mid-range brand FUUNNY FEELLN[79]. - The company will deepen its product development capabilities by leveraging digital infrastructure and big data support to enhance product vitality and structure in 2024[81]. - The company will continue to implement a long-term strategy focused on "multi-brand, multi-category, omni-channel, and platformization" to refine its business operations[78]. - The external economic environment in China is expected to show significant recovery in 2023, with GDP growth targets set at around 5% or more for major provinces in 2024[77].

证券研究报告 | 首次覆盖报告 2024年03月24日 赢家时尚（03709.HK） 品牌引领，产品聚焦，高端女装集团再起航 中高端女装品牌集团持续成长，亮眼业绩领先行业。公司是国内领先的中高端女装品 买入（首次） 牌集团，旗下包括 Koradior（珂莱蒂尔）、NAERSI（娜尔思）等八大品牌，2022 年 股票信息 公司总收入规模达到56.9亿元（2017~2022年CAGR为20.8%）/净利润3.82亿元 （净利率为6.8%），集团所有品牌总门店数量达到2006家，其中直营门店1555家 行业 服装 /经销商门店 451家。2023年以来，伴随着消费环境的恢复，公司门店店效同比明显 3月21日收盘价(港元) 14.32 提升，带动收入快速增长、盈利质量向上修复、亮眼业绩领先行业。据公司盈利预 总市值(百万港元) 10,082.00 告，估计2023年收入同比增速不低于20%、净利润同比增速不低于120%。 总股本(百万股) 704.05 公司构建风格与价格带互补的品牌矩阵，充分参与市场竞争。1）中国中高端女装市 其中自由流通股(%) 100.00 场竞争激烈、格局分散（我们估算目前公司市占率仅低个位数 ...

| --- | --- | --- | |---------------|-------------------------------------------------------------------------------------------------------------|-----------------------------------------------------------------------------------------------------------| | | | | | | | | | | | | | | | | | | | | | 2023 中期報告 | （於開曼群島註冊成立之有限公司） （股份代號： 3709 ） （於開曼群島註冊成立之有限公司） （股份代號： 3709 ） | EEKA Fashion Holdings Limited 贏家時尚控股有限公司 EEKA Fashion Holdings Limited 贏家時尚控股有限公司 | EEKA Fashion Holdings Limited 贏家時尚控股有限公司 INTERIM REPOR ...

[0 -> 24] 好的我们现在开始尊敬的各位投资者各位下午好欢迎各位出席赢家时尚2023年的中期发布会那么在本次业绩发布会正式开始之前请允许我先向各位介绍一下出席本次业绩发布会的公司董事会成员和公司的管理层他们分别是公司董事会主席兼执行董事金明先生 [28 -> 41] 公司首席投资官兼战略总监徐志强先生公司秘书黄伟桥女士公司财务总监祝超超女士 [43 -> 73] 那麼我們常說上市公司的業績永遠是最佳的形象代言人那麼在本次2023年的上半年度憑藉公司強大的體系能力及方法論上始終如一的專注那麼並成功推進各項改革全面開啟升級策略那麼在上半年公司的經營業績遠超同業公司並且收益和純利均創歷史新高那麼我們今日也非常榮幸的請到了公司的各個管理層和大家一起分享一下本次中期業績的一個 [73 -> 91] 那么我们本次中期业绩发布会的议程将分为两个部分第一个部分由公司的管理层会向各位汇报一下本次公司2023年的业绩的详细的数据情况那么第二部分就是我们留给大家有一个互动交流的问答环节 [91 -> 115] 那么出席本次会议的董事会成员及公司的管理层会详细地回答大家的一些问题那么我们也为了充分监护到线上直播端的各位的投资者 ...

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） 截至二零二三年六月三十日止六個月 中期業績公告 | --- | --- | |-------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------| | | | | 概要 | | | • | 截至二零二三年六月三十日止六個月的收益為人民幣 3,340.90 百萬元，較截 至二零二二年六月三十日止六個月的人民幣 2,895.98 百萬元增加 15.36% 或 人民幣 444.92 百萬元。 | | ...

Financial Performance - For the year ended December 31, 2022, the company's revenue was RMB 5,663,430, a decrease of 10.88% compared to RMB 6,354,875 in 2021[7]. - Gross profit for 2022 was RMB 4,254,420, down 10.21% from RMB 4,737,986 in the previous year[7]. - Net profit decreased by 33.22% to RMB 375,425 from RMB 562,156 in 2021[7]. - Basic earnings per share for 2022 were RMB 0.57, down from RMB 0.84 in 2021[7]. - The net profit margin decreased to 6.63% from 8.85%, a decline of 2.22 percentage points[7]. - Total revenue for the year ended December 31, 2022, was RMB 5,663.43 million, a decrease of 10.88% compared to RMB 6,354.88 million for the year ended December 31, 2021[17]. - The company's revenue for 2022 was RMB 5,663.43 million, a decrease of 10.88% compared to 2021, with a net profit of RMB 382.43 million, down 33.22% year-on-year[10]. - Revenue from distributors for the year ended December 31, 2022, was RMB 334.23 million, a decrease of 40.52% compared to RMB 561.93 million for the year ended December 31, 2021[18]. - Revenue from directly operated retail stores was RMB 4,416.07 million, down 11.51% year-over-year due to sales declines and the impact of COVID-19[33]. Operational Highlights - The company operated 2,006 retail stores across 31 provinces and municipalities, with a slight decrease in self-operated stores from 1,558 to 1,555 due to pandemic impacts[10]. - Online sales reached RMB 893.23 million, representing an 18.04% increase compared to the previous year, highlighting a shift towards e-commerce channels[10]. - The company has a diverse brand portfolio including eight brands, with a focus on high-end women's fashion[3]. - The main brands Koradior and NAERSI generated revenues of RMB 1,977.24 million and RMB 1,237.00 million, respectively, ranking among the top Chinese brands[10]. - The group operated 2,006 retail stores across 31 provinces, with 1,555 directly operated stores generating 77.98% of total revenue[30]. - In 2022, the company opened 332 new retail stores and closed 367, resulting in a net decrease of 35 stores, bringing the total to 2,006 stores by December 31, 2022[40]. Strategic Initiatives - The company plans to upgrade its positioning from a leading enterprise in the mid-to-high-end women's wear industry to a leading light luxury brand management group in China in 2023[12]. - The company is focusing on enhancing its e-commerce capabilities, particularly through platforms like Douyin, to adapt to changing consumer shopping habits[18]. - The company aims to achieve retail sales of RMB 10 billion in 2023 and RMB 15 billion by 2025, supported by a multi-brand and multi-channel strategy[49]. - The company plans to strengthen its digital infrastructure and improve online and offline membership systems for better customer engagement[52]. - The company is committed to integrating a high-quality supply chain to enhance product quality and consumer experience[53]. Financial Health - Operating cash flow increased by 41.49% to RMB 1,701,789 compared to RMB 1,202,795 in 2021[7]. - The interest coverage ratio for the company was 9.25 times, indicating strong ability to cover interest expenses[8]. - The asset-liability ratio stood at 10.79%, reflecting a stable financial structure[8]. - As of December 31, 2022, the current ratio was 1.60, unchanged from December 31, 2021[25]. - The debt-to-equity ratio as of December 31, 2022, was 10.79%, a decrease from 12.49% as of December 31, 2021[26]. Corporate Governance - The company has a diverse board consisting of six directors, including three executive directors and three independent non-executive directors[66]. - The company is committed to maintaining high corporate governance standards and has adopted relevant codes of practice[65]. - The board consists of six directors, with one female director, resulting in a gender ratio of 16.7% female to 83.3% male[80]. - The company has established three board committees: audit committee, remuneration committee, and nomination committee, with independent non-executive directors as chairs[68]. - The independent non-executive directors confirmed their independence annually, with the board believing they maintain their independence despite long tenures[73]. Environmental, Social, and Governance (ESG) Efforts - The company aims to achieve carbon neutrality by 2060, aligning with China's commitment to green development and the Paris Agreement[172]. - The total greenhouse gas emissions for the year ended December 31, 2022, amounted to 30,624.09 tons of CO2 equivalent, a decrease of 29.59% or 12,870.75 tons compared to 43,494.84 tons in 2021[163]. - The company has implemented various internal environmental policies to reduce adverse environmental impacts, including the use of low VOC paints and LED lighting systems[166]. - The company has established a mechanism to monitor suppliers to ensure compliance with environmental laws and regulations[161]. - The company promotes a modern work environment, ensuring fair employment practices and opportunities for all employees, with a total workforce of 10,327 in 2022[179]. Employee Development - The total employee count as of December 31, 2022, was 10,327, slightly down from 10,335 in 2021, with a focus on training and development in sales and marketing skills[45]. - The average training hours per employee increased to 46.49 hours in 2022 from 30.45 hours in 2021[187]. - Employee retention strategies include customized health and safety policies and regular assessments of workplace conditions[183]. - The company emphasizes employee development through various training programs, including management skills and logistics management[185]. - The company has maintained high standards to protect employees, with no significant non-compliance cases reported regarding labor standards[188]. Community Engagement - The company contributed to the community through donations and volunteer work, including support for pandemic relief efforts in the Futian District[195]. - The group received the "Special Contribution Award for Pandemic Relief" from local retail associations for its contributions during the pandemic[195]. - The group is focused on enhancing community awareness among employees through corporate social responsibility activities, benefiting both the community and the company in the long term[195]. - The company collaborates with local charities to create better futures for children, including sustainable art competitions[195].

[1 -> 8] 各位投资人大家上午好欢迎大家来参加赢家时尚集团2022年业绩发布会 [9 -> 39] 那今天出席本次會議的嘉賓有公司董事會主席執行董事金明先生公司首席投資官戰略總監徐志強先生公司秘書黃偉強女士財務總監祝超超女士我是中信證券紡織服裝行業分析師馮崇光那下面首先邀請公司首席投資官戰略總監徐志強先生介紹公司2022年業績情況 [41 -> 70] 好那个谢谢虫哥然后也感谢各位抽出宝贵的时间来参加我们赢家时尚2022的业绩发布会如果没有意外呢这可能就是我们最后一次这个以从线上的方式来和大家进行业绩的交流了因为今年也考虑到这个疫情放开的比较突然然后后边的香港通关的时间也比较晚所以我们还是决定继续采用这个线上的方式来跟大家进行交流 [70 -> 96] 那今天金总也在我的旁边一会儿我大概花20到30分钟把2022年的一个情况还有我们2023的一些重大的变化给大家做一个汇报然后如果有什么疑问大家都可以提出来今天难得和金总有一个直接交流的机会那我先来给大家介绍一下我们2022年的一个情况 [97 -> 114] 2022年雖然說非常艱難確實不光是我們這個行業應該講整個我們中國除了個別行業之外大家都是應該是在 ...

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） 截至二零二二年十二月三十一日止年度全年業績公告 | --- | --- | |-------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------| | | | | 概要 | | | • | 截至二零二二年十二月三十一日止年度，本集團收益及毛利分 ...